The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-12
FINANCIAL AND CONNER GAL.

fuNANCtAl ANU (OMWGNOiAI.
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THURSDAY, May 1l-ePM
The stock market was weak this morning, and at the
hrst board contest In Erie took place batwth-
out exertng any mediate influence upon the Of
quotations Erie the close TX lower than the
second opn board yesterday, New York Central g. Hud-
River 2s Reading 2z, Michigan Central "a Mich.-
San Southern 81, Cleveland and Pttsburg AZ, ROCK
Island "a, Northwestern !, Cumberland 81 Govern
Inent securities weak owing tho combined in1u-
ences of the European reporting vewentes at 62
63 only the decline OF gold and tho extremely heavy
subscriptions TO the seven-thirty loan which involved
the exchange of large amount OF gold bonds for notes
dayb persons anxious to invest In the latter Coupon
fve-twontes declined e, ten-forties Y.
at the open board, at one O'clock there general
Improvement Of u "a per cent At the second regu-
lar board the advance not fully sustained New
York Central higher than at the close Of the rst
board Eric y, Reading u, Michigan Southern 4, Hi.
nos Central u, Cleveland and Pittsburg y, North
western Ia Rock Island ~, Fort Wayne u, Hudson
River e, Ohio and Mississippi certificates u, Cunrber-
land u. Quicksilver was Y lower Government secun.
ties were firm 1t the decline.
At the open board At half past three the market
stronger New York Central closed at s2k Erie 77X,
Hudson River 104 Reading e6, Michigan Southern elS,
Illinois Central (s 81 ia Cleveland and Psburg 06>s,
Rock Island OAK, Northwestern 2sj<, Fort Wayne e5,
Ohio and Mississippi certificates 2e Cumb Rand 29,
Quicksilver 63< After the call prices were u per
cent higher but the rise subsequently lost and New
York Central at hafpast four quoted at 92M Eric
77;S, Hudson River 1881. Reading 95 Michigan Southern
64H, Illinois Central 1l4T, Fort Wayne 95H, Rock
Island s4X.
Gold has been vigorously hammered by the bears
to-day, as yesterday, and the price, after opening at
12sH, touched 12SX; but it subsequently, reacted
nd At hnlf naaf Ava q Tha
market again largely 0versod and II must expe
Renee reaction upward Just now IL so happens that
the legitimate demand Is very light but with the revival
Of import trade the will be reversed and
markets were more bare Of foreign merchandise
than they present Gold is thing that nobody
under the existing state of feeling and 1t has few
buyers unless among those who have fulfil
The supply now floating upon the market is banded
about in the gold between buyer aud seller md Its
proo is dependent for the part upon the caprice
Of speculation, and speculation is guided by public
opinion. which may DO either right or wrong,
but which is frequently wrong than right
The world" said Montague, sis made up
OF fools and their followers" We have every
reason for looking the bright and rosy side of
national AFFAIRS and for experiencing vast and sudden
Improvement In the public credit; but to anticipate
ultimate future in day Is unwse and productive Of evil
rather than good Gradually and slowly however gold
under present circumstances must settle down; but
this will be the work not Of days, but of months and
years Ever since the suspension Of specie payments
gold has been speculative commodity but and
will adjust itself to the standard by which ord
nary merchandise Is regulated under the influence of
supply and nland
Foreign exchange has been very firmly held to. day,
and Of the leading bankers declined drawing The
quotation for sixty days bills 1921 1l0N, and
1857 1O9K for commerciM. The latter unusually
scarce.
There alteration obsery able in the money market
Call loans made freely governments at four per
cent and on railway collaterals at five. Commercial
paper Of the bet grade Is rated at a per cent
There a further considerable decline in produce
today and all the merchandise markets have sympa-
thzed with the fa in gold Merchants anxious
speeding the price Of the latter commodity, and IL is
ported that 1t Is lower than the desires But
In view Of the enormous subscriptions going forward to
the thirty loanthosc for yesterday aggregatng
ST. 410 O00-the Treasury has for apprehcn
sion
The Executive order in relation TO the
sumption OF internal trade with the South, just
issued, abolshes all military and naval restric-
tions upon the same, but enforces those authorized
by acts OF Congress and the regulations in pursuance
thereof prescribed by the Secretary Of the Treasury
ceptng only articles contraband OF The ports east
Of the Mississippi to which the order refers Of
.or~,. roonoroa a. aor,os,;, r.ao mccall. oil c,.o,,,
'ou's' io'pe"ea :" "o"ee'o ""u' me..'', o." 'o''sA
commerce requiring 70 pass through northern ports
pending the removal Of the embargo II ia needless
sav that the sooner the restrictions nnosed nv Conyress
- -, :, -, :. =, ~,
are removed inc oet'cf VIII DC ior the comnercai IN
of both sections but il Is satisfactory meanh o
10 see the President moving 10 the right direction
The Chamber Of Commerce. at It's meeting Today TO
consider the subject VI Spscang the Savannah cotton
Ao w .n n ip.,owing reso' uon;-
sla han NJ htg
sno Specia committee on the cotton question Tor 'nr
w.e and luminous report ssih.Na ny .I'en', ~,
tho recent liberal regulations adoped ny Tue sse'
ernment for trade In The receniiv revoeu ottcs
the further consideration OF Inc COTTON question u! '