The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-13
FINANCIAL AND CONNER GAL.


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irregular Erie was x lower than at the second board
yesterdav Hudson River u, Cleveland and Pttsburg X
Northwestern X Cumberland a. New York Central,
Ohio and Missouri certificates and Quicksilver
changed Reading advanced ~, Michigan Southern y,
Rock Island u, Fort Wayne y. Government securities
were shade weaker uader the effect OF the by the
Persia the decline Of ve-twenties in London to TO-
followed by recovery to 7oH II the LIST inst. Cou
pom ave-twentes declined a. Skies of 1881 advanced
r. At the open board at one o'clock the market was
fraction higher all except Erie, which weakened
the call owing to conecures with regard TO the purport
of meeting Of the directors held to-day No dividend
declared and the next meeting to deliberate upon
this subject will be held on the Goth inst
At the second board Erie was 4 lower than at the
close of the first board, Quicksilver u. New York
Central, Northwestern, Rock Island aud Cumberland
were unchanged Reading Il higher Cleveland
and Pittsburg q, Fort Wayne u, Ohio and Mis-
sssppi certificates a. Government securities were
steady At the open board at half past three
prices improved fraction. but the market dull
New York Central sold at 96h, Erie 7Ssl, Read
ing 10l Michigan Southern 6624, Cleveland and Pitts
burg 704 Rock Island l091S, Northwestern 29A,
Ohio and Mississippi certificates 2oH Quicksilver 6SA
Gold took upward turn upon the receipt of the
news of the decline of twenes abroad the report Of
which preentous but mistaken scribe of the evening
press has sought 10 make out TO be unmixed good
Cold which had been previously loaned fat COM
handed 1872 "a interest per day, there being an
understanding apparently between the holders Of gold
not to loan without interest The opening price was
l40% after which it 49, and at five p NJ. stood
at 14lH.
The steamer Cuba took out $3.50 900 in specie.
Foreirn exchange has been dull but firm. Bankers
bills at sixty days quoted at 100 d, and 1094 q
at three days
There change to note in the money market, call
loans being made per cent and first class CONNER
cal paper discounted at ~ per cent 1t s reported
that the Boston banks have arranged loan the Trea
sury ten millions certificates OF temporary deposit
The circular of Mr.. Jay Cooke is still subject of
remark in Wall street, but 1t is regarded more as a
financial mistake than part of political design OF the
Chase faction which, in all probability, it is In reading
1t could indeed, arrive at no other conclusion
than that it intended to subserve
political ss well as temporary financial
purpose The argument Of the circular would directly
tend concentrate the debt into few bands and make
the national banking system controlling poiueai
power In few years, under its teachings, the great
bulk Of the evidences public debt well as the real
estate of the counry would pass into the hands OF COM
paratively individuals, and thus political revolution
would induced and reputation party osered IL was
by the abase of controlling power in property that the
wars of the Reformation the French Revolution we're
brought The Roman Church was dominant party
because of the wealth had amasscd, and the monopoly
of property enjoyed by the French nObe led to popular
tumut 1t is so the present day to great extent
in the case of the nobility of Great Britain and will
probably ultimately lead TO revolution there II
monopoly of property fell into the hands Of any hgh
class here it would be certain TO provoke opposition,
which would the shape it has already done m
other countries the progress OF the revelation would
be far rapid
But while believe that Mr. Chase, repre-
sentcd by Mr. Jay Cooke, cntertans the project OF
carrying the country back TO the feuda times,
If he can we have reason suppose that Mr.. Gccul-
loch councnances such PROJECT and that the Chase
faction will be Disconnected in their schemes Mr. Jay
Cooke has very enormously argued that national
debt is a national blessing, whereas II Is a
national curse and the soonc. it is paid of the better
for the genius OF the American people to carry
such burden have now to support forever To
do much towards improving finances is at present
impossible for the expenditures are still ex-
ceedng Its nearly much per day ms they ever
did and although unthinking enough to de-
mand reduction of the currency, with view we sup
pose to its appreciation at present be donc and
If IL was IL would have material influence upon the
price Of gold.
cotcmporary writer Yesterday undertook to contra
dict our statement that portion Of the gold in the banks
of this city twice counted, from which IL is very
clear that at the time OF writing he was unacquantcd
with the facts He need only call at the Bank OF New
York in order ascertain that the gold for which has
issued certcaes Is counted 10y in Is weekly statement
and none of the other banks holding these certificates
will If questioned be able deny that they also count
them in tn specie. Thus the same gold Is
made to do double duty bank statement, which is
not only a simple inaccuracy, but a false preence
The success OF the Commercial Convention which met
nafro 10 pvba
hundred delegates representing the commercial bod es
of the United states, are attendance II Is probable
that many OF these there, however, more with a
view to notoriey than anything else; although large
portion Of the mercantile, banking and carrying commu-
nifty represented doubtless feel conscious OF the
good results which might accrue from tenn
pcrate discussion OF the commercial interests OF
the country at congress like this Considering
that the Invita- to meet only from the Board OF
Trade OF Detroit the response has been naterng to that
body while IL has indicated considerable earnesness on
the subject OF commercial relations generally ana
particularly with regard the British provinces The
Invitation was follows
BoAaD of TRADE Rooms,
DETROIT, Mich March %, 1865. !
At a meeting Of this association on the 9th inst the
following resolutions, after u discussion, were uhahi-
Resolved That the President be requested to address
circular letters the presiding officers OF the several
Boards of Trade In the loyal states and British provinces,
asking the appointment OF delegates To attend conven-
ton TO held during the approaching summer for the
consideration of the following subjects, vzCommerce,
Finances Communications oi Transit from the West 10
the Seaboard; Reciprocal Trade between the United
States the British provinces and such other business
may before the convention not oil purely local
or political character
Resolved, That Detroit is a central and convenient
place for the convention 60 meet and we hereby tender
the Board Of Trade rooms for its accommodation 80,
In conformity with the foregoing resolutions calling
convention the objects being therein stated shall sim
ply ask for them your careful cons dcraton approved
Of that your association will cordially cooperate by
sending suitable number of ts members to the pro-
important commercial questions which may properly
como before II. -.
II II believed that this is emnenty proper time Tor
the business of this country through their several
Boards OF Trade and Chambers Of Commerce. TO meet IN
council discuss matters OF finance and commerce, ana
thus give 10 the people large the lifelong experience
of men devoted 70 commercial affairs such discussion
cannot produce evil and may result In material good
would beg leave ~ name the second Tuesday IN Juiy