Year: 1865

The New York Commercial Advertiser of
yesterday says:


Business opens generally quiet, after the
public soemnitjes Of the past two days, and
appears likely to continue so until the recep-
ton of rhe Presidents remains Tuesday
next. The feeling OF the market for securities
is generally strong, and fayors an upward
movement, on railroad stocks especially. Gov
ernments are quiet but firm. Skies of ISL sold
at 119A; Five.twentias. 1G5; and Ten -fortes at
9ia9ih. State and railroad bonds are strong
but not active.


The question OF chief interest in financial
circles is the future value of Government Sc
curiiies At the latest dates, there was diff
ference of about 9 per cent. between the quota
tIons for Fiye.twentles at London and New
York. AT that time, the news of the capture of
Richmond and the surrender of Lees army
were unknown and not expected. Those con-
elusive events would have very decidedly
favorable effect upon the value of the bonds.
They would be interpreted as substantially
closing the war and as bringing within view
would immensely improve the credit of the
United States Government, and, by removing
some of the principal doubts that have pre-.
vented many from investing in our bonds at
virtually II per cent interest, would bring into
the market new buyers. If the large amounts
OF bonds held at London for sale, on account OF
New York, should not be thrown precipitately
upon the market under the improved feeling,
there would doubtless be considerable ad-
vance liz prices; but otherwise the advancing
tendency would be checked, and the funds
might return here in considerable amounts, to
realize the higher prices here current. II is
useless, however, to speculate upon a result
which Will be soon announced certainly by
steamer.


a few days after the news Of Gen. Grants
great victories, Europe will receive the ex-
citing intelligence of the conspiracy against the
President and Cabinet. The event will be an
nounced without any definite intelligence as to
its effect upon the temper and finances of the
nation; and, in London at least. the conclusion
will be hastily reached that the assassination OF
the President may be but the beginning of au-
archy and new difficulties. For the moment,
therefore, whatever Improvement in the price
of bonds may have resulted from the prece.
ding news Of conclusive victories, will be lost,
and perhaps even more than lost. A few days
later, and Europe will witness the whole ma
tion united as band of brothers to mourn the
loss OF their chief; not a whisper Of treason
tolerated in any part OF the country; the South
even bowed down under the loss; the break in
the Presidency repaired within three and a
half hours after death had made the breach:
the new President ex hi biting evidence ofstates-
manship and vigor equal to the occasion
and the office; and the entire people rallying
aa2tu nc Ina. 1nUMa pscadIs zig
paty pa ,6s ashhg so strangely with the dis
UTuer and panic that would have attended
similar event in any European country-does
not produce stupendous reaction of Euro
pean opinion in favor of the stability of our
Government, and directly Strengthening It's
credit, we shall confess ourselves at a loss to
know upon what principles Europe forms its
judgments. Contemporaneously with this as





of the negotiations for the surrender OF the
armies OF Johnston and Kirby Smith. and OF
the capture of Noble, importing the actual
close OF the rebellion; all OF which will tend to
augment the sudden accession OF confidence.
At the same time, the Governments of Eng
land, France and the other leading powers will
seize the occasion OF the national mourning for
rendering expressions of sympathy and inter-
national fraternity, expressly adapted to heal
the acerbity of feeling created during the re-
bellion; which will naturally tend to allay any
fears of International dangers following peace
which may have arisen from apprehensions
recently expressed in Parliament and by the
London press. All these influences will COM
bine to give United States securities a standing
in Europe far above that they have hitherto
held and, we think, can scarcely fail to bring
up their value to that at which they are held
in the United States.


Should Five-twenties advance in London
to 6S-the price required to equalize them
with their value here-they would still pay
the holder per cent per annum; and consid-
ering the high standing we must henceforth
take among the Governments of the world,
we cannot but think that very many European
capitalists, who have hitherto refused to buy
them, will consider them much cheaper and
better than other securities in which they nave
invested.