The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-24
FINANCIAL AND COMMERCIAL.
FRIDAY, May 23-6 P. 4

FRIDAY May 23-6 p. M.
The street was Hurried to-day by rumors Of an
over issue Of Indiana State fves 1t is alleged by
certain parties in Wall street that some half to
three quarters of a million of bonds of the State,
properly signed and authenticated, and in every
respect genuine, have been improperly or ire
gulary used security for loans effected by parties
in Wall street. 1t is added that of the whole amount
alleged to have been irregularly used ivesixths
have since been taken up by the parties interested
and cancelled, leaving only small amount of GER
ticates of the issue alleged to be irregular still
atoat 1t appears that at the State agency ro
distinction has ever been, is still made, between
the Issue alleged to be irregular and the other
bonds Of the State, though the circumstances of
the issue of the bonds have been known for months
to the State authorities. The State agent has
always been willing to exchange the bonds which
are said to have been irregularly used, for new
bonds, respecting whose soundness no question has
ever been raised. Whatever irregularity there may
have been in the original emission of the bonds now
in discredt the subsequent willingness of the State
authorities to give new bonds for them would
seem to have rendered them, to all practical in
tents and purposes, as good and valid security
any of the other bonds of the State. 1t is noto
rious that few years ago the financial Affairs of
the State of Indiana were very loosely conducted
at the agency in this city, and it is possible that
some bonds may have irregularly got ahoat. We
hear rumor that the State officials more immedi-
ately concerned in the issue of the bonds caledr-
regular will probably claim that they were fairly
exchanged for some of the old bonds of the State
which were being absorbed by the new issues
under the compromise of 1877. At any rate, there
seems to be reason to believe that the amount of
doubtful bonds now anoat will not in any event
amount to a large sum. The Stock Exchange have
appointed committee to investigate the subject.
They will report the facts tomorrow morning. In
the meantime, we see no reason for any panic or
uneasness in regard to the matter. Under the
influence of the rumors of the day Indiana SIS de-
cned about ten per cent.
The money market continues very easy. Call
loans from to per cent. Paper is extremely
scarce Certificates of indebtedness sold this morn
ing at "a premium. Creditors of government who
wrote to Washington to demand certificates of in
debtedness complain that Mr.. Chase insists on
paying them off in money.
Exchange advanced to 1144 to-day, and was
firmly held. We hear Of few transactions. The
supply of bills continues very small. Gold adj
vanced to-day to 1887 1885. An increased ex-
port is looked Tor next month.
The furry caused by the rumors Of an overssue
ofIndiana SIS led to a general decline in the
stock market this morning, and at one time per-
feet panic reigned. As the cts were developed,
however, operators recovered courage, and
in the afternoon q better demand for stocks
sprang up. The heaviest decline of the day
was in Erie preferred, which fell ~; guaran-
teed, which fell l, and Rock Island,
which fell off ~. Some securities were better.
Government coupon skies of 1881 advanced Il,
Hudson River advanced "A, and Tennessces u.
Missouris declined "a, Pacific Mail "A, Central "a,
Erie "a, Michigan Central "a, Illinois Central %,
Galena Is, Toledo Is, Quincy "a. Reading, Michi-
gan Southern, Panama and United States regis
tered sizes were steady. At the close the market
was quite steady, and operators appeared to be
realizing that the little breeze Of the morn
ing was not going to be fatal to the funded
and railway interests The following were the
closing quotations:-United States 6's, registered,
1881, l034 u; do. 6's, coupon. 1881, l03T
lo4 do. SIS, 1874, 931l a o.; Indiana 5's, 721s
q Is; Tennessee G's, $50 SO; Virginia 6's, 81
5s1a; North Carolina G's, ~ a 70: Missouri CPS,
5l5s a; Pacific Mail, 1l3 o a; New York Gen.
trail, 875s a IS; Erie, 37i4 70; do. preferred,
63H "a Hudson River, 49, a "a; Harlem, IA
a Il; do. preferred, 35 a "a; Reading, 4sA 40;
Michigan Central, 6oT q; Michigan Southern
and Northern Indiana, 241 81; do. guaranteed,
5l1a "a Panama, 100 l3l; Illinois Central, coz
6l14: Galena and Chicago 695s y; Cleveland
and Toledo, Az 10; Chicago and Rock Island,
coz Gil; Chicago, Burlington and Quincy, 72l$
10; Milwaukee and Prairie du Chen, 2s a Il;
Cleveland, Columbus and Cincinnati, 11G5s III:
New York Central rs, 1876, l0s =; Erie third
mortgage bonds, 97H a 1s Michigan Central SIS,
first mortgage bonds, 1857 a "a; Illinois Central
rs, "a "a; gold, 1897 q "a. After the second
board the market was all better-ss was bid for
Central, 37ss for Erie, e. u for Rock Island, &c.
All deposits of green back notes by merchants
for duties, when repaid by the government, will
hereafter be repaid in green backs, and not in
legal tender notes. The business of the Sub-Trea.
sury to-day was as follows
Receipts $4o2, 1888 50
For customs 22s GOO 90
Payments VIZ All so
Balance 1910 ,5i2 SO
The steamer North Star arrived this morning,
has on board 1892 ,522 81 from San Francisco, and
s12 ,l60 from Aspinwah
The exchanges at the Bank Clearing House this
morning we're SCI ,332,4T 81, and the balances
81, 240, 764 o..
We mentioned some days since that an agreed
case had been taken into the Supreme Court Of
Illinois for the purpose Of authortatively settling
the supposed obligation Of the State Treasurer to
receive the Treasury notes Of the federal govern.
mcnt for State taxes. On Monday the Court de-
cided, by unanimous vote, that the taxes must
be paid in gold and silver, being so directed by the
State constitution.
The receipts at Chicago, from the LIST Of January
to date, for three years, were:-
1so2. 1861. 1850
| Flour, bbls. 44s ,o83 436,138 Ill ,2s6
Wheat, bushels. 2l65,5S3 2,I20 ,6J9 1872 $40
Corn. 3226511 4,s1b .45S 5,o45 4O4
0ats............... 3It.4o0 23y $50 of $50
l Rye............... So4 900 lis $50 "a $50
4 Hari .S6 100