The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-23
FINANCIAL AND CONNER GAL.
TUESDAY, MAY I'd p. n.

Ne lett the room, Immediately ater WHICH 'i'o Piioe
rose to l34i4 AT O'Clock, however, II had
fallen back TO 1924 but it gradually recovered
70 1881 and closed at 1884 The buyers OF yesterday
ware in MANY instances apprehensve of their inability
n take all thew had bought and hence from five per
se>a Nm IN per diem paid for carrying
sotn hut before the deliveries completed interest
vas paid for the use OF H.
ybe stock market was unsteady and fears were en-
Acrtained of q monetary pinch arising from the
drain of currency into the Sub Treasury to pay
for the ten millions of gold sold yesterday; but
tho prompt inmaton OF Mr. Van Dyok, the Sub Treas
uyer to banks that the usual days notice of
withdrawal OF temporary deposits would be waived and
shat he willing to cash year certificates
pound notes par and interest presentation
sxerted reassuring effect. The balance in the Sub
Treasury enormously large that the government is
anxious to dsburse considerable portion of it. and the
fact Of this reservoir being well filed insures prompt
relief to the banks should they require it.
Before it became known that the Treasury had taken
Shis accommodating course there. some anxiety to
secure loans, and per cent in gold paid in
instances but the day advanced the demand
frly this in currency and the close the
supply was easy at 6aZ One million eight hundred
thousand dollars worth of year certificates were
sahed by the sub-Treasury during the afternoon.
After the regular board the stock market became
partial unloading by of the weak holders assisted
BY the hammering of the bears The Of securi
sies returned by the which arrived to-day is
seported to be very light
At the early session of the open board Erie sold at NIX
X, New York Central s25s a Y, Hudson River 112.
Beading 1851 (b. 81, Michigan Southern 70 7s%,
Cleveland and Pittsburg s3H a IS, Cleveland and
Toledo l04x Rock Island 93 Northwestern 2S3s-
preferred %. 81 6s, Fort Wayne 81 96A, Ohio and
Mississippi certificates 27, Canton 591a Quicksilver
1A 80, Mariposa preferred q, Western Union Tele
sgaph %. 81 sOx Al the first regular board New
York Central closed x lower than at the half
past two board yesterday, Erie lA, Hudson
River 2, Michigan Southern az, Cleveland and
Yxtsbarg x, Northwestern *, Ohio and Missis-
appi certificates u, Western Union Telegraph
!, Missouri State skies u. Reading was X higher
Novernment securities heavy. Coupon nvetwenties
81 1862 declined l. third issue seven.thirty notes Of
NE second series y.
Al the O'Clock sessions the market hrmer but
without animation At the halfpast two o'clock board
\ was dull and barely steady Reading closed a lower
than at the first regular board, Cleveland and Pitts
burg ~ Northwestern H-preferred 4, Fort Wayne
=, Milwaukee and st. Paul 3 Hudson River was
4 higher, Michigan Southern y, Missouri skies r.
New York Central, Erie Cleveland and Toledo and
ohso apd Mississippi certificates were unatercd. Gov
ss.ment securities heavy. Coupon fve-twentics Of
1oo2 declined " tenortes "a thirty notes OF the
sssond series u, third series a.
Al the half past three board the market exhibited
Aeelning tendency and prices y a "a lower. New
York Central sold at 92A Erie 71X x, Reading
1o7Z e, Michigan Southern IS a 4, Cleveland and
Pittsburg "a y, Cleveland and Toledo 1041S, Rock
Island Ok, Northwestern 274 H-prererred 81 a
seA, Fort Wayne 95x u, Canton 59I, Mariposa
ITesz- r.t.x
Afterwards the market underwent further weakening,
and at five IL closed dull but steady at the fol-
lowing quotations:-New York Central 921s q, Eric
501z u, Reading 1918 Il, Michigan Southern 77A
u, Cleveland and Pittsburg s24 r. Rock Island OIL
=, Northwestern q a. Ohio and Miss issipp certificates
1ek . 81, Cumberland a q, Quicksilver 81 bid
There Is nothing in the condition Of the money make
% justify furry the Stock Exchange, and apprc
hend the worst effect Of the English ha
already been experienced aud that when money
- found TO be easy at per cen;
tomorrow, and during the rest OF the week, sharp
action will get in and this cannot fail to be greatly
stimulated by the considerable short" Interest which has
been created to-day. Had the Treasury prematurey
assumed control Of the gold market would have
Ia supposed, twenty millions Of It's coin and
arrangement Of the money market would have been felt
AsA the latter has been only alphabetically affected
hy the foreign advccs through the Treasury sales oil
gold referred and hence general argument that the
money market here independent OF monetary affairs
abroad, excepting so far as it may be affected by the
course Of gold and exchange, holds good Indeed the
bert proof could have OF this has already fur
nshed; for, had been specie basis, the suspen
aon of specie payments by the banks and huge pane
Ill over the country would have been inevitable.
The protectonsts argue that the proper remedy for
financial evils and the dram Of gold TO Europe
higher tariff which, they argue would stimulate exports
end check imports This, however, is simply falacy,
- the experience of all nations has proved higher
sssf is just now being urged upon Con-
sss, but adopted its only effect would be 70 benefit
specuators might have large stocks Of foreign good
hand just before the passage Of this act Pan'cs like
sAAs England but rarely, and have stood thu
bsunt Of the this side Of the Atlantic In
cd with cquanimty which will asonish the world
ne severest test ever likely to experience ha
bscn successfully wthstood and confidence
49, both homo and abroad will DO greatly strong
- IN consequence.
Foreign exchange has bsen moderately acuv,
~ somewhat unsettled tho basis Of l09tk 4
~ bankers bills England at sixty days Tho
Sssnoipal business, however, In sight bills drawn
AGainst gold to adjust accounts between bankers.
Commercial bills rated l0sx q 100 Import
- abstanins from buying, FAR pos
mpe, OWING 70 oletrust OF names, pending furtheF
ssws from Europe Bulls on Paris quoted AZ ST. &c
Isl Ioc., on Amsterdam q u, on Frankfort 49, 4,
- Bremen sos Y, on Berlin 73,s =, on Hamburg %
an
with respect TO the probable nsiure Of the next and
Subsequent financial from England, opinions gen.
sally agree that will be favorable Hitherto the
ssspension Of the Bank Of England Charter Act has
never failed to RESTORE confidence and Afford prsc-
sseai relief TO the money market but 10 the
Ur-sens instance seems likely that the
link has had no occasion TO avail heelf
- the permission Of the government To issue
% notes corresponding to liz necessities This action,
1cvsvsr, Which announced by Mr. Gladstone in The
3ouse Of Commons At midnight Friday, the ilth In
SAINT was mo- premature, the bank resources had
shsn bean redsccd nearly three millions The OBJECT Of
~ meessre ali over England would he TO sIlay the
PANIC which had spread, aud To promote general
sovcry hoSsver unfavorabe the from the Cont