The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-05
FINANCIAL AND CONNER clAL.
Frln.r. Nav IA P. NJ

ANIMATION this mernng and prices advanced but after
Won 4 slightly reactionary in its tendency North
vsstern preferred. Milwaukee and ST. Paul preferred
Reading and Fort Wayne the buoyant OF the
r,ilsay shares There Is a strong demand for the
i''tea which is very firmly held on its merits as
al Investment; and ten per cent di'i-
dcnd Aying stock il is generally considered cheap
In the Miscellaneous list Manposa preferred was active
and higher, under continued reports from the mines.
There very confident tone to the speculation for
rise and this all the decided because OF the bill
before Congress for funding the seventhirty notes
ave Per cent stock which strengthens faith in the
maintenance " current values and the continuance Of
tho prevailing monetary ease.
The clearly the policy Of the Treasury defined
tas room here will be in the public mind for har-
boring dLstrust and the smaller will be the capital upon
which panc-mongers will have to trade The funding
operation involved W the passage OF Senator shermans
bill spirit whatwe have been advocating for two
years past; but 1t is open question whether
thirty years bond is not too short, and whether
atty years bond, Aor even perpetual annuites,
~o"d not be better We have heard 1t urged against
ae latter that our people would fail understand and
would consequently underrate them blu, this ID by no
means certain. II is however, probable that shall
have 40 occasion for perpetual anuuities like tho
consoss OF Great Britain, and that debt n
ene absence Of foreign wars, will be reduced 10
The proposed exemption Of the loan from all taxa
ton although nde ensbe in principle aad inTdious in
PRACTICE is nevertheless likely prove necessary to
odre for 1t fair chance OF We have bad
state OF Affairs TO deal with, and must adopt
mon sense method Of making the best OF the situation
dong that which can, rather than attempting what
we would like to be able to do but which existing Cir
cumslances render inpracticable
At the early of the open board New York Cen
teal sold at 927s, Erie 4k, Reading 1914, Michigan
Southern 7ss Cleveland and Pittsburg s2s, North
western 2s7s-preferred COS, Fort Wayne e. 81 9e1s
Ohio and Mississippi certificates % Canton 5sI Cum
berlant As At the first regular board the
active and buoyant New York Central closed x higher
than at the half past two board yesterday Erie n Read
ing -. Northwestern %-preferred IN, Rock Island l.
Fort Wayne u, Milwaukee and St. Paul preferred l,
Quicksilver ~ Ohio and Mississippi certificates N Mari
posa preferred tsales $1,000 IN Michigan Southern
Cleveland and Psburg and Toledo steady. Canton
ws z lower Government securities were strong
Coupon skies of 1881 advanced nvetwenties Of 1862
y, ton -forties u.
Al the ono O'Clock sessions the market reacted slightly
Al the halfpast two board it steady, except for
Milwaukee and St Paul preferred, which advanced 21
and Chicago and Alton q Northwestern preferred
higher, Marposa preferred 4, Western Union Tee
graph Il. Government securities continued strong.
Coupon OF 1881 advanced u, fvetwenties Of tho
Old ISSUE 4, seventhiry notes of the third series r.
Ten-forties declined ~
Al the hafpast three open board prices were in
instances barely maintained but the market had very
arm tone Rock Island advanced to l24sl, New York
Central sold at e2h e25s, Reading 107A, Aichi.
gan Southern 7sH, Cleveland and Pittsburg
o. 81 So, Cleveland and Toledo 1o4K. Rock Island 124,
Erie 1879 Canton ID 81 5sK Mariposa preferred 2S3s
The advance in the latter stock is attributed clique
cover 'shorts, las well as on 'long" account
Later in the afternoon the market was slightly unset
tied By the report OF the suspension Of the Merchants
National Bank at Washington, which is attributed the
failure Of Bayne & Co., stock brokers' Baltimore Mr.
Bayne member OF the firm, being tho Prcsi-
dsnt OF the bank. Tho bank has registered
capital OF 5000 900 and circulation Of $3.50 000 and
wss national depository. II is moreover said TO have
bsd among its depositors army paymasters who
viii lose heavily by the failure We have here apps.
reny bank doing business under the socalled national
system which occupied relations toward q private
arm similar to those OF several exploded Penn
sytvania banks toward Culver, Penn Co. The
affairs OF national bank whose solvency was
dependent upon that OF . single stock house
must have been in very questionable state and
therefore surprised that such institution should have
bsen public dcpository-the fact Of which was
calculated to give it a credit that in this evil
usaty undeserved This Is all the moro remarkable in
OF the bank being under the very eye OF tho
government Washington, where It's connections with
the Baltimore firm must have been well understood
suoh failures reflect discredit upon the entire system Of
national banking and call for rigid inquiry tho part
Of tho Treasury
At hafpas. FIVE o'clock the market closed steady, at
the under mentioned quotatons:-Hudson River 11ox
Erie rsH 73s Now York Central o2tl, Reading 1o7X
alo7s, Michigan Southern Tx Tx, Illinois Central
Ia. Cleveland and Plttsburg 81, Rock Island 124x
I2&h. Northwestern 2ss 2ss Northwestern preferred
con Fort Wayne e9js, Ohio and Mississippi certificates
2ST a 26k, Canton $50 bid, Cumberland Is ASK,
Manposa preferred ISL 26k.
The money market continues easy at Ave per cent TO
tho Stock Exchange, with exceptions at four govern
msnts and at AZ railway securities. There is .
slightly increased demand for loans owing TO the
augmented volume OF business, but the supply
than keeps pace with this. The discount line is also
easy aud FIRST class commercial paper at sixty days
passes per cent with exceptions at half per cent
lower. For longer periods the rate is o. 7. The
Western money markets reported easier but the
b,nkers still sending currency to this centre to
meet their drafs Tho rates for exchange New York
at Chicago are par buying, and lilo premium selling
Gold opened at 1914 and gradually weakened to 1914,
after which II recovered to 127kan. The supply for
delivery was abundant and loans generally made
without interest.
Foreign exchange opened firm at 1907. y for
bankers bills England at sixty days but subsequently
declined fraction and closed at 1927 Il, and at 1Io4
HOY for short sight Commercial bills quoted
1857 100.
Petroleum and mining stocks firm and mode
rsely active. AZ the second board Electric OIL closed
ioc hshsr than the time yesterday Ada Elmore
asc. Consolidated Gregory Gold 81 40, New York Gold
ioc, Columbian loc. Fthoo Farms 1c. lower
smith 4 Parmicc 2sc At the second board United
States closed &sc higher than the nrst board selling
., ~ 90 Ada Elmorc loc, selling at 81 rs; Smith
fsrmies loo, selling at 80 40 Consolidated Gregory
Gold WAS soc lower, selling at sle rs. OIL Creek sold
al 600, Shade River eoc., Downevie Gold SOC, Gunne
Cold 81 10, Texas s5c., Bobtsu 81 rs
meeting Of the Clearing House Association was held