The New York herald., 1866-04-20
FINANCIAL AND CONNER CIAL.

uNANSiAI ANU COWWcnCiAIs
THURSDAY, April 19-6P M.
The stock market opened rather dull and with some
disposition 10 soil the part Of the bears owing to re-
ported cases cholera board the steamer Virginia. in
quarantine. The bulls, however presented a steady
front, and prices consequently yielded but slightly
Very soon all apprehensions the subject wore away
and prices were well sustained without any material
changes in either direction. 1t is amusing to observe
how many persons regard visitation Of the great
Asiatic scourge this spring foregone
cluson, and TO await II pretty much In the
spirit they would tho arrival Of ustrous
foreign visitor considering sensation in prospect by
no means to be missed. This anticipation OF evil Is 10
be deprecated except far as may lead to prepara
tons against the maady. But supposng the pestilence
to actually reach shores, it Is by means likely
that 1t would become epidemic all the country, or
produce the havoc most persons imagine It is con-
troable disease, and temperance and cleanliness are
almost proof against it Even in the case Of the
steamer England. at Halifax, not Of the cabin
passengers was affected by the malady which cut down
many Of the emigrants in the crowded quarters
of tho ship Moreover, there Is no good reason
why prices the Stock Exchange should be
seriously affected by cholera in any event; for
the value Of tho securities dealt In could hardly be in
Huenced by it, yet there is general impression that
they would be, merely fossooh because probably few
cowardly spectators would leave tho city, and duness
Of business might induce decline Of quotations The
cholera Is bugbear-that is TO say, bear bugabooon
the Stock Exchange, and little more.
At the early session OF the open board New York Gen.
tra closed at 92X @ 81 Erie (sales l,5o0) 7SK Hudson
River losX, Reading (sales 46oo) 1O3H 1924, Fort
Wayne s Michigan Southern (sales 1,0O0) 79%, Rock
Island d. 81 1ls, Northwestern ( 81 2e2l, preferred
O.~-.. nm. n.solx
At the first regular board Hudson River closed higher
than at the halfpast two board yesterday Michigan
Southern 4, Northwestern x, Western Union Telegraph
" New York Central u lower, Erie ". Reading n,
Cleveland and Pittsburg 1I Rock Island M Fort Wayne
e, Mariposa preferred u, Quicksilver n. Government
securities strong. Coupon hve-twenties Of the
1865 issue advanced " tenfores u, seventhrty notes
Of the first series n second series ~ The demand for
all the leading national stocks is more than usually active
from the general public owing to the fact that the city
personal estate require to be corrected be-
fore tho 3Oh instant and federal securities are ex
empted from local taxation, a large number of those
who lind it convenient TO do are temporarily con-
verting their taxable into non-taxabc property.
sevenhry notes have felt the effect Of this moro in
proportion than the bonds because better known and
each has advanced to 10l Tho public securities
in the market numerous and different in kind
character choose between class and another.
and hence they either trust Wall street opinion
neglect them The consolidation of this heterogeneous
is what tho interests Of the government demand
There thirteen different kinds of bearing bonds
extant and ten distinct forms Of securities bearing
interest in currency, besides eight forms OF bonds
and notes which interest has ceased. The
interest," too, ranges from four TO seven and throe
enths per cont, and zach security has s own distinct
date OF maturity. Nothing in finance heteroge
and inconsistent carried into effect by
any nation Upon the precise character Of the stock
into which these securities should DO funded they
mature opinions differ; but advise perpetual annui
ties similar to the English consos bearing not moro
than five per cent interest," all maturing. Indebtedness
is liable to embarrass the Treasury and OF the
greatest elements Of weakness in present financial
system be found in tho shortness of the time for
which most OF securities have TO Practical
bankers agree to the disadvantages to the
Treasury involved in keeping the debt Its present
shape. Mr. Henry Clews, OF this city, some time since
addressed letter the OF the Treasury sug
gesng and strongly urging the issue OF bonds having
thirty to run bearing Eve per cent interest," paya
ble alike with the principal, in gold and exempted by
act OF Congress from federal State and municipal
ton the to be issued in exchange for cvery form
of government security outstanding and TO be known
sions this stock be stimulated If necessary by
higher income tax. The suggestion In the right
direction and cons odaon should heuceforward become
the watchword Of financial legislation In Congress
At the one O'Clock sessions the market nrmer,
Hudson River being the strongest OF the railway shares
At the hall past two board II steady Hudson River
closed y higher than at the first regular board Fort
Wayne q, Western Union Telegraph \, Quicksilver y,
Boston Water Power . New York Central was u lower
Erie y. Government securities strong; coupon
nvcs of 1881 advanced 1vewentics OF the 1862
a. ten-forties soven-thirty notes Of the first and
ond series y.
At the half past three open board prices lower
and the cholera revived but after the cal,
the recovered New York Central sold at 92x
y, Eric 72H Z. Canton 52H a y, Cumberland Az
Quicksilver 81 501s. Western Union Telegraph So ST.
Mariposa preferred 81 The movement In Quicksilver
has apparently died out
Afterwards the market remained steady and at half.
past 1--WE New York Central quoted at 927 93 Erie
72,i x, Hudson River 1o9A u, Reading 1929 io3
Michigan Southern so5< a q, Cleveland and pi,tsburg
79t so, Rock Island li9 q, Northwestern 26h bid,
preferred 56jl y, Fort Wayne ok %, Canton
52hak.
The following table shows the extreme range OF the
market for leading railway shares during 1865
-----ls65 -
Highsa Lovca
New York Central. ....... 1lg 80