The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-10
FINANCIAL AND COMMERCIAL

p,hllaraiion has followed languor on the Stock Ex
.aange and me speculative balloon is soaring higher in
che atmosphere OF Wall street with a steady sweep The
Western Railway shares continue TO attract the attenon
Of 10th investors and spectators, and Fort Wayne,
Michigan Southern, Cleveland and Pittsburg and
Milwaukee and St. Paul 10 strong de-
mand at advancing quotations. Confidence in
properties has been greater since $780,
and the increasing earnings OF the railways and
especially those of tho Western section Of the country
by appreciang values can hardly fail improve prices
Those who sell "shortn therefore, voluntarily court
collapse, or a weary pilgrimage through q slough OF
lespond the bulls anxious that the bears should
SELL Just as ygilant cats that unwary mice should
venture out OF their wall Notifications only
ihat they may have them and hold them al
their mercy With view to tho prevention Of cruelty
10 animals advise the bears for the present keep
sut of the speculative ring unless is for the purpose OF
covering their "shors." "Every dog has his day., and
the bears will some day have THEIRS but meanwhile the
balloon must have dwinded to much smaller speck
than II now appears in the monetary sky.
Al the early session Of the open board Eric sold at
7Sx, Hudson River %. 81 10924, Reading ts 81 1865
Michigan Southern r. 81 771s, Cleveland and Pittsburg
az Rock Island 966, Northwestern Is. 81 291-prc-
fered COS, Fort Wayne s9A, Quicksilver 10 81 65a4,
MarposA preferred 24 Al tho first regular board the
Au Chen preferred closed 2s higher than at the half
past two board yesterday, Western Union Telegraph a
Maripoea preferred 4. New York Central, Erie and
Illinois Central were steady. Northwestern preferred
was 4 lower, Rock Island y, Chicago and Alton 4.
Government securities wero stronger Coupon FIVE
twentes OF 1862 advanced u, ten-forties u,
shkty notes OF the second series n.
Al the one O'Clock session the market continued firm
and al the halpast two board il strong and active
New York Central closed 4 higher than at tho FIRST 70.
Suar board, Eric u, Reading n, Illinois Central 1,
Cleveland and Psburg u, Northwestern preferred q.
Cleveland and Toledo 4, Milwaukee and St. Paul pre-
serred a. Western Union telegraph n, Missouri skies "a.
Northwestern common & lower Rock Island u.
government securities dull Coupon Gve-twenties
q 1852 declined r. seventhrty notes OF the second
series y.
At the half past three open board the speculative feel
Ing was buoyant and further improvement of prices
look place. Cleveland and Ptsburg being especially
strong selling at S2zs d. 49, New York Central sold at
s2H, Erie 732, Reading 107X, Michigan Southern 1874,
Cleveland and Toledo 1O4%, Rock Island 95sx North
western 2eX, preferred 6oX ID. 81, Fors Wayne 99l4
Quicksilver 56S, Mariposa preferred 244.
Afterwards the tone Of the market was very firm and
the disposition TO buy gained strength At half past five
New York Central quoted at o2'I Il, Erie 73Z
~ Hudson River ITO bid, Reading 1071 a. Michigan
Southern 7SA 4, Cleveland and Pittsburg s27s, Rock
Island e5H ~ Northwestern 2sA x, preferred e0sS
* Fort Wayne 9o%, Ohio and Mississippi certificates
4SX 20, Quicksilver sex AK.
Tie supply Of money lie very easy a4 per cent to
no Stick Exchange, and large amounts have been
ssred for thirty sixty days at the latter rate The
proposed redemption Of twenty millions Of certificates
= Indebtedness at par interest before the Of June
designed 10 employ portion Of the idle balance
suDuated In the Sub-Treasury here and this mat
Yer Of course win add 70 the volume Of currency aoat
Wall street. The discount line 10 inactive; but first
ahss commercial paper is in request at ga ao1S Fer
ssAb and the second best ae. The drain OF money
nom the interior, and especially the West, still con-
tnues, and this determination Of currency to New
York-the financial centre Of the country-will prob
ably be apparent in the future than has been in
Ne past.
The gold market has been active and the advance Of
yesterday was moro than sustained up TO two O'Clock
bat afterwards there decline Of per cent The
opening price was 1905 followed by drop to 129
and subsequent improvement 70 1895 After this II
cropped to 12sX-the closing quotation. Loans were
generally made fat which, for the benefit of the unni
siated, we may say means without interest .Tsv.
Feyega exchange remains strong, and the leading
drawers Ask 16S For their sixty days bills England,
and good commercial bills command l09 Bills Ant
wsrp quoted at 6.l4 Sissy, Hamburg 3e14 s6h,
Amsterdam Il q 4lk, Frankfort 41h a Az Bremen 20
Q Tsx Prussian thacrs sold at y q tax.
Petroleum and mining stocks dnll In the
Ing but Arm In the afternoon At the first board Pit
Aole Creek closed l0c lower than at the time yes
tsrday, Copper Falls 5oc., Tygerts Creek was 40c.
higher Al the second board Bennehon Run closed !5c
higher than the first board selling at &12 75 Contra
Zoe, selling at g. Oil Creek sold at 6oc. Is 81 Pthoe
Greek 81 % o. 81 Shade River &c, United States s. 90
Benton 81 SO, BobtaB 81. Consolidated Gregory Gold
SIS So, GunneD Central - ID. Io) Holman Gold aoc
Liberty Csc, Quartz Hill 81 90 Smith and Parmlee
$40 20, Exchange Soc.
Ths Attorney General OF the United States has nd
assssed opinion the Secretary Of the Treasury to
he effect that under the statutes of Internal Revenue
md the decisions Of the Supreme Court in brokers
ed bankers cases, bankers who negotiate sales Of
socks only for themselves hut Others bankers
Going business brokers' and that both precisely
She same footing. This endorses the recent circular
sAer OF the Commissioner OF Internal Revenue ihe
sShjecl To have exempted the aud not
I'D other in this connection, would have beer
n inyidious a. Il now is 10 exempt from taxation the
nlss Of bankers doing business exclusively for thsm
solves But the tax u stands 10 GENEROUSLY high /
ON be reduced under the amended law, however 70
ugAt stamp tax which one will object 10 pay.
me resolution Of Mr. wsshburne In the House o.
0epresentatves directing inc COMMITTEE on bsnAint Y
snsuire into all the facts and circumstances connected
WITH the failure Of the Merchants National 3,ns
q Washington and other banks and to report 70 the
nsuse the amount Of government money deposited
-sa<h banks and by whom, the cause ID the'
fure and also what further les station II Necessary y
yasion the national banks to protect the pubic ,ni
- government, Is timely measure Which cannot "a
% commend itself for popular approval IL % "
Asped that rigid inquiry will 30 Instituted mo the u
As Of the bank In question, and that Psymsler Pal
AAs Mr.. Freeman Clarke, Mr.. spinner Mr. AcCoiiooh
~ whoever else Ia responsible Tor ihs 10, which 1h'
government has sustained In this cas-, will reap m,r
Hs< odum, and, u Necessary be ccudisnly punished
seserve In relation this that Mr. Crime, rms nitro
eueed In the Senate resolution instruc,lng the finance
Committee 70 report upon The s,ledenoy Of prcvidln
~ law that no public oacer sh, deposit gover,nen
fsnd. except In United Stats srb-,slsuTe where s1cl
szis, and In the un,tcd states Treasury In wsshinyoo