The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-13
FINANCIAL AND COMMERCIAL.

a-n SATURDAY, May 12-6P n
The stock market continues firm but sluggish the
Western railway shares being the strongest and most in
demand owing to their large earnings. Those Of the
Rock Iaaad for the first week of the present month
were $l4 29 larger than for the corresponding week
last year; Milwaukee and St. Paul. $25 200 Michigan
Central 81, 40, and Michigan Southern $ss56 More-
over the prospect favorable TO the maintenance Of this
average In the future, and buyers for investment
beginning to appreciate this change for the better Just
'now Michigan Southern, Cleveland and Pittsburg and
Fort Wayne arc the leading avores in the speculation
for rise.
Az the carry session Of the open board the market
very firm at fractional advance upon the clio sing quo
cations Of last evening New York Central sold at os
Erie 78%, Reading 1914 Catswissa so, Michigan South
'ern f. 81 1877 Illinois Central l22K Cleveland and Pitts
burg Ssx, Rock Island 94al, Northwestern 2sK, pre-
fsrred 5sA y, Fort Wayne ID. 81 osX, Ohio and Mis-
sssppi certificates 26,S Canton 68x, Mariposa pre-
terred 22x At the nrst regular board the market was
steady at Q fractional decline Michigan Southern
closed Il lower than at the hafpast board yester-
day Northwestern preferred u, Rock Island " Quick
silver u, Mariposa preferred N. New York Genital ad-
vanped y. Erie 4, Reading y, Atlantic Mail 4. Cum
6eriand y. Government and gold bearing securities
zero steady excepting coupon Hve-twenties Of the &C.
eund ISSUE which declined x. ssven-hirty notes of the
arst and second series 4 higher
A. the open board at O'Clock the market was
Strong but quiet Erie sold at e3T Reading Io7K Michi
Gan Southern Ssx, Illinois Central l22k Cleveland and
Pftsburg d. 81 "a, Rock Island d. 81 o4 Northwest
Arn 2SH, preferred SO, Fort Wayne osX (sS) Alton
snd Terra Haue preferred &c. Ohio and Mississippi Ger.
tacates 2x, Canton d. 81 59, Cumberland IT, 81 Ask,
Quicksilver 56L On the street government securities
were strong, and thirty notes sold at 1929.
Afterwards the market remained firm but dull
business being confined to the lower hall Of the
fock Exch Tba rapuln hoa rd has he
one session Saturday, and yesterday it resolv-
ed TO abolish the ten o'clock and hafpast three
sessions. At FIVE o'clock tho market closed strong.
Michigan Southern was quoted at 791S d, Cleveland
and Pttsburg $40 4, Rock Island 94k u, North
western 2sk ", preferred 5o Fort Wayne 9szs 90,
Ohio and Mississippi certificates 26h x, Canton 59R
y, Cumberland 451s u, Quicksilver 64haX.
Money was extremely abundant to-day, and largo
amounts loaned to the leading dealers in govern
ment securities at three per cent The general rate on
the street 4a5 First class commercial paper is In
demand at 81 6k per cent and good at las, with
. light supply.
The gold market weakened from 129K ut the opening
OF business to 1885, notwithstanding the export of
81 95 in bars and specie by this days steamers Of
which amount the Borussia took $l22, 900, the Etna
5000 and the Arago $453,405. The closing quota
too 129 q q. Loans generally made without
interest with exceptions per cent for borrowing
and per cent for carrying
Foreign exchange was inactive, and bankers bills on
England at sixty days nominaly 109:s u; short
sight, 1loH u; commercial 1os 100; bills on Paris
at sixty days. 6.13 a 8 Is; three days, $40 GIL;
on Hamburg, 38l4 u; on Amsterdam, Ak Ak; on
Frankfort, 40a AK; on Bremen, 1913 y.
Petroleum and mining stocks irregular. Al the
6rst board Electric Oil closed 15c. higher than at the
came time yesterday selling at ST. Phole Farms 15c,
selling at 81; Central Be-. selling at 81 rs; Ada Emore
15c. selling at 81 So Quartz Hill 90, selling at - TO-
Bennehof Run zoe. lower selling at $l2 10; United
States 1Oc selling IS So Benton &c. selling at 81 So
Consolidated Gregory Gold 81 20, selling at $l3 so;
Smith Parmclee 45c., selling at 50 75 Tygerts Creek
&c. selling at So IL. In the afternoon the market was
dull and Consolidated Gregory declined to s12 90
The more transprcs In connection with the failure
OF the Merchants National Bank Washington, the
more dsgraceful appear the circumstances surrounding
a. The assets of the establishment are estimated TO be
nder thousand dollars, and Mr. Bayne, of Baltimore
ono OF its directors and its virtual owner indebted TO
1t ia the modest sum of hundred thousand dol
larH II had deposit on the Sd Of May, accord
ang TO It's quarterly report Of that date, $7623l2
OF United States funds, chiefly placed there by
Paymaster Pauding, whose sureties were two
OF the directors of this bank. Its United States de-
posts the LIST of January only $s4,225 while
sss individual deposits sGO2, 800 but on May
abese had dwindled the round of only $500 600
Furthermore the public deposits Increased with sus-
Dicious rapidy just prior 10 the failure. Paynaster
Pauding deposited 5000, 900 the 2lst Of April; T. j.
Hobbs the dsbursng clerk Of the Treasury, SIS 200 on
the 27h H. A. Risley, special agent Of the Treasury,
e23, 94 on the 3oth, and Mr.. Spinner, the United
States Treasurer, $5l,25s on the Sd OF May-the
day Of the banks stoppage The amount Of United
States funds deposit with the bank at the time Of its
failure was dsrbuted to the credit Of tho following Of
icals, n under