The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-16
FINANCIAL AND COMMERCIAL

t-s-h
nation Tally from the Western shares but .nose
aiaIr steady demand owing to their large earnings
r,oss ~ the Fort Wayne road although less LOT the
on,b NJ AprIl than last year, show an Increase Oh
s,s NJ, The returns for month In leoa whe
,he Michigan Southern, Michigan Central and milwaukee
and a, Paul receipts very much larger tnan al the
name time in 1865 Moreover II we may Juose by pre-
$500, ,be earnings of the Western lines are likely to
80 further increase as the advances. These
.bs,antis causes for rise, coupled with the extreme
one,.ry ease which prevails here. and which cannot
nu be prolonged explain the arm upward tendency OF
ricos which of assisted by the important fa~
shat the much lower than when the ear.nss
Of the railways were considerably smaller
AT the early session Of the open board ,r'e SOFA "
slx 10. 81, New York Central s2% seaaiss IVA,
Michigan Southern sos, Illinois Ccp,A' izS' oievena
end Pttsbmg S47S, Rock Island - northwestern 1oa-
preferred 9% Fort Wayne 1os "nNaakee anu ." au'
be-preserred IL Alton az Ierre hau'e pie'aea 10.
Canton co., Cumpers-d 40 Al the hfs' resua. oo',a
che market was &ctpe ana strong Ne" io'a oop""'
$500 ~ h,,,r at the half past two board yes'er'
ri, Ls =, Teveand ara Pittsburg p, Northwestern
s,.".s & Fort Wayne u, Ohio srd Mississippi cera-
Western Union Telegraph 4, Mariposa prefer
Teu-essee sixce 4, Missorr SKIES Y. Reading
as " lower Michigan Southern - Illinois Central u,
Canton Y. Government go'6bearing SECURITIES were
teady Seven thirty notes Of the first and second series
advanced Is
Al ale one o'clock session of tho open board the n-
fet vas steady except for Erie which was strong At
abc alipast two Erie continued strong and the
r,o, of the IL; FIRM New York Central closed u higher
shau nj the rst regular board Erie IL, Reading *,
FORT WAYNE Ohio ard Mississippi certificates u, Can
ton 4 Michigan Southern * Northwestern preferred
X Mariposa preferred 4, Quicksilver u, Missorri skies
* Government securities steady excepting coupon
dyes Of 1881 which declined H. ard scventhirty
Of the lirst series-lso &.
At the open board at halfps three there
abatement of fnness but the volume of transactions
was rather light New York Central sold 931, Erie
Y6S u, Hudson River 1Os5s Reading 1875, Caiawisa
60 Michigan Southern H. s, sosS, Cleveland and Pitts
burg S. Cleveland and Toledo d. 81 1o4K, Rock Island
s4A, Northwestern 2sX-.rreferred $50, Fort Wayne
ssx. Canton cox, Cumberland 45ss Quicksilver 54,S-
Afterwards the market remained strong, and at
The close the speculative feeling was buoyant At
half past I've New York Central quoted at % \ y,
Erie 75x y, Hudson River 109% ITO, Reading 1U7 u
H. Michigan Southern so14 ~ Cleveland and Pitts
burg IS n, Cleveland and Toicdo 104h y, Rock
leland e4x 4, Northwestern preferred 500 Il, Fort
Wayne s9H u, Canton 6O'f a VI, Cumberland 45kTa
u, Quicksilver 54hass
Money superintendent at four per cent to FRS. class
houses and at a 10 the Stock Exchange generally.
The supply of first class commercial paper limited and
IN demand at as'per cent, and at 8 eH for long
dates. The next best is rated az 6HaS.
The gold market opened Arm at 13Os but soon began
% yield under sales by the broker supposed
% be for the Treasury, and the price declined TO
closing at four ocbck p M. at 129H. Loans were gen.
orally made fat wih few exceptions at ab per cent
q favor Of the lender The Treasury is ayerse
20 The decline OF the premium much il at all below
-, and II it has boon, as we suppose, a seller
y only to moderate extent; but the practice
AZ he pub rOld in
% 70 be condemned and practically II plays into the
hands Of those specuatos who happen to be- cognzant
q the Treasury movements The market is less liable,
however, presentto be affected by these sales than II
vas q few months since, when q heavy decline took
place. owing to the spectators taking advantage Of
favorable opportunity furnished by the government.
There lie now considerable export demand, which is
likely be continuous and this will be sufficient TO al
Hast steady the market.
Foreign exchange opened very firm, and the leading
Anwcrs asked 1893 for their bills England at sixty
days. but later In the day they accepted 1928 and the
dosing quotation 109K u. Short sight bank rs'
bis ranged from l1o' to 1905 with exceptions at l10
commercial Of the best grade 100 a. miscellaneous
signatures los aloe, francs at sixty days g. Tx g.
lay Bills drawn upon English limited liability banks
difficult of SALE owing to tho general aiscrcdit Of
1nance companies doing business under the limited
liability act in Great Britain and the recent bank failure
tai bills the following rates:-On Hamburg 38la 81.
On amsterdam Al y Y, on Frankfort II q 4, Bre-
men 59k r. Prussian thaicrs quoted at Tx
a7a
Petroleum and mining stocks were geecraly firm. At
the rst board thoc Farms closed higher than the
time yesterday New York and Newark lac, Benne
hon Run 2oc., Central 15c United States 81 10, Arona
TO- Consolidated Gregory Gold 81 20 lower, Quartz
Hill zoe Al the second board Bennehor Ran closed zoe
higher than at the first board, selling at $12 90 Con
soldacd Gregory Gold eoc lower, selling at &13 So
Central sold at So 49, Oil Creek &c. Shade River Sc,
United States 81 rs Ada Emorc 81 S. Bob,an So Gun
mel Gold ST. smith Parmelee so So Liberty 20c, Adams
q os, Mercantile Csc.
Tho bill for consolidating tho national cobt into Eve
per cent bond thirty years, whica II will be re-
nembercd, was introduced by Mr. Sherman In the
Senate reported back to that body by the Finance
Committee to-day with single amendment, providing
shat tho expense Of dsposing Of tho bonds shall not
sxcced per cent Of the amount disposed Of In the
original bill two per cent was fixed AZ tho maximum OF
the cost Of preparing issuing and dsposng Ct the bonds
which, for the expenses Of preparation and ncgo
ssaton unnecessarily largo; but probably tho idea
m making the margin wide 10 facilitate
SONS by the purchase OF securities necessary, par
on few fractions higher in which commission for
purchasing and the difference between par and sho price
paid above II would have had 10 be added. half OF
per cent has hitherto been about the average cost OF
segotiating the public loans, which Is ample.
The scandalous revelations concerning the farre Of
ne Merchants National Bank at Washington $50 at
escting attention and arousing suspIcoa with respcct
% the solvency Of other similar institutions
NE country. 80 FAR the banks Of this city
sssned there loss Of confidence Whatever as they
sre known to BIO managed the whole, honestly asi
according sound business principles and therefore the
particular system uuder which they work is Of
,uic mporlance and tho fame remark probably
ppcs TO the banks n the other monetary centres
NJ the collapse othe Culver Penn banks, and tis last
plosion uEdcr the eye Of the government, afford
hndant pro that there banks organised under the
Nonai system Tor purposes Of fraud They may b
e&d "eonhdenceN banks, managed by confidence nsen,