The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-06
FINANCIAL AND COMMERCIAL

SATURDAY May Do r. NJ
The stock market has been moderately firm but dull
to-day business Saturday being mainly confined
to the forenoon. Confidence in higher prices is ap
pareny unmpaired by the intervals Of sluggish specu
laon which vary the upward movement. and 1t is gene
rally conceded by all acquainted with the facts tho
value of railway property is improving, while the pros
pect fayors brisk speculation in the leading
shares.
There is strong probability that the Consolidation
Loan BILL introduced in the Senate by Mr. Sherman, will
before long become law, the Finance Committee
having is reported good authority, already agreed
TO report avorably and the sentiment of both houses
being accord to the desrablity of funding stock
of the kind proposed This when accomplished cannot
fail to inspire and sustain confidence in values generally
nor TO furnish assurance Of uninterrupted none
tary ease at the financial centres the latter being
indispensable TO the success Of the loan. The
objections which may be urged against the principle
Of exemptng the bonds from all federal and State
taxation are modified by the consideration that the only
which national securities are now liable il that
Incomes and that about three hundred millions Of our
bonds held in Europe, and large portion Of the
mainder by persons who pay little no income tax
The result that the public debt yields much less to the
than generally supposed and the loss to the
Treasury consequent entire exemption would bear no
comparison the saving Of interest by the reduction Of
tho rate to i've per cent through the funding pro-
iected-
A. Ne early session Of the open board New York Cen
trail sold at 92A, Erie 1874 Reading 1918, Michigan
Southern IS Tx. Cleveland and Pittsburg 49, North
western 29h-preferred GA Fort Wayne lOO Ohio and
Mississippi certificates 264 Canton 5s, Marposa pre-
ferred 26x At the first regular board the market was
moderately active and stronger. Northwestern closed y
higher than at the hafpas two board yeserday-pre-
ferred 4, milwaukee and ST. Paul preferred ia, Chicago
and Alton l, Western Union Telegraph Ia, Manposa
preferred u, Cumberland r. Erie was lower,
Reading u Michigan Southern H. Government
securities strong. Coupon skies Of 1881
advanced " Gve-wenties Of the third series q, ten
fortes \, seven-thrty notes of the second series a.
Bank stocks were in demand. Butchers and Drovers
sold 1i5. Continental o. Commerce 1921 Ocean 1902
Central 107 Hanover 113, Fourth 1857, Mechanics
lO4A
AT the O'Clock session OF the open board the
ket was steady but dull Erie sold at "a Reading 107S
AZ, Michigan Southern Tx, Cleveland and Pittsburg
SIX, Rock Island 124h, Northwestern 29A-preferred
81, Fort Wayne 1OOz y, Alton and Terre Haute 62H
Canton 5sk, Quicksilver 54,4, Spruce Hill Coal AZ,
Manposa preferred 25x, Western Union Telegraph g.
Afterwards the market showed increasing rmness but
owing to there being later session Of either the regu
lar or open board the volume Of business limited
At five O'Clock New York Central quoted at 92H a
=, ~ "a,
1917 bid Michigan Southern TX IS, Cleveland and
Pittsburg s21 Il, Rock Island 124l y, Northwestern
20K s%-prelerred 6lA Il, Fort Wayne 1905 y,
Canton 5S% &c. Mariposa preferred 25A ~ Quick
silver 81 u bid.
The money market shows new feature, and loans
freely made at per railway securities asd
AJAX governments. Balances offered near the
close of business ut First class commercial paper at
sixty days is discounted at per cent, and long date
al Cal Gold opened at decAne from the closing quo
tation Of last evening, but gradually became hrmer
The price at half-past ten A. N. was 127h, and
at half past twelve 127X. These were the ex.
tremes Of the day. and the market closed steady,
at l27H Loans made at 4 per cent for carry.
ing and at per cent for borrowing out the majority Of
transactions without interest There a larger
export Of than usual to Europe by this days
steamers the total aggregating 1901, SIS of which
about 5000 900 in bar gold and silver. The Her
mann took OF this amount $22l 800 the Aemania
the City OF London $3ll OOo the Malta $3.50 65
and che Lafayette s145 The export for the week
has boon 81, 247,24
Foreign exchange was steady at 1904 for bankers
bills England at sixty days, and 1851 100 for CON-
mcrcial, but the transactions were light
Petroleum and mining stocks were dull and barely
steady At the first board Pithole Farms closed Sc.
lower than at the samo time yesterday, selling at ST.
Consolidated Gregory Gold 45c selling at SIG; Columbia
bal Company &c., selling - 10; Electric Oil sold
&C., Bennehof Run $40 90, Buchanan Farm 39c., Ivan
30 81 u.s. Oil Creek &c., Pthoie Creek 81 00, Petro-
SHm Consolidation &c., Downievile Gold 4lc. Gunnell
Dold 81 Is. Smith and Parmlec 80 60 Home 81 IS.
We understand that tho preliminary papers in
Non At law served upon the representatives Of the
Bank OF the Commonwealth at the suit Of the Contnen.
cal Bank yesterday to the amount Of the check
upon the Continental paid by the focr Ross 70 Cronise
49, cr~
institution. Two Of the firms vcmized by Ross have
suspended business pro tem., in consequence
depuation Of brokers' consisting OF Messrs Francis
Skiddy, Randall Il. Green G. 4. Beebc w. W. Thomp
son j. Ripley Lawrence and others, had interview
with Fsnton and the Attorney General to-day
at Albany relative to the tax law recently passed mpos
ing duties brokers' sales Of spirits and foreign goods
The argument Of tho deputaon was against the const
tutionaty of the law and this connection the follow
ing from the State constitution, article 2,
zion 10. is important, If not dccisive:-
Every law which imposes, continues or rcvives tax,
shall dist nctly tho and the object to which II
shall be applied and II shall not be sufficient To refer To
any other law to FIX such tax or object
II is reported that the deputaton received promise
that the new law should be enforced ut the time
specified In the text
The Comptroller OF this State has just issued tho fol-
lowing circular In relation TO the issue Of registered and
coupon county bonds
CoNPTRoLLER's 0FYcr, Albany April %, 1854
The following regulations hereby adopted for the
tssuc the Indebtedness Of this State, authorized by
chapter 325 OF 1865 and chapter 209 laws Of 1866
and published for public Information
Fust-The issue will be in the form OF registered
stock and bonds with coupons attached, payable IN
twelve years from the 9TH day Of April 1855, with in
teres the of per cent, payable sema
ally on the LIST days Of January and July Of each year
and the Comptrollers bonds issued under chap
Ter So laws Of 1885, may be conv.ted into either form
Of Indebtedness, may be desired
Soond-Hoiders Of revenue bonds maturing on the 1s
day OF July 1885, are required before the LIST day
Of June next surrender the TO the transfer agent
OF the State the Bank Of tho Manhattan Company In
the city Of New York who will issue receipts therefor
and at the signify the form Of indebtedness
whether registered stock coupon bonds, they desire Ia
.N.r ,rin Gle he Let