The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-06-08
FINANCIAL AND COMMERCIAL


The stock market was somewhat disturbed this morn.
,nu by vague rumors Of national bank embarrassment
and failures in connection with which the names of
hank al Washington and Its correspondent 1.-THE Croonl
in this city were mentioned; but the day advanced
these proved TO be groundess and prices recovered
II s generally supposed that these reports were cir
culated for speculative purposes on the Stock
Exchange and suspicion points u the bears in Erie as
the authors The general market closed with firm up
ward tendency under the extreme monetary ease and
the other conditions favorable to speculation for RISE
but there was active movement in any particular
stock.
At the early session OF the open board New York Gen.
trail sold at esA Il, Erie g. Reading 1O9sl, Michigan
southern 1873 y, Illinois Central 100 y, Cleveland
and Pittsburg sas, Rock Island s2s o. Northwestern
preferred 81 n Canton eO1S Cumberland 40, Mariposa
preferred Is 81 PAN AT the first regular board the mar
ket was dull, and slightly lower. New York Central
showed decline Of l7s from the closing
price at yesterday halfpast two board Erie ~ Read
ing Il, Michigan Southern u, Northwestern a. Illinois
Central higher, Northwestern preferred u West
Union Telegraph T. Government gold bearing sccu-
rites we're firm and moderately active. Coupon Ave-
twentes of the original advanced u, third issue
q Seven thirty Of the first and second series de-
clned Il.
At the o'clock sessions the volume of business
very light, and there material changes in
quotations. Al the hafpa board the market
firm and prices recovered q u. New York Central
closed q higher than at the first regular
board, Erie 4, Reading 70, Michigan Central
n Cleveland and Ptsburg u, Northwestern ~
preferred u, Western Union Telegraph r. Ohio and
Mississippi certificates were y lower, Cumberland n
Mariposa preferred q. Government securities wcr,
quiet and steady, excepting sevcn-thirty notes Of tho
first senes which declined Il. At the half past three
open board the market continued to improve and New
York Central sod at 9SH, Erie 62A 63H, Reading
1925 Michigan Southern 79's, Cleveland and P.ttsburg
S3s1, Northwestern 81 a s-preferred 61h 81 Fort
Wayne 971s Ohio and Mississippi certificates 2sA.
Afterwards the market closed steady the quotations at
half past five being as under:-Erie 62S Y, Hud on
River 10 bid. Reading 1924 X, Michigan Southern
1914 4, Illinois Central 12l 122, Cleveland andiPitts
burg s3sS x Rock Island 90 bid Northwestern 314
H-preferred 6l1s x, Fort Wayne 81 u.
The large earnings of the Western railways are at
tracing attention. Those of the Milwaukee and ST.
Paul Railway Company, exclusive of the eastern division
of the La Crosse road, for the month Of May, were
sa45 5l against sos OlS for the corresponding month
last year The earnings since the 1st Of January have
been 1852 against $3.50 800 for the first five months
Of 1865. The earnings Of the Michigan Southern Raj
way FOR the month Of May were S42S 494, against
$3.50 1874 for the corresponding month in 1885, showing
an increase Of $4,000 The increase - years
returns between March and May 81 was $1l755l.
The Finance Committee OF the Senate has decided TO
so change the House Tax bill as to allow railway
panes to charge their passengers with the If
and half per cent imposed their gross receipts
similar privilege Is extended to gas companies
The supply Of money still the increase and the
general rate for loas railway stocks s Ave per cent
the exceptions six being very few The discount line
fairly active and first class commercial paper in re-
quest at 5ls u per Cent f .sN
Gold opened al l45h, and after rising to 145k ex.
perienced rapid weakening to 1925 and finally closed
At 1929. Loans were made at from three per cent
I32 in favor Of the lender Of the COIN and in some In
stances without interest.
The explanation Of Mr. McCulloph to Congress- re-
spccting the gold sales is, supposed IL would
De- merely an apology FOR past ndiscretona He throws
the blame Of successive sales, by inference upon Mr.
Van Dyck and the broker, Mr. Myers; the extent OF
the sales having been apparently left TO the discrc
Mr. Van Dyck, who In his turn left the matter 70 the
cretion OF Mr. Myers The consequence that the gov
eminent sold $a5 900 during the month OF may on
this amount 500 635 900 sold 13Oh 80 $4,000 at
1884, 5000 at 1907, So 06o 900 at ISL and $sls 900
at 1917. Mr.. McCuoch mys:-"My instructions given
at various times to Mr. Van Dyck have been make
sales or she purpose OF Supplying the Treasury
OF ueCeeS0ry 0om0uuS OF
commerce preventing successful combinations either
to impair the national credit 70 produce duo
tuations In prices" In self. iefence Mr. Van Dyck has
written long letter, which, however, fails justify the
course pursued, to which he appears have been q
party. Now that gold ~ la q lao the Treasury De-
psrtment can the folly Of its attempt to control
the gold market, and Congress has o. occasion
for egsatng 10 control the Treasury In this
ter The latter ought TO seek govern the price
Of gold than the price OF breadstus II ID NOT case in
winch government interference Is either called for or ex
cusabc and sagacious hnancer would have committed
such gnal mistake that which the attention Of
Congress has nc length been directed.
Tho defence Of both Mr. McCulloch and Mr. Van Dyck
is regarded ptaby lame by financial men; and the
dogmatc style OF tho epIste Of the latter gentleman
Is likely to provoke . smile II nothing more.
He appears to think that tho fluctuations gold arise
solely from the operations Of the spectators in the gold
ROOM apparently forgetting that without real
for rise OF fail speculative one would have merely
transient existence after which the market would i'm
tend towards condition the loss
Of the spectators themselves. Mr. Van Dyck says,
strangely enough :-"BeIevng, rs thcn did and as
st do that aside from extraneous demand for specie
there well founded why that
difference between coin aud paper should OK
coed % 110" WHY, twenty eight and one
TENTH Mr. Van DyckY Has rome new discovery In polit
ical economy been made which establishes this the
proper premium, aud must the premium never change
with supply and demands
The government broker, Mr.. McCuioch tells US, 'for
months had neglected bis business In looking after
the public interests in tho gold room and ''but for the
unexpected sales february aud May, hrs services
would have been eratuty TO the government As II
was, however, Mr. McCuoch elsewhere tolls us, an
eighth Of ono per cent commission was paid him
upon the sale OF s35 900 during the month
NJ May Il Is evident from both the letter OF Mr. Nc
Cuoch and that Of Mr. Van Dyck that neither Is thor
oughy acquainted " tn the principles OF finance, and
that extraordinary careesness has boon shown in con-
Quoting the government gold sales; and as Mr. Nccul-
iooh alternately defends and regrets the latter We rcccg
uizc tina, he has found himself involved In muddle
a. well As in a very serious mistake
The foreign exchange market has boon very dull the
demand In preparation for Saturdays steamers being
thus far unimrorant, while there are are more bills
offering ,han usual OF late Bankers bills on England
sixty days are quoted ioex 10; at three days