The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-22
FINANCIAL AND CONNER GAL.
MONDAY. NAV 2l-oP.

uiiehtly improving tendency. When IL at length
1ashed M the form OF private kilograms into Wall street.
sensation and q semipanic the immediate result
as usual the first. Consols were
reported at So u, Five-twenties "a g. Erie shares
SsalL Illinois Central shares "a a 70 The Bank OF
England had advanced its sate to ten per cent, and
overend, Quincy Co.. OF Lombard street, limited
liability, but formerly private banking establishment,
hsd failed. Orders buy gold 6ew 'fhck leaves in
Vaambrcsa into the specie room, and were quickly
executed. The government broker united the demand
hil the price passed 1905 when, after selling
shout ten millions he abandoned the field and was seen
nc more Immediately the rush to buy was intensified
and the price suddenly mounted 1873 ane as rapidly
declined to 1914 1915, which was the quotation at
hf-past five NJ the market by this time having sub
sided into comparative repose
Z The market throughout the day had been very firm
che opening quotation being 1909. and tho
lowest price afterwards 1905, while loans had
been made either without interest or by paying
per cent for carrying The arrival Of ST. 095 in
treasure by the Arizona from Aspnwal tended check
81 some degree the disposition buy anticipation of
CHER prices but this was mere feather the scale
against the European advoes and the sudden Jump in
The premium was not TO be wondered at. When the
government broker after having the length OF his
sethe left the gold room there speculation anxious
eyes as TO how the money market would be affected
20 morrow and subsequently by the sales made
Treasury to-day Would the banks certify the
checks Of the purchasers Of this gold usual
qucried and In the event Of their doing it
sdered certain that the broker would resell
the undev gold he had sold the account of the
buyers Of he could be expected to deliver
II upon uncertifed checks decline of tho premium
Was anticipated in the event of the latter contingency
happening and active money market If the banks
certified
There a good deal of premature alarm in all this
and before the street was deserted by the ap-
prehensive SPECTATORS press despatch from
Halifax giving days later via Queens
town arrived Consos s6aS g.
Fivetwentes "a &C. Erie A 45, Illinois Central 70 a
Is Az tho time better feeling aud general i'm
provement were reported in England although the
continental news continued warlike there still
hopes Of peace Cotton on the day OF the caba's de-
parture from Liverpool advanced I'd Tor cent? per
pound.
In all have here described there is not the slightest
reason TO justify disturbance OF the Market or of
values on the Stock Exchange England during the
war IN this country launched into active speculation
sold gold OF commerce beaten into leaf uDlni-
Sled extension nvited corresponding collapse
cline OF prices on the London Stock Exchange during
the past year has been enormous and only precip
tated further because troubled and threaten
ing attitude Of affairs in Germany. hut even II a far
wilder panic had swept the London Stock Elk.
very material effect upon monetary affairs this side of
tho Atlantic Trading among ourselves as we are on a
paper money basis, invulncrable TO the stngs
and arrows shot from foreign shores except regards
gold and exchange and the sympathetic influences they
nay exert.
Anteccdent TO the paper money era IL Ia true
she drain OF specie last week, followed by
sbe news Of today, would ave been sufficient
10 create tremendous rcvulsion here, involving sus-
Of nfuh v tbch putt m
fortunately for us in the instance changed
and we entirely independent Of the European money
and stock markets, except 10 the have just
scsoribed This comparative immunity from trans
atlantic influence now experienced is almost enough
70 mako desire the indefinite perpetuaton
Of legal tender notes for domestic uses. leaving
transactions with tho Old World STILL and necessarily
9ysy5 z BE- conducted IN sPecie-ths universal standard
q value among Civilized nations By adhcrng to the
!:es spaSF ;s!s% long enough W sss Z. our paper
approximate In value within two three psr c6a "s
specie, and by keeping based upon the credit Of the
government, instead Of redeemabs coin, shall
avoid 10 grcat extent, II not entirely, those
ruinous revusons which have hitherto periodic ally
devastated the country; and this immunity from perl,
this division OF risk, would enable control
ling. influence the money markets Of the world
Even now, when 1t is known tina. have shipped
hearty nine millions OF gold in a single week without
einRIe nuctuhOn OF tne ROlu premium worth meUtlOn
Dug, il will inspire confidence and surprise all
Europe II true the Treasury danger by ptng
M strength against the gold market; but hope has
succeeded and may be that alls well that ends WELL
Al the carly session Of the open board Erie sold At
1874, Reading 1918 Michigan Southern 7ox Illinois
Central 100, Cleveland and Pittsburg S5i. r. Rock
Island s3k, Cleveland and Toledo 1884, Northwcster
se-preferred 6sis, Fort Wayne 9si. Ohio and Misss
spri certificates 10 81 asa, Canton o. Cumberland 4e..
Western Onion Telegraph az, New York Central e4x,
Catswesa se5. Al the first regular board New York
Central ciescd }, lower than came time on saiur
day, Eric Reading -. Michigan Southern 4. Ceve-
land Esd Pttsburg y, Northwestern T-pre-
fsned M Cleveland and Toledo 4, Rock Island
n, Ton Wayne y, Milwaukee and ST. Paul
iK-preferred l, Ohio aud Mississippi esrtin-
oates y, Canton Ia. Cumberland !, Quicksilver u,
Western Union Telegraph T. Hudson River 4
Aiebsr Government securities neglected Coupon
Eve twsn'es Of the third advanced T. Among
the STATE rocks Missouri skies advanced X
A the one O'Clock session the market was without
spirit A. the half-past two board IL nrmer Read
sas closed v higher than the first regular board
Michigan Southern y, Northwestern 4, Rock Island ~
New Ysk Central y lower Hudson River y, CIeve
hand ans Pttsburg y, Northwestern preferred w. Ohio
~od hisnsspp certificates y, Missouri sixes T. Erie
and Quicksilver were steady. Government securities
sosupued Inactive One year certificates Of the new
sue sold al l0oK. These strongly held Of the
Treasury shortly peytaG them % upon presentation Ia
abe eIont Of twenty milions with the view both Of
D'ssing tssh Of he surplns currency accumulated
vaults and reducing IT. short obligations
A he half past three open board the
s'rone, and Nov York Central sold ~, Erie 73s,
sadson River il3, Reading los o. 81 Michigan South
-rn SON Cleveland and Pittsburs TO- - sS., Cieve,ssd
snd Toledo loal., Northwestern r. 81 2ss-prercrrsd
bsA., Fort Wayne r. a. ask, Quicksilver 53,. Western
'"on Telegraph 81. Aaripcss preferred % Afterwards
sh' market wac unsettled under the influence
:" The European news, and Erie declined to 7Ias . a.
S''elsnd and Pn,seurv So. y, Michigan Southern ~
=, New foss Central asA. bid, HUDSON River il2k
ID, Needing 1osb, Cleveland and Toledo ios y, Rock
Island e3k a Northwestern 2sil u. ,,.,.,,sd ,-D