The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-04
FINANCIAL AND COMMERCIAL
THURSDAY, May 3-6 P. N.

this morning, consequent upon transient ieenne vi
dtrust produced by the Ross orgeres but the day
advanced the speculative feeling became strong and
prices improved prospect Of the ultimate passage in
Congress Of the Consolidation Of the National Debt BILL in
tduoed by Mr. sherman in the Senate yesterday tended
% nspre confidence the future stability OF values
and an indefinite continuance Of the prevailing monetary
ease The bill is received with favor both in Wall street
and among the commercial community but the present
nndhoders very naturally object TO the proposed reduc
ton of the rate Of interest TO five per cent This last is
however a matter Of very little consequence in COM
parison with the saving of interest, which, If di-
vsrted annually to a sinking fund, would be
sufficient in less than forty years to liqudate
the entire national debt. The great inducement
to make conversions this funding loan will lie in
its complete exemption from all federal State taxa
ton as provided by section 2 The Geographic
mary Of the bill sent yesterday made mention Of
this provision and hence in remarkng upon 1t in this
mornings issue spoke of the seeming absence Of this
important clause which will doubtless provoke some
debate With such exemption, however,
Of the principal and interest Of thirty
years stock, and contemporary legislation reducing
the rate of interest lvewentles to five per cent
when tho option to the government, there is
every likelihood that 1t would become popular. The
bill provides that not less than thirty millions annually
shall be apart sinking fund for the reduction of
the principal of the debt in lieu of that contemplated by
the act Of February, 1852 This amount including the
saving Of interest," Is TO be taken out OF any
moneys in the Treasury not otherwise appropriated
The fourth section OF the act relating TO notice of
of seven-thry notes is ncalled for, and will
probably be struck out The project Of great consoli
dated stock reduced rate of interest is one which
have long advocated and that cannot fail to commend
itself to all sound fnanciers At present we have to
deal with an incongruous Of securities, equally
IN Traa nd IN Tho
AT the early session of The open board the market
heavy New York Central sold at 92<, Erie 1873, Read
ing (sales 1900 1861 4, Michigan Southern (sales
$500 77A "a Cleveland and Ptsburg tsales 3,40O) 81,
Rock Island 1231, Northwestern 2sprefcrred ssh Il,
Fort Wayne 9s1s 81, Canton 5s, Mariposa preferred
23sS. AT the first regular board decided improving
tendency manifested but there was no important
change in quotations. Michigan Southern closed II.
lower than at the hafpast two board yesterday North
western preferred 1, Rock Island y Reading a. Michi-
gan Central u, alarposa preferred Canton " Cumber-
land q, Quicksilver "a Atlantic Mail was l higher
Government securities were firm Coupon ten fortas
advanced u, seventhrty notes of the second series a.
At the one O'Clock sessions The market was firm and
1t continued so till the half past board when il be.
came very strong New York Central closed a higher
than at the frat regular board Erie a. Reading Ia
Michigan Southern Ia, Cleveland and Pttsburg NJ
Northwestern Il, preferred l, Rock Island u, Fort
Wayne IA, Aariposa preferred Il, Canton TX Quick.
silver ~ Government securities strong Coupon
fyetwenties of the old issue advanced a. second issue
u, third issue u, tenorties Il. Seventhrty notes Of
The second series were u lower
At the open board at half past three prices continued
in the ascendant New York Central sold at 92 "a Erie
741, Hudson River d. 81 I101S, Reading Is 81 1919
Michigan Southern 7S%, Canton 500, Mariposa pre-.
ferred 23al. Afterwards the market remained
steady, and at hafpast five New York Central
was quoted at 92sS =, Erie TAX "a, hudson
River 11Ois q, Reading 1908 * Michigan Southern
7Sh Il, Cleveland and Pusburg s2H u, Rock Island
1241s r. Northwestern 2szs 90, preferred 59X CO.
Fort Wayne 9s2i a 100, Canton 5SH q So Cumberland
45 a Quicksilver 53x.
The supply Of money continues extremely easy to the
Stock Exchange at Ave per cent with exceptions four
on governments. The amount of first class and good
commercial paper seeking discount is limited and what
ever offers promptly taken at 9 per cent.
The gold market opened at 1913 and declined to 1877 a.
Following which recovered to 12s and then reapsed
127z. 1t subsequently strengthened and the closing
quotation was 1879 1873
The supply Of coin for delivery easy, and loans
were made at from six per cent nat The Sub Trea.
sury dsbursed Tuesday and Wednesday s. 348 in
payment Of the nvctwenty May coupons.
Foreign exchange firm, with moderate business
for Saturdays steamers 1905 in bankers sterling at
sixty days Prime produce bills sold as high as 1909
Petroleum and mining stocks continue dull but steady
At the first board Electric Oil closed l0c higher than at
the same time yesterday BennehoG Run 15c. New York
and Allegheny &C., Consolidated Gregory Gold 81 u.s.
Gunnell Gold Sc Kip and Buell. 15c smh and Parmc-
lee 81 o. higher At the second board Gunnell Gold
closed &c higher than the first board selling at 81
Smith and Parmeoe 40c selling at $40 is; Buchanan
Farm sold at SC P,hole Creek 81 S. Shade river Sc
United States 30 80 Ada Elmore 81 TO- Downievlle Gold
4oc. (b3), Holman Gold 42c.
There were no new developments in connection with
the forgories Of John Ross day but the cashier Of the
Continental bank explicitly denies the loosely made
statement that the check drawn by Ross upon
that institution in favor OF J. s. Cronise
a. Co., for sos 0G2 So with n forged certificate of
the paying teller sent TO the bank by the paycos be-
fore deposit ng in the Bank OF the Commonwealth and
the cerGcaon pronounced genuine by the teller The
check in question at the Continental
Bank until 1t came through the exchanges from the
Clearing House. and the forgery Of the elcrs certificate
then Immediately detected, and IA return Of
the amount OF the check demanded from the
Bank OF the Commonwealth. The report that the
Continental Bank refused 20 show its certih.
cats beck Is declared 10 be equally false. The
fact that in addition to the checks Ross forged and by
pothecated Michigan Central Railway bonds, goes TO
prove that the whole scheme Of his fraud long pre-
concerted one, and that he a counterfcitcr
who had turned his attention Wall street instead
the manufacture OF spurious grcenbscks elsewhere
The details Of the two last returns Of the public debt
as under
fprit I. NOV l.
Debt bearing int in coin $50 236 34l g. oe2 Sal
Debt bearing in,eres. in
currency. ............. I,ls1 2o7,o11 1Iss 313,54.
Debt on which lat Las ssd $50, o1g 81 40
Debt bearing nc Interest,". 400 SEA 452 1872 '55
-- --
Total s27, 7ea, 500 s2,s2 s7e.s7i
LrcAL TENDERS.
n,o. and tt~ov