The New York Herald Newspaper, May 11, 1866, Page 8

ome oe 8 -—_—_— FINANCIAL AND COMMERCIAL. ‘Tuorspay, May 10—6 P. M. ‘Fhe glock market has been alternately strong and ac- five and sluggish and somewhat heavy to-day, but it Slosed firm after a full recovery, with brisk demand for the leading Western railway shares, attention being jeore particularly directed to them at present owing (0 ‘their largely increased earnings. Cleveland and Pitts- ‘Darg and Michigan Southern advanced, and Milwaukee ‘and Bt. Paul.and Rocks Island deciined from the highest point of yesterday. At the 10.0’clock session of the open board Erie sold at 73%, New York Central 92% (b. 3) Reading 10734, Southern (b. 3) 78%, Cleveland and Pittsburg Island, 95%, North Western 29%, preferred (8. 3), Fort Wayne 995, Canton 5834, Mariposa pre- ferred 24%. At the first regalar board the market was active and gonerally frm. Erie closed 3¢ higher than ‘at the half-past two board yesterday, Reading 3, Michi- gan Southern 3, Cleveland an@ Pittsbury %, North ‘Western 3, Diinois Central 3¢, Ohio and Mississippi cer- tifeates %. Rock Island was 5 lower, Milwaukee and St. Paul preferred 23g, Weetern Union Telegraph >. Government securities were stronger but quiet, Coupon sixes of 1881 advanced 34, coupon five-twenties of 1862 3, seven-thirty notes of the second series 34. At the one o’clock session the market was a fraction lower, but steady at the degline. At the half-past two Doard it was firm in tone, but prices were without im- Prevement, Erie closed 34 lower that at the first regu- Jer board, Michigan Southern %, Cleveland and Pitis- burg’, Northwestern preferred 4, Rock Island 1%, ‘Milwaukee and St. Paul preferred 34, Mariposa preferred %6- Government securities were steady excepting cou- poem sixes of 1881, which were % lower, and seven- ‘tharty notes of the first series, which advanced 3. 4+ the balf-past three open board it was strong. Cleve- ‘land afd’ Pitteburg advanced to 8344, Erie 73%, Hudson River 10934, Reading (b. 3) 10734, Michigan Southern 7836, Lilimoig Central 12134, Northwestern 29%, preferred ® 3) 00%, Cleveland and Toledo 104%, Rock Island 94%, ‘Fost Wayne 9934, Milwaukee and St, Paul preferred 71, ‘Ganton 68%, Cumberland 453, Quickmlver (b. 3) 55%. Afterwards the market remained firm, with moderate activity in the Western shares, to which the transactions ‘were mainly confined, At half-past five New York Con- rel was quoted at 92% a 34, Frie 73% 2%, Hudson Biver 1093, a'110, Reedinig 107% a 34, Michigan Southern MK.a X, Cisveland and Pittsburg 833, a %, Rock Island 94% 0 95, Northwestern 2034 a 34, preferred 60% a x, Wort Wayne 99% a 3, Canton 58% a %, Cumberland % & X, Quicksilver 6554 0 4. ‘The controversy between the various classes of share- ‘holders of the Milwaukee and Prairie du Chien Railway @empany is reported to be at an end, the council of the ‘ @@Meers who raised the question having concurred in the epinion that the common shareholders have as full a ‘Bight to vote as auy ether class of shareholders; and the Girectors, it is understood, have notified the common ‘teckholders that ne further opposition will be made to their voting at all mootings of the shareholders, ‘The supply of money remains superabundant at 40 5 ‘Pee cont for Stock Exchange loans, and the drain of cur- Bency from the iuterior is at‘ll felt. . First class commer- eal paper ip discounted freely at 534 a 63¢ per cent, and MB Second best, known as good, at 7a8 The demand fer both loans and discounts is light, owing to the con- Servative tone of business and speculation; but the signs eI animation are multiplying. market opéned at « decline from Woe eleaing Ab the board ‘Run closed 90c. higher recess: tenaraiaes saath naar 20c., Tygert’s ‘260. ‘Pittiole Crock was Se. lower, United States 40, Blestric Oil sold at O6c., PitholefFarms $1 95, Liberty. @Sc,, Ada Elmore $2 6, Consolidated Gregory Gold 816 99, Gannéll Gold $1 07, Holman Gold 420, Wallkill ‘S0e., Bullion Consolidated Gold $8. At the second board ‘She market was quiet'and prices were without material ‘| Perestve that Mr. Freeman Clarke, or some one Get him, 14 Sndeavoring to throw his share of respons!- ‘Bility for the failure of the Merchants’ National Bank off shoulders by saying that ‘the circulation, which is enly part of its business over which the Comptroller emereines any power, is the only fully gecured thing in Bee whele concern.’ This statement, made through a , @ contrary to the fact It is to the Gomptzolier of the Currency that all the national banks ‘qnais their quarterty reports, and it is his daty to check 4, makes special provision for the o@ tmspectors by him = thus:— The Comptrolier of the Currency, with the ‘@ppredation of the Secretary of the Treasury, as often @8 Mali be deemed necessary or proper, shall appoint a ‘@aitadle perton oF pernotis to make an oxamination of the qihirs of every Daaking association, which person shall wet be a director or other officer in any association whose qMairs he sball be appointed to examine, and who shall ave power to make a thorough examination into al ‘She affirs of the association; and, in doing 80, to exam- fue any of the officers and agents thercof on oath, and bal make a full and detailed report of the condition of ‘the amociation t¢ the Comptroller.’ Here Mr. Clarke’s dine of duty i@ plainly marked out for amiga @Ptwithstanding that the Merchants’ Bank was Imvown to be in an unsound condition he failed to insti. @ investigation. Ite checks upon banks in this have been frequently protested owing to the latter ‘enwilling to cash them before they had funds @aficient actually in hand to its credi, In such cases @be checks were generally met the next morning after the Washington Bank having meanwhile them. The connection of the bank with &Co.,% speculative house in Baltimore, was no @ocret, Mr, Bayne, o member of the frm, being its Presi- i ‘Phe fact of the Comptroller of the Currency not hav- (Qug arrested \t in ite carcor suggests tho probability of © baving made false reports to him; for its continued existence for s tong time past was due to the real facts entertain no fear at present, as it is gnaranteed by a upon the system of national banking and to hasten @ doom whieh the resnmption of specie payments would im any caro be likely to seal. These institu. Wone pay large dividends at the expense of the Treasury, © far at least a the interest om theif deposited bonds is concerned, and ‘We amount squandered upon them bad much better be applied to other uses. The First National Bank of thie city, af & Case 1h pornt, bas just made a semi-annual dividend of ten per cent and added ten per cent more to ite gurplos, and bas left in profit and joss account eleven per cant more on its capital. Fat pickings these for those concerned; but, unfortunately, the gain is all on the side of the banks, Congress should immediately take up the subject, and either legislate them out of ex. istonce, Mabetituting legal tenders for their notes, or wduce the rate of interest on the bonds deposited by tic as o basis Of cireulation to three per cent, prepara- tory to its entire abelition. The business at the Sub-Treasury today was as fol- The Chicago Tribune of Tuesday sa The chief characteristic of our money : our market at pres. at te itn extreme casinos For two oF tree weeks 2°} var bankers have been accumulating capital quite rapidly, and they Dave had considerable’ difficulty in here they To-day quite a aumber of our city bankers have been in. vesting in government and local slave labor. Now, with free iabor it can be produced at a much leas than thirteen cents per pound, Why cannot it be raised. Just as cheap by free labor as by slave? I believe it cap, ‘and that th.s product can easily bear th posed by Congress, Durit galled, middling sold as bi; then gold was at its highest premium, so that, in reatit; cotton was then only worth sixty-two cents, great stress upon the increased growth of cotton in Egypt and Brazil during the last four or five were a'raid that the trade would be diverted Well, all this was brought about by the un- rallcled high’ prices cotton brought during the war. it 18 merely temporary, however, and now that Hberty to raise and export our cotton without hindrance the In India and China een no augmentation of the growth. throughout the world, pane ‘The Opening and Widening of Ann Mr. Srzwart—I believe I am the only A: T. Stewart in ) TEE PRC: GSED DUTY ON COTTON. MESSAGE FROM THE MAYOR ON THE SUBJECT—BE 18 OPPOSED TO THE MANNER IN WHICH THE A8- SESSMENTS FOR THE WORK ARE “LEVIED—THE IMPROVEMENT NeceeSixy, ETc. Yesterday afternoon Mayor Hoffman sent the following message to the Clerk of the Common Councif, explana- tory of his action on the Ann street improvement ques- seouritier, and toan | calls have been offered at eight per cent per annum. The Boston bank statement for the past two weeks furs up as follows:— the cotton fam'ne, ag it was 'mportant Meeting of the Cham- as $1 90 per pound; but ber of Commerce, Remonstrance Against Any In- creased Tax. AN THE MATTER OF WIDENING AXD EXTENDING ANN AND FUL: Maron's 01 New York, May 10, 1866. rics, New York, ’ nthe. 2d day Of May Inala mon il ann «The business of the Pittsburg Clearing House last week ‘The committee then adjourned till Thursday next, at was as followe:— @ Counsel to th woeetou te ke proceedings for the ing and extending of Ann Very few people ulton streets as therein. of cotton raised ann statistics which he had in his possession, the ber Heved that the growth could not full short of thirty mil- lion bales. Of this amount India raised about six mil lion bales, and China about three times that amount. It was not unreasonable to suppose that with cotton at fif- id, erage frrapie tries in 1Uo- tion of this important article. It was beyond dispute that in quality .of. fibre th could oom) with the United Congress Ought to Abolish All Tax Upon Cotton Instead of Increasing It. The Law in Relation to Crucity to Ani- sned by me on the morning aitzncted cousidarabl in ‘returning it to Yesterday morning General Superintendent Kennedy issued the following general, order in relation to the law Tecently passed by the Legislature to prevent cruelty to sy +i onpen—no. 45% i New Yous May 1, Fai } —— Precinot:— ture, at its last sessiot nown to the members of to enable them, so far event cruelty to ania the Trevised Statutes, and shall, by his act or ‘of the Comm pabjest | 8 He law (an, the Cour ng’ the Conorilion “Counsel ia 1 immediately for the cptpeet treat INTERESTING DEBATE. | teen tocighteen on still De @ competitor The total clearances of the for the week ending May 5 amounted to $6,267,615—a gain on the previous week of $1,960,598, Cincinnati Clearing House was no country that Btates raising cotton. peculiarity of climate the Southern States have an advantage over all other countries in raising cot- tax would not materially interfere moved for the adoption of the of the une othe gan and Representa- that in years past, when the ‘Was new, when it was virgin for the production of cot- than ‘it was now, planters could not raise cotton at less than ten cents that they were being remunerated. that cotton couldnot be raised now for less than thirteen cente per pound was avery low one indeed. This, with the proposed tax of five cents, together with the cost of imsurance and transportati worth twenty-three cents at Liverpool. tinue and Americans could for less than twenty-three cents of the growers in Brazil, Jated, and the result wot A special meeting of the Chamber of Commerce, A. A. Low, President, in the chair, was held yesterday after- noon, to hear the report of the committee appointed at the last meeting, upon the proposed tax of five cents per Pound on cotton. ‘The chairman of the committee, Mr. Maury, read the report as follows:— New York Stock Exchange. 7, 0, VIRGT BESSION—10:30 4. Mw. $2000 US 6's, 81, them; thet ich would be direct ted In reference tothe mat. | carefully tothe statements and argu. ieation to the Common Council day , th Rot then express my opinion upon the vending certified copies Se paeearme ath ive 01 Pe f! soll of the Southern States ena Taadreased: merits of the proposed i id be unity to be heard mediate action was takei mmediate action was taken upon this communica ‘The com tise appolsted the Cham mi ay = merce to consider ‘“t! a iy ges Congress of five cents per pound upon co! Te) ‘Tey fol thas tio euilect i /cd eva interest the section of the country in which cotton is grown, national concern, and Seay worthy of eration in view of the political state of the South, assume that in an enlightened communit; the importance of dealli present juncture will be tment of this communi! 27000 US6’s,5-20c,’65 1023¢ 200 Mari 5000 US 6’s,’68, reg. 116 20000 U S6’s, '67.... 1: effect of the proj @ estimate of the wr Og pee in suet ‘ousen The derson, Mr. John 1 as such commis- “The Wate Legialatuny was ia sexslon. and upon the api was called the’ New York “oily Fez tant ‘athe atfect ot ould fesue for the widening nod | Ann and Fulton streets), wners of 580, of 1866, provides that no rail- le, sheep or sine, iod ‘than twenty-four for rest, water and not land cotton at Liverpool per pound, gies pt and India would be stima- be that in a few years we would jose all command of the market. The object of vernment should be to set we have lost and not to wers, to the exclusion of our interests, Mayor Orprxe said he listened to the report committee with great gatisfaction, and thought it was un- wise of our government to throw any obstacles in the gation of some one a possession of the r protection to foreign for every ‘lowtton is ‘one hundred Company off aby any peraor, inthe ‘name sft fe belong to the to: hich the ‘penalty = ally otk to the o7 after the same shallbe determined by the Commissioners of ity and the ed of sach Comms. ‘Court, . The act furtherrequired ‘be issued at ‘seven per cent inter- tion of the signature of this “Tax law” by the il passed thy we Estimate and Asses ‘Act to incorporate the America: vention of Craelty to Animale,” chapter the med there: society is expres: in th seventh section of the na provides that th wire, aid the society, its enforcement of all la ‘You will tl 16 it out representation is tyrannical.” It should appear rity in the South takes the d fraternal relations not take undue advan- was al atored in and out of Con; fore ten o'clock, and, ai w in the afternoon of the same a be important. ‘ave made but a passing allu- {0 the oppositba which the proposed widening and t ‘owners in the immedia! jing further upon that subject is uestion of whether the Pio: ined x whether the pro- Counell fh abandon- lnk every caudid man wiil admit the nse of all work of this sy b ited nj= members or agents, in the we for the protection of dumb animals. inatruet the members to be, Watchful an Vicinity, and I thing ni Se ee them from a sta‘e of weakness to a condition of ‘These aro the views that animate your committee, and they are such as in their opinion the Chamber should gress, as of most importance in consider- ing the amount of internal revenue tax to be levied upon raw cotton. They are deeply im; ing, as they suppose cultivation of cotton shoul na 0 y Kenneby, Superintendent, egeede 2 The Dredging of Slips—Verdict Against ractice o! charging the SUPREME COURT—CinCUIT—PART II. Before Judge Mullen. Max 10.—Peler Morris et al. vs. the Mayor, dc.—Plam- tiff in this case claimed that on the 22d of December, 1863, a contract was entered into by the city, with bim- , to dredge the slip between piers 46 - river. The contract price was stated to be twenty-six cents per cubic yard of mud carried away, It that 000 cubic yards of mud were 241 99 due plaintiffs from On presentation of the claim to the Comptrol- ler payment was refused on the ground that the ed. The present suit was int with interest. Ver- M. Dimmick for plain- 100 100 Spg Mount ‘Coal 't-minded men are, that the 100 do, Be oe Seer: tra are constructed for th med! raged by all should not be discouraged by onero' 100 do. » 416 100 SpraceHillCoalCo 4: 100 Bruns oy IaCo 9 300 W) 0 beyond are benefited, gent commission: roportioned to the porte, $ 8 5 ar SSSESSESESsSEEs 85 was thus disposed of, 100 Atlantic M 88 Co. SECOND SESBI properly $2000 T n,7 8-10,18t 8s 103 t to recover the amou: 200 shs Mariposa pret for $4,288 86. J. r Hackett for defendants. i E ! i t ef FASHION COURSE, L.. I.—TROTTING. Taurspay, May 10—Purse $100, mile heats, best three in five, to wagons, HL Woodruff entered ch. m. Rosamond. D, Mace entered ch, g. Artemus Ward. a 4 i i 3 E aE iz g we i a ie t i iy i Firet Heat.—Twelve ‘but two constituted the field. Rosamond was the 3, “ at one hundred to thirty, with few takerssich i ; i i a8 Hi i i i 4 3 T F i : | i} i 5 i ii Li : 5 | E COMMERCIAL REPORT. ‘TuumapaY, May 10—6 P. M. Asum.—Receipts, 3 packages. Pot was almost nominal at $6 75 a 67, witha few smallesales, Pear! was entirely nominal in the absence of business. Buruapervvve.—Receipts, 6,904 bbls. flour, 584 bbis. corn meal, 10,800 bushels corn, 7,400 bushels oats, i i: H 7 i i i 3 i 38 i Hg i i rr HE 1 A fi HI iH I u82 8 32 i i rt i! ng ret ss I z Hy i Ki i i i l Ht i i i i i | i é i : Zi iu af! ! i : Fi ul i i e & ta 1 | | MATCH AGAINST TIME. ‘The trotting stallion Plough Boy, by Lon; Island Black: Hawk, trotted a match against time yesterlay afternoon Hie ty i il ? | i 5 F i ! | j -*t i i i t BSSs0B SRssecseeEsss i F i g i | “ pepeererl i H i : i i ‘The ordinance making the annual appropriations for the city government was received from the Board of Al- 3 i i StoRsesessesess. Preity Banotetttes sf HE @ ft i 3B) it e: ie if ; i Hi if é UNION COURSE, L. I.—TROTTING. Tucrarst, May 10—Sweepstakes $200, three a five, to wagons. ©, Aeeny entered g. g. General Sherman «=. Powell entéred r. m. —— 3. Smith entered r. L. 8. Sammie en’ ch. Time, 2:5644—2 65—2: Samm Day.—Hweepstakes $100, mile «~~ Fepoat. wenzine, the city north of 166th street. ims. E 5 EB 26 i gS Shek +—This was an action brought by the plaintiffs, officers of the revenue cutter Crawford, to recover some g g i f # ! FE é Ul fe fi i i ik ge h fi 8,38 i i ts in : i i538 a i ii ? g i i i i he aceiters Which Wo met i i is i i i i i i it a a i533} 33 ; il a if tf 327 t uF 3 i i ! i i : i i i stoops at_a cost of reveral 14. be compelled to destroy those The sidewalk is fifteen fect wide, that street now can sce that i it i SUPREME COURT—CTAMBERS, Refore Judge Barnard. Mix 10,—In the matter of Zeno Burnham, an Im- &. i i paiators prose first me, played & # Se md ‘dng nurner- sn tea inion gore ‘weir nino for sae Oy be found ® 3. Hl hi Fl i Mr. Jogern Breway said he had lived on the avenue and denied that the avenue was crowded. Put said be bad resided in Fifth avenue ing, proved to We v ing the trustees of Zeno Burnham, herstofore appointed by the Court, to contiftie the business carried on by said detior before his imprisonment, and to game under the direction of ©. H. Burnham, on whose behalf the application wes made Affidavits were real, statin, waa worth $7,000; that tho The nine toy ngunet, es, ‘bat “Whek they de hard team to beat, THR RCLROTIC CLUB. a mateh to-day, st th ee a the contestants bye the + ‘and single members of the club, A pected and a lively contest. THR RNICKERBOCKBE CU ‘The veteran Knickerbockers Lad s ‘ afternoon on their grea renowned Davis prv though by by a score of twenty avren to twenty: Mr, F. A Commuive sald he bad listened with a great deal of pleasure and instruction to the reading of the report, but Mailed to be convineed of the wisdom of some of the conclusions arrived at The facet that Con- ‘ives of the people- with great deliberation, what was best to be done for the interest of the try, made him treat tbe subject with great dett was prepared to nhow that cotton crop of the Sioees exe wees 6 Gate of Ove conte pe cueamy 6 particular apction of (ue community. ave arrived #t the conclusion that cotton at fens thon thirteon conte per pow duty, would bring it to @igb- | red from the report of | , that the crop of f 1, War falaed atthe © cheere wero unchanged In betes rad market generally mat rm. We note sales $8 os fty-seventh Avenue Railroad pe ayy “ht, and thas it was con~ to be ruo through stroet to Fifth avenue, were at the bottom of the templated in the interest that the estate of Burnham is debts onty amounted to valuable, ond would not continued, The motion was | . Lawren'e for tho trustees, Geo, W. Wingate for the prosecnt on the ground that the direction ing oxplicit the Court had no jurisdic tion to prevent the trnetces from converting the pro money; that the burinors wou'd require great enten tocondact it; (hg! it bed beea hitherto managed freudulenuy, property than ail ¢ inted he , Including prime, at 224e. \¥ ba oredswore, bat prices were steady. of the statute by the necessity of widening opponents of the meast stoops removed, is & very ¥ mittee phaeebs iy A hie stoops Suase Hinrox--Will tie try eT represeut A, T. not want ther The sales comprice 80,000 Ite. at | “ ie ToRAcco war Quiet but unchangod. The aales comprise 85 casee Pennsyivania, at T\e - leaf at 6ige , and 116 comer Whiskey, —Reeeipie 177 ally unchanged The alee 94 26 & $2 27 for Ftate ana the Blysinm der only the tuterests of the oity. ie At th 18 canes State seed i the We. gentewsa stato whom be | whieh reached Ove miition be permitiod to haw ang art, air (Lacghter.) of ten and 6-100 of poent per pound This was with . Judwe barnart re Stew iT A iriding lot, Wainy ae eater