The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-12-05
Commercial Correspondence.

NEw YoRK, Thursday, Dec 5, 1916, p. IN.
The stock market has been exceedingly dull, and
prices Of what are called "ihney," or hon-dvidend
paying stocks, inclined to fall In fact as there
is disposition in the public at large to speculate
in stocks those descriptions that are mostly held by
brokers, continue to give way from time to time, as
the needy SELL and loans on them are called in. The
situation Of Wall street is very similar to that ofthe
late national bank during the later years Of its ex-
isence. That institution pursued bolsterng poll
cy. Being filed with securities OF all sorts, which
it must sell or break, il sndeavored to excite
speculative feeling in the community under
cover Of which il could make active its
otherwise unproductive sss.ss. To. do this IL
loaned freely on all kinds Of stock, from Pennsyl-
vana SIS down to Daniel Webster's Ellsworth land
and lumber company stock, including Vcksburg
railroad and Texas scrip. IL failed TO excite specua-
ton and exploded itself With some $40, 900 900 Of
assets, the nature Of which has never yet been made
public but which, according the committee, were
none ofthem commercial paper" During the last
three years, there have been constant endesvors in
Wall street to excite speculation and at times there
has been quite "livey time" when prices have
been carried very high. The effect Of this has been
only to bring into the street all descriptions Of fancy
stocks, and place them with the brokers. instead
Of stocks going out Of the hands Of brokers for in
vestment, the reverse has been the case; as, for
instance, the four railroads, Harlem, Norwich,
Stonngton, and Long Island have aggregate capitals
of some %, 500 OOO large portion Of which is held
in Wall street. or the Harlem stock, sons 90 900
Of 4, a. nm
the market, having bean hypothseated at a low fg-
ure for means to extend the road to somers. The
loss Of the Atlantic steamer, INJECTING damage upon
the Norwich road, has caused fall Of ii per cent.
in few days. This amounts, on 8 900 shares held
by brokers, to 5000. These, with eonjoint cir
cumstances, cause tbs stock market TO be very
heavy, Notwithstanding that money is gradually
seeking Wall street. from distant States for In
vestment, not, however, in this description Of
stocks In this unhealthy state Of the stock
market generally, United States stocks remain
very firm. United States SIS Of 1863 sell at
l02, dividend per cent. off, equal to 105 The
SIS Of 1853 sell at 90, dividend of, and the
new IS Of 1856 sell at l0l little or no divi
dend having accrued. These United States stocks
are, however, a better investment than even New
4
| York State stocks of the same denomination, in
asmuch as they ara, under the decision OF the SUI
preme Court, exempt from taxation, which makes a
difference Of per cent. in their actual value at the
present rate Of taxation in New York, which is los
cents on the $780, Under this decision the city CON-
mon council a few days since, refunded to the Bank
of Commerce its tax on $4,000 OF United States
stock held by it, and which amounted to over
1000. The dimnuton of taxable property in the
city of New York for the year 1916 81 ,3l6,057
result brought about by this exemption of United
States stock from taxation. The decrease in the
lst ward was 50, 7s3,6ss. If we compare the valu'
alton Of Boston with New York the year before the
new tariff went into operation with the present year,
we shall observe singular results, as follows:
Boston. New York.
,si2 1896 isl2. 1916
Real estate 900 900 i76 tsoo47 1888 $50 s3i