The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-06-19
FINANCIAL AND CONNER GAL
THURSDAY, June ls-6P. M

iHost stochs, reueNeu Wy eoou ueui vi huOtunsioh
in Harlem, and the close of the day will show
decline on the standard stocks as compared with
yesterday.
Before the first board Harlem was offered as
low as 50, a decline of at least per cent from
last night, on rumors unfavorable to the road At
the board it advanced steadily from 6oH to H.
the unfavorabe reports being either dsbelieved or
neutrazed.
Neglectng the irregular prices before the first
session of the board, and comparing the close. of
the call with the latest figures of yesterday, we
note the following changes:-Pacifc Mail fell ~,
New York Central l, Erie n, Erie preferred ~
Hudson about 8, Harlem 8, Reading q, Michigan
Central l. Michigan Southern preferred a, Rock
Island Il, Fort Wayne 4, Prairie du Chen Il,
Chicago and Northwestern "A, Illinois Central,
Pittsburg, Galena, Toledo and Missouri 6's with.
out any change of Importance. Governments were
steady and railroad bonds inactive.
Gold opened at decline this morning. selling 40
low as l4sA. good portion Of the recent sharp
rise being lost now that the extent Of the scare
about the invasion is 80 much narrowed. At the
call, first board, it sold at l4sH, n, u and a,
closing at that price. By two o'clock P. M. it
was at l441, with but little doing, and this after
noon. after selling Il higher, We quote it at the
same figure again. The dealings in it restrict
ed, partly from the difficulty Of operating specu.
lativey in it, owing to the government taxes. and
partly from the fact that the speculative interest
has now for long time been centred in stocks.
Exchange offers to-day no feature but extreme
and persistent dulness, and it may be quoted at
l57 for the entire day. At this rate it is about ~
per cent cheaper than gold, thus preserving its
relative position as during the past two or three
weeks.
Money is tolerably active at seven per cent.
Very few loans can be made at less with any col.
laterals and there is plenty of speculative
rites which, at this rate, unusually large
margins are required. As in all cases Of falling
market, the anxieties of money lenders help to
make prices worse for sudden decline in their
collateras will cause them to call in loans, and the
mere shifting of them, on any considerable scale,
will pro duce nearly the same effect az discrimi
mating against them. Still, it is loan market
which is easy enough for what is termed legiti.
mate business, and buyers are very ready to take
double name first class short commercial paper
at 5H per cent.
special meeting of the stockholders Of the
Cleveland and Mahoning Railroad will be held in
Cleveland'July 9, to pass upon the proposed lease
of the road for ninety.nine years to the Atlantic
and Great Western.
Here is road the stock Of which three years
| ago would even have been refused by mercantile
men as q contribution from bankrupt debtor,
which now seems likely, by the development of
! the railroad system Of the West, to be able to
make arrangements Of respectable character for
an indefinite period ahead.
The books of the Cleveland and Toledo Railroad
will open tomorrow, the injunction to prevent it
having been dissolved.
For the information Of those who speculate in
gold, we print the following decision of the Com.
missioner Of Internal Revenue a. to the stamps
requircd-re marking that the cost of the stamps
is betrayed sometimes by the buyer, sometimes by
the seller, as II may be settled on making the CON.
tract. OF course, in case Of loans, the borrower
furnishes the stamp, as in all Cases.
l. All for the purchase and sale OF gold and
silver bullion and all contracts for the Of money
currency secured by the pledge or deposit other
disposition Of gold silver coin Of the United States II
must be in writing or printed and signed py the parties
their agents or attorneys.
q such contracts must bear adhesive st lnps equal in
amount to half OF per cent Of the price TO be paid
or Of the amount Of money or currency loaned and in
addition thereto stamps equal to the amount Of interest at
the rate Of six per cent er annum upon the contract for
the longest time named therein.
8. renewal Of the contract would DO subject 70 the
o D
period exceeding three days be renewed In any
way extended such contract must be duly stamped when
20 renewed extended.
No loan Of currency or money security Of gold
silver OF the United States OF certificate or
other evidence OF deposit payable in gold silver coin,
be made for amount exceeding the par value OF the
coin pledged or deposited.
S. Gold silver CON- at the par value thereof.
In subject only TO the duty imposed on loans.
g. Contracts. loans saes Of gold silver coin, or
bullion made In accordance with this decision. are
void and addition TO existing penalties for violation Of
the party said contract may within
one wear from the date thereof bring suit 70 recover
back his and benefit the money paid on any
| such contract.
tions by or with the government Of the United States
correspondent draws our attention TO the fact
that statements are in circulation to the effect that
| the operating expenses Of the Erie Railway Com
pany this year may be rs high as 65 per cent Of
| the gross receipts. The public must not be mis-
led by unauthorized statements from irresponsible
sources. Last year the percentage OF operating
expenses to gross receipts on the Erie Railway
was SO per cent, and, as this year the gross re
ceipts show an average increase over last year o
40 pcr cent the percentage Of expenses should
be considerably less instead Of anything more thar
So per cent Other railways, such rs the Michigan
Central. New York Central Illinois Central Cleve
land and Pittsburg, &c, which formerly wer'
never operated for less than So TO GO per cent, ar
now operated for AZ TO 46 per cent. There is M
reason TO believe that the administration Of Mr.
Nathaniel Marsh, President of the Erie, will b
more vasteful or less economical than that o
other leading Western or Northern lines. Tn
closing quotations Of the day were as follows
uses, 81, reg !osh 40. Harlem pref. s2ks /.
American gold 1874 l<sx Mich CenirAl .l0s . -