The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-03-05
FINANCIAL AND CONNER GAL.

represented the speculative interest Both the STOCK
boards well the gold being closed there was
no market for stocks although few o. the equen'ers
Of tho room adjoining the regular board gathered there
in the forenoon and made quotations, winch showed
very tame speculative feeling Erie was u ", New
York Central ll Michigan Southern Co. Reading ll3H,
Rock Island X, Northwestern "a, Cumberland II
Gold opened al 19s but sold up to 200 by noon, after
which it receded to 1927
There was no shipment OF specie by the steamers for
Europe.
There only a nominal amount OF business trans
acted at the banks, and nothing was done Ia foreign
change
The Presidents inaugural address failed 20 produce any
perccptbs effect upon the OF opinion financial
circles 1t was expected that some predictions would
havebeen confidently hazarded in the address, and that
its tone would have boon decidedly congatuatoy
and sangune But WHILE "wh high hope Tor the future
no pr dction In regard 70 is ventured the calm but
stern determination which Is conveyed in the Presidents
words indicates his consciousness OF tLo uaons strength
and the steady, unninching purpose he has in view.
We note in the closing proceedings Of Congress that
the tax Sales which adopted by the Senate was
afterwards stricken OF the Amendatory Tax bill The
tax of ton cent the circulation Of State banks was
amended take effect from tho LIST OF july 1865
tax Of one-half Of per cent savings banks do
poss passed, to take effect from tho LIST or May
next. The crude petroleum fixed at dollar
per barrel The proposed tax cotton abandoned.
The tax on cigars axed at ton dollars per thousand,
without regard to quai!ty.
Tho bill repeating that section OF the act providing
for the purchase of other Southern produce
beyond tho military lines BY rr asury agents govern
men account has en- vetoed by the President, and not
injudciously The repeal granted without inquiry
proper consideration.
Tho President OF the, Cumberland Coal Company has
m ~fa If Mt he
company Slope MIne for sGl7 000 which is Q sifi
cent pay of It's bonded Indebtedness and leave
plus Tho high price whih the companys preferred
stock IS selling, however, is not warranted by
Its Affairs, aud is dae TO speculative influences.
The common stock has long been entirely out Of the
market and is without price,
OFFICE CUMDsaLANp Coat AND TRoy COMPANY,
Nav YORK, March 3, 1865 !
DEAR SR-in reply TO yours, making inquiries as to
the sale Of the Slope Mine have 10 state thai at meet
Ing Of the Hoard Of Directors held on the LIST inst the
contract embracing the terms OF sale was approved and
yesterday signed the and affixed the seal of the
company thereto IT having been previously signed by the
purchaser
Tho tract of land sold contains about 900 The
whole estate of this company embraces 900 acres of
which about coo acres contain the great coal VEIN
The purchaser pays TO the company s6l7 600, which
the whole amount Of its debt in June last when the
negotiation commenced but by the operation of the
sinking fund $50 900 Of the debt has since been paid by
the company The purchase H. therefore liqu date the
whole debt of the company and leave 500 900 cash in its
treasury In addition TO the working capital already
hand.
An important feature Of this sale is the transportation
contract by which the purchaser to transport upon
our railroad all the coal mined from tho lands sold and
from the Wright farm adjoining said lands and to pay
therefor rates which will handsomely remunerate this
company for the use Of its railroad.
The amount TO be paid for interest and sinking fund
during the prcrn year would be about $50 600 BY this
sale the company is relieved from this obligation
Tho demand for Cumberland coal is increasing, and, If
we have no interruption TO canal navigation by raids we
look for favorable results during the present year
ALLAN CAMPBELL, President
The illinois Central Railway Company has just been
relieved by Congress from fulfilling tho conditions OF Its
contract with the government in 1851 for transportation
services
The right Of converting tho old thirty notes into
per cent bends the 10th inst oS ether with
interest the same the notice given according to the
act under which they issued expiring on that day
The statement Of the First National Bank for the
month ending February 49, 1885, published in accord
ance with the thirty fourth section Of the National Cur
rency act shows that the bank holds of thirty
per cent Of It's capital in lawful money or i've per cent
than required by the act The great prosperity
Of tho leading national banks indicates the substantial
advantages they enjoy those under tho old SYSTEM
and suggests the advsaby Of Congress curang their
privileges at future day by extra taxation, which
latter present falls very lightly upon them The figures
of the statement are:-
Average amount Of spec end legal tenders 99o4 90
Average amount Of depos Is .......... s02g sos Is
Average amount Of circulation. 277 500 90
The busin, at the sub-Treasury to-day fol-
lows
Rec pts for customs Observation-Disclosures. $4,000
Total receipts.. lvoo oos
i,2os so
Balance liz
Subscriptions TO government loan. 10000
more hopeless abyss than that into which the rebel
ar. f.lia No A..
cordng to the last accounts from Richmond gold was
selling at the Of between Atty five and sixty
in currency and It represented by the press there that
but for the sales Of specie made the rebel
below the market price, the premium would be much
higher The requirements OF the rebels, as estimated in
the report OF their Secretary Of the Treasury dated
December 7, 1884, for the fiscal year Of 1865, are
ST. 056 900 oOO and they at their wits end 70 raise
the necessary money for not only are they in need Of
this amount, but nearly twice as much, owing TO the
depreciation Of the currency In order TO provide II
they naturally driven TO the necessity cf
recommending desperate measures. Thus, the ~.
nance Committee OF the House OF Representa-
tivcs advise a tax Of ten per cent on the property
OF the rebel States estimated to anao mt 10
$4,000 900 600 This would give $500 ooo, 600. IL ad
dition to which they advise tax on incomes trades,
professions &c. estimated to yield $3.50 900 600, and
they allow s1so 600 ooo the probable sum to be de-
rived from tho in kind This makes aggregate Of
only $500 600 O00 leaving deficit OF SAGE 600 900,
which they propose to supply from the following
First from the sale OF six per cent untaxabe
bonds; second, from loans call certificates and use
Of deposits in oces Of deposit to b. created by law
third, from the sale Of cotton hand owned by the
government for specie or foreign bills.
His very obvious, however, that these means will fail
The rebels have li.le cotton which they in
position 10 se and the sale Of their bonds will be about
~ dcul As negotiation loans under the third article
Their finances have Iost their legitimate character and
arc entirely dependent upon extraordinary measures
which only succeed In any degree by the force Of
rrtiit.rv dcsnotisn yirfuaIlv indeed the monetary