The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-16

Oscrdra.ts. 6v,2lL 862, 787 SSl.97S
Total sssets $780, 4s7 4ss ss2o77 4so 1854 ESQ
From the above table n will appear thss the public and
individual deposits In the city Of Now York. in the
national banks are twenty per cent on the whole the
bank capital forms about 13K per cent Of the whole
Tho combined bank capital Of the city of Now York Is
about eighty millions Of dollars the deposits payable
demand exceed three hundred millions of dollars
Chicago paper Of the 18th Gays
The money market is unchanged There is far sup
ply offering for the best business paper but spec atve
enterprises not encouraged. Rates OF interest
quoted at 10 per cent inside rate for call loans.
Eastern exchange firm, but thereis change In rates
The bankers are buy ut par and selling at 10 oil
per cent premium, and In some instances = Of per
cent Is charged.
Money was In fair demand to-day, and the supply
seemed TO be about as large ever although of
Tho banks tile short, n consequence Of la ing
been heavily drawn upon for balances There not
many applications for long loans either OF the inst
ons Of individuals and accommodations on call were
easily obtained at Eve and six per cent In cases where
demand loans arc recalled by banks the required
amounts borrowed outside in localities, the
rates Of interest Prime still and
Is without much animation, and with the exception Of
public securities disposition Is manifested To make
extensive purchases sales either for Investment or Tor
speculative account
The Cincinnati Commercial Of the 18th inst Observes
Exchange ia still unsettled and rates are very irregular
The oneriQgs continue large the scarty OF currency
having obj ged Of the banks to force considerable
amount the market In some cases II was received
OF regular dcpostors Soc per 900 discount but the
leading buying rate was 10 discount The banks
rally drew par There h only fair demand for loans
but the scarcity Of currency has caused close Market
and borrowers experience some difcuy In negotiating
paper The current rates Of interest for good mercantile
bills 10 per cent though higher figures were In
some paid for temporary loans The government
s still checking ON the repositories in this city and the
interior, and currency balances are running down.
Ths.rsvsnus rss1rns for Groaa Britain show . net
rcns
90 which Is all accounted for BY the reduction In the
customs dunss Thsnst decrease for the year ending
June SOS only xlol, DO
The Board Of Tfsdero.urns for May, compared with
those Of the corresponding month last year. show =
Calling on Of about per cent In the declared value
OF tho shipments mo reduction from last year Ia
almost entirely caused BY the fall Of the price Of cotton
and other important staples and not BY any diminuon
OF employment
Tho State Auditor Of Illinois has rendered the following
decision with regard the taxation Of shares National
banks In which he takes the ground that, although
national bank s not required pay taxes IL capital
stock, the stockholders must make Q return Of the
amount Of their shares therein with their personal pro-
perty and DO taxed thereon sccordingy:-
SPRxGrmr.D ILL.,, June 70, 1895.
DEAR sR-r am in receipt Of your letter Of the lsth
ius enclosing copies Of lists resurned 70 by Quincy
Savings Bank and First National Bank Of Quincy the
rs OF which shows personal property and the second
shows . valuation Of 81 600, Of which 500 " psr
sswatchcs and clocks" and 81 500 per uncnumerated
property" Appended 10 the FIRST list Is statement In
these words-Ths capital Of this bank is In United
States bonds which Ia exempt from taxation BY law Of
Congress" And 70 the second the following .tatement:
she capital stock and circulation Of this bank 10 invested
a. United states honda which ID exempt from taxation BY
law Of CongTcs." You ask -"shall assess them, and
will tho state enforce the collection b. suit and have the
mater decided BY the Supreme Courts"
In addition the facts stated In your letter. learn
from another that these two institutions are really
"a thn np1 of
Quincy savings Bank have been merged into the capital
OF the First National Bank, but without surrender OF
well be tina. the Quincy Savings Bank has no taxable
property, irrespective Of taxing United States bonds,
which by law Of Congress are exempt from state taxa
~on, although by our State law specihcaily cnumened
- taxable properly and required TO be listed az such
IL may also be true that the whole OF The capital stock
and circulation Of the First National Bank Is invested In
United States bonds and That the bank itself is not
the owner OF property other. than such bonds OF
greater value than as stated In the liss, and
State law, and are required be listed yet IL 70
me- in view Of dc sons rendered in other States and
proceeding TO tax such bonds must in the end fall and
woud therefore be useless Therefore II you have no
doubt the correness Of the list made by che
banks as property other than bonds owned by ibcm
presume that you may properly accept the came as SUI
ncien, 70 far AZ the bank iiscf Is concerned
do not, however, consider the question ended here
for there Ia another and distinct liability TO taxation
existing In conn cton with these national banks
concerning which the exemption Of the United States
bonds has In my opinion no efYoct, and which Ia
distinctly recognized by the act OF Congress author.
fling the formation Of such banks and should in
my opinion, be strictly enforced by the This
is The liability Of the Of the shares Of stock
such banks TO be taxed for the moneys invested In such
shares, wnich by our law are required to be listed
valued and taxed under the classification OF 1.-THE value
III moneys Invested In bonds, stocks Joint stock
panies or otherwise" 9TH rteenh item Of assessment
@ ' .y *. p
any OF the assets propery Of tho bank And IN my
tpi,Ion Tie liability Of The owners 70 taxation 90 The