The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-14
FINANCIAL AND CONNER GAL.

uNANCtAI ANU OOWWGnNNe' 4
THURSDAY July l3-6P NJ
The stock market was moderately active, but barely
steady at the first board this morning New York Gen.
tra closed lower than the second board yesterday
Reading r. Michigan southern u Cleveland and Pitts
burg " Northwestern ~ Rock Island l, Ohio and Mis-
sissippi certificates y, Quicksilver ~. Government
securities were strong and active Coupon Ayetwentes
advanced X, new issue r. coupon SKIES of 1881 r. At
the open board o'clock. the market firm, and
prices improved AK At the second regular board 1t
was rather dull and prices were fraction lower New
York Central was u below tho closing quotation at
tho first board, Hudson River Y, Reading ~ Michigan
Southern X, Northwestern r. Rock Island l. Ohio and
Mississippi certificates n. Erie was X higher, Quick
silver l. Governments very nrm. Coupon skies Of
1881 advanced At the second open board the market
strong. Eric closed the call at 79k, New York
Central (s3) 95x Hudson River 1l0K, Reading 10l I'LL
nos Central 1857, Michigan Southern 60, Rock Island
1854, Ohio and Mississippi certificates (3 90 Cumber
land a. Quicksilver 62 Canton A. Later the street.
Erie sold at S0< with which the Of the list sympa
thizod
The demand for money has been a little
moro active to-day, and tho rate has been
strictly 8 per cent for cali loans primo
oollatorals and ON miscellaneous. The best
class OF commercial paper is discounted at OK pcr
cent. but tho transactions arc light
The gold market Is strong, and the tendency during
the day has been upward Cash gold is becoming
scarcer, and Is lent at q 316 per day in most cases.
although loans made In exceptional instances as
low 1-18 The opening price 142, from which 1t
advanced r. but subsequently, rclapscd to I4lT hate
in the afternoon however, it recovered, and at hapass
five P. NJ was firm at 142% AZ
Foreign exchange has been dull Bankers sterling -
quoted at 100 l09k being the rate generally
asked Short sight bills offered at 109X 1927.
Mercantile bills very scarce and range from los to
I0sH The export of securities speculative account
has had considerable effect in depressing the Market and
II is not impossible that of these may before long
find their way back again. The export Of fvetwentes
WILL to great extent prove in the end to have been
temporary substitute for the export Of gold and the
shallow theorists who argue that their export Is
qualified good are entitled to consideration.
The Treasury Department is divided against itself
the subject Of taxing bank deposits and including certi
fed checks circulation Mr. Freeman Clark, the Comp
troler of tho Currency, has rendered decision in oppo
stion to that Of Mr. Jordan the Solicitor Of the Trea
sury. His opinion is entirely consonant with
the views and interests Of the banking com
munity, whereas that of the Solicitor was dia
mctrcally opposed to them While the after
favored tho taxation Of the gross deposits the Comptro
lor advises the taxation Of what the former called the
dry residuum" in other words the average net de-
that certified checks should only be taxed when they
intended circulate money and that the surplus Of
bank is taxable neither capital deposits. Such
conflict op MON this shows the defective wording
Of law which permits such opposite constructions II
is the business Of the committee appointed to investigate
the Of suggest the necessary amend
mcnts and revision of the law without which 1t will
be perpetual Of contention between the people
and tho government. --t,-
The Cincinnati Commercial of the 18th says
Exchange sales large, and the supply abundant
Some of the dealers announce 1-10c. premium their
selling rate STILL though Others free sellers at Soc
7c per 81 600 There was an increase in the offering of
msrcane paper TO day but general business in its move
mens scarcely indicates to what regular uses 1t may be
reduced Quartermast rs vouchers were bought by one
Of the brokers 963c for round lot that had boen
the market for higher figures This Is looked upon as
low rate but the sizes Of the lot had doubtless some
influence in regulating the rate Such as will bring
favorably zed orders ratio 1c 1Hc better than this
Quartcrmasters' orders were dealt in at NC &c. on
Certificates are ut 2l6c on
The Boston Traveller of last evening says
Business very good for the of the year The
money market is overlooking with currency, and the
surplus large at the banks that in order to relieve
of millions Of dollars to the subTreasury at the rate
OF five per cent interest per annum for thirty days. or
ties end OF the specified time The outside rates
for prime loans five and six per cent and rst class
commercial paper taken by note dealers at seven and
eight per cent The stock market Is animated,
without much change in prices for dividend paying !
securities for the more uctuatng kinds OF STOCKS ana
bonds.
The Savannah Herald of the 7h inst remarks:-
After the confusing influence Of four years of blockade
restriction find IL difficult TO prepare satisfactory
financial commercial reports but the markets
gradually assuming the steadiness which naturally fol-
lows after long period OF constant 1ucuation, and
the complete resumption OF reliable currency and |
settled political policy. The port OF Savannah was
opened on the LIST Of July, with Hon Wyly Woodbridge
as Collector. The customs department. will soon be
thoroughly organ zed with efficient officers superntcnd
ing all branches Sight bills on New York for the past
week have been selling at par per cent; buying |
rates one per cent In sterling nothing dong
With time paper a limited business was done, |
and irregular few purchases Of gold made at
80 a IS por cent premium; Is selling at 30 40 per
cent. Silver is purchased by brokers at IS 40 per
cent premium tits resod at small advance; there Is
q limited inquiry. comparative business 10 doing In
stocks and bonds very few are oering and prices too
Irregular for quotation. Several sales OF bank bills old
issue, have been made during the past week We oner
the following ia brokers' quotations: Central Rail-
road and Banking Company OF Georgia, 30 cents; Geor
gia Railroad and Banking Company, 30 cents Marine
Bank Savannah 40 cents Bank of Savannah 40 CENTS
Bank of Middle Georgia facon) 40 cents. Other banks
varying from 10 70 20 cents. frt
Tho Chicago and Northwestern Railroad earned for the
arst week In July
1902 ...................... .$ios3ol 80
1854 loSso1 VI
Increase. $A,4iS 30
The traffic OF the Great Western Railway Of Canada for
the week ending July !, was-
....................'..'.. Aooo
Increase S7,SO0
The Grand Trunk Railway earned the week ending
July IL
1885. .$ioSII