The New York herald., 1865-07-09
FINANCIAL AND COMMERCIAL,

Ths stocx market frm and active at the rst board
to-day and the disposition TO buy for rise showed
elimination Hudson River was Y higher than at the
second board yesterday Reading u, Cleveland and Pitts
burg ~ Northwestern y, Rock Island ~ Fort Wayne
TX Cumberland 2H, Ohio and Mississippi certificates 4.
Erie was y lower, Michigan Southern y, Quicksilver 4
Government securities were steady. Coupon hve-twen-
ties closed lO5s tcaortes s7 coupon skies Of 1881
l07
At the open board at ono O'Clock prices were
morally a fraction higher New York Central
sold on the call at s7H Eric SIX, Hudson
River lliH, Reading sok, Michigan Central 100,
Michigan Southern 64i<, Illinois Central 1917,
Cleveland and Ptsburg 70S, Rock Island 100. North
western 2SA, Fort Wayne $685. Ohio and Mississippi
ti1caes 27A Atlantic Mail 157 Canton Company 424,
Cumberland 441 Quicksilver cox, coupon lve.twentes,
old ISSUE l0jh
Afterwards on the street. there a recession Of q
Il por cent portion OF the list but before the
close of tho market reganed It's buoyancy New
York Central closed at 81, Erie 81i4 Hudson
River 1l1%. Reading 99N, Michigan Southern 64h,
Fort Wayne 99A Rock Island 1Osk Quicksilver 6oA,
Cumberland AK.
The prescn large earnings Of the leading railways as
also the prevailing in the money Market assist the
operations ofhe bulls, who have been joined by many
of those recently in the bear interest.
Gold continues strong but rather inactive, and tho sup
oily Oh street nearly equal to the demands OF bor
rowers The conviction rs gradually becoming more
settled and general that tho natural tendency
Of the premium VIII be upward for a long time to
como Tho absurd talk which many people have
indulgcd in with rcga.- to the resumption
of specie payments within year two is certain TO be
conradctod by experience and Whenever we do resume
specie pay will bo in the midst OF such panic
as will reduce property values and securities OF all kinds
fyt.-- .l-l
in the HERALD of to-day goes to confirm what
we have before expressed with regard to the
uncertainty of the cotton and other Southern
crops in 1865 Tho problem Of free labor has
yot solved and shrowd judges believe that the
of 1856 will fall short of million Of bales As for the
million bales less Of cotton in the Southern coun
try much of 1t Is or less damaged aud large pOr
tion Of scattered districts remote from carry
1ng facies 1t will therefore, come forward slowly and
command higher prices than are now current The do
mand for American cotton manufactures will be stimu
lated by tho needs Of the South, and before the
crop Of 1896 ready for market million Of bales or
more will b, required for home consumption Moreover,
Southern planters and the Southern people generally,
always averse to paper money will insist upon payment
gold their cotton and whatever else they have for
sac and hence drain southwark Of the little specie
that remains to us will Partisan newspapers have
of tho condition OF finances, and In est
mating tho supply Of gold in the country, and
calculating the imports and exports OF gold during
che last years. they include California which, not
bcing under the legal tendor sway, as much foreign
country to us far ~ its supply Of gold Is concerned
Australia They also exagerate the amount Of gold
boarded and in the banks and the Treasury, and give
uttorance to wild speculations subject which they
impcecsy understand and which they regard only with
prcudced eyes They sec temporary advantage, but no
ultimate evil the shipment Of our bonds 70 Europe,
rbeing unable unwilling to forcsee the danger
,involved in large amount OF our debt being
hold abroad. Already to great extent at the
mercy Of European capitalists who might make specu-
laton of returning nve twentes to manner which
would astonish Wall street and the government
Tho opening price Of gold was l3oX, followed by a
rise TO l40k, and relapse TO 1897, after which IL
recovered TO 1401x at ave p NJ The only shipment Of
specie was So $50 by the Borussia making $34 s53 for
tho week.
Foreign exchange is firm, but dull, at 100 1o0k for
bankers sterling at sixty days
There is no change note in the money market and
call loans made per cent and first class com
mercial paper Is discounted at oh Q per cent.
The Comptroller OF this State has written the following
letter relative to the taxation Of national bank share
holders:-
STATE or NEw YORK, CoxrrrorLER's OrrcE,
ALnAyY, June 2s, 1866
DEAR srR-Your letter making inquiries in relation 70
assessing shareho In national banks Is duly received
had previously read the circular published by the Hon
T. G. spaulding, to which you refer.
The printed circular issued by me states the duty of
asscssors in this respect understand IT, Congress
expressly authorized the taxing Of the shareholders In
ed a law, 'The Enabling Act" called, which directs
them To he taxed in pursuance OF that authority do
not how any assessor can disregard that law
Tho act Of Congress requires that they shall not be
tax ID at any higher than State banks Mr. Spauld
ings circular that they will be taxed at higher
rate because they have deduct account Of Tn
states stocks held by them whilst the State banks have
such deduction TO the extent that their capital h invested
in those stocks The error o. this assumption IS mani est
The Of taxation Is thing the amount OF
mont IL quito another and different hinv II aStatc bank
has invested any portion of its capital in government
securities II only be assessed for the residue;
but n ia taxed at tho same rate as II IL had
NO such investment, but not for the same amount
It's government stocks are exempt by act Of Congress.
tional bsnka On the contrary In the very act in
which requires them TO invest In government stocks 1t
authorizes them to be taxed and makes no exemption
In their The decision OF the Supreme Court does
not affect The question: for IL does not and cannot
ride the express act OF Congress upon which the au-
f Congress has in this particular inadvertently given
advantage TO State banks the assessors have not for
that reason any right To disregard the law. Congress
alone has power 20 remedy the defect Too much pro-
pcry already exempt from taxation BY reason Of is
beng invested In privileged securities, leaving the great
burthon Of taxation to faI upon the les fortunate The
lines OF exemption should not be extended beyond the
strict requirements OF law Yours, very respectfully,
l. ROBINSON, Comptroller
The business at the Sub Treasury to-day as fol
lows
Receipts for customs ACKNOWLEDGEMENTS. s4o6 00C
Total receipts 1854, 81
PAYMENTS S06s, ,2j5
BALANCE
Subscriptions TO government loan. n.......... l5490
Tho Racine and Mississippi and Northern Illinois rail
roads earnod during the first six months OF the
year s2p3 33o The receipts for the period in 1856
wore sos, ,2vo-increasc, S25,0i6
The following are tho comparative earnings OF ul
Michigan Central Railroad for the month Of June
1865. 300 90
1904. -o' ''