The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-01
FINANCIAL AND CONNER GAL.

FINANCIAL AND CONNER GAL.
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FnnAY. June So-6RM
There was moro activs market for stocks than yss-
terday 1t the nrss board this morning. Reading being
the strongest the list and Erie next In demand The
latter CLOSED higher than the second board yeser
day, New York Central r. Cleveland and Pittsburg e,
Reading IN Michigan Southern ~, Rock Island I, At
lantc Mail r. Government securities nrmer.
Coupon nveAwentes advanced 4, coupon ten fortes y
At the open board ct o'clock the market continued
10 improve At the second regular board Erie was per
cent higher than at tho nst board New York Central g.
Reading u, Michigan Central I, Michigan Southern
r. Illinois Central ~ Cleveland and Pttsburg Y, Rock
Island =, Quicksilver x. Government securities were
nrm the quotations Of the morning. One year cer
ncates Of tho new issue sold at os At the open board
at hafpast three there . further advance In the
entire list New York Central sold u e4K (b.s Erie
TO- Hudson River losK Reading o7k, Michigan South
srn e2x, Cleveland and Pitsburg as 90, Rock Island
1o2, Fort Wayne eSK, Quicksilver ssK.
The bulls have boon warning with the bears In Michigan
Southern for tho last few days. and making vari-
Gus insinuations concerning the Wall street ma
nosuvres Of the management, which IL very much
the same a. the pot calling the kettle black. There
not stock regularly dealt In the Stock Exchange,
whose market price not speculative rather than real
and the managers Of leading railroads for the
most part among the most unscrupulous Of those Of
equal prominence In the community. Wall street 10 TO
them pitfal, and they addto It's corruption.
The gold market has been strong but mot very active
The opening price was 13o from which there steady
advances 70 lllx the closing price at six p. H. being
14lH The regular borrowing rate on the street has been
~ and have been paid for loans until Wednesday The
supply Of gold the street 10 still light that large
number Of sellers default in their deliveries the only
forfeit for which, according the rule Of tho Gold Elk
change, Ia per oent paid 70 the buyer Az the Gold
Room will DO closed Monday all contracts maturing
prior to Wednesday must be settled tomorrow. The
July coupons will be payable tomorrow, and is proba
BILE that the SubTreasury will disburse about half mil
LION day in payment of tho same. The total amount Of
interest due is 80, 763,o0T
The foreign exchange market rather heavy during
the morning; but In the afternoon It became hrmer.
Bankers bills which had sold as low az l0Sk y In
tho carly part Of the day afterwards In demand at
lO9H n and the teidency.at the close was towards
higher rates.
Tho money market continues easy at four cent on
government collatera at CALL and five on railways,
with exceptional transactions at six Tho best grade Of
commercial paper rated at a7X and ordinary good
atsae.
The banks arc troubled about two things at least just
0OW-tQo ROQ WnlOn tnoy nave Ient VI uuu
get back at present. and the opinion Of the Solicitor Of
the Treasury TO tho effect that all banka whether
tona or State must pay the prescribed upon their
gross deposits and not upon the balances at the close Of
each day. and that certified checks must be taxed as cir
culation Banks with large and active accounts may well
shuddor at such prospect. Those who have brokers'
accounts may receive many Of them from ono 10
three millions a day in deposits and yet the balance
ON the credit side may average from ten to nifty thousand
dollars only tho close Of each day. but the Solicitor Of
tho Treasury has decided that banks ought pay tho
tax on the gross amount This however, 10 an incorrect
Interpretation Of tho law which meant TO apply 10
the net deposits only for IL otherwise would DO
inoqube and Tho letter Of section ITO OF the
act may bs vague enough to allow Of such an intsrpre
tation Of IT, merely says that there shall DO Levied
collected and paid duty Of twenty OF ono
per centum per month upon the average amount Of the
deposits Of money subject TO payment By check or draft
but It requires very superficial knowledge Of banking
TO enable any one TO perceive the absurdy and the
practical injustice Of such the legal adviser Of
the Treasury assumes 70 levied by the Internal Revs
nue. law With regard 10 the tax on certified checks
thcre can bo no doubt but this version Of the tax ON
deposits will hardly stand, for court would b likely
to sustain tho solicitor In his decision
The circular Of the Secretary Of the Treasury follow
ing in the wake Of the Presidents proclamations re-
opening the Southern country both east and west OF the
Mississippi trade formally notifies the subordinates
OF the department Of the removal Of the restrictions
formerly imposed upoa commerce In that section and
provides for tho removal Of the special agents Of the
Treasury in the South, whose occupation 10 now, like
Othello's, gone. How soon the revenue receipts
IN tho country just reopsned 70 trade will equal
tho cost OF collection IL would b premature 70
say, but present Appearances indicate that the
South will prove for q considerable time
desert 10 the tax herer except perhaps a. few ports
Of entry, while the dfcutes in tho way Of rsconsruc
ton and the reorganization Of the labor system make the
extent Of tho and tobacco crop in 1853 matter Of
uncertainty but that win not be equal TO the average
OF former years may be accepted something moro than
probability
The mportaous Of dry goods Il this port forths week
ending Juno 20, wore - foows:-