The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-24
FINANCIAL AND COMMERCIAL.



is
WEDNESDAY, August 26-6P.M
the ABSENCE Of speculative feeling continues to be the
only marked feature OF the stock Market but prices
well maintained Notwithstanding this sagnation, by the
bull party headed by well known railroad director
familiary styled 'Uncle Daniel" At the first session Of
the board Erie closed higher than at yesterdays Sec
ond board Cleveland and Pittsburg y. Fort Wayne u,
Ohio and Mississippi certificates ~ Prairie du Chen ~.
The advance in the latter stock is due to special
ment looking to the probability Of increased earnings by
the extreme Western roads for some little time to come in
consequence Of crop transportation Quicksilver was
changed There a sale OF Bank Of Commerce stock
at 1O4 of that Of the Bank of the Republic at 1902 and
OF the Central National Bank at los.
Government securities firm. Coupon nve-twentes
Of the old issue were steady at l0eX, new issue 1906
SKIES Of 1881 lO7 enforties s7 Owing to the scarcity
Of vetwentes in the street, and the outstanding short
interest them there is thus far sign Of their yield
ing price in consequence of the decline in the foreign
Market but at present prices there is inducement to
export them. The Persias reports dve-twenes IN
London on the 18th inst at 81 67h.
At the open board at O'Clock quotations were
fraction higher portion Of the railway ist Az the
second regular board the market was extremely DULL but
firm. Erie closed higher than at the first board Fort
Wayne Y, Prairie du Chen ~. Reading and ONO ana
Mississippi certificates were uhcnauSeu-
securities continued firm.
Al the omen board at half past three "Unce Daniel"
represented BY Deer Slayer BID up the market for
Erie upon which there rush to SELL and $500
shares changed hands than half being In favor OF
the former The decline OF Erie on the London Stock
Exchange from SO 81 to 54 IS has evidently not had
the effect of making the bull party relax their Efforts
and although great operator at their head Ia sadded
with very heavy load Of stocks he is also furnished
with q very long purse, into which million and half
Of dollars supposed to have drbbled from the delin
quent Edward B. Ketchums unsuccessful specuations
Erie closed on the call at S. New York Central OIL ~
Hudson River 1881, Reading 103H, Michigan Southern
62T Cleveland and Pittsburg 63%, Northwestern 27A
preferred els, Rock Island lba 1861, Fort Wayne s5
Prairie du CHEN ASK, Atlantic Mail 1913.
The petroleum stock market dull at the first board
Webster closed 29c lower than at the same time yester
day. Oceanic 0c and United States Csc. At the second
board the market irregular Pit Hole Creek closed
at $10 Oceanic at 81 10, Buchanan Farm &c., Webster
81 OIL Cherry Rua (b3) CSC, Excelsior 81 81, United
States s27 So Beech Tree 81 20
The gold market has been lrm but without much &C.
tvity The opening price 14S, followed by an ad
to 1887, decline Of x, and recovery TO 1884
at which it closed.
There has been very little done in foreign exchange
show little disposition to relax their rates.
second hand, have been made at 1929.
The money market is very sluggish, and the Stock Ex
change affords employment for only small portion Of
the oanable funds at command The general rate for
call loans is six per cent with occasional transactions at
five and The discount line is dull, but the dis
trust Of commercial paper as well as Of stock coateras
which Immediately followed the Ketchum erposs has
worn OF The best signatures taken at 8 and the
second grade at 10 per cent
The consistency OF the Internal Revenue Department
In its decisions is shown by two of recent date relative to
the taxation Of sales OF ships merchandise Not long
since the Deputy Commissioner, Mr.. Rollins wrote in
reply to inquiry the subcct:-You ask Are sales
Of ships by brokers subject to the tax Of one
eighth Of one per cent? l reply that ships
constitute merchandise and IL any licensed broker sells
the same he is liable TO tax sales" This morning 1t
Is elegraphed by the associated press Washington
that "the Commissioner OF Internal Revenue to-day
made the following decision That vessels to be
regarded merchandise within the meaning Of section
ninety nine Of the act Of June &c. 1864 and the tax Of
oneeghth OF per cent imposed by said section upon
the sale OF merchandise not to be assessed the sale
Of vessels "
These conflicting decisions reflect little credit upon the
department. at Washington and have the effect Of
rusng the public mind the law upon the points de-
cded. It is needless TO say that decision once rem
dered by the Commissioner Of Internal Revenue should
DO final so far his department Is concerned The
ccptons this rule have been sufficiently numerous TO
shake confidence generally in the decisions Of the Inter-
nal Revenue Department. as every one interested is
made 10 feel that the decision Of to-day may be contra
dicted hereafter.
The effect Of the short panic last week In New York
shown in following of the Philadelphia
banks for the week ending August 22:-
August Is August 20.