The New York herald., 1865-04-25
FINANCIAL AND COMMERCIAL.
MONDAY, April 24-oP. NJ.

board afterwards adopted similar resolution NO deive
es or settlements OF contracts were therefore, made 20
day On the street. however, there was an active ousi
ness in stocks which strong Al three O'Clock the
following Quotations we're current--New York Central
ssx, Erie 70l Michigan Southern 6oA G7, Cleveland
and Pittsburg 76, Northwestern 81 81 Fort wayne
s7x, Reading lo7as Cumberland So, Mariposa l4h.
Government securities were strong but inactive Skies
Of 1881 were quoted at l0s u tenfortes 951s 90,
nve-twe entes 107H
The gold room was closed, but there was moderate
business done outside for delivery on Wednesday The
quotations were;-
1870 A. M........15oI 3:26P M...........l5iM
IL 10 A. M...........l43X 4o0 T. M....... .loi7 "a
LOO r. .M.........lol7s
There we're q few transactions In foreign exchange
early In the day lo9k for bankers sterling at sixty
days Most drawers, however, ask 1924.
There Is no change note in the prevailing monetary
case Loans made freely by the banks at hve per
cont the statement Of the Clearing House Associa-
tion for lne indicates the ethargic state Of the
money market and tho limited wants Of borrowers OF
lae The have decreased nearly eighteen hundred
thousand while tho deposits have increased little short
Of six and half millions and the amount OF legal tender
notes So ATS making $57 s649s7 Much OF this OF
course owing the subscriptions to the ssvenhry loan
through the national banks included in the list The dis
count line is dull Commercial paper Of the first grade Is
rated at a per cent
The regular and open petroleum boards adjourned
without tran.acng any business. The Evening Exchange
will be closed tonight but will its sessions TO-
morrow night Otherwise Tuesday will be observed as
close holiday
The ordinance for the payment OF the State and rail
road Indebtedness Of Missouri passed at the late consu
tionai convention held there Is of consdera
bio interest to the whole financial public as well as other
States, and one which will give rise to much
rejection
of the constitution by popular VOTE or
the 9th Of According to the report made to
convention by the Comp roller OF ST. Louis last Feb
ruary the to al State Indebtedness amounted to SS2,-
9O7 $40 From this may bo deducted nominal credit OF
S. 900 900 for bonds issued to the Hannibal and St
Joseph Railroad the interest which is regularly met
and 5000 paid bonds issued for State purposes
eav S29 OF $40 Of which there s owing by the State
directly s., sos 300 The State has however ella m
upon United States government for something less
than four millions, and holds bank stocks estimated to
be worth 81 ,303, 000
In orde. to provide for the payment Of the interest
and princil al OF the entire debt, the orlinan c
referred TO proposes iix OF one-quartcr o.:
por cent upon the value of the real
and personal property of Missouri, estimated at $4so,
600 0OO The corstitut says that no property,
real PERSONAL shall be exempt from taxation except
such may be uscl ccus vey for bic Schools and
such may belong TO the United States to this state to
II pT 10 municipal corporations wi hin this State
declaring bs; thc credit OF the doot oy
loaned in aid of any person, association coii6fi
tien; nor sha! the State hereafter become stock
holder in any corporation association except for the
purpose OF securing loans heretofore extended to certain
railroad corporations by the State"
tt principal OF the railroad debt, for which the Stat
is liable and against Which it holds FIRST lien upon the
roads $23 7Ol Ooo together with Of intees,
the end Of lst year, amounting to S5C0S 240 MAXIM
$2s, 700 240 nd leaving separate debt To male up th
So, ,eo7, ,54) Of siIes scc
''r d. t0 oce ,eL. Is specially ted Ur1n lhe gross
-ai.inl ~ DE raclo NorIt s9aG ai lsu4 Eo o.
l i'r.ads rrom the Isl, cr oh-r l..a. the is o'
oaobor l5es sna after t'1 4 9. ZEN rer 81.
1..s no ~ ard lntcrc. o. toe honts har- beer
ra -
rle lrms ATOM mere or:liaed is the most rad
financial sdbnit.ed TO the people of any
section of this country any other and although lis
adoption would be immensely advantageous to the Mis-
sorn bondholders could rot fan prove onerous to
property holders 1t practically the confscation
OF share Of every onc's property in the state, and
entirely too arbitrary, hasy and aweeng to be either
popular or bcncncial
The following is tho text Of the oroinance:-
Be it o dained ~ he pe ie Of tae ae # Msorri, I
Szcriog l. There shall be levied end collected from
the Pa lc Railroad, the Moth iss nr Railroad Com
pany and the ST. Louis and Iron Hruuiain Railroad Com
pany an annual OF ten rcr Of all their gross
receipts for the transportation of reClt and
fnot incud ne amou Ieccivd from and taxes raid 10
the United iacs) from tho Is, II October, 1906 10 the
1st o. Octobe 1865 and fifteen per ccnum thereafter
which tax shall be aaG collected in the county
and collected, shall DO Appropriated BY
the C, neral Assembly % he payment OF the principal
and in cros due hereafter to become due upon
the bonds Of tie State and TIL bonds guaranteed by the
State, ssucd TO the aforesaid ra lroad compan cs.
Sc. 2. A like tax of fifteen per tent shall be as
scssed and collected from the Hannibal 81 Joseph
Railroad Company and from tie lattc County Railroad
Comrany whenever de aut Is mfde by SAID companies,
ether Of them, in the OF Tic interest prin
cpa OF the bonds OF the ate tho bonds ruaranced
BY the STATE issued to said col a'es r~pcc / ely,
which shall be assessed and collected in cL manner
the General Assembly may ty law direct, srd shall be
applied for the payment OF ncal ani ni nest OF said
bonds as the same may become and payable.
SEC g. The In this ordinance specified lna 10 col
cc,ed from each company hereiub fore ned only fo
tho payment OF the prime pal the tonds
for dc payment OF which such company sal b. h.ic
and such bonds and interest aha have beer
fuy paid no further tax shall be collected from such
company but nothing shall be ceiyed by Tho state in
discharge of any nts drc upon said bonds cxcep;
cash, other bonds, or obligations Of this STATE.
Ser. 4. Should either OF said companies refuse or
neglect pay such tax, her In rcquir d. and the IN
tcrest principal oil any o. said bonds or any partI
tber Of remain de and unpaid the General Assembly
shall provid by law for the sale Of tho railroad and
other property and the franch Of the company that
shall be thus In default Under tho lien reserved TO the
STATE and shall appropriate the proceeds OF such sslc
TO the payment OF the amount remaining due and un
paid from said company.
SIC g. When ,vcr the State shall become the pur
chaser OF any railroad other property or tie fran
chises sold herenbefore provided for, the General
Assembly shall provide by law what manner the
shall he sold fer tho payment Of the Indebtedness
Of the railroad company In d. aut but no raro: or
other property or franchises purchased by the state
shall bo restored 10 any such company until u shall
have first paid in money, in Missouri state bonds, or
In bonds saniced by This State, all interest due from
"a and all Interest thereafter sccruing shall be
paid annuay In advance; and no sale or othr dis
position OF any sh railroad or other prop ry, or the
franchises shall be msdc without fcrvng lien upon
all the property and fDcscs thus sold or diSposcd of
for all sums penainiug rnad nnd all payments there
for shall be made ia money, or In the bonds or other
Obligations Of this state.
SIC. 8 The General Assembly shall provide by law
for the the payment OF al aate indebtedness not her in
before provided for and for this purpose tax of one
quarter OF one per cenum all real estate and other