The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-13
FINANCIAL AND CONNER GAL.
MONDAY, March l2-6 p. NJ.

MONDAY March l2-6P NJ.
The stock market has been active at advancing quota
tons to-day, and the spirit of speculation is vigorously
asserting itself Although business is present mainly
confined the brokers and professional operators rail-
way shares sufficiently cheap to give encouragenl
to spectators for rise, and under the preva! /,
monetary conditions prices viii continue to tend Up
ward Independently of outside support until that point
Of elevation reached when stocks will fall by their
weight and the efforts of the bears to precpitate it,
Michigan Southern still continues the leading feature Of
che MARKET and further rise Of about three per
the stock took place. attended with large transactions
At the early session OF the open board the mark
hrm- Michigan Southern sales 400) sold at AK y,
Erie saes 2000) s21s u, New York Central 81 e,
Illinois Central llo, Cleveland and Pittsburg 1915 Fort
Wayne 90H At tho first regular board the market was
strong Michigan Southern continued tho most mercu-
rial stock tho list (sales 6,O0ol and closed
IN higher than at the hafpast two board
Saturday; Eric (sales 600) was Ia higher,
New York Central y, Cleveland and Pittsburg
Y. Northwestern "a, Fort Wayne q. Missouri skies
pressed for SALE and declined four per cent on tho
call, making eight per cent since Thursday Govern
ment gold-bearng securities Arm. but not active
under the eoct Of the favorable foreign advces report
ing nvetwentes at II y in London on the LIST instant
Coupon lye-twent,es were u higher than on Satur-
day morning. Seven-thirty notes were steady.
At the one O'Clock sessions prices were in the ascend
ant and the halfpasl two board there was further
advance accompanied by = bullish tone Of feeling.
Michigan Southern remained the strongest Of the
railway shares and closed tx higher than ut tho
first regular board (sales $500 shares) Cleveland
and Pittsbrrg showed advance Of y, Erie y, Read
ing ~ Northwestern II, preferred %, Rock Island
a. Fort Wayne " Ohio and Mississippi certificates ~
Mariposa preferred Il. Government securities were in
httf G,.ot
ties at further advance of H. At the half past three
open board there slight relapse from the highest
point reached and Michigan Southern (ales $4,000 sold
at 76H 76 New York Central 91%, Erie
(sales 2,4oO) s33S 49, Reading 9sK Cleveland
and Pittsburg 1871 Rock Island (s. 81 los, Fort
Wayne eoA a u, Marposa l1sS, Schuykill Coal AK.
Afterwards tho market closed steady, and at half past
five Michigan SoHthern quoted at 10 Is, Cleveland
and Pttsburg rs 4, New York Central 905s o. Erie
s2k %, Reading 9s 4, Rock Island 10s q, North
western preferred 53% z, Fort Wayne 90 bid.
The decline late in the afternoon the Stock Ex-
change mainly in consequence OF the weakness Of
the gold The latter opened at 1871 u and after
declining q advanced to 1929 1t then steadily reccded
to 1907 spast three O'Clock Following the close
OF the regular market the bears jumped upon it. and
further fractional decline the consequence. Loans
generally made fiat The steamer New York, from
Aspinwail, brought 81, 425, $50 In treasure.
Foreign exchange firm but dull, and bankers bills
on England at sixty days were quoted at 1885 1854
Large importaons strengthen tho confidence OF drawers
In the maintenance OF the present rates.
The money market developed increased ease under
the influence of the highly favorable bank satenen for
the week. The large Increase OF 1855 1857 in legal
tenders shows material swelling of the volume
Of oanable funds, while the decrease OF
s227I 1875 in loans indicates proportonato decline
tl,o and Tha
however decreased 1928 497 and the specie s6l7s93
The circulation has increased $50 49, under tho ISSUE of
national bank notes mainly Tho banks alike with
the brokers' tho demand for call loans at six per
cent and the exceptions at the legal rate very few
The discount line is quiet AZ a TX per cent for tho
best grade Of commercial paper. Business generally in
thedry goods market the produce exchange and else
where has been brskor than IL at the close Of last
week.
Tho Supreme Court Of the United States delivered
to-day ts decision regarding the disputed question
Of tho liability Of national bank stocks to
local taxation against the banks which appealed
from the decision of the stata courts The
result Is . Of considerable surprise to tho APP
ans who complain that the liability Of bank stocks
ard the income thcreffom 10 State taxation will prove
very onerousthe tax upon personal property In this
city last year having been equal to three per cent VIC
Of opinion however, that the decision OF the su-
prone Court perfectly qutablc and In conformity with
tho OF Congress- affecting national banks. and that
consequently 1t could not in Justice have been other
wise National banks have already privileges enough
without claiming the exemption of their stocks from
local taxation They will henccforwarj it is truc be
compelled reduce their dividends in proportion the
amount Of the local taxes which they have THIS far
pr acticaly escaped although they will be required
pay the arrears; but their PROFITS arg, that
they will still continue with perhaps few exceptions to
make very favorable exhibits The nero fact OF their
drawing the fun coin interest the bonds deposited
with the Treasury security for their circulating no'es
gives them double interest their capital, which IL
direct advantage conferred by the goyerunen enjoyed
b. no othor financial institutions in tho country Tho
payment Of the fun OF interest bonds thus de-
posted she'd 10y Mr.. Chase iudacemeut for
tho creation Of national banks, which that gentleman
,oked forward to as the buwark OF our 1nancial
systom, BIT that inducemont is longer necessary
and Congress should pass law providing for the
gradual reduction OF the interest all bonds deposited
by national banks ~ basis OF circulation. National
bankers have been thus far au hing and growing Eat
with riches at the expense Of the public purse but It Is
time that their proportions should be reduced 10 those Of
the average lot of humanity far curailment Of
Treasury rations can accomplish that result
Mr. 7. s. Iawrencs the b nkor, against whom proceed
ngs were brought Justice Dowlng having ia
his pos certain United States bonds supposed
have been sio and altered, to- day honofaby dis
charged and tho proceeding dismissed 1t appeafln; that
L. s. Lawrence Co. prrc asrl the bonds in cool faith
paying value therefor tho usual OF business.
Tho business al tho subTroasury to day WIS as fol.
lows
Total receipts. 81 461 $50
PAYMENTS. NEUTRALITY-SUSPICIOUS.. 1859 COL
Balance 50 ISL 46S
For customs All 0c0
Coin ccliilc.t Us, 600
New York stock Exchange.
MAlgt u