The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-13
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
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MONDAY, Feb. 12-6P.M
me s,ock market opened firm this morning at the i'm
novemeut which marked the close Of last week. and
the day advanced continued TO gain In strength and
activity The main Of the hopeful feeling which
is rapidly gaining ground among the operators for rise
in the increasing receipts Of the railways but little
is due belief that the Secretary Of the Treasury
will be unable to pursue any other than
cautious, conservative policy until all the seven.
thirty nots at least funded Moreover it is under
stood thai Congress will offer strong opposition to the
foreign Dan clause IN the new finance hl and 1t IL
rumored that action upon the latter will be deferred for
several weeks The reference made by President john
to currency in his speech Saturday to tho vir
ginia delegation at the time exers reassuring
influence The President Is evidently to arti
fetal and forced contraction of the currency, and de-
sous OF leaving 1t to the operation Of natural laws.
The Market too, is largely oversod.
Al the open board at ten o'clock, Erie (sales
4,4so sharesl Michigan Southern (sales 5000,
and Rock Island (saes 5000 were the most
tive stocks on the list. At the first regular
board there moderately large and well distributed
business Now York Central closed higher than at the
half past two board Saturday; Erie u, Hudson River
X Reading e, Michigan Southern ~, Cleveland and
y
Wayne y, Quicksilver X.
Government securities were generally steady Coupon
ten-fortiss advanced x thirty notes OF the second
series declined 4.
AT the one o'clock sessions prices were . fraction
lower At the two board the market strong
again. New York Central closed higher than at the
first regular board, Erie ~ Hudson River u, Rock
Island " Fort Wayne y, Cumberland u. Michigan
Southern and Ohio Mississippi certificates were lower
Governments bonds were rather heavy. Coupon five.
twentes of the old issue declined " tcn-fortes 4
Seven thirty notes Of the second series advanced u
At the open board, at half past three the market
firm. Erie sold at 1879 d. 81 Reading 1OoH, Michigan
Southern 69sS, Cleveland and Pittsburg 500, North
Western preferred 55S, Fort Wayne Is. 81 924, Rock
Island Is. 10y 1881.
Afterwards the market continued firm till the close Of
business At half past five New York Central quoted
at s9H u, Erie 7sS 81 Hudson River 1Ol q, Read
ing 1909 101 Michigan Southern 69% a x, Cleveland
and Pittsburg sos a. Rock Island 1881 1O4 North
western 2Sh 4, preferred 551S 4, Fort Wayne 924
AZ
The money market is still supplied with capital in ex-
cess Of the demand, which is moderately light but on
the increase for call loans These are made
freely at six per cent, with few exceptions
on government collaterals at five. The discount
line dull and first class commercial paper passes at
u o
per cent for long date The bank statement for the week
shows decrease of So 80 2s2 in deposits for which 1t
is difficult TO account, owing TO clerical error in
the return this week last the drain westward Is
very limited. In the present easy state OF monetary
affairs at this CENTRE however the bank statement
document less anxousIy consulted than otherwise
would be- The legal tenders only $780,
The specie has decreased $S07 66S-a small amount com.
pared with the aggregate payments for customs duties
but about equal to the actual coin paid in for the
The Treasury and Custom House statement for the
week shows that included in the receipts for customs
were 1882 gold and So 735 in gold certificates
As the government delivers certificates when it sells gold
this looks as If the Treasury had been seller
The loans have increased 400 only The increase Of
STAG 235 In the circulation is due mainly to the
Of new notes by the national banks belonging to the
association
The gold market was steady and loans werc made at
va 10 per cent, showing tnaI saprIy
delivery is still unequal to the demand. The opening
price 13s u, followed by advance TO 1887 q $780,
the closing quotations being 13sx ~
Foreign exchange was In strong demand, under which
the rates advanced about a. Bankers bills England
sixty days quoted at 1o7K " short sight 100
u, commercial 1861 o I07.
Petroleum stocks were firm. At the first board Blven
closed 80 IS higher than at the time saturday
selling at SO Is; Oil Creek 4oc, selling at S.; Smith
Parmlce 76c, selling at Sill. Benneho and Pithoe sold
ct 81 Is, Inexhaustibe 15c, Palmer Petroleum So S.
BennehoG Run SIC so, Excelsior sec, Ham Mcclntocx
a. Oceanic 4oc., Phole Creek So go United Petroleum
Farms 35c., United States SIT rs, Quartz Hill 81 U.s.
Mr. Samuel s. Hayes, one Of the Revenue Commission,
has published special report upon the property in the
United States funds and the income derived therefrom
rs source Of national revenue; also upon the hnan-
cal system of the country, tho creation OF q sinking
fund and taxation in general This report was not ap-
proved by majority Of the Commission and hence It's
appearance In separate form. Mr. Hayes recommends
tax OF one per cent per annum, payable in currency,
the principal Of all government securities the interest
Of which Is payable in lawful money and OF seven.
tenths OF per cent payable CON- the principal
OF all such securities the interest Of which IL payable
specie the proceeds Of the to be applied as trust
fund for the payment OF the public debt Mr.. Hayey
furnishes elaborate argument, embodynga good deal
OF truth and sound reasoning In favor OF the and
against the inequality of exemptng them from
the imposts which arc levied upon other descrip-
lions OF property. Tho present value OF the real
and personal property or the United States is
estimated at eighteen thousand Millions all OF
which excepting that represented by national
securities Is subject 10 taxation under State authority
namely than fifteen thousand millions Estimat-
ing tho exempted only g. 500 ooo or about
three hundred millions less than the aggregate OF tho
public debt as IL stands, exceeds by hundred
millions the total vaiuo Of all tho real and personal
property Of the six New England States In $780, and by
nearly two hundred millions the total value Of all the
property in New Jersey Pennsylvania, Delaware, Mary
land and the District Of Columbia and exclusive Of
slave property Of all the real and personal property Of
Illinois, Michigan, Wisconsin, Minnesota. Nebraska.
Kansas Missouri and Kentucky. Tho question, whether
desirable 10 continue to exempt from taxations large
sportion Of the aggregate property Of the nation is cn
tied 10 serious consideration There Is doubt what
ever that the exemption Is building up powerful class
Of fundholde with the national banks their CENTRE
and that the rest Of the community compelled 10
bear heay M faxa both