The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-12
FINANCIAL AND CONNER GAL.
FRIDAY, May l1--o ]

S,s stock market has lacked animation to-day, but
xner Is no pcrreptble abatement OF rmness, and comb
sence In higher prices is general All the Indications
,,l,, 70 summer speculation for rise and the dspo-
ou to invest railway property is strengthened by
shs large current earnings Of the roads
At early session OF the open board Asengan South
sn sold at 7s Cleveland and Pittsburg S. Rock Island
slA, Northwestern 2eS-preferred cox, Fort Wayne
vsx Canton 5ssS Quicksilver 55s, Marposa preferred
% 3, 24s. AT the first regular board the market
was moderately active and hrm. Hudson River
closed n higher than at the half-past two
board yesterday. Michigan Southern H. Cleveland and
Piitsburg y. Rock Island X, Western Union Tele-
graph 4. Erie was q lower, Milwaukee and St. Paul
preferred ], Tennessee skies Il. Government gold
bearing securities steady Seven thirty notes of
the first series declined y; the second series ad.
yanoed u. t---. ~-r-..t-
At the open board at one O'Clock tho market was
quiet and without material change At tho half. past
two board II rather weak Northwestern preferred
and Illinois Central but steady the remainder of the
list The former closed ~ lower than the first regu
lar board and the latter Nj Western Union Telegraph
u, Cumberland H. Atlantic mail advanced ~. There
change in Erie Hudson River, Reading, Michigan
Southern Rock Island Government securities were
steady Tenforties advanced e, seven-thrty notes OF
tho first series u. The second series declined Il.
At the open board at halfpas three the market re.
manned steady, but dull. New York Central sold at
e2x Is. 81 Erie 73H o. 81, Hudson River 10s%,
Reading 1918, Illinois Central 1221s Cleveland and
Pit,sburg s3<, Rock Island 94S, Northwestern 2s%-
preferred 5s7l, Fort Wayne 9ssl d. 81 Ohio and Mis-
sssippi certificates 2eA Canton 6sA, Quicksilver 55S
Narposa preferred % Afterwards the market was
Arm, but without activity.
At five O'Clock New York Central closed ate2N n,
Erie 7sh q, Reading 1914 u, Michigan Southern
SsH Cleveland and Pittsburg s314 x, Cleveland and
Toledo 1914 a. Rock Island OAK a 96 Northwestern
ssX x-preferred 5sx u, Fort Wayne esq 90,
Ohio and Mississippi certificates 26, Canton $685. Cum
beriand As a q, Quicksilver 55h bid.
Money continues drug and large offered
to-day at four per cent The general the Stock
Exchange is A a s, with light demand. =.
Petroleum and mining stocks fairly active in the
morning, but dull in the afternoon At the first board
BcnnehoG Run closed 60c lower than at the same time
yesterday Phole Farms lOc., United States &c., Con-
solidated Gregory Gold 1Oc. Central was lOc higher
Iygerts Creek 2oc At the second bOard United States
closed 10c lower than at the FIRST board selling s.
Consolidated Gregory Gold &c. selling at SIS IS; Smith
4 Parmlee 26c, selling at 80 o. Bennehof Run sold at
e12 80, Downievile Gold 4oc, Gunnell Gold ST. Benton
81 90, New York Gold 45c., Waikiki Load 81 TO-
Gold has been barely steady. The opening quotation
vas 1885, followed by advance of n and decline TO
M. The closing price 129HaX.
Foreign exchange rather dull and the leading
drawers accepted 1osE for their bills on England at
sixty days Three days bills were quoted at ITO n X
commercial 1914 100.
The Arbitration Committee of the Clearing House pre-
sonted their report in the Of the Continental Bank
versus the Bank Of the Commonwealth ut q meeting of
the association held Wednesday last which was to
she elect that there nothing in the constitution of
sne body which gave 1t jurisdiction in Of this kind
Out the opinion OF the committee was that the Bank Of
ne Commonwealth ought 10 pay to the Continental
bsnk the amount of the check in dispute and that tho
constitution was defective In Independently providing
Tor the payment Of checks returned good by
bank To another. The committee therefore, recon-.
nended an amendment 70 section fourteen, which
says-"Errors In the exchanges and claims arising from
the return Of checks from any cause are to be
adjusted directly between the banks who parties
them, and not through the Clearing House. the associa
Zion being Ia no way responsible In respect to
fhem," by adding, "but In any bank shall
refuse promptly to refund payment for any check draft
- other obligation sent in the exchanges through the
Clearing House upon demand made by the hank receiving
Tho same such refusal shall be deemed good cause for
snspending the said bank from the privileges Of the
Clearing House by the vote Of majority of all men,
bors" Some such amendment Is obviously necessary
Tor the self protection of each of banks making their
exchanges through the Clearing House. and as the one
proposed comes for consideration at tho meeting
On Wednesday, IL, its equivalent, will probably be
adopted and take effect Immediately afterwards Mean
while the sentiment OF the Clearing House against the
Bank OF the Commonwealth in its dispute with tho Con-
tnental
Tho Chamber Of Commerce Of this city, at a special
meeting held yesterday protested against the proposed
tax Of Eve cents pound instead of the
sax Of two cents per pound present levied The
report OF the special committee appointed to consider the
subject expressed II exaggerated idea of
She effect OF such tax and undue fear of foreign compe
sfion The experience Of the war has proved that
other country can thoroughly compete with the United
States In the cultivation of the staple, and foreign
sscturers will be glad enough take from perma-
nontly at higher price than they accustomed to
pay antecedcnt to 1861 Cotton fabrics bong arti-
clos Of universal consumption, a tax on the
raw material would be distributed in equal pro-
portions among oil the consumers, and thus
constitute very light burden while the ease and econo
my aith which such tax DO collected strongly rec
emmend II TO the consideration Of the government as
means Of raising revenue II IL an open question
whether or not Ave cents pound is too heavy an
post but the present tax has elected complaint
Tax Of five cents would check the cultivation cotton In
che United States by making Improbable or IL It had
tbo effect OF raising the price aud limiting the demand
for American cotton abroad impair our market for
the product, then II would be unwisc 10 levy IT,
and the more moderate tax OF three cents per
pound might be imposed without danger Of It's in.
serupting our trade. Considering the great improve
nent which has taken place in our revenues
during the past yoar and that Southern industry but
slowly recovering from It's long prostitution, tax Of
shrcc cents per pound would be prudent than the
higher one advised by tho Revenue Commission We
arc under necessity now TO tax heavily and ndis-
srminatey, tho public income being in excess OF its
current expenditure and above oil other interests the
cotton trade should be free from oncrous impostons
Hut we maintain that American cotton Is too ndispcn-
sable TO the world to be seriously affected by tax
on hvc cents per pound tho special committee Of
'he New York Chamber Of Commerce seem to think Il
would he
'pe United states Treasurer has issued circular ad
sfeSaed 10 The cashiers Of all national banks which have
seen designated government repositories requiring ,hom
70 render TO him, simultaneously with their transcripts of
seo"un's current, statement showing the amount