The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-19
FINANCIAL AND COMMERC GAL.


The stock market was firm at the early session OF the
omen board this morning. but afterwards became some
what unsettled under conflicting rumors regarding the
new finance bill Tho Committee of Ways and Means
were reported have had another interview with the
Secretary of the Treasury and 10 have stated tina. they
would not object to the bill In its present shape if
they could feel that he would always be at the
head OF tho Treasury Department There il a strong
objection to that provision of the bill authorizing
the Secretary TO create foreign stock tho interest of
which is TO DO payable in and in the OF the country
where it is held; and although it is generally believed
that he would be unable to negotiate such loan on ad-
vantageous terms, however unlimited his authority
might be- Is nevertheless conended that the authority
would be dangerous, owing 10 the false hopes
and needless alarms to which it would give rise.
These would take the practical form OF spasmodic
fluctuations OF market values, which, while en-
riching spectators would impoversh the people
Al the ten O'Clock open board Erie closed at 92x,
Michigan Southern e97 Cleveland and Pittsburg 1884,
Rock Island 1o4 Northwestern preferred SIX, Fort
Wayne OAK, New York Central 931. At the first regl-
lar board there was gradual decline the call pro-
gressed and Michigan Southern closed lower than at
the hafpast two board yesterday Cleveland and Pitts
burg " Northwestern q, preferred q, Fort Wayne y,
Reading /, Ohio and Mississippi certificates a. Govern
nent securities were quiet Coupon Gve-twentes Of the
Old issue declined r. scventhiry notes OF the first
and second series advanced T. The third series dc.
ciined H.
At the O'Clock sessions the market Hrmer for
old Southern, but weaker for Rock Island The latter
sold at lo3 and the former at esX Is. 49, schuylkin
Coal in demand at 16 At the half past two board
there a steady but rather dull market Fort Wayne
and Ohio and Mississippi certificates closed higher
than the first board Cleveland and Pittsburg was un
changed. New York Central declined e, Erie ~ Hud-
son River n Reading Il, Michigan Southern Il, North
western preferred u. Atlantic Mail L. Government
rites were rather heavy Coupon fve-twentes of the
FIRST and third series declined g. sevenhirties of the
second series advanced u.
At the hal-past three open board prices generally
d fraction lower, the greatest decline being in Rock
Island, which sold at 1919. Erie closed at COX New
York Central OK, Hudson River (s.3, 104 Reading
1907, Michigan Southern 6sX, Cleveland and Pittsburg
1871 Northwestern 49,, Fort Wayne 94ls, Schuylkill
Coal 49, Cumberland as
Afterwards, on the street. the market developed an
improving tendency, aud at half-pas five O'Clock Mch
gan Southern quoted at 6sai co, Reading l00H
1919, CLEVELAND and Pitsburg 1872 H. Rock Island
1olal lo2 Northwestern 3l4 q, Erie 9o1s
The speculative spirit the Stock Exchange Is not
very strong but there indications that it would
quire but slender efforts in tho present easy condition Of
the money MARKET to turn the current of speculation
to the "bul" sde and create active demand for
would greatly stimulate. - =.
The trustees Of the majority Of tho holders OF Mis-.
sisspp and Missouri second mortgage construction bonds
commonly known as second mortgage land grant bonds
have given public notice that they in possession OF
majority Of such bonds for the purpose OF purchasing
and reorganzng the Mississippi and Missouri Railway
Company, and that all holders Of these construction
bonds can participate by acndirg in their bonds within
the next thirty days to the trustees, Messs r Yell
verton, F. p. James and D. N. Hughes. Vae
There IL material change 10 remark in the stae Of
the money Market which Is characterized by the dull
monotony Of calm in the tropics, Tho highest rate
asked for call loans is six per cent and the exceptions =
Ave. and even four, per cent increasing ~ dis
count line Is more active, In consequences or - light
demand for money from tho Stock Exchange md nrai
class commercial paper taken freely Il the legal
and in some instances nj half per cent bsiowA Good
names arc rated At per cent. bot inferior ustures
have sti 10 submit 70 n shave OF 10 Is At Chicago
there Is lees srngency reported than n the clover a
week. ti4tf av-r trf'- i-
The gold market weakened steadily from 1904 a the
opening to 1881 at the close Of business Loans we're
generally made per cent In favor Of tho lender OF
the coin. - 'e =.
Foreign exchange quiet and without Improvement
Bankers sterling At sixty DAYS Is steady at 1oSx
and those who ask 100 ra to g,t IT, unless for small
amoun:a sn
Petroleum stocks were active and in the ascendant
Al the first beard BennehoT Run closed 81 so higher than
at the same time yesterday selling SEQ Palmer Pc
troleum zoe, selling 81 90; Phole Creek 2oc sell.
ing at Sl2; United States sjr, selling $21 u.s. Ada
mantne sod at SOC, Clinton 81 IS Forest County &C.,
Heydrick 4o,, Inexhanstihe lee Pithoe Consolidated
So 90, Shade River 81 S. Buchanan Farm 76c Bradley
3d., First National 45c, Ham McClintock 81 Is Oil
Creek 81 70, Rynd Farm SIC, Webster 81 o., Flint
Steel RIVER 50 Is, Quartz Hill 81 80. AT the second
board Bonn hon Run closed Csc higher than at the rs
board, selling at SO 25 Palmer Petroleum .oc sell ng
a. 81 Co; Smith * Parmeee Gold 25.. selling at ST.
United states was 35c lower selling at s2 30 Oceanic
sold Mt soc, First National +5c, Ham McClntock IS,
Northern Light so, oil Creek 81 IS, Pithole Creek
sl2 o5 Rynd Farm Sc, Consolidated Gregory Gold
SIC 25 corydon 81 CO. Guuncl Gold 81 49, Guunell
Central So IS, Waikiki 81 20
The courts of this State have decide that the stock
holders Of naioral banks liable state county and
town taxes upon the amount Of their stock This decl
sion has been appealed from and the case has been car
red into the Supreme Court where IL is set down for
argument the last day OF the present month 1t Is TO
bchopcd that tho decision Of the State courts win be sus
taiued for although the securities Of the United States
are exempt from local taxation, there Is nothing any
oct Of Congress excmptng sharrs in national banks
These institutions already unfairly exempted |
and unduy privileged under the National Currency act;
NO much so that they immense source OF wealth
TO their stockholders The mere income from their |
bonds deposited security for their circulation Is large
while they make Interest on the latter at the time
thus drawing double interest upon their single invest,
ment II tn. stockholders 70 be exempted from
local taxes "n lbs portion Of their personal property
II would b. uEIair 10 The rcs, Of the community.
The total fa,iri deb. OF the city Of PhiIadeipha Is
sct down a. 5Sc,ss1sL
Tho csrnuss e ;hc Midile5oro and Taunton Mass
Railroad, whi-h !, cul ten miles long, during the year
1866 amounted - Eiot AID the expenses 10 Sai ass
ieavns but nf dollars profit
The Pusbu ,,'Al Clearing House IL expected to be |
really TO bgn ~ ra,icns on the Is, Of February
The foil VIM lahls shows tho success whl n attended