The New York herald., 1868-06-10
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
TUESDAY, June e-oPM
The gold market has been moderately active and
somewhat irregular to-day, and the fluctuations were
nom Isox to 1894, with the closing transactions at
lssK. There was brisk borrowing demand for
coin and loans were made at q per cent per an
num and l-64 per cent per diem for borrowing. The
gross clearings amounted to $40, ,92e O0O the gold
balances to lOO4s sll and the currency balances to
t1ss6,077. The advance in the premium before noon
nom the opening price was mainly due to frac-
t0nal decline in fve-twenties in London. The Sub
Treasury disbursed $l39,Ooo in coin in payment
ef interest on the public debt and the
conversions Of seven-thirty notes into i've
twenty bonds aggregated $s30.ooo The steamer
Teutonia took out $4,000 in specie. The
new Tax bill now being discussed by the House of
Representatives is 80 bulky that at the present rate
OF progress the end will hardly be reached before the
summer is over. Such voluminousness is suggestive
Of its being based upon wrong principle-namely,
that OF taxing multitude Of things, when compare
lively few taxes, judiciousy imposed and enforced,
would answer all the purposes Of the government in
raising the necessary revenue It is well known that
the cost OF collecting multitude of small i'm
posts nearly equals the revenue derived there
nom, besides which they are a source OF vexa-
aon and inconvenience to the taxpayers. Great
Britain derives almost all her revenue from eight
staple articles, and this improvement upon the old
system OF taxing great number OF commodities not
only makes taxation less burdensome to the people,
but enables the government to raise larger net in
come than il could unaer the complicated system Of
bygOne times. But Congress seems to be encourage
ing what other nations have rejected after long
experience Our tax system Is already far too
cumbersome and needs simplifying. and the present
preposterously long Tax bill should be cut down,
for IL as easy for to raise all the money want
from leading articles Of consumption as it IL for
Great Britain in her particular case. The tax on
whiskey is very proper one, and 81 gal
Ion is less than the British tax spirits; butowing
to the shameful inefciency and corruption Of the
Revenue department only very small portion Of
the spirits manufactured in the country have paid
the tax since IL was first imposed. It ought however
To be as practicable to collect the whiskey
tax as the duties on imported liquors and the
attention of Congress should he turned to devising
means for the better collection Of the tax rather than
TO its reduction, for under the present scandalous
system tax OF seventy-ive cents per gallon might be
avoided to large extent as well tax OF 81. The
people are willing to pay taxes and sustain the public
credit ungrudgngly, but they have right to demand
the extinction of whskey rings, the punishment OF
frauds and decent regard for economy in the public
expenditures.
the day, and the tendency of railway shares was
downward. Rock Island was weak under large
sales to realize and the price declined to 1924
after noon but subsequently recovered slightly The
fact that all the old suits against the company have
not been Withdrawn, and that a new one has been
commenced to restrain the directors from carrying
out the programme agreed upon by the stockhode
committee, has caused Wall street to regard
the Rock Island litigation as anything but
settled as yet, and uneasness is taking the place
OF the hopeful feeling which prevailed with regard
70 the stock when the news OF the sOcalled settle
ment was first telegraphed from Chicago. Money
continues extremely abundant and is offered freely
In large amounts to the principal dealers in govern
ment securities and other first class houses at three
per cent although the general rate in mixed collat
erass four per cent. There is no increase in the
supply OF commercial paper Offering, and the best
grade is scarce and in demand at about five per cent
The dulness In the market for United States stocks
Sill continues but prices are firmly sustained and
tne dealers are buying up all the bonds that are
eered at the current quotations. The latter appear
to have been endeavorng to check activity and
buoyancy during the last few days for the purpose
Of adding to their stock of securities by inducing
small speculative holders to sell out The market
under the circumstances has shown great strength,
and with the renewal OF activity prices will doubt
less advance rapidly. At the close the following
quotations were current, the market being then |
stronger In tone than during the early part OF the
aay;-Registered, 1881, 111H 112; coupon. 1881, |
u6% 116x; 5-20's, registered, 1862 1857 a 100; |
s-2O's, coupon 1862, 1928 Il24; do 1864, 11O1S
l10A; do 1885, 110h lloH do, 1865, January
and July, 1127s 113; do 1867 1l3 ll3b; 10-4O's,
registered, 1861 106 10-4es, coupon, 1O6 a 1O6k;
June 1905, 1osh 1oeA; July 1905, lOs,l 1O91;
August compounds 1866, 1ls1s; September do, u.s.
ectober do, 117h.
AT the commencement Of business the stock
market was dull but firm, and at the early session of
the open board Rock Island sold at 1034 "a and Erie at
70A. At the first regular board the volume OF bus
ness was light and prices were slightly lower, the
speculative feeling being tame and unsettled New
York Central closed higher than at the same time
yesterday, Cleveland and Pittsburg "a Rock Island
4, Northwestern u and Western Union Telegraph u:
while Reading was Y lower, Cleveland and Toledo
n, Fort Wayne IL, Milwaukee and st. Paul preferred
u and Pacific Mail Ia. Government securities were
dull, and while the exportable bonds were X higher
those dependent upon the home demand were n
lower The State stocks were dun and dropping
and the prices OF these have been engineered 80 high
by chques that there is no demand for them for in
vestment. At the open board at one O'Clock prices
were higher than between the boards, and Rock
Island, after selling at 1o2, advanced to l03, but
the transactions very limited. At the second reg
ular board the market dun and rather heavy and
New York Central closed lower than at the first
regular board, Cleveland and Pittsburg n, Cleveland
and Toledo u, Rock Island Is, Milwaukee and st.
Paul y and Pacific Mail =, while Fort Wayne was Il
higher Government securities were steady and dull
AT the opeu board at hapast three the transactions
continued light, and Rock Island sold at 1929; New
York Central, 1884, and Pacific Mail. 95&. During
the remainder Of the afternoon Rock Island CON
enued heavy, and the disposition 10 realize was stim-
uaed by the publication Of the fact that another in
junction had been served this morning upon the
oicers Of the company, as also upon the president