The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-01-13

The money market continues 10 work easier and tho
influx Of legal tenders consequent upon the dsburc-
mcnts OF the government and the return from
the West is exertng marked effect Nevertheless the
capital seeking investment Is much Of the
demand and as much of it comes from the national
banks it Is liable be diminished by Treasury drafts
any time. Spectators for re in government securi
ties are however anxious the impression that
money is easy The demand may be considered active
at seven per Commercial paper less in request
owing decline OF gold but the rate Is still quoted
at per cent
Foreign exchange is dull at 10o,4 81 for bankers
bills VI sixty days and il0Z * at three days MGR
,chanls bills offered at los, and from that to 100
Drawers are more less combined to sustain current
quotations
The last advices from Great Britain report that the
bullion Bank Of England had decreased during the
previous week f2O7 900 and that three important
ercia failures occurred Cotton had also declined
halfpenny penny per pound, and with the intel
gence tho capturof Savannah further considerable
fall cannot but occur which will involve tho risk Of
semipanic Government stocks will be likely 10 advance
In the ratio that the rebel loan declines.
The case Of Morgan Peabody just tried In the Su-
preme Court and which resulted a verdict in favor OF
tho plaintiff with thousand dollars damages Is Of
interest stock brokers' The action brought 10
tho OF three hundred shares Of stock In tho
Quicksilver Mining Company, which IL was alleged had
been illegally sold by the defendants who carrying
the plaintiff the usual margin Of ten per
after the ordinary manner OF commission brokers'
which margin was TO DO kept good This the plaintiff
neglected TO do, and the defendants therefore notified
him several times in writing between December "a 1863,
and January TO- 1854, make his margin good In
default OF which they would sell the stock which they
finally did, and notified the plaintiff Of the sale The lat
tor had meanwhile the defendants his inability
TO make the margin good and directed alleged,
che sale OF the Three months after which he
received q balance OF S3s 81 remaining TO his credit
On the trial, however, the plaintiff denied having
assented to the sale. The verdict in this case is still
more decidedly In favor tho customer against tho
broker, than that Of Stlwcll Mcgs, tried in the
Supreme Court last October; or OF Brass Worth
white 1885, yet OF any Of the following cases, ID
which damages awarded to the pledgor ;--Dyker
va Alstyne II Hill, 4gT); Stearnc w. Marsf
"a Demo, 227; wilson vs.. Little IL Comstock 443)
Brown vs. Ward % Duer GOO; Lewis Graham "a Alb
bott 1907; Wheeler vs. Newbo IA 90 sew York Court o
Appeals 1850; williamson Little q New York, Com
Stock For the law, however, TO presume tina
the broker is 10 take all the risks Of hIs Gus
toners spcculations Is in opposition 70 equity
But that q reasonable responsibility should r.
upon the broker in his relations with thos
from whom be accepts commissions Is indsputablo
Whatever the commercial morality ~ honor 81 the ma
iory of stock brokers may be- II will generally be foun
tina, the average run Of operators who employ them ~
at least equally INSCRIPTIONS, although there are .
course honorable exceptions among both.
Until further notice the and checks OF the Firs
National Bank Of Jerey city will be redeemed throug
the Clearing House by the Bank OF The Republic for az
count OF the First National Bank OF New York.
The subscriptions 70 The thirty loan at the Fir
National Bank TO day amounted 70 1907 900 The sam
institution paid 5000 600 IN Treasury drafts
AT tho annual meeting OF stockholders for the eecto
or directors OF the First National Bank Of New York IN
cid board was unanimously reelected, and al a mcctln
OF the directors Samuel @ Thompson unanimous
rejected president, James Curphey appointed cash
Ter, md George v. Baker assistant cashier