The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-08
FINANCIAL AND CONNER ciAL


rno s,s market was dull and rather unsettled al the
nrs hoard this morning Erie closed 6X lower ex div
aerd N IN ON Saturday showing decline Of 2, Read
,ng Michigan Southern u, Cleveland and Pittsburg
" Northwestern 4, Rock Island Y, Fort Wayne u
covernment securities dull under the report of the
relapse Of nye-twenties to 20 abroad Coupon skies
OF 1881 we're e u lower, fye-twentes Of The new
issue r. seyenIhiry notes OF the second series were
steady at 991l.
At the open board at one O'Clock, the bank statement
having been fully discounted the tone of the market was
better and after the call prices experienced fractional
Improvement At the second regular board the market
was dull but firm. Erie was per cent higher than
at the first board, Reading u, Michigan Southern ~
Northwestern IL Fort Wayne u. Government securi-
ties were stronger Coupon fvetwenties improved 4,
new issue d, coupon skies Of 1851 u.
AT the open board at halrpast three the market
firm but very dull The chief activity was in Cleveland
and Pitsburg Later, the street. prices steady.
Money has been easy at per cent notwi hstand
ing that the statement Of the associated banks for the
week showed further important changes. The deposits
have decreased to the extent Of S,5lS097 which Is
mainly attributable to the drafts Of the Treasury upon
the national repositories The loans have decreased
49, 49, the legal tenders So 1874 S0e and the specie
s1,372775. The latter item significant in view OF the
very light demand for export to Europe II leads to the
inference that specie is gradually finding its way
is sent to the British provinces to pay for lum-
Der, and it is likewise long ago predicted,
beirg TO the South considerable sums TO pay for
cotton 1t is well known chat the southern people have
positive prejudice against paper money, and that the
planters willingly make sacrifice for the sake OF getting
coin
The discount line is inactive at per cent for first
class CONNIE paper and 10 IL for the second grade
The gold market not strong it generally
,a cf
twenties in London. The opening price IA, from
which it reeeded to l431 l439s 1t afterwards became
nrmer, however, and closed at 1897
Foreign exchange v.ry firm at the opening, but IL
subsequently weakened. Bankers asked 10S2l before
noon, but the small German bankers forward later
and sold the market down to 1887. Leading drawers
asked l0SN
The market for petroleum stocks has not yet recovered
from its long continued duness and, with two or three
exceptions, prices considerably below par. Those
who bought subscribed when the coil fever rag
losers proportion the of their purchases and
subscriptions, aud the bubbles which have burst, of
which there many, priceless. We intend briefly
noting the Of the petroleum stock market,
future undoubtedly very large number of persons
interested therein The closing second board quota
lions OF the most active stocks this afternoon
folows-United States 500 TO- Pit Hole Creek 50 80,
Excelsior 81 IS, Webster ST. SIS, Oil Creek SIS i5 Buchan-
rather heavy
There is great discomfort among stock, gold and
change brokers with the order of the Commissioner Of
Internal Revenue directing his subordnaes to collect
the tax sales made their own account,
notwithstanding the recent decision Of Judge Nelson
and tho promise Of the former Commissioner Mr. Lewis
that the decision Of the United States Circuit Court
should be abded by The letter Of the act OF Congress
Is explicit but who have been in conference with
the members Of the committee which framed say that
the intent of Congress the opposite OF the sense
which the letter conveys If so, why
the amendment approved March 8, 1865, passed.
Tho tax by il levied all sales by brokers,
whether 'for themselves or others" But the tax is
entirely too heavy, and substitutes great incubus upon
speculative business BY the present law the Of
stock may sell 1t TO any free of tax, whereas opera
tons through brokers taxed If tax of this kind
exists 1t should be upon oil sales Of securities,
gold or foreign exchange. We have already expressed
opinion of Judge Nelson's decision, and have
explained the defects and nequity Of the itself
in this particular But whether the decision OF tho
United States Circuit Court be right wrong salts
factory to all parties not 1t only consistent with
Law and order that its decision should be respected
less until 1t overrued by the Supreme Court Of the
United States which is the only court of appeal from
It's decisions This especially applies In the present
instance for the exCommissoner OF Internal Revenue
written promises ABIDE, so lar rs MS department.
was concerned, by the decision OF the Circuit Court
Whatever night be- Thus the 9th Of Juno, the fol-
owing letter addressed to Mr. A. Lovegovo, Of this
city,
TREASURY DEPARTMENT, OFFICE OF INTERNAL REVENUE,
WARRINGTON, June 0, 1865. !
SIR-Yours OF the 18th ult and OF the 7th inst are
received This Office has been overwhelmed with cor
respondencc for the last two months and has become
favor OF the revenue officers TIL second
for delay IN your case SINCE although this Office has no
Who feel aarreved have United in presenting case for
tho decision Of the Circuit Court and have expected to
be informed as to the decision even before the present
in all districts will be Instructed TO act IN accordance
T. A. ROLLINS Deputy Commissioner
In like manner, in reply to inquiry from Mr.. G. |
wihcrspoon Of this city, the following returned-
TREASURY DEPARTMENT,
OFFICE INTERNAL REVENUE
WAsHIsGToS, juno 20, 1856.
Sm-Yours OF the Odd inst. ived Your PROPOSE |
ton 10 be allowed 10 in party TO the suit before
JGdgc Nelson in rotation brokers' liability
sales made for themselves would properly be made
to the District Attorney than to this Office If grceable
to him have no objection to your being heard 5y
the argument made your behalf The decision, when
made wiz cover the case Of bankers doing sslness rs
eide agans.Ge ruling Of THIS oilce you will not Of
course be held liable on the sales in question: but If he
decide In accordance Herewith, question OF fact will
remain to be decided by assessor subject to appeal
TO this Office, vz-whether you arc bankers doing busi
JOSEPH J. LEWIS, Commissioner.
The subject is further referred in tho following letter
TO the same gentleman written few days previously
TREASURY DEPARTMENT,
OFFICE I:TfRNAL REyEvUE,}
WmmSGroS, June TO- 1885.
Sm-Yours OF the 14th instant Is received 1t appears
therefrom that your firm of Wi.herspoon COL holds
license under section 49, paragraph Ia, commercial
brokers' You also state 'that keeping moneys do.
pos subject 10 draft you hold bankers lcense; but
YOU say that absolutely refuse TO accept of orders
for the purchase sale OF foreign exchange gold &C.
on account OF other parties pbough you acknowledge
transacfng sucr business for yourselves) and argue
thorefom that not being brokers, you not liable TO
tax on sales under section co. But by paragraph o. Of
section TO- II liz that you liable TO license tax as
hrokerY Tor would be- IL you bad not bankers lcensel