The New York herald., 1865-06-09
FINANCIAL AND COMMERCIAL.
THURSDAY, June So p. n.

The stock market active and strong on the call at
the first board this morning, but the second call
there fractional decline and tanner spirit Hud-
River closed y higher than at the second board
yesterday, Reading z, Michigan Southern IN, Ceve-
land and Pttsburg u, Fort Wayne u, Ohio and Mis-
sssppi certificates u. Quicksilver u. Erie and Illinois
Central unchanged. Government securities were
quiet Coupon avetwentes were r. lower Skies Of
1881 advanced y.
AT the open board at o'clock the market steady
at the decline. At the second regular board it
shade hrmer New York Central closed u lower than
the first board Erie u, Hudson River " Reading y,
Michigan southern u, Fort Wayne q, Quicksilver u.
Rock Island was q higher Ohio and Missis
sippi certificates unchanged. Government Sc
curities dull but steady At the second
open board the market without much
activity and slightly unsettled New York Central sold
at 90h Erie 75%, Hudson River 1885, Reading ok,
Illinois Central 49, Michigan Southern 60%, Cleveland
and Pittsburg 62h, Fort Wayne 9sa, Cumberland
39H, Quicksilver 5oH Later, the street. the market
irregular, and at FIVE p. NJ Erie quoted at 75zs
10 Now York Central 90A, Cleveland and Pittsburg
6lx, Northwestern 241<, Reading 91A, Hudson River
103H
Tho speculative spirit on the Stock Exchange is be-
coming stronger, and the bulls hopeful OF
rise than they have been since the depression the
increasing in tho money market being in their
favor while they argue that prices low 1t is
also expected that stocks will sympathze In some degree
with the further advance Of gold which is predicted on
large legitimate demand for export in the
face of the limited supply.
The specie market is very firm, Notwithstanding the
abundance of cash gold The opening quotation was
13s between which and 1917 remained steady all day,
closing after five M at 1917 1885, There is an
increasing disposition to buy under the present con-
dons foreign trade but the absence OF fluctuations
in the price makes volume OF speculative
tions very light 1t Is not, however, improbable that
before long gold will be quoted at $50 agana price at
which a foreign market would begin to open for our
bonds and produce. The rise Of the premium would
certainly be only a palliative; but whatever
checks the outgo Of specie during the next
two three years till we have fresh cotton and TO-
CROP and larger accumulaons Of breadstus and
provisions the Western country will confer temporary
benefit American produce Is quoted high in the
board markets that with few exceptions 1t Is unproht-
able TO export it, and hence have nothing except gold
with which pay large balances against in
changes The preponderance Of our imports over our
exports would not be an unfavorable feature
II a specie basis If supply Of gold
larger but since the commencement of the late war we
have been slowly losing specie till have lit
tie than forty six millions in the Northern, West
and Middle States California excluded, outside Of
private hoards and the present rate of specie ship
ments how long stand the drain without
seoing the Of a return to specie payments
become and more disant9 We received
less than thirteen millions Of gold from Cali
fornia In 1884, and less than twelve millions in 1863.
Our exports Of coin the other hand between
and tbrce millions week, and markets throughout
the country bare Of merchandise during
the last twenty years in proportion TO the popua
tlon, az at present
10 Nvyn nd activ for
bankers bills sixty days. and Ill at short sight
Merchants bills continue scarce l09x T. The
steamer City of Manchester took 1856 900 In gold
to day
Money Is very easy the Stock Exchange at five per
cent, with only moderate demand. Loans have been
made in some on governments at four. The dis
count line is inactive.
The appointment of successor to Mr.. Stewart the |
Sub Treasurer in this city, being actively sought for by
number OF politicians 1t is however, TO be hoped that
the Secretary of the Treasury will the advisabty of
appointing to the Office whose known integrity
and practical knowledge of business will CON-
mand the confidence Of the financial commu.
nifty 1t is believed, in well informed cir
Clos that Mr. McCuoch will be governed by the per-
sona fitness of the candidate for the position rather than
political influences, and Mr. Moses Odel Of Brooklyn
formerly deputy collector Of this port and member Of
Congress from Brooklyn, Mr. H. H. Van Dyck, the |
Superntende Of the Bank Department at Albany H
gsrded the likely to receive the appointment
Either Of these gentlemen may be considered fit and
capable and would be acceptable to the banking
munty here.
The disputed question of the liability of brokers pay
the internal Of oae-tenth OF per cent
upon all salesof stocks bonds god whether sold by
brokers their for Others is present
occupying tho attention OF the United States Circuit
Court the of the United States Cutting. The
ntont Of tho law is clearly defined by its wording that
there hardly bo any doubt upon that point The
legal controversy on the subject interesting however
opposite placed upon the letter Of
the act We all know that the intent Of law is
times defeated by the manner Of its wording and |
although II is maxim among jurists to |
follow tho spirit rather than the letter Of |
a law when the former is perfectly clear, |
unfrequently happens that decisions governed
by strictly literal interpretations and echnicaes which
make law without dispensing justice Wherein lies the
uty Of brokers being exempted from tax which they
~, o wcdgc their compelled TO pay, and
,h a. ey invariably charge with their commission
,e, tho lie Is NADER ''What is for the goose is
aance for the ean ter and the law should not make flesh
of one and fowl Of Tn, other The language Of section
90 Of the Internal Revenue sct s that all brokers and
bankers doing business as brokers' shall be subject TO
pay tho following dui.es and rates Of duty
Upon all saes for sales OF stocks and bonds
etwepteh of one per centum the amount Of such
snlc> and of all contracts for such sales In this no
Exception is made favor Of brokers acting for them
selves Tho tax is obnoxious one in Wall street,
alike with that upon certified checks az circulation; but
the proper remedy lies their appeal The banks can
not afford 10 pay the latter from the date Of the act
going into operation the oerncations OF single ns
tutions have averaged from five to ten millions day
during the whole Of the intervening time ii
enforced 1t will either force the remaining
State banks TO transfer their ahairs 10 the
national system, or compel them to make their clear
ancos in the afternoon instead Of in the mornng 90 as to
ov,de tho ,c, The tax was levied in the Of the