The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-10

Notwithstanding the sharp advance, followed, how
over by decline In 6ve-twentes abroad. ana the
turing Of more than nine millions OF interest gold
miscellaneous bonds OF the government, the market
showed great strength and at the close the speculative
tendency upward In anticipation OF further decline
In Eve twenties in the European markets The latter
nevertheless cannot influence the ullimsle CT
gold, and speculation merely seeks q temporary object
In selecting these securities standard TO by Tho
fact that there hardly cotton stored and growing
4 the Southern country than vii, required for DO.
0sstic consumption before the crop OF 1865 s market
ahe and that the extent Of the latter IS an uncertainty
1opendent upon the solution Of the problem OF free Ia
~, presents strong favor OF the theory
- tho balance OF trade will considerably against
- during the next two three years at
lDast, notwithstanding the recupefative powers
q the nation and the diversion OF male
population from the army and navy 70 INDUSTRIAL pur.
suits Even the million Of bales VI cotton which
In the South will be forward, anu cao for
the most part only be bought with gold and not green
BACKS by Northern capitalists Pre)udced writers may
strive 70 make bel eve that are lone the poorer 10
specie for having exported port Sl8i 784 ia
more Of gold and silver than imported between the
LIST Of January, 1852, and the 3lst Of May 1896.
but il they were to count the qusotty Of specie
now in the country. California ana the gold Ter
tories excepted, both in and out OF tho banks and
Sub Treasury and compare II with the amount
ust before the suspension the end OF 1861 they would
certainly be undeceived however unwilling they might
be to confess II.
We are apt TO speak Of national affairs would
like them TO be- rather than they Thus we mag
nifty crops Of cereals for the present year huge
dimensions entirely with the Of land
under cultivation. That shalt have abundant crops
in every way likely, but that the quantity OF
breadsu available for export will be very much smaller
than in 1860 is ndsputable, and promises hardly 10
exceed that Of last year.
The deception which the clearing house banks OF this
city weekly practice upon the public their spec,o
turns demands correction They represented last week
that they had aggregate OF SIC s5s,9a0,
but this q gross Misrepresentation Of the
fact. Not only Is large sum To certificates issued
by the Bank of New York and lodged with other banks
counted twice. but large portion or the remainder
not actually to be found their vaults the fact Of
several OF those most prominent among their number
being unable to pay checks for small amounts without
nrst sending out to buy borrow the necessary god
sufficiently showed. The Philadelphia banks
represented to have si,2le,29s In specie; but
there is reason for believing that even this
triing sum is in excess OF the amount really beId
The foreign exchange market has been lees unsettled
than during the previous week and towards the close
there was better demand Tor bankers bills at 100 ~
Some Of the securities hence for the Of being
drawn against with depress the rates OF ex-
change and affect gold, promise 10 meet with less
profitable market abroad than those who entered
the speculation expected.
Money was in moderate demand from the Stock Ex-
change at five per CALL while among the national
banks thirty note agents loans made
government securities at four There a little more
demand for discounts and tho tendency OF up
ward owing to the preference given BY lenders to the
new certificates Of Indebtedness paper
Legal proceedings are reported TO have been COM
menced by OF the holders Of Michigan Southern Rail-
way shares against OF the managers OF the
line for unlawfuy deprecating the value OF the pro-
perty by manipulating IL the Stock Exchange The
plaintiff claims par for the be hoids for
damages 10 the Of the difference between that and
H. market price There every probability OF his being
consulted however II 10 rather late In the day for one
speculator In Wall TO another for influencing
the market price Of stock whether the latter be pres
dent director Of the road represented by the stock
or not The management Of our railways Ii 20
VIGOROUSLY corrupt that no ono familiar with
the subject Is at all surprised at anything be may hear
In relation to the cooking Of accounts the Suspension
proper the paymep, Of unwaatied dividends and the
attendant bulng or bearing OF the particular stock.
10 custom which has been tactiy avowediy sane
toned long by too many be easily swept Of
istepce and IL has entered too deeply the ramiea
lions Of stockobbing life be by the law at
such stage that involved 10 the referred TO-
Spectators In railway stocks not the reform
che bad management Of our railways, as 40 action for
damages between them il merely q bull bear ccutro
versy carried into court OF justice, injustice, a.
tho decision happens to DO right or wrong. But in
the course Of time these stocks that tossed by
bulls and trodden down by bears will be Withdrawn
great extent by from the power caues and
IN proportion the temptations speculate the
Of their roads diminish the public morality OF rail
way presidents and directors will DO likely improve.
The Commissioner Of Internal Revenue has approved
the opinion Of the Solicitor Of the Treasury with regard
the banks VIII do well 10 this arbitrary inerpreta
zion Of the Law.
Judge Nelson, of the United States Circuit Court,
10 reported 70 have decided against the appca-
tion Of the tar Of one-twcntieth OF one per cent
On sales Of stocks to sales made by brokers them
selves Whether this decision was given with re-
gard TO United States stocks only, securities OF al
kinds, we are not yet aware The should have
been levied upon the former but that the Inter-
mai Revenue law goes TO prove except class
Of securities and not another from the operation of the
law 10 act inconsistency with its letter; while TO ex-
cept brokers from the tar still mulct their customers
IN u 10 10 make distinction In which there IN no eoual
~, and therefore justice.
The Marietta and Cincinnati Railroad companv maize
ths following report Of their earnings for tie past six
months
Receipts from Jan. 10 July I, 1865. s5S4 asa
Same time in 1854. Sss TAO
Increase. 1887
The following table shows the amount to be paid on
each Day Of the present week for tho various descrp