Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-08-06

Somponnq-lnt- Notes, '6A-.iO90ll2 llOGllS
oonpound-int. Notes. '65-1O4%9lO7% IO69IO9
In the local money market the business
of the week has been fair, but bankers have
experienced no excess of demand upon
them, SO far as discounts were concerned.
The settlements incident to the first days of
the month created a more active movement
in the currency line, and balances were
changed about somewhat, but without
affecting materially the supply, which has
been found ample for the wants of trade.
Very few new engagements aro being made
in mercantile circles, if we except perhaps
for a few days past.
The supply of Eastern Exchange has
diminished under a good steady demand
and very light receipts, and the market has
worked to a close point. Our bankers, how
ever, have SO far been able to meet the
wants of the business community without
the necessity of shipping currency. Rates
have ruled steady at par buying and ITO
premium selling.
As a matter of interest to bankers and
brokers, we print the text of tho new act
prescribing the tax on sales of gold and
stocks, which went into effect on the first
instant:
"That there shall be paid on all sales
made by brokers, banks or bankers, whether
made for the benefit of others or on their
own account, the following taxes, that is to
say, upon all sales and contracts for the sale
Of stocks, bonds, gold and silver BULLION or
coin, promissory notes or other securities, q
tax at the rate of one cent for every hun
dred dollars Of the amount of such sales or
contracts. 3 And on every sale or
contract for sale, as aforesaid there shall be
made and delivered by the seller to the
buyer a bill or memorandum of such sale or
contract, on which there shall be affixed a
lawful stamp or stamps in value equal to
the amount of tax on such sale. g 3
And any person or persons liable TO pay the
tax as herein provided, or any one who acts
the agent or broker Of such person or per-
sons, who shall make any such sale or con-
tract, or who shall, in pursuance of such
sale or contract, deliver or receive any
stocks, bonds, bullion, coin, or prOmissory
notes, or other securities, without a bill or
memorandum as herein required, or who
shall deliver or receive such bill or memo
raDdum, without having the proper stamps
affixed thereto, shall forfeit aud pay to the
United States a penalty of $500 for each
and every offense where the tax so evaded,
or attempted to evade does not exceed Sl00
and a penalty of $1,000 when such tax shall
exceed SI00, &c"
The Chicago Tribune, in an article as
sribing the government Of the gold premi-
um to the price of our national securities in
Europe, arrives at the following conclusions:
The price of gold, or in other words, the
value of "~greenbacks, will be regulated
and governed by the price of our bonds
in Europe, until We cease sending bonds
there for sale and begin to buy them back,
as before said, for permanent investment or
on Government account for cancellation. IL
is not possible to resume specie payment in
this country until our fve-twenty bonds ar
rive at par value. So long as a gold dollar
is worth moro in the European market than
q $50 dollar, it will be impracticable for
our banks TO redeem their notes in coin.
The real problem to solve is, how shall the
Federal bonds be appreciated in Europe?
The first thing to be done is to maintain
and improve Federal credit, by prompt,
punctual payment Of interest on the bonds.
The Government must live up strictly and
c~onscientiously to its agreements with its
creditors.
Second. The taxes must exceed each year
the expenditures of the Government, and
the surplus must be applied to the purchase
and cancellation of bonds.
These two measures will gradually carry
up the National credit to par, and when the
bonds reach that point, the banks can begin
to redeem their issues in coin and not be-
fore.
In the general markets the past week has
been of uninterrupted quiet, and to-day
business showed no signs of an improving
tendency. A well maintained trade de-
mand for Flour has been maintained at
steady and firm prices for the upper grades,
but transactions have been entirely limited
to the wants of local and neighborhood buy
ers. The Wheat market has been very
quiet, and for the past two days the ten
dency has been strongly downward. To-
day we heard of a sale Of No. I Spring in
private terms, and quote nominally at SI.9O
for car lots. Corn has had a steady market,
but closes less firm and 1850 lower. Oats
have advanced under a very light supply
and an absence of receipts, and the market
closes firm at soc for No. l State. Rye and
Barley continue inactive. There has been
a steady and unchanged marset for Provis-
ions during the week, with a fair trade de-
mand for city-cured Meats there is very
little country meat offering. There is q fair
business doing in Butter to the trade, but
for shipment the week has been quiet. ILe
stock of choice in the market is light, and
holders are very firm at SIC for best grades
Western Reserve. Cheese has had a very
dull market at the prices Of the past two
weeks. Eggs have improved, and are
bringing Die for fresh packed. A fair de-
mand for Highwines has existed at S2,27@-
2,2S. Petroleum has had a more active
market for the past few days, chiefly in
bonded, and an advance of 3@lc over last
weeks prices has been made, the market
closing firm. Other articles in our quoted
list have ruled steady and without especially
noticeable change.