The New York herald., 1870-04-19
FINANCIAL and COMMERCIAL.
WALL STRERT,
MONDAY, Aprll 18--6 +. M.


MONDAY. April 1876 p. M.
Anairs In financial circles continue monotousiy
quiet. Speculation has drlfted into rut OF dulness
from which the cques seem unable to extricaIe It
The brokers' complain OF light orders, the only Dusl-
ness transacted being confined TO the rev nrms
DONG business for the larger operators. The heavy
rain storm assisted this duness ana kept many pro-
mnent dealers out OF the street.
The members Of the stock Exchange constituting
the opposition" to the regular nominations already
made for the annual election held meeting this
afternoon to present candidates The Gold Ex-
change also held the usual semi-annual meeting to-
day. Reports Of both meetings. are given IN full
elsewhere.
MONEY EASY.
The .bus, certainly cannot complain Of the good
luck which has attended them. 80 far as money Is
concerned. The bank statement led to an easier
feeling money than prevailed last week, and the
rate on call ranged from four TO Six per cent the
former being the exceptional figure to the leading
government houses Fiv per cent was the general
rate on government coaterals and SIX per cent on
STOCKS. Nothing OF special import occurred IN dis
counts and rates continue steady as last quoted.
THE INCOME TAX AND THE TAX ON DIVIDENDS.
The impression IL general that repeal OF the in.
come tax would abolish the tax on dividends OF
poraiions but such Is not the case. correspon-
dent who has been at the trouble OF getting the facts
says:-"Section 1l9 Of the original act OF 1854 as
amended, especially in section thirteen OF the law
OF 1867, refers to income tax an0 its limitation
But the railroad and canal companies are governed
by and are now acting under section 122 Of the act
OF 1854 las amended by section nine OF 1885, author
izing the tax on interest and dividends ana
authorizing the Withholding Of the tax by the CON-
panies. This section Is not subject to the amend.
ment to section 119 Aforesaid. An estate invested
In bonds &C., before the is and until the repeal
or modification Of section 122, will be, subject to the
tax OF nve per cent without any exemption Of 900
or any other sum. The increase of exemption Will
not benefit It. nor Will any resolution or act put
back the five per cent already collected by the CON-
panles by deductionn
ADVANCE In FOREIGN EXCHANGE.
There was fairly active demand for bills to remit
by the steamer tomorrow, which enabled the lead
ing bankers to advance the sterling to 1o9
for sixty days and 1925 for sight bills The follow
ing were the closing quotations:-St Sterling, sixty
days, commercial, 1854 10S7s; good to prime bank
ers' 1oo lo9,4; short sight, 1925. lO91s; Paris,
sixty days 622s 5ls1S; short sight, 51711 5.16A;
Antwerp 5.225s 5lsa4; Switzerland, 5.221l 6ls%;
Hamburg 351a q 351s; Amsterdam 40H 40sa;
Frankfort, 4o1a 4o4s; Bremen, 77A 1873; Prus-
sian thalers, 7O1k Il.
THE GOLD MARKET STRONG.
The general duness extended TO the Gold Room;
but the clique kept the price firm, and. with the
rise In exchange, advanced it to 1l31, as against
the opening quotation Of 1854. 1t is said that the
most prominent operator in the present movement
Is a young man who, as speculator few years
ago, was in boldness. pluck and recklessness the
real Cataline Of Wall street, the testimony OF the
House committee in giving that honor ~ to Mr.. Fisk
10 The contrary Notwithstanding, but who was
fortunate enough to conclude his brief career in a
very summary manner. At least he Is said to have
again entered the golden lists Wall street opera
tiOns being with all VINO have taken part in them
penchant incurabe save by death or utter bank
ruptcy. The clique further seem to control the
ket with great skill, for they made cash gold so
scarce to-day that loans were made at '1lat' for
borrowing rhe course Of the market was as fol-