The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-20
FINANCIAL AND COMMERCIAL.



TUESDAY, Feb. 1875 P. M.
The slight depression noticed in the stock market
yesterday was short lived. The market this morn
ing opened very buoyant, and moderately active
At the first board Virginia 6's advanced per cent;
Hudson Railroad, /; Cumberland, 4; Erie, 8; Har-
lem, 2; Reading, IL; Michigan Southern, L; Pana-
ma J; Cleveland and Pittsburg, 2; Cleveland and
Toledo, 4; Chicago and Rock Island, J; Galena and
Chicago, Z. The improvement to-day must be at
tlibuted principally TO the favorable bank statement
of the past week. With specie reserve of more
than fifteen and half millions of dollars, we must
look for line Of discounts considerably above one
hundred millions. In August last, with specie
basis of about fourteen and half millions of dollars,
the line of discounts ruled above one hundred and
one millions of dollars. At that time the deposits
amounted to eighty-one millions of dollars; now
they are more than Lightweight millions. The
banking movement of this city, during the pre-
sent year, will probably exceed, by several
millions of dollars, that of any known. We have a
larger banking capital than ever before and should
not be surprised to see the bank loans run up to one
hundred and ten millions by the LIST of Sep
tember next. With an &C emulation of specie
during the past twelve months of full twenty mil
lions Of dollars most Of which has passed into gen.
eral circulation, our currency must be sound.
The banks of several of the largest States in the
Union no longer issue bills under the denomination
of Ave dollars This has forced good deal Of gold
into the channels of trade and given greater value
and higher character to our circulating medium
The Legislatures of several States are considering
the feasibility Of prohibiting the issue of small bills,
and we have no doubt few years will the paper
currency of the country limited to bills of large de-
ILL., IN
we have made within the past five years in estab-
fishing specie currency has been SO great that we
have hopes of ultimately raising it to the highest
stan dard-to point where it will compare faverably
with that of any nation in the world In the returns
which we have recently published, showing the
aggregate banking movement of the country, it
appears that the total amount Of specie hand at
the latest dates was only about half million more
than on he lst Of January, 1854 In the same time,
the bank circulation Of the country has decreased
about thirty millions Of dollars. This shows two
very important things. It shows in the first place.
that the gold retained out of receipts from Cal
ornia and other places has gone into the hands of
the people, and not into the banks; and it shows in
the second place, that this specie has displaced
about thirty millions Of paper currency. These are
very extraordinary facts, and they must have an
immense influence upon our internal prosperity.
1t places the great interests Of the country more
beyond the control of the banking powers, and
guarantees more permanency in our progress. We
are not now 30 subject to sudden and serious uctua
tions in speculation and in prices. It places us
more on par with foreign nations, with which
we are brought into direct competition, and
gives US the advantages Of buying and sell
ing under similar currency. It completely
removes any necessity for protective tariff, and
puts to rest all those brawiing political demsgogues
who for the past fifty years have kept the country
in continual state Of agitation about the tariff or
some other equally absurd financial or commercial
system. There never was time in the whole his
tory of this confedeacy, when its financial and COM
mercial systems were on a sounder or more solid
basis than at this moment; and there never was q
time when the future was 30 full Of progress and
prosperity Our capital is increasing with wonderful
rapidity, but it will be long time before we shall
be troubled with surplus. The day, however, has
gone by when any enterprise this side Of the At
antic of public character possessing great merits
will fail for the want of means. We command the
capital of the world and when that emanating from
foreign source is once located it becomes SO COM
pletely ma nrazed as to differ but slightly from that
Of native origin. We have never before felt so
much confidence in our internal strength and re-
sources since the recovery of all great inte
rests from the depression and prostraton of eighteen
hundred and fifty-four.
After the adjournment of the first board the fol-
lowing sales of bonds and stocks were made at anc-
tion by Simeon Diaper
81 coo Wheeling City SKIES 1875 lint added 63
5000 Black River and Utica X. r LIST M do. 76x
1000 Evansville ard Dbinots r. r. DO. do. 10
2,CO0 Great Western III r r.. do. los. 6o. 90
18 shsres Knickerbocker Ice Co................ IS
20 do. Ohio Centrai Rsiiroad Co .............. IL
20 90. Island City Bauk ACKNOWLEDGEMENTS
AZ co. Minnesota Mtnlpg Go .................. 40
100 do. New England Mining and Quarrying Co.. 10
At the second board very spirited speculative
feeling prevailed. The operations in Erie were very
large for the afternoon board. They sum up nearly
five thousand shares, at an advance Of per cent.
Illinois Central bonds advanced per cent; Ncara-
ragua Transit, 4; Cumberland, 4; New York Gen.
trail, 81 Cleveland and Toledo, L; Harlem, /; Ga
lena and Chicago, I; Cleveland and Pittsburg,
4; Long Island, }; Milwaukee and Mississippi,
]. The improvement this afternoon was more
decided than we have had for several days. IT was
in reality, bully market. 1t is our impression that
the rise has but just commenced. On the LIST Of
January, 1856, we deliberately reviewed the stock
operations Of the previous year. and pointed out the
probable course of prices during the year 1856.
Nearly two months of the present year have elapsed
and SO far all our predictions have been verified
We have but just entered upon the beginning of the
end Those who have followed us through the stock