The New York herald., 1867-04-03
FINANCIAL AND COMMERCIAL.


The stock market remains inactive but steady under
the scarcity Of money caused by the boarding Of the
national banks in preparation for their quarterly
mens 10 the Treasury Department. and the fact that SO
much monetary disturbance 10 occasoned four times
in consequence goes prove that these arc
70 great extent a sham, and calculated mislead
rather than inform the public The returns Of the
honal banks should In order 10 secure uniformity and
convey accurate idea Of their condition. be made
weekly-a plan which would obviste the and
called for incopveniences which these subsidized in
sttutons at present subject the whole financial and
commercial community dmply for their benefit
When their completed and they have turned
the LIST Of April into All Fools day to the best OF
their ability for all but themselves they begin TO relax
their grip upon the greenbacks their possession and
lend freely; and in proportion the extent 70 which
they oveexpand their loans they forced TO contract
before tho next return 10 the Treasury s made Hence
the struggles Of the financially weak to become hnan
ciay strong and the petty shining and shaving which
involved in them.
The supply Of money to-day was somewhat more
abundant than yesterday, Just as the supply
Monday was better than that on Satur-
day; but absolute ease has NOT yet been
perienced, although the prospect is favorable to
daily improvement In this respect The country bank
balances at this centre have been drawn rather low for
the purpose referred and these yet had time
70 return. As they do money in the open market
will gradually increase In abundance and speculation
the Stock Exchange will revive. The general rate for
call loans is per cent with few exceptions at the
legal rate in gold although savings banks and other
institutions oaning balances the leading dealers
government securities at SIX. There Is a moderate
amount Of commercial paper offering for discount and
the best grade submits to 71 per cent while inferior
classes out Of favor the banks and have submit
70 high rates among the note shavers
For long time past the public mind has been kept In
state Of suspense relative TO the future financial policy
Of the government but at length Congress has adjourned
and all the powers Of the Secretary Of the Treasury
the finances may be clearly by reference
the authorizing acts So far the currency is
cerned he contract the volume Of plain legal tender
notes at the Of four millions month"; but he can
not exceed this amount Of contraction In any one month
even II he has failed TO his authority previous
Months He can issue fifty millions Of three per cent
temporary loan certificates convertible into plain
legal tender notes to redeem an equal amount Of
maturing compound interest notes under the passed
the Of the Congress- and he can under the
provisions of the original act authorizing them,
new compound interest notes for the remainder Of the old
ones outstanding The aggregate Of these notes in
culaton well the dates OF their maturity not
stated in the periodical Of the national debt and
the statements which have been made officially and semi
o01caly concerning them contradictory, that IL
becomes the duty Of the Secretary Of the Treasury to
give the information If lies in his power to do He
continue the conversion publicly privately Of
sevenhirty notes into fve-twenty bonds and sell the
sold the Treasury his discretion. The Of his
powers h however, greater than his ability is
likely be. The receipts, owing both
70 the dulness OF business and the mendmens
70 the law made by the last Congress- light in
pars0n with what they have been and they will proba
bly, undergo further dimnu.ion. follows therefore,
thaa the surplus at the disposal Of the Treasury
win be propO.tonaiely reduced and contraction must
necessarily be limited the amount Of the Of
celps expenditures II 10 reported at Washington
that the Forthcoming statement Of the public debt will
show that contraction Of the took place last
month and II will 60 far 10 establish the inference
that the Secretary Of the Treasury not disposed 70
severe in contracting when 10 perfectly obvious that
contraction must involve the Treasury well the
country at large In embarrassment To be forcwaIned.
however, Is be forearmed. and the familiar the
people with the powers possessed the Secretary
the finances the they will be likely 70 adapt
ehemsolvs 70 the stuaton and the less danger there
viii be of spasmodic fluctuations market values and
panic Congress has failed TO do its duty by neglecting
70 define the duties Of Mr. McCuoch in every important
particular regards the currency funding operations
end the sale Of gold but accept the case as
hiions q to the future. The country, with It's pro-
dgous resources will triumph the patchwork and
stupid financial policy Of the government as certainly as
mind sriumphs matter and those who undertake to
ssbcar'' IL by throwing discredit upon Its railways
and its sources Of wealth will find that they
have been false prophets indeed, however much
the indications OF week month IN Wall street may
seem 70 favor them. There nothing in the aspect Of
monetary Affairs other than sanguine expeca
lco1<
for gradual improvement not only the Stock Ell.
change, but in oil departments OF trade ana manuiac-
lures
Al the early session Of the open board the market
dull but steady New York Central sold at 105x; Ene,
5sx u; Reading, 1025<; Michigan Southern, 70 73h;
Cleveland and Pttsburg 7sz Rock Island, 9l,< 921;
Northwestern preferred, 64x; Fort Wayne, 93H u.
AZ the rst regular board the speculative feeling was
very tame and the market ianguished, the
western railway shares being the most yielding.
New York Central closed lower than At the same time
yesterday, Erie 1, Michigan Southern 2, Cleveland and
Pssburg n Rock Island IN, Northwestern u, do pre-
ferred ~, Fort Wayne TX. Western Uiion Telegraph
y Alton and Tesre Haute u higher, Pacific Mail
n Msriposa preferred r. Government securities were
steady Coupon nvstwenties Of 1894 declined Y, ten.
forties y. Tennessee axes, new, werc y lower, Mis-
scun hxes y.
A the one O'Clock open board prices frac-
sion higher New York Central sold at 1864 q
v; Erie, 5sk; Reading. l02k; Michigan Southern,
70; Northwestern preferred e4x; Fort Wayne s2x;
Cleveland and Pittsburg, 7sJz; Rock Island eiH Ps
cinc Mail, 100.
Al the past regular board the market was gen.
orally steady but the volume Of business was very light
Cleveland and Ptsburg cossd lower than as the first
regular board Rock Island y. Fort Wayne y. North.
western preferred y higher, Toledo, Wabash and
Western ~ Ohio and Mssissipp certificates y, Pacific
Nail H Government securities were without material
change Coupon nvetwentes Of the new issue Of 1895
declined ", while ten-forties advanced y.
AZ the napast three open board the market continued
steady but inactive. New York Central sold at 1861;
Erie, So . 5sx; Reading, 1o2K Michigan Southern,
72x Cleveland and Pit,sburg, 7sx (b3; Rock Island,
sixa v; Fort Wayne, sax ts.g; Northwestern pre-.
fened e4x n; MarpOsa preferred, % 22s<; Western