The New York herald., 1868-03-31
FINANCIAL AND CONNER CIAL.
MONDAY, March ao-s p. NJ.


MONDAY March CO., M.
TIE GOLD market has been very Erm to-day, and the
fluctuations were from lssx to l39K, with the closing
transactions prior to the adjournment Of the board
at 1ssx, following which this price was bid. Not
withstanding the large "shortn interest outstanding
the rates for carrying coin varied from seven TO teg
per cent per annum, and In some instances 132 per
diem paid. The gross clearings amounted TO
s27, ,33e, 900, the gold balances 10 Sl,5s5l29 and
the currency balances TO $2,27l,S5l. The
imports OF specie at the port for the
week were valued at $50s37l. Speculative opera.
lions for rise are held in check by the con.
tnued stringency OF the money market, and until
the close OF the present week there no prospect OF
any material abatement Of this strngency, while 1t
not improbable that aggravaton OF the pressure
OF last week will be experienced In the meantime.
Loans call were made almost exclusively at seven
per cent in coin until late in the afternoon when,
the wants OF the brokers having been supplied there
a diminished inquiry, but there were
no surplus funds offering, and in some instances ap.
plications were made for money at the gold rate
after three O'Clock. The oanable resources OF the
banks are so much employed in stock loans That tney
are without the means TO discount Tor their mercan-
tile customers unless they encroach upon their law
ful reserve; and in the event Of panic the Stock
Exchange there would be great danger OF these in
stitutions being left the virtual owners OF the COL
lateras they hold. Hence the necessity on their
part OF eXactng more ample margins than usual, for
prices high, SO far as railway shares are con.
cerned, and ten or fifteen per cent Is easily swept
away. The railway share market is entirely without
outside support and therefore sustained by the art
cia props Of ciques; and in the Of the latter
proving unequal to the occasion Its decentralization
would be complete. The quarterly returns OF the
national banks will not be made up until
tie 9th OF April but the banks Of this city
viii virtually be in about the same position on
Saturday morning before commencing business as
they will in their statements, and hence they are
likely 10 be free lenders-if they have anything to
lend-on saturday. Last year the banks continued
10 lose deposits until the Goth OF April owing to
'settng dayn being extended 10 the middle OF
April in many instances. Last week was remark.
ably severe for borrowers OF money, but the
present is likely 10 be still worse.
An artificial rise was engineered in the stock mar
ket by the ciques operating In Erie and New York
Central, but as II is designed to 'mk the street,
there is not much temptation 10 buy at the advance
from the sharpers who pulling the wires with
the sole object OF heecing the public and filing their
own pockets. Erie continues TO engross attention,
but nothing new has transpired In relation TO leg
slatve legal proceedings in the contest, except
that Governor Ward, OF New Jersey, has signed
the bill giving corporate rights to the Erie
Company in that State. This bill allows
The company in question to "exercise all the
powers and franchises OF such company' within the
State OF New Jersey the same as in the State OF
few York. including the establishment. OF an
office for the transfer of stock. 1t is probable
moreover, that the bill now pending in the Senate
at Albany legalizng the acts OF the company
and permitting the issue Of convertible bonds as the
necessities OF the company may require will pass
and meanwhile the injunction Of Judge Ingraham, OF
The Supreme Court prevents the receiver OF the pro-
ceeds Of the new stock appointed by Judge Barnard
from taking any action whatever under the re.
ceivership
The published statement OF the associated banks OF
This city for the week ending on Saturday CORE
spends in every particular with the figures already
given IN this column the changes from the return Of
the previous week being decrease in loans OF
$4o3S,65s, in specie OF s62Oe41 in circulation OF
S2i ea in net deposits OF $685. and in legal ten.
der notes of sl3s,oos. we compare this statement
with the returns for the corresponding weeks in 1867
and 1885, respectively we fnd the following varia-
fOns:-