The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-12
FINANCIAL AND COMMERCIAL


scheme has received damper in various waya one Of
which Ia In the alleged that the Senate Judiciary
Committee will not agree 10 report Mr.. Edmunds' bill
regulating the procedure in cases OF impeachment.
There Is reason to believe, however that much OF the
ocaled from the capital ia manufactured In the
interest OF the gold gamblers and that prominent poll
cisns are occasionally interested in shaping this news
10 makeil their purpose In the gold room.
When they 60 'long' the Washington rumors become
threatening but when they sell out and 60 "short" sf
fairs begin to present much moro pacific aspect and
the long and the short OF otherwise respectable
in Wall street and at Washington make scoundrels
and liars or themselves several times week in order
that they may cheat In the demoallzng game OF specu
ia,ion. Gold is now Influenced more by political
than commercial financial causes, and hence
there Ia wide field for speculation to riot in
and is by frequent fluctuations that the gold room 10
supported The price declined from 142z 1879 at
the opening TO 14l but the closing transactions prior
TO the adjournment Of the board al l42 following
which the quotation declined to l4l4 l4lH Loans
were made at per cent for carrying. and the gross
cleArings amounted TO sss,2l3,000, the gold bal
ances TO $l,729,lb7 and the currency balances
to S2,4eS,5S7 Tho steamer Allemannia took out
$25S,ooO in specie and bullion. Tho project
of Mr.. Garfield OF Ohio, introduced in tho House yes
to-day for redeeming legal tender notes in gold at fixed
rates attracted attention. and regard the proposed
Treasury not attempt redeem any part Of its
currency in coin except at par and specie pay men,s
must not be forced. Such this and the
funding bill introduced by Senator Sherman pro-
ductive OF mischief by unsetng the public mind and
the public credit, and there 10 chance Of either Of
them becoming law
The STOCK market continues strong and active and
speculation In way snarcs is stimulated by the
larged earnings Of 'he railways. As an instance in
point we may quote those Of the Chicago and North.
WESTERN which aggregated $ll,7l2, 24S last year. the
number Of mios OF road In operation being 1,l50 Vt
therefore follows that the earnings per mile exceeded
$4,000 by tho sum Of $2I2,24S the aggregate
mileage Of the road. The earnings Of the other
leading Western roads were on smaller scale, but
very large, notwithstanding those Of the Rock
Island for tho year having been s. l03 on total
length OF four hundred ard sixty miles Of road, and
those Of the Michigan Southern S. 6l3, 743, about
nine thousand dollars per mile total length of Ave
hundred and twenty-six miles of road. 1t rs only
natural that such enormous receipts should have
effect upon railway secureo and the rapid absorption
by Investors Of the bonds and preferred stock, as
well as the common stock Of the great railways
for some months past, 10 directly traceable to
the improved condition and prospects OF railway
perry In view Of the material facts 1t lie not surprising
that spectators should avail themselves OF the abundant
monetary facilities ct their disposal TO bull the market
for railway Stocks the tendency OF which s upward
sympathy with real values
There is no change TO motto in the condition OF the
money market Capital is in superabundant supply,
and the principal dealers In government securities
dilncuy in borrowing all they require At four per
cent while the general for loans mixed coilate-
rails is i've per cent The private bankers six per
cent for small and moderate amounts in most instances
but this rate is exceptional The banks and other
poraons, a. well a. private capitalists still forced
10 purchase government and other securities for the
sake Of employing their surplus funds, the demand
from the Stock Exchange not being sufficient to absorb
the amount Offering Frat class commercial pa
per 10 in very limited supply, and it passes At
8 . per cent ON the street, while good but
not prime names are taken at Q per cent The drain
Of currency from the West and other points towards
this unabatcd and large portion Of
tho remtances are male In national bank notes, the
banks here hold heavier aggregate Of them than usual
Bank officers unanimously OF opinion that the pre-
waiting monetary VIII be prolonged until late in
tho year. Business is likely TO remain . restricted
scale for considerable length of time to come and
meanwhile the Idle capital Of the country will
trate In Wall street and stimulate speculation tho
Stock Exchange.
The defalcaton on the part OF Theodore vulte tho
assistant cashier OF the American Exchange Bank turns
out to be to larger amount than first acknowl
edged by the officers Of that institution The president
in note to the evening journals states that II will
exceed sixty thousand dollars, and that when tho
fraud discovered the delinqnens resignation
Immediately accepted by the board.n The embezzle-
ment Of the large OF sixty thousand dollarS is,
then, OF such small consequence In the eyes bank
directors that the most thoy willing do 10
cept tho resignation OF the offending individual If tho
president anddrec,ors had done their duty In this
they would have Immediately arrest by the
cas- hlar
and they have failed 10 do go It becomes the duty OF
the Comptroller Of the Currency to prosecute him. In
accordance with the provisions OF section So Of the Ma
tonal Currency act, which reads as follows
And be II further enacted, That every president al
rector cashier teller clerk agent OF any association
who shall embozzls, abstract or wrully misappy any
OF the moneys funds credits OF the association
shall without authority from the directors issue or put
In circulation any or the notes Of the alton, or
shall without such authority issue put forth any
iidcae OF deposit, draw any order or bill Of exchange,
mako any acceptance, assign any note, bond, draft
| bill Of exchange, mortgage judgment or Decree or
shall make any false entry in any book report or
statement OF the association with intent In either
to njure defraud the association other
pany, body polite corporate any individual per-
agent appointed 70 examine the affairs OF any such
ISOLATION shall DO deemed guilty Of misdemeanor and
upon conviction thereof shall be punished by imprson
ment not less than five nor moro than ten years
| II is high time that conspicuous public examples
should be made Of all bank deiauters. and that such
premiums upon rsscay az tho directors OF the bank in
question would confer should give place prompt and
| severe punishment. The Secretary Of the Treasury
and the Comptroller OF the Currency should see TO II
| that the guilty does no. 20 unwhpped OF justice and
| that bank directors do not compound felony with
| impunly.
| Tho investment demand for government securities
continues good the counters OF the principal dealers
| but there Is for tho umc being q iul IN specu.
| lstve operations we except special In
/ qury for ten forty bonds, which remain firm
| at yesterdays advance. Tue market was steady,
with strong undertone all day, and the close tho
quotations Acknowledgements, 1881 lilx a
NIX; coupon, 1881, il2s li2'.; sos registered,
1862, los 1854; b-2os, coupon, 1852, 1lix nlh
do, 1864 lOs's 100; do, 1865 1921 ITO; do, 1862
January and July, 1914 1878; do 1867, 1919 los