The New York herald., 1868-02-13
FINANCIAL AND COMMERCIAL
WEnHEsDAY, Feb 1875 N,

WEnsEsDAY, Feb i2-6P. w.
Gold has been steady and moderately active to day. on
slightly lower basis than during tho previous part OF
the week, the fluctuations having boon from 14lx to
l4I, with tho closing transactions prior to the ad-
journmsnt Of the board At 1alH, following which the
quotation advanced to l4i,s 14ls. There was
rather active borrowing demand for eon but the supply
was largely in excess OF IT, and loans were made at
rates varying from three to per cent for carrying
The gross slsarngs amounted to $Ss 000 the gold
balances 70 g. o09 and the currency balances 10
S352o $50. The Siberia took out &ol 0s5 in
specie. The decline IN ths premium since Monday
10 mainly attributable 10 tho circumstance OF
sone Of the heavy spectators having sold out
the coin they carrying with view buying again
at lower price, and 70 thcse tho report from Washing
ton yesterday afternoon to the effect that the Treasury
sbost TO sell ten millions OF gold Is attributable
To-day efforts have besa made to the mpssch
ment excltemsnt but with only partial success. The
Sherman Funding bill has ceased to be a topic Of con-
vsrsaton as It is generally believed that thers is No
possibility Of Its passing either house. but IL will pro.
baby be brought up for discussion tho Senate very
soon, although IL is not at all likely that It viii be
pressed to VOTE This time bring forward fund.
ing scheme however we'll considered; but Mr. Sherman
bill 10 crude measure, calculated work rreparabls
mischief 70 the public crods II pcrseversd n, while Il
involves direct initiation Of the currency 80 as 10 bring
lions The precedent thus established would bs dan.
gercus one, which should bs guarded against With
respect the substitution OF United States notes fer
compound Interest legal tender and three per cent
legal tender certificates the 10 sntkey different Il
would not be imitation, but simply contraction to
make this exchange and not 10 do would DO contrary
TO the spri, Of the anti.conraeston Law.
The stock market the whole steady untI lat
in the afternoon, whom IL became very strong, Erie
advancing 10 Ios and New York central 1919 under
active demand for all the leading railway share. and
these in particular. The Of Erie Is watched with
attention than usual owing to s
low price and the large extent TO VIII ch s deal, In at
present by the street. An impression prevails that
the speculative director Is short Of the stock this
will probably be discovered 10 DO erroneous the object
OF that model railway manager being TO mystify tho
public as much possible; but whether he Ia
f'slortr or dong" the result viii bo tho same
Either Now York Central, Hudson River aud
Harlem are selling much above their real valuo
or Erie Is much below It, and II s Impossible that the
VIDE differences between them now existing can remain
much longer unadustcd. Whether tho one falls or the
ohsr rises matter OF much conseq uenco outside
OF Wan street. but the Inconsistency Is something for
spccuaiors 70 reflect upon. The monetary facilities nj
the disposal OF tho Stock Exchange the increase
but there is change to record In The for call
ros ana avs mixed coIlacrals who arsi class
merca paper bought at per cent
discount THIS plethora Of capital. In view
OF tue duinsss Of trade, viii probably % long
continued. aaa tho effect IN stimulating speculation
10 stocks hardly be ovcrestmated II Ia stated that
the Senate Finance Committee haze agreed to report
favorrby upon the House bill proydag that public
deposits shall be len with national banks within
Off miles Of any place whore there Sub Treasury,
but that the banks strongly oppseed TO H. This last
"a sos surprising. but there s nevertheless good
why the funds Of the goveamsnt shsud be held by
the banks frss OF mtetcsI IN ths city there sny
about i've millions held by tho dspos,ares. aud no
monstary disturbance would therefore arise from The
change. suppcsisg 70 take effect bus Congress must
not bs usnindfui Of possible dishonesty among It's
rsve.us collectors and dlssursns officers IN providing
tor The deposit OF the pabc moneys In tho sabtrea-
surss Only, and II 10 quest whether banks be
entirely dispensed WITH excspt Ia tho csz whore sub.
rsssuriss arc situated.
The bill recently introduced 10 tbs Iowa Legislature
upon which eommeutsd at tbs tus the text Va,
pubheA and which has for is object the retention NJ
tho present directors OF she Chicago and Rock Island
Rsllasy Company in oioo until Jdna 1862 and ALSO tho
construction, mean While, OF the proposed extension OF
tho lps from Dos acnss TO Council Bluns passed both
houses on Monday last The effect in wall street has
been very sligh and the bill in question Is not In
conformity with tho new constitution of Iowa. from
which .e have already quoted In ,bs connection too
probability IA that II will be carried Into tho
courts, whers may be defeated tho
ground Of ns unconstitu,ionslity Meanwhile ths
litigation hero 10 liksy 70 continue. Ibis morning
Judge Cardozo rendered decision the motions made
by counsel ior Mess Tracy, Dows their co.direc.
tors TO the 10 the Unted courts on
tbs around that the defendants citizens Of this