The New York herald., 1868-03-14
FINANCIAL AND COMMERCIAL.

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FINANCIAL AND COMMERCIAL.
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FRIDAY March l3-SPM
The roId market has been unsettled to-day and
fhe fluctuations prior to the adjournment of the
board were from lSsx to l4o, the closing quotation
heino lsek l39x; following which there was In
creased pressure to sell without any apparent cause
and decline to 139K 1924 took place. Cash gold
was In superabundant supply, ana from seven per
cent per annum to a-o4ths per cent per diem was
paid for carrying. The gross cearings amounted to
H4I 4sl, ,oOo the gold balances to g. O2o and the
currency balances to $2,03S,a2 The tranquil COM
mencement OF the impeachment trial at washington
had reassuring effect upon the public mind, and
In this way the event may have Influenced the decline
In the premium. On the other hand, the recent
passage by the House OF the bill repeal
1ng all the internal taxes on manufactures
)s calculated to mpart drmness to 1t, for 1t viii SO
Far reduce the revenue that embarrassment to the
Treasury may be the result Moreover the repeal OF
fhese taxes win benefit manufacturers more than
consamers 80 long ~ the present high tariff remains
unadjusted to this change, and the people at large
will therefore hardly be gamers thereby. There Is
no uniformity In system which abolishes taxes on
eight thousand articles hitherto taxed merely be-
cause they are domestic manufactures and retains
high duties and heavy internal taxes on nearly every
Ching else which is taxable. The entire tariff and in
ternal revenue laws need revision, as well as the
finances OF the country generally and each item in
the national account must be adjusted to every
other item. 80 that q harmonious whole may
be the result The time for this to be
practicable has not yet come, however, SO far
at least the debt Is concerned Until after the out
standing seven-thirty notes are funded into fve-
twentes any new funding scheme is to be deprecated,
for would not only be uncalled for but positively
mischiev0us. There II consequently no need OF any
attempt to change the existing condition Of financial
affairs at present. but Congress should give its atten
t0n to maturing plans for the future especially with
regard to taxation; but this bill repeating the tax on
manufactures loses sight Of that equality which
should be kept constantly In view in all systems Of
taxation To discriminate In this manner is to make
the taxes fall unequaly upon the people and to make
our tax law worse than 1t before, although
the reduction Of the burdens Of taxation greatly to
be desired and the more free trade we have consis-
tently with the maintenance Of the public credit the
better. 4" '~t'"t ~ 5tt~-
The money market was much less stringent than
yesterday, but more owing to the diminished re-
Quirements Of the Stock Exchange than an increased
supply Of oanabe funds. The general rate for call
aoans was per cent but In some instances the
private bankers asked and obtained this rate In gold
for small amounts on miscellaneous c0aterals.
Commercial paper, even of the best grade was slow
OF sale except at two per cent above the legal
rate. The curtailment Of the monetary facilities at
the disposal Of the stock brokers has led to lull in
speculation, and to-day the aggregate OF transactions
was lighter than usual for weeks past, and this
was particularly noticeable with regard to Erie.
Nothing new In relation to the Itiga-
tt0n between the Drew and Vanderbilt
parties transpred beyond the arrest Of General
Dven the vice president Of the company, who was
arrested last evening he was the point Of taking
his departure for Albany to give evidence before the
Legislative committee appointed to inquire into the
affairs Of the Erie Company, under an order issued
BY Judge Barnard against him for contempt Of court
In signing the new certificates of Erie stock issued
on Monday last. Orders for the arrest Of several
other officers Of the company have been issued for
similar violations Of Judge Barnards Injunction, in
consequence OF which they confne themselves
strictly to Jersey City night and day, their head
quarters still being at Taylor's HOTEL Neither the
bulls nor the bears at present doing anything to
influence the price Of the stock, but how long this
lull In the storm will last Is uncertain. '
There was decided change for the better In the
temper OF the market for government securities and
under brisk demand both on speculation and for
1nvestment prices advanced u u per cent. This
reaction from the undue depression which has lat
terly prevailed was not unexpected, and the low
prices now current are calculated to stimulate the
demand for all the issues Of nve-twenties. II we
compare the quotations at the beginning Of January
with those Of to-day find that they are now about
three per cent lower allowing for the accrued inter-
est Thus the bonds Of 1867 then quoted at 10S
since which time they have gained IA in gold inter-
est equivalent to ~. per cent in currency, while
they selling at 1oT per cent lower, which
makes them In point Of fact, 2Z per cent cheaper.
Moreover, governments are the lowest priced stocks
IN Wall street for the rate of interest they bear and
there s far more safety in buying them than securi-
ties Of any other kind, Notwithstanding the attempts
which are made at financial tinkering In Congress
by every who has political or financial axe to
grind. The Sherman funding bill is too damaging
and preposterous o measure to be supported by any
but q small minority In either House, and all the
kindred schemes for unsettling confidence In the
public credit are likely to share similar fate. At
the close the market was strong at the subjoined
quotations:-Registered, 1881, 111I 111h; coupon,
1884, 111 111ss; 5-2o's, registered, 1862 1O7 1O7A;
6-2os, coupon, 1862 1l0A l1o1s; do, 1864, 107X
10sH; do, 1885, 1881 10sh; do, 1865 January and
July, 1861 107; do, 1867, l07S 1074 1o-4o's regis
tered 1914 1ol1S; do, coupon, 1o1s 1919; June
7.30's, 1854 100h; July 1905 1863 1O8sS; May
compounds 1864, lis; August do, III; September
do 1l8h; october do 118.
At the commencement OF business the stock mar.
ket was dull but steady and at the early session OF
the open board Erie sold at 75a4 751S and New
York Central at 1913. At the first regular board the
transactions restricted scale, owing to the
prevailing monetary activity and the sales Of Erie
were limited to a hundred shares. The "cornerp In
Northwestern common continues, and sales were
made as high as II for cash. Erie closed q higher
than at the same time yesterday, Hudson River y,
Reading x, Cleveland and Toledo y, Rock Island u,
Northwestern AZ, Northwestern preferred q, Pacific
Mail 1; and New York Central was 4 lower, Michigan
Southern y, Atlantic Mail u. North Carolina skies
advanced 2, new issue "a. Government securities
were strong under an active demand, and coupon
nve-twentes Of 1882 showed an advance at the noon
call OF w. issue Of 1854 " issue Of 1866 u, new issue
OF 1866 u, tenforties ~ seven-thirty notes, second
series, 81; third series, u. At the open board