The New York herald., 1868-01-31
FINANCIAL AND CONNER cIAt.

tuatons were from l40 TO l4l, with the opening and
tho closing transactions at l4ox. Tho shorr ineres,
outstanding Is small and the foreign bankers large
holders Of coin because the political condition OF the
country Is such TO make considerable advance In
the premium possible al any time. Cash gold IS in
superabuncant supply and loans we're made a, rates
varying from four to per cent .or Carrying The
gross ciearngs amounted to $42.7T 900, tho gold
balances TO $l20s.5A and the currency balances 70
$l,2os.574
The stock market 10 sti being hammered BY combi-
nation OF spectators for the purpose OF enabling them
70 ouy back at profit the stocks which they sold at
beginning OF tho week Yesterday they manufactured
the rumor that the Erie Railway Company had ,ssued
or was about TO issue, convertible bonds and
quentiy new stock to tho Boston, Hartford and Eric
Company IN exchange for bonds which. a. It
happens have no existence. and to-day they
have been trying to make capital out OF sig
nihcan mods and winks regarding the Anti-Contrac-
ton bill. Their object to svnd,s the street by the
rise ana the fall Of stocks alternately. and
scrupuous set OF adventures than OF those who
control this market are not to DO found outside Of
pen.ensiary. Ir railway stocks le to themselves
free from the malgn influence Of cIques and specu-
iative directors. they would rise under the prevail
ing plethora OF money and the large earnings
OF the railways, with tho exception, perhaps
OF those representing the Vanderbilt lines,
which arc disproporhonately nigh. The earnings Of
fourteen Of the principal roads In the year 1867 averaged
$ls5 per mile more than In 1885, which. considering
the depression in trade is very favorable exhibit and
all the more important when Il is remembered that the
working expenses or the railways were on reduced
SCALE Mr.. Drew and those cooperating with MIN are
understood to have beon large buyers Of Erie
during the last two three days. and meanwhile
they have been bearing the stock In order prevent the
price from responding TO their purchases When they
have oaded up' sufficiently they will round and
"bul' II as vigorously they have atteriy been trying
to dspress 1t speaks badly for the railway manage
ment OF the country when directors be found dopre
cating the value OF the securities Of their compa-
Mes But in Wall street men sometimes become so far
demoralzed that they will lie and cheat systematically,
and sacrifice everything but themselves for the filthy
lucrs which corrups them. They will eat their words
without hesitation whenever II suits their pecunary
interest to do and the bears Of to-day often the
bulls Of yesterday, and uiee The the rail-
way stocks OF the country removed from the in
auence Of such and held by Investors who will
secure honesty in the management Of railways the
better for the public, and then these securities will be
the most valuable and staple Of all investments
There is undiminished In the loan market and
while the general rate five pcr cont there are transac
tions both fourand six, the supply Of capital offering
being largely in excess OF the demand The drain OF
currency towards this centre still going forward
the fact that the Sub Treasury balance is large
all danger OF disturbance from any operations OF the
government as II will be likely TO disburse than II
receives for some time 10 come The mercantile demand
for money very light and tho best grade OF CONNER.
cal paper passes a. 6K OK per cent, although there
considerable caution shown with regard 10 inferior sg
natures.
Money has been cheaper in Wall street than
bI& liant for
Stock Exchange uses and its natural effect will be to
stimulate speculation to unusual extent Moreover,
the passage By both houses Of Congress- Of the bin
suspendng tho further contraction OF the currency
strengthening confidence in values Of all kinds and i'm,
parting cheerful tone to business, although the
general trade Of the country dull likely
TO do so for somo time longer. The bill in question now
awaits the Presidents signature. and some Of
the most desperate Of the bears in stocks have
been using their influence TO secure Veto on the
ground that it postpones the resumption Of specie pay
mcuts indefinitely; and the reports from Washington
are to the effect that the President vii! probably
but should Mr. johnson really veto this blll neces
sary tho welfare OF the country. he will do very
unwise thing, and the result will bs that Congress
will pass It the veto by two-thirds vote for the
people and Congress equally determined upon this
subject which Is OF vital interest TO ALL There 10
alternative between taking the power Of contracting the
currency from Mr. McCulloch aud commercial prostra-
ton and national bankruptcy; for without trade and
prosperity there be no revenue sufficient to main
tain the public credit would be little less than an
outrage upon the people for the President to stand for
moment in the way OF q measure Of such imperative
public necessity and importance and he win do well
to turn q deaf ear TO the advice Of Mr. NcCuech
and Wall street, and either sign Il allow 1t
TO become a law by his silence. But whether he does
not, law It will become In this connection bill
should be at once passed defining the Senate amend
rpont 20 the House bill 10 include compound interest
and the three per cent certificates issued in
change for them and providing for the OF
interest bearing legal tender notes in redemption OF BOTH
They arc legal tenders much grccnbacks, and
held a. portion Of their reserve by the banks.
There is ination therefore, in issuing for
those cancelled and not TO do would be contrary to
the spirit Of the antieontracton bill and nimca to the
interests Of the country, which requires neither
imitation, but steady volume OF currency, and
that now in circulation is not dollar too large. The
bill which passed the House on Tuesday prohibit.
ing the deposit Of public money in national
banks ct any place where there 10 SUBJ
Treasury is q step in the right direction which wo
advocated long ago. Il will have no disturbing effect
upon the money Market as the public deposits banks
in shis city trning n amount and have been very
nconsidersoIe for many months past. On the lst Of
October last the twenty-five public dspossores this
city had g. SOC 900 OF government fonds in their
tody and the thirteen repositories Philadelphia had
81, ,l1oOoo since which time the amount In both
cities has been considerably reduced. The banks OF
the entire country which repositories have about
thirty-seven millions Of bonds deposited security for
such moneys bu, this affords criterion OF The amount
on deposit az the banks keep their bonds pledged
order 70 attract deposits when they have not had
a dollar Of government money in their hands for
months
There was modosats Investment demand for govern.
msnt securities at the counters Of the leading deasr
and the market for them was steady all day
Shipments Of Gve-twenties are being made to
q limited eStcni, and thoy remain Grm both
10 London and Frankfort, Notwithstanding the high
range Of the gold premium The large amount Of un
employed funds here and elsewhere hvors sn active
x.ai