The New York herald., 1868-02-10
FINANCIAL AND COMMERCIAL

FINANCIAL AND CONNER CIAL.
-~-~~~~~.--~~~~>~~->-
SUNDAY, Feb. 0, 1858.
wall street was somewhat surprised week by shs
circumstance Of Mr.. Sherman In the Senate reporting
from the Finance Committee substitute for the Fund
2ng bill which he introduced In December last and
which was then and subsequently condemned through.
out the country a. damaging to the pablo
credit and promising good to any bu. these who
might reap harvest Of commissions for exchanging old
bonds for new and the few other persons Interested In
the establishment Of United States Treasury Bureau In
EuppA That bill was killed At the outset. and yet Mr.
sh9 has had the tsmerty 10 revive IL in substan-
Sal same form, minus, however tho foreign loan
and clause CGi bonor We may ask. Its tendency,
thssWas any probability Of its passage. would DO 70
unssttis confidence in the public credit, and this, a.
slime whom the reconstruction question and the squaoole
ss Warrington agatng the popular mind should os
carefully guarded AGAINST Tho floating debt IL being
funded rapidly as Is necessary into nve-twentiss
rsdssmabs twenty years from their date or at the
option Of the government at any time sfter nve years.
and nothing better bs devised than what this bill
provides for the debt had better be left s present
form, 20 far the six per cent bonds concerned.
Provision made for new nve per cent gold stock,
payable In rorty years and redeemabls in coin 1t the
option Of the government after ten years. into which
6vstwsnties OF 1862 are TO DO converted as
she option OF the holder before the nrst OF Novem-
bsr 6sxt and those Of subsequent issues within sx
months after the expiration OF I'VE years from their
date; but ~ such conversion ID not made compulsory
shs bill 10 nugatcry. The only section entitled to
Sderation il that providing that spscin
aly payable In coin shall be legal This means simply
that thsre shall be free trade In money far and the
principle s good one; but those who look for any
mediate effect upon the gold premium the manner Of
iransaetng business generally In consequence OF the
IAaa A.
pointed This part Of the BILL however, will not 1t
from the fate which It merits osparate act can bs
ground up in relation to gold contracta
The gold market was strong and moderately active
during the week, and especially towards tho close the
latest transactions on Saturday afternoon having been
at 142K, the highest point touched, while the lowest
sales were at 140X The demand for customs duties
smsuatsd to s2oosoll and the shipments OF coin and
bullion from the port aggregated ST. o57. Tho Sub
Treasury dsburssd $sos 900 intsrss. and
so redemption Of the bonds Of Is4T Tho speculative
feeling In the gold room is almost entirely the bull
side. owing mainly TO the aspect OF affairs Washing
ton and hence the shor" interest outstanding is very
light, and q par cent per annum paid for hav-
ang coin carried. Government securities responded
very slightly to tho advance In gold, although
ahsy were firm, and thers was less speculative
activity in them than during the previous week. but
thsre was good investment demand both from banks
and other corporations and individuals owing to the
dinacuky OF employing money in any other way than
by the purchase OF securities This growing plethora Of
3oanabs funds will still further stimulate the demand
for government and other stocks, and considerably
higher prices likely to be the result The advance
In gold led to speculative purchases OF vetwsnes for
shipment, and gold remains firm and bonds keep up
well as they have done OF late Europe demand
from this source will quicken.
The stock market was unsettled by artificial clique
influences during tho early part Of the week. but It
Afterwards became nrm, and Friday and saturday
there was revival Of speculative activity and prices
wore strongly in the ascendant The previous docne
was engineered BY parties who had sold their
and were desrous Of buying them back again. This
purpose having been accomplished to great extent
fresh upward movement is the result and Erie having
suffered the greatest artificial depression It is probable
chat will experience the strongszt reaction rsa-
tvsly ten or fifteen per below other leading
railway shares and tneeforeths cheapest stock the
lstthanks to the speculative director towards whom
his codrocors seem 10 be clay in the poters hands
But 10 against the nature OF things great cor
poraoa should be managed much longer for the benefit
ef one man in Wall street. and II . number Of enter.
prsins capitalists viii combine and give their proxies
before the next election TO Mr. Vanderbilt Erie will be
ten per cent dividend paying stock very soon. At
the close Of business last evening the market strong
81 tho following quotations:-New York Central 129z
. l2sX; Erie, TAX . TAX; Reading, 05 o5k; Michi-
gan Southern, 02S 02k Cleveland and Pittsburg, OF
Ask; Rock Island, 9sh ssK; Fort Wayne. 1o2
102j<; Northwestern, 90 COX, DO preferred, 75k
7sA; Pacific Mail, 1oox 1lok; Ohio and Mississippi
csrtiueatss. ss1< . ssh; Western Union Telegraph,
se< SsX.
The money market was extrsnely easy. and loans
made at four per cent on government securities
and nvs mixed collaeras while the best grade Of
Commercial paper, which 10 very limited supply,
ransd freely at tk per cent Tho drain Of currency
from the West and other points continues In favor Of
this CENTRE but large portion Of the rcmittances
are made In national bank notes. the receipts
fully shown in the legal tender OF the banks
although they are necessarily reflected In the deposit
ns Thus the statement Of the associated city banks
Tor the week end ing saturday shows Increase Of
slSlA0N In deposits and only $3.50. 10o in legal
der notes The loans have increased In nearly the
same ratio as the deposits, namely 70 the amount
Of 81 1885, ,o2S, but how far this Is attributable
TO purchases OF securities By the banks 70
The sake Of employing portion Of thor
idle funds cannot be estimated from any Of the figures
IN the return. The specie average Is el3l,oas lower,
aad the circulation has increased Sssls. This
shows that the Of the banks specie and
legal tender notea exceeds the required limit Of twenty
nvs per cent on their liabilities In deposits and circu-
iaon which aggregate s2s1 oll, ,ss2 while their actual
reserve ssoe7osal The totals Of the statements for
ths weeks ending February and respectively are a.
subioiaed:-
" Elb
Loans. s2esxl5sls s27o,ss5, $50
Specie. 23 955,320 90 s23,372
S.sc.,:. assSsosst Ssa ss1 Sss -
Legal tendsrs. ........ 6s 1S3 05,s4T,26o
sThs prevailing monetary eass 10 likely 10 continue