The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-04
FINANCIAL AND COMMERCIAL.

MosoAr, Feb 3-sP.M
The gold market has been strong and active
to-day at an advance upon the closing price but weak
che extreme range having been from lao< 10 l4l with
the closing transactions prior the adjournment OF the
board 81 lsl, following which the quotation advanced
70 lax lax. The upward tendency OF tho premium
was stimulated by reports from Washington 10 the effect
that the expenditures OF the government during the
nscai year would largely exceed iu receipts and that
there are claims for losses by loyal citizens ready
for presentation suHncens 10 absorb thousand
millions OF currency. and further that unsss
Mr.. Washburns's bill suspending the payment
Of certain classes or claims becomes q
law the Treasury must be swamped. Moreover
while the efforts OF Congress 70 cut down expenditures
are being stouty resisted BY every special interest that
Is touched the receipts falling on and there
clamor for reducing taxation TO the lowest possible
limits, which will in all probability be complied with
and taxation confined TO few articles OF general con.
sumption. An idea also prevails tina. some scheme Of
imitation will be adopted and this connection It will
be seen that Mr.. Williams. Of Indiana introduced bill
In the House OF Representatives to-day to authorize an
Issue Of hundred and nfty millions Of gresnbacks to
supply the dancsncy In the currency by the
esllatoa OF legal tenders. including compound in
forest notes, which was read twice and referred
10 the Committee on Ways and Aeana The
"short' interest outstanding s light and loans
were made al OK per cent for carrying The gross
clearugs amounted to $50 67 0O0 the gold balances to
1877 and the currency balances 10 81 029 1874
The imports OF specie At the port week aggregated
$33, asa
The stock market was Irregular but tho whole
arm, aad the greatest activity was In Erie, Michigan
southern and Rock Island the two last having expert
encsd sharp advance, although II was Afterwards lost
In the OF Rock Island There was no new develop
msnt In the Erie movement, but the strength OF the
bull speculation In railway shares generally fAvors the
Inference that II will soon sympathize with tho other
New York stocks and il evident that tho speculative
director aud those cooperating with him have already
exhausted their power to deprsss IT, The monetary
facilities At the disposal Of tho Stock Exchange are in
0reassag and loans made by the banks four per
cent government securities and i've mixed col.
laterats. with exceptional transactions At four and
half tue supply Of capital at these being
OF the demand First class commercial paper is IN very
limited supply and it passes freely So a8h per cent
Confidence in credits is improving owing to the bright
snng OF trade, but the change for the in
mercantile affairs is prospective than present.
Tho anti contraction bill has become law by defsun OF
the President vstong H. the necessary ten days having
expired on Saturday. The Union Pacific Railway Com
peny. following the example or the Central Pacific
Company this morning decided to advance the price Of
~ orst mortgage bonds from 90 to 05.
The drain OF currency from tho West is still going for.
ward, but largo portion OF the remlttances in
national bank notes the accumulation OF oanable funds
I'm this city is not fully shown by the weekly
bank statements The amount of national bank notes
NOV held by the banks hers is much larger than usual
and hence they fortified against OF reserve 10
che sxtent to which they enabled pay these
instead Of legal tenders whenever necessity arises
Tho return OF the associated banks for the week ending
on Saturday shows increase OF So 237, 440 in de-
posts which reflects the drain Of this
centre. The legal tender notes. Notwithstanding have
decreased Sia57 COS owing TO payments the Sub.
Treasury to its disbursements at the Of the
week % account Of purchases OF scven-thrty notes.
andths specie has IN like decreased 81 151 $50
through the ordinary demand for customs duties The
loans have increased So 52 manly in consequence
OF purchases for tho sake OF employing capital OF
govsrnmon. securities, which counted loans, and
tho circulation has decreased 24f The Of the
prssent ana las. previous statements subjoined
January 25 february l.