The New York herald., 1868-02-23

Highest Louest
Monday OBSERVATION-DISCLOSURES. l4lh 1907
lnesday ........................ I4lla 1903
Wednesday NEUTRALITY-SUSPICIOUS.. 1909 l40I
IHursday ................ liBts t4O
Friday. Observation-Disclosures. 1424 I40H
saturday y.......... ..............,. Id lg
The principal topic OF conversation stock circles is
the urfavorable bank statement this week The large
decrease Of s764 ATT in deposits exctes considerable
surprise and to this loss is directly tfaccabs the educ
ton OF sos In the reserve OF specie and legal
tender notes. The drain TO Cincinnati and
other points would seem TO have been
greater during the last three weeks than generally
supposed; but thero Is probability. notwithstanding,
of any interruption OF monetary ease although the
Of interest is likely TO be commonly per
upon mixed securities than il has been of late The
traction Of loans to the amount OF 327 Ia doubt
less done mainly to the reduced demand from the
Stock Exchange, and especially tho dealers in govern
ment securities. tho market for which very dull
during the week. In the present unsettled state OF
speculation In railway sooka the street mind is very
sensitive TO any adverse tendency in The money market
and the moral effect that such statement the
present exerts in checking operations for is likely
to be greater than those material influences which
serves to indicate.
Mr. Gardsd's currency bill has attracted considerable
attention was introduced in the House OF Repre-
sentatives and with certain notifications II has
supporters His proposition is the Ist OF December
next, for the Treasury to pay gold In redemption
OF legal tender notes at the rate Of one dollar
for ono dollar and thirty cents in paper. After
the 1st OF January, 1862 the rate ia to be one
dollar in gold for one dollar and twenty-nino
cents in paper, and the difference between paper and
gold to bs diminished the rate OF per dol
lar per month until legal tender notes are reduced
dollar for dollar in gold, or in other words until coin
ceases to bear premium. the exchange OF gold for
le1ai fend at mar IN he
This plan Is not . ono. for IL s based upon Sir
Robert Peee bill for the gradual resumption OF specie
payments by the Bank OF England, and Mr O. ID. Ash
ley, OF this city, not long since published pamphlet
advocating substantially the same scheme but 1t is sus
gestive and ncd to consideration. The great obstacle
in the way OF its being carried out in IL tho
want OF sufficient gold to begin and continue the
dempton OF legal tender notes WITH for at present the
receipts from customs duties arc not very much moro
than sufficient to pay the interest the public debt
and the Of coin in the Treasury is only about
seventy-six millions while there are nearly seven hun
dred millions OF loyal tender notes outstanding But
we purpose discussing tho subjcc, at length
another occasion.
II is estimated that the cost Of laying third rail on
the Michigan Southern line, 80 TO make it broad
gauge from Toledo to Chicago, will DO less than half
million OF dollars owing 20 the fact that between Elk
hart and Chicago distance OF about hundred miles
tho company has two lines upon one OF which u VII be
merely necessary spread the rails in order 70 make t
n broad gauge. Tho agreement made BY the Michigan
southern with tho Erie Company to tho effect that Il
will provide broad gaugo from Toledo 10 Chicago ~
soon as the proposed hundred miles of new road from
Akron on tho Atlantic and Crca. Western limo 10 Toledo
are completed Tae Ere Company has ia turn agreed
that this new limo shall be built but whether IL will
perform The work at s own get other
A aud n
amour. or the construction bonds issued to represent
IL matter a. present involved in considerable doubt.
II Il stated upon authority that the contract for building
the road from Akron Toledo for about three millions
or dollars has been already signed, and that million
and half OF The bonds have been subscribed for; also
that forty miles Of the road bed graded long time
ago FOR projected line IN tho direction and that
the new Akron and Toledo Company Is 10 receive twenty
psr cent OF the gross earnings and the Erie Company
eighty pct cent, while the latter s 10 furnish all the
rolling stock aud equipments and operate the ne and
the Erie The Michigan Southern and the Atlantic and
Crca, Western eompsnss jointly guarantee thai the
Akron and Toledo twenty per cent shall be equivalent
20 seven per cent on the three millions Of bonds
The principal contractor FOR building the road
Axar,ah Boody and Il ia believed that the work viii be
eonn,e,ed within year That this connecting link viii
bs OF eaual benefit the Erie the Atlantic and Great
wer,ern and the Michigan Southern lines cannot be
doubted, and opens new through route between
Nav York and Chicago, the resistance which The Van
dorb party offering the arrangement IL not sur
prsng II appears that at the meeting Of the repre-
senta,vss OF the Erie, the New York Central and The
ponpsyyana Central companies held Saturday, the
tariff OF through rates which had bcon previously in.
formally agreed upon snbni,ted and Nr Dsvin. on
the part OF Tho " iapany accepted only subject q
The approval ,osri Of drecors not one OF whom
,s said excepting Mr. Work, will vote for Il while u,
present litigation lass, and 90 long az Gr. works
protest agsnss the now line Of railway from Akron u
| Toledo Is rot withdraw.
| The cashier Of the First National Bans of Bethel
Conn. has been arrested as defaulter THIS Is ,h,
proper way 70 punish those who embozzis the funds
banks and IL 10 70 be hoped thai examples will DO nad
OF this e,ass OF dslinqusnts which will deter other
from doing likewise To merely accept the rssigna
tom Of dsfaulter 10 70 place premium upon rae
! cality
There were no transactions reported in foreign sx
change bat the nominsly arm at the closn
rates OF yesterday, namely :Banksrs' bills on Englan.
At sixty days 1oe,s 1Io; at three days, 1lo1< 10Y
Commercial bills. loek foe1.. Bills on Paris At sxt
| daya 51ss 51sl.; at three days, 5.l2k . 5.1l. o.
Berlin. Bankers, 711 q 72; commercial ia 5iis
On Bremen bankers, 7sts 7s,s; commercial ~
| 7oL On frankfort--Bankers', Al Az; commercial
| 4ox a 4oa. On Amsterdsm--Ba Bankers, Ak q Al x
! commercial, 4ot. A. on Hamburg-Bankers', 3els
sei.; commercial, 3s'. q 30 ON Antwerp. Bankers
s.ls as.7sH: commercial s.lsx aniesL