The New York herald., 1868-01-28
FINANCIAL AND CONNER CiAL.


sanced to-day from l403S tho opening to 14l z with
ehe closing transactions prior the adjournment OF the
board at 1s1h, following which ihero was no change
ehe latest quotations on the street having been l40ls
t40l. The volume Of speculative busne was larger
chan for some days past and the upward tendency or
the premium stimulated some extent by the re-
BORT from Washington that II the President persists his
refusal TO recognize Mr. Stanton Congress will change
bw creating the War Department, so that Congress
sei ana not the President may give orders TO the Sec
uetary OF War; Some little importance. toe, was a.
eached TO the London telegram the effect that the
correspondence between this country and the British
government relative TO the Alabama claims had been
nnahy closed with the last dispatches exchanged De-
tween the two governments The question arises How
and why clos.d and what 10 10 DO the resulss
Private dispatches were also received from Washing
Son stating that the Committee Banking and Currency
wsre nearly unanimous in favor OF reporting q bill
authorizing the issue OF hundred millions OF
Interest bearing legal tender notes. to be used In pro-
vding sinking fund for the reduction OF the national
debt and in substitution for national bank notss until
the whole OF the lat Withdrawn from circulation.
Es far ss il provides for this last consummaton the
Dill in question has unqualified support What
the country needs is uniform legal tender
currency issued directly by the government,
and national banK notes redeemable in loyal tenders
are . financial What is legal tenders
millions per annum in gold to the government in inter-
est which s paid bonds deposited basis
OF circulation. Let Congress push this through
nj once and take similar action with respect to tho
change Of greenbacks for the maturing interest
bearing legal tender notes and the three per cont
certificates issued IN redemption Of the same applied
In the Senate amendment 10 the House Authorization
Dill providing for Of notes for all notes
cancelled by the Secretary Of tho Treasury Cash gold
was in abundant supply and loans were made at .
sr cent for carrying The gross cearngs amounted to
00O the gold balances 20 81 $50 and the cur
.eency balances to 81, ,7l3S0Q
The volume OF speculative business on the Stock
Exchange rapidly increasing and for the time being
rhs greatest excitement il in Ere which advanced to
SssS to-day under demand Quickened by the low price
OF the stock compared with all the other railway shares
tho list It alternately asserted and contradcted
shat Mr. Drew and several other prominent operators
srs largely short" Of the leading stocks, including
Now York Central Hudson River and that the result
OF the Erie pool selling out has filed them with dscom
Atcre and involved them In heavy losses But however
shis may be, there be doubt about tho future
eurss Of the market under the large earnings OF tho
railways the reforms in their management and the
creme abundance and cheapness Of money. Whether
Ere sells at ninety within thirty sixty days, the
street predicts, 10 immateral, but that the market
Gor railway shares securities and all good
stocks is going much higher hardly admits Of ques.
ton There 10 indeed only one way for prices to 60
under the present plethora Of capital and In view Of the
existing financial aud commercial condition OF the
country Judge Cardozo rendered his decision the
points relating to testimony in the OF Fisk Belden
against Messr Dows, Tracy and Tows OF tho Chicago
aud Rock Island Company to-day, which will be found
elsewhere. The order Of the against Mr. Marvin
for his refusal TO sign the affidavit rendered him, with
out specifying any reason, stands The does not
pass directly upon refusal Of the defendant TO
answer certain questions but promises in counsel
cannot agree to make q formal decision each
question. Spectators querying among themselves
what would be the effect OF adverse decision of
che court against them declaring that they issued
1he new stock their responsibility and
must return It's equivalent In stock the company II
would virtually make Messrs Dows and Tracy short"
of 900 shares Of the stock We requested by Mr.
Oliver Cha'ick to say that although he director
OF the Rock Island Company, he voted against
Che proposed extension OF the road from Des
1ioines to Omaha, and condemns the discredit-
able transaction which is the subject OF
litigation. Money loaned freely to stock houses
by the banks at five per cent, and the principal
arms, including the dealers in government securities.
enabled to borrow large at four per cent
while first class commercial paper, which is very
limited supply, passes at ga q 6,k per cent.
Tho statement Of the associated city banks for the
ending the 25sb inst identical in every par
SECULAR with tho ngures already published, the loans
having increased 81 1885, specie 1914 o33 the
circulation $ll,75o the deposits 81 204 9iI and the
legal tender notes $a2s soo Ii we compare the present
return With the statements of the corresponding
70 1857 and 1866 respectively we find the following