The New York herald., 1873-10-23
Law To Be Faithfully 0bserved-The
Reserve To Be Drawn Upon Only
When Absolutely Necessary.
THE BANKS GROWING STRONGER.
Money More Abundant and Flowing
In-Greenbacks at Premium
Of Only 1-8 Per Cent.
THE STOCK MARKET IRREGULAR.
WALL STREET,

|
WEDNESDAY. Oct. 22-6 p. M.
rumors prove true 1t is one OF the singular
features OF the present financial situation that the
President OF the United States has selected "Mr.
Williams" Of the Metropolitan Bank Of this CITY,
as the intermediary through whom he proposes to
communicate to the country the purposes OF the
administration. 1t is further significant that the
person last named, either from anxiety to divert
attention from his own institution or 10 advertise
statements that may possibly "bull" stocks and
thus enable his concern to get rid of ugly tnc,1b
has persistently during the day refused nforma
tion simple, concise satisfactory and at his fingers
ends and hugged the delusion that the Clearing
House tomorrow would lend magnifcence to his
mental idiosyncracyl TO coin word, Wall street
and the public are being "besmitched, by the
vanity Of q man who has possibly, or possibly not,
received an autograph letter from
PRESIDENT GRANT,
which simply repeats in substance what Is already
familiar as fact. In BRIEF the latter, recognizing
the monetary depression that exists, suggests to
the banks q certain policy which involves simply
continuance OF the present practice Of the Clear
ing House in the free use Of loan certificates and
adds that he may encroach literally on the
$44,coo,0oo reserve. This statement Of the Presi-
dent seems to have been regarded as sort Of
Koh-i-noor-a rare administrative diamond, which
warranted the assembling of bank magnates.
Hence, tomorrow we are to have another farce
perhaps series Of resoluti0ns-and 1t may be
some preposterous action, based on the respect
able egotsm Of an innocent too vain to answer
questions that concern
A MILLION OF ANXIOUS PEOPLE
and too conceited to realize that the telegraph
could quickly antagonize all his insnuations The
facts simply stated are as follows, and 1t so hap
pens that we obtain them personally from one OF
the highest authorities in the United States The
government will be required to from So, 000 600
to $4.000,000 OF its reserve each month. This has
been anticipated and discounted. The outlay win
be made for government expenses and these alone.
The Treasury will not directly aid Wall street or
the banks, or any portion OF the commercial
market. TGere has been no unusual purchase OF
exchange, except such small amounts as may
have been needed for
CONSULAR AND DIPLOMATIC ACCOUNT,
and none is contemplated. Finally, the President
and his of1cias emphaticaly declared, even as late
as Monday night that they recognized no cause for
ALARM and that the government would in no wise
transcend the limit OF the law. Similar encourag-
ing statements were made weeks ago and their
repetition now is like a thrice told tale; but 1t
seems as II spectators were glad to catch at any
device and at any cost in order to accomplish their
ends. We shall hear from the Clearing House
wonderful letter that has set the street agog.
THE MONEY MARKET.
Most Of the business to-day was done on the
basis OF seven per cent currency and gold. The
monetary situation seems to be growing easier
every hour, and there Is good reason to believe
the prediction will come true that in sixty days
currency will be a drug. The banks gained
41,o0o,00o in legal tenders to-day ana the inflow Is
increasing. Greater facilities are being extended
to merchants, favorable reports are coming in
from the country. collections are more readily
made, discounts are more readily obtainable, and
altogether the commercial aspect is encouraging.
Foreign exchange closed frmer prime bankers
sixty day sterling calling for 1861 and sight drafts
for 107% 10s. GreenbacKs closed nominally at
premium of Il per cent over certified checks.
THE GOLD MARKET.
Gold was steady at 1851 lOsk. The rates paid
for carrying to-day were 8, 4, and per cent for
borrowing nat. The final rate was per cent for
carrying. The prices OF gold to-day were:-