The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-11
FINANCIAL and COMMERCIAL
A Significant Vote on the Resolution
Of Mr.. Randall.
BOUTWELL, ON BANKS
Money Easy, Stocks Steady, Gold Firm and
Fair Speculation in Govern
ment and Railroad Bonds.
WALL STREET.
TUESDAY. Feb. l0-6 p. M.

yesterday, providing that the banks shall no
longer pay receive interest upon their deposits,
Ia unquestl0nably good thing in its way. 1t
strikes at an evil which has caused much OF the
imitation and speculation from which the country
has suffered from time to time since the adoption
Of the present banking system. 1t is doubtful.
however, whether such plan can be adopted, and
for two reasons First there is scarcely member
OF Congress who is not in some way, either as a
stakeholder or deposiror, interested directly
or indirectly in the welfare Of his local bank He
will naturally be averse to'
THE CUTTING DOWN OF PROFITS.
Second, the banks themselves on the same ground
to w.t. the loss or OF their chief agencies for
declaring dvidends-win make q sturdy fight
against the proposed innovation; and their power
full influence is by no means to be despsed. They
will very pertinently ask the questions-What is
to become Of our fifteen or twenty-five per cent
reserves or what benent will II be to us locked
In vaults and earning no more than so much waste
papers Why should not money earn in our hands
what it earns in the ordinary business exchangesS
These and other points will undoubtedly come
under view when the bill is brought up for discus
sion. Yet in the main the proposition Is correct
one, and adopted will do much in preventing
THE WILD SCHEMES
of speculation from which the country has suffered
as the result OF the practice of paying interest on
improbable that it will become dead letter from
the day OF its enactment, and for better reason
than that every law prescribing or curtaing prvi-
leges changing the course OF commerce and inter-
1ering with the principles and natural laws Of
trade that have been sanctioned by usage and ex-
perience must necessarily be imperative. Ii Mr..
Boutwell, will suspend his do-nOthng policy and
aid In putting us on a sound financial basis there
viii be NO necessity for further legislation.
THE UNITED STATES TREASURY.
1t Ia gratifying to observe to-day that the legal
tender circulation was reduced by the sum Of
$666, 072. 1t would be still more so to know that
Congress has limited the authority Of the Secre-
tary OF the Treasury to initiate and contract at will.
We never can do healthy business while values
are disturbed by this unsettled style Of bookkeep-
ing. Mr.. Richardson is understood to be anxious
that in this respect his hands shall be tied. Let
Congress apply the letters at once. The sooner
the better. The balances In the United States
Treasury at the close OF the day were currency,
$780, $50; special deposits Of legal tenders for
demptiOn OF certificates OF deposit, $4s,00 900;
coin, $S5, S39, including coin certificates,
$780, 900; outstanding legal tenders 1881, 240 S27
The customs receipts to-day were $3.50, 900. The
receipts from internal revenue we're $214,542. The
Assistant Treasurer paid out to-day $1Oe, 900 on
account OF interest and $4,000 In redemption Of
Nve-twenty bonds.
THE FOREIGN MARKET.
Paris dispatches quote rentes at 5s.e7k. At
Frankfort, bonds OF 1862 are 9sx. The following
are prices in ACKNOWLEDGEMENT Pacific first
mortgage bonds SO; Union Pacific first mortgage
bonds, 73H; Union Pacific shares 3OH; St. Paul
preferred. 64h; Northwestern preferred, 6S1;
Erie shares, AZ. In London American securities
are reported scarce. The rate OF discount in open
market Is reported at az per cent, the same the
present bank rate 1t is apparent that influences
from the Continent are being somewhat rejected
on the English Bourse. The following are London
quotations :-Consols for money, 90; DO. for &C
count, e2H 92A; nve-twenty bonds of 1866, old,
100; do do, 1867, 1925; ten-forty bonds. lO5l new
nves, 103H Esie Railway shares, 447S; New York
Central shares, 95h.
THE MONEY MARKET.
The course Of money to-day was as heretofore,
the prevailing rates being and per cent The
quotation for prime mercantile paper IS and
per cent but the gilt edged passed at 5, and we
know of large line OF May and June paper which
was discounted at Az by a prominent Wall street
banker. Time loans to brokers for thirty and
sixty days ranged at per cent, and for three and
four months at 81 per cent-signs Of the contin1-
ance OF low rates. Foreign exchange is again
nrmer prime bankers marking their rates up to
Ls4K for sixty day bills, and to 4.Ss for sight bills.
mercial bills sold at 4.S1H 4s2H.
GOVERNMENT BONDS
were again higher to-day, the investment demand
being undated the part of both individuals and
corporations. Large lots are not Offering, and it
is with the utmost difficulty that orders by
heavy capitalists can be filed. The demand
continued active after the second board.
The latest quotations are exed:-United
States currency skies, 1867 a 116%; do.
do. skies. 1881, registered, 12O a 1904;
do. do, do, coupon, 1905 a 1903; do. fve-
twentess registered, May and November, 1lsl
11sN; do. do. 1852, coupon, III a 117h; do. do,
1864, coupon, 1191S 11914: do. do, 1885, coupon,
1874 119b; do. do, registered, 1867 January
and July, 1l9 119A do do, coupon. 1865, 1852
q 11sx; do. do. 1867, 1l91 11sX; do. do. 1858,
1l9K 119x; do. ten-forties, registered, 111M
1l2K; do. do, coupon. 1852. 115h DO. lves, 1881,
registered, 113 1874; do. do. do, coupon, 113
113x.
EXPORTS OF PRODUCE.
The total exports OF produce from this port for
the week ending to-day amounted to Se.2l9,7l3
mixed values, which is an increase over last week
of $547507 The exports for the corresponding
period of last year were $685., $780, and for 1872
$5,39s,17s. The total exports since January this
year are $32e73,4Os, against $685. 1881 last year,
and $24,46s, 500 in 1872
opened at 112K, receded to 112, but afterward ad-
vanced TO 112M 112H. It's close was at 1925. On
gold loans the rates AZ to per cent for car
ryinp and for borrowing fiat. The final rate was
4per cent.
OPERATIONS OF THE GOLD EXCHANGE BANK TO-DAY.
Gold balances ........................$2,7 46,1l
Currency balances 3,1lS,79i
Gross cearances 81, 202, 900
CLEARING HOUSE STATEMENT.
currency exchanges. ..........$76 o4IUv3
Currency balanced Observation-Disclosures. 5000, 1884
Gold exchanges NEUTRALITY-SUSPICIOUS.. 6,413,404
Gold balances Observation-Disclosures. 1,297,297
SOUTHERN SECURITIES.
The principal market was in new Tennessee
sixes which sold at s2X; old Tennessees, ex
coupon at "a; Virginia sixes consolidated, at so;
Missouri skies at o. The rest OF the list was quoted
at yesterdays prices.
BANK SHARES
were In fair demand We note sales OF Fourth