The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-23


repeating the Usury law-which, BY the way. they
are not nkely do. as the average Of intelligence
there IL very low--there would be
FLOW OF CAPITAL HERE FROM EUROPE
that would relieve Congressman from any fear OF
the wrath OF their constituents because OF their
opposition to imitation. The two points TO be kept
IN view, as likely to furnish the great
est permanent relief to the present dis
tressed industries OF the nation, are
tree banking and free money. With these
reforms viii come an emancipation of trade brim-
ful OF the most hopeful anticipatlons. IL Is TOO
bad that our legislators should hesitate TO give Us
these. young nation. full OF vigorous life pusat-
ing through every section OF our being with rest
less enterprise, capable OF almost unlimited
production, with people intelligent careful and
saving having q free government, we yet find our
domestic commerce hampered with restrictions
that other nations have discarded, and md our
selves, as was said here once before, compelled TO
continue in the race for empire with other COM
munit.es handicapped with burden that Is forced
upon Us entirely out OF proportion both with our
size ana weight. With Congress rests largely the
measure OF our relief. Win 1t give 1t to US grudg-
ingly and IN broken pieces, or will 1t rise TO
comprehension OF the gravity OF the situation and
dea, with the subject in broad, statesmanlike
spirita
THE FIRST THING TO BE DONE,
however, is TO Ak The limit of the legal tender cir
culation. This is q condition precedent to the
value OF all other legislation and should be done
at once. Surely Congress has received instruction
enough IN the way OF smile and comparison 10
show the great danger OF further delay on this sub
ject. There has been presented to 1t the variable
yardstick, the peck or bushel that had lost its
measure, and, finally, the changeful magnetic
needle, all figures Of the decentralization exist
ing in trade circles. Little remains to be said un
less it were possible TO bring before the individual
Congressional mind a "reminiscences OF some wiiely
perturbation Of spirit growing out of his
delayed return home on the occasion OF
a night session, when he might posi-
bly, realize some thing Of the anxiety which
prevails in all departments OF trade relative to this
financial question 1t Is simply We are waiting.
and, unless something occurs to bring about an
end, can only be regarded with extreme uneasi-
ness. The following extract from one Of the best
OF the weekly papers devoted to trade interests
illustrates the existing condition OF things:-
The general condition of business changes very
little from week to week, nor can 1t be expected
that any material Improvement Will take place
until Congress has shown definitely what laws VIII
be passed IN regard to the currency. IL IS lmpos-
sible to name q branch Of business either CON-
mercal or financial, which ght not be decidedly
affected py measures OF imitation, and so long as 1t
remains possible that the volume of the currency
may be largely increased during the present
session OF Congress, SO long must business men
remain entirely Inactive or only do 'han1 to
mouth- business without letting their engage
ments extend for any length OF time into the
future. In the meantime complaints are oud in
regard to the small volume and smaller profits OF
business, both In the speculative regions OF wan
and Broad streets, and also in the dry goods
section ana the downtown trade OF Front and
South streets.
THE OPERATIONS OF THE WEEK
in the several markets may be briefly summarized
Money was easy throughout the week, with to
per cent as the extreme range on call, COM
mercial paper varying from 5]z to per cent but
hardening towards the close as result of the ap-
preaching April settlements.
was almost without interest, the extreme range OF
the premium being 11lI to 1l2A. the higher
figure being touched on Monday and Tuesday. The
Treasury sale OF gold scarcely produced ripple
OF excitement, and, in fact, gold brokers are be.
ginning to mourn now as men who fear with each
succeeding day to ind their occupation gone.
GOVERNMENT BONDS
were quiet during the week, but strong, without
special features the unsatisfactory condition of
the financial question here checking foreign invest
ment. If Congress would only reach determine
ton and state positively whether q greenback is
worth cabbage a house and lot 1t would give
as well fixed value to the government bond
which is in itself form OF currency and open a
drifting about in this helpless way upon a troubled
sea OF undiscovered legal tender values what won-
der is it that governments ind themselves re-
stricted TO a'home market.
STATE AND RAILROAD BONDS
showed no activity during the week. a few sales OF
Tennessees being the feature OF the former list,
while in the latter the inquiry was principally d.
rected 70 the wen known investment securities.
IN THE STOCK MARKET
the features or the list were Pacific Mail and West
ern Union, which advanced-two stocks that enjoy
an exceptional privilege in the speculative arena,
inasmuch as no one knows what they are intrin-
sically worth. In the railway share list the gen.
era tone OF the market was heavy, and prices went
OF on rumors OF reduced earnings. The iact is the
trade OF the country is Sufficient to keep up the
freight returns OF railroads to former figures, and
no amount OF explanation in the shape of returns
is sufficient to disguise this manifest fact.
THE BANK STATEMENT
reflects the currency movement which always
attends the April annual settlements. The Middle
and New England States have been drawing cur
rency from the New York banks for the week, and
will probably continue to do 30 until the close OF the
month. After the first week In April this currency
viii begin TO return, and the accumulation VIII
increase until midsummer. The banks have lost
during the week, in net reserve-that above
twenty-five per cent of their total liabilities
$2,l23,55o but still hold 300, which Is
larger amount than for several years, and which Is
a sufficient guarantee that tae change in the money
market will be confined, at the most, to a mere ad.
vance in rates-in other words, that there will
be no stringency. The following are the bank
fgures:-
March a. March 81 Differences.
Loans $3.50, ~ 100 $2S5, s66, 200 Inc. sl4J,l0O
Specie. .... 27,9l4 800 70, 696O00 Dec. LII 5000
Legal tenders Gil 652 GOO CO. 1884, 400 Dec. l46s, 200
Deposits . 243, 23s, 500 24o99l, 100 Dec 2,l47400
Circulation. 70 10000 25.17,3OO Dec. $500
The following shows the relation between the
total reserve and the total llabilities:-
March ID. March D. Differences
Specie So; el4, 800 $50 $40. 900 Dec ,2iS, 800
Legal tenders 6l652G 600 CO. lS4, 400 Dec. LAOS, 90
Total $50 800 $50 $50 400 Dec So 6S6 500
Circulation 500, 100 900 s25,7l7, 300 Dec. $500
Deposits. 243, 23S 500 $40 e9l 100 Dec 2241 400