Year: 1868

MONDAY, June 10, 1905.


The gold market has been very strong and some
what active to-day, and the fluctuations were from
i4o to l4O up the adjournment oil the board with
the closing transactions at 1908. Following this,
however sales were made at 140's, and the latest
quotation the street was 14014 1908. There was
an active borrowing demand for com, ana loans
were made at rates varying from five to seven per
cent per annum and at l-64 per cent per diem
for borrowing. The gross clearings amounted to
$22 s26, O0o the gold balances to $s744O7 and the
currency balances to sl265,4s3. The advance
In the premium in the face OF the rise
In ive-twentes to 1875 a 7314 abroad reflected
the strength Of the market but there signs OF
Its having been assisted by speculative influences.
The important fact remains, however, that on Satur-
day last the banks OF tins city held only $ll 1893 $751;
while on the lst instant the Treasury had OF its
$69,930,379 of which 1t VIII have to dsburse and
after the lst proximo more than forty millions in
m payment OF interest and the matured principal
OF the public debt. The surplus Of coin at the dis
posal OF the government will therefore he smaller
than usual after that date and OF this the spectators
are disposed to take advantage. 1t will have
the effect OF approaching The commercial
value of gold without in any way rejecting
unfavOraby upon the public credit gold
and silver being as much articles OF merchan-
disc during period OF specie suspension corn'or
porN The Sub-Treasury dsbursed $1,000 III coin in
payment Of interest, and the conversions of seven
thirty notes into bonds amounted to 81 $50. The
Supplementary National Currency act was before the
Senate again this afternoon and speeches were made
for ana against the additional twenty millions OF ma
tiOna bank notes for which il makes provision The
only argument that the advocates OF this measure can
bring forward is the plausible that the national
currency has been unequay distributed throughout
the country; but this really offers no good excuse
for adding to its volume and il is to be hoped that
Congress will have wisdom enough to reject the pro-
position AS national bank notes are redeemable in
legal tender notes upon presentation the amount OF
the former circulation should not De increased,
and as the extra twenty millions would not be su6l-
Client 10 equaze the distr button of the national bank
currency the existing inequality Of the distribution
fails TO justify the proposed addition The new Tax
bill still engrosses the attention OF the House
of Representatives, and if its further
sideraton is not postponed the debates upon
IL promise TO be protracted an indefinite
penod ts great defect IS its voluminOusness,
and what 1t stands most in want OF is simplfcation
There need be no difficulty whatever experienced in
raising the necessary amount of revenue In this
country from few leading articles OF consumption
and such being the case there is reason why
large number of taxes should be imposed, many of
these being both petty and veXatious The expert
ence OF the past has shown that the country is ca
pabc Of yielding an enormous revenue and that the
people are willing to submit to taxation however
onerous; but this should not prevent Congress from
30 adjusting the burden OF taxation to make it
Nightly felt, nor from economizing in the public ex-
penditures. The national finances present more
encouraging aspect than they have done for q long
time past, and with ordinary management there is
no possibility of anything occurring TO check the
growing Improvement In the public credit.


The market was firm but not active for the West
rail, yo1,or anlh harat f,rN
Central and Erie, Notwithstanding that negotiations
are in progress for settlement OF the matters
In dispute between the Erie and Vanderbilt par
ties, meeting Of the leading representatives
Of both sides having been held at Commodore Van
derbilts office on Saturday. Reading was the most
buOyant OF all the speculative stocks during the early
part Of the day. and sales were made high 9s'f
butt subsequently reacted to 97. There was slight
movement engineered in Pacific Mail by one OF the
professional specuators Of the street, but there Is
nothing in the condition of the affairs of the company
20 warrant any Improvement In its stock. The out
side public continues TO neglect railway and misce
laneOus shares, and not without good rea
son. Money however is SO extremely cheap
and abundant that the cliques find It
easy to advance prices, and therefore it is quite
dangerous to sell 'shortr as TO buy. Loans were
made at 4 per cent on mixed coaterals during
the day, and at 3 exclusively on government
securities where the regular dealers were the bor-
Towers. First class commercial paper remains
and in request al a 51s per cent discount.


The following is a comparison Of the statement OF
the associated banks for the week ending on saur-
day last with that for the corresponding week In
each Of the two previous years.