Year: 1868

The Qold market has been firm to-day and mode
rately active ana the fluctuations were from l39x
70 lsoh with the closing transact tons prior to the
adjournment of the boari at 139X, following which
this price was bid. Loans were made by paying
- per cent for carrying The gross clearings
amounted to $37,4s3,ooO, the gold balances to
$l.5oe77 and the currency balances to s. 1S6 707.
The imports OF specie at the port last week aggre-
gated eo,s37, making total Of s2,79l, $50
since the lst Of January. The Sub Treasury dis
bursed about S65o00 In coin account Of the May
interest on the public debt during the day. and 1t Is
also understood to have SOLD small amount Of gold.
1nese gold sales, as well as the manner OF making
them, are open to objection and Congress should
turn its attention to the subject soon as the i'm
peachment trial is concluded The act Of February
25 1852, section s, says:-


All duties shall be paid in coin or in notes payable
on demand and the coin paid shall be SET apart as
aspeoial fund and shall be applied as folows:-


First-To the payment in coin OF the interest," on the
bonds and notes OF the United States.


second-To the purchase or payment Of one per
cent of the entire deb. the United States TO be made
within each fiscal year after the ls day OF july 1862,
which is to be set apart a sinking fund.- and the
interest Of which shall in like manner be applied to
the purchase or payment OF the 1nbc debt as the
direct.


This provision for a sinking fund has been wholly
ignored by the Treasury Department, and the ques-
ton arises, what use is there in Congress passing
laws secretary OF tne can treat Them
as a dead letter at his discretion 1t is true that
another act authorizes him to sell gold under certain
circumstances but the section Of the quoted pro-
viding for the establishment of sinking fund has
never been repealed, and there are good reasons
why its provisions should be enforced the
beneficial effect upon the public credit
being not the least important of these. The rmness
Of the premium is due in some degree to the knowl-
edge that strong efforts will be made In Congress to
secure fresh issue Of hundred millions Of green
backs and that there is little any doubt that these
Will be successful. Both parties anxiov to make
potical capital out Of currency innatio and those
III favor OF paying Off the whole of the interest
bearing national debt in legal tender notes will
promise with those opposed to imitation in any
form on the basis Of another hundred millions. The
result VIII be seen in temporary prosperity which
VIII pave the way to the Presidential election and
stimulate speculation, trade and all kinds Of new en-
terprses 1t matters not that the effects of that in
nation will be ultimately damaging to the country
and that crash will supervene, for every man will
hope to have taken in sail before the storm comes and
all who can viii make hay while the sun shines. The
result Of the impeachment trial is not likely to alter
this imitation programme, and as soon as possible
after this all-absorbng event is decided attention
will be turned to the currency question.


The stock market was duh and steady until
late in the afternoon, when 1t became strong,
especially for New York Central and Erie, and
It closed with an upward tendency. The feel
ing Of the street is bullish, and but for the
suspense with which the result Of the impeachment
trial is awaited it is probable that there would be
considerable speculative activity in railway shares.
II the President is acquitted the effect will be reas-
suring upon the public mind whereas If he is con-
victed the proposed imitation will be regarded as
certainty, and this will neutralze any apprehensons
which may arise in consequence Of the act. In
neither event ia the effect on the Stock Exchange
likely to be disturbing; but the cliques may avail
themselves Of the occasion to advance prices,
which they can easily do without regard to
real values, and in the present condition Of the
market 1t is useless to be guided by the latter
The cliques have weathered monetary stringency
and hard winter, and now that summer is ap-
preaching and the earnings Of the railways are In
creasing they not likely to relax their efforts and
prices viii therefore in all probability tend higher;
but this viii not make stocks any the more worth
what they are selling for.


The money market was easy of seven per cent dur
ing the forenoon, and subsequently loans on call
were made in many instances at six. On the 18th
inst $23 027 600 OF compound interest notes mature
About fifteen millions Of these will be payable here
and five elsewhere, and the remainder not likely
to be presented until some time after maturity. The
Treasury has at its disposal about twenty-five mil


lions Of three per cent certificates which 1t will issue
In payment Of the principal and interest OF such OF
the notes as are held by the banks The currency
for the remainder it is already provided
with, so that 1t will not be under the necessity
Of selling gold to meet any portion Of the payments
on this account The immediate effect Of the latter
viii be to increase the supply Of loanabe funds in
the banks the extent OF the currency paid out; but
apart from this all the indications favor continu-
ousy easy money market until next autumn, and af-
ter the middle of the present month the general
for loans on rst class stock coaterals is likely to be
i've per cent.


A comparison Of the statement Of the associated
banks OF this city for the week ending on Saturday
last with that for the corresponding week in each of
the three previous years shows the following
changes


lo,,A 1907 ,youo 1919