The New York herald., 1870-05-25
FOREIGN EXCHANGE ADVANCED.

quotations for the reason that great many bills
were sold out OF second hands at fraction
lower, and more are yet on the market, but the
bankers were unwilling TO draw at any concession
beyond the usual brokerage, and then not for heavy
amounts These rates on the verge OF the specie
shipping point and their future Grmness will de-
pend on the excess OF the balance OF trade against
us for the past six months So far it seems thar we
are not heavily IN debt to Europe, and the demand
for exchange has been comparatively moderate. A
few shipments of specie this summer would doubt.
less equalize the account. Meantime, should gold
advance, it will be the occasion of further shipments
OF produce and government bonds. The following
were the closing rates:-Sterng, sixty days, COM
merclai, 100 l09la; good TO prime bankers, 1905
a 1osal; short sight, 1lo1 1903; Paris sixty
days, $50 BIS; short sight, 5.1s1 5.12K;
Antwerp, $40 a 5.l5; Switzerland, $50 a 5.l5;
Hamburg 35S 361s; Amsterdam, 40Ss Al Frank
fort, 4016 Al; Bremen, 1885 a 7s1S; Prussian
thalers II a 71ss.
THE MONEY MARKET EASY.
The tendency OF the money market TO greater ease
was still more marked to-day. The rate on call
ranged from TO per cent, with exceptional trans
actions at 21s per cent on borrowed governments.
The lenders In their anxiety to get the highest pos
sibe interest," made loans at fractional rates. as
3S ana AZ per cent the latter being quite frequent
III dealings between the STOCK houses. In COM
mercia paper there has been considerable move
ment 1T six 10 seven per cent, and some strictly
prime names have passed as low as 5}6 per cent.
The general rate, however. Is to 6k per cent for
prime double name acceptances.
GOVERNMENTS STRONG.
The government market moved In close sympathy
with the gold market. Now that the quotations OF
the TWO markets have finally ranged side by
side va nall f,.
steady paralelism in quotations continu-
ing until gold in going to par shall out
strip the government list, which as a secure
investment VIII, while the country is at peace
always command premium. The rumors to-day
that Congress Will pass some sort OF a funding bill
have had little effect upon prices, for the reason
that the impression is now strong that the
only measure likely 10 become a law Is one
for providing for funding at not over four
per cent, in which event the exchange OF
the debt would be matter Of many years. The
market closed strong with the following street quota
tlons:-United States currency sXes 1l2A 1l3; do.
SKIES, 1884, registered, III l171s; do do, coupon
III l171s; do. fve-twenties, registered, May and
November, 1l07S III; do. do, 1862, coupon, do,
lE1a 11lss; do. do 1854. do. do, 10Y a Ill;
do. do 1866, do do, ll1s ll114 do do, 1866 do.
do, January and july 1884 ll3;S; do. do. 1857,
uO uO., lloSs 1874, w., 1000, 40. UO, ll3h u
1l3ai; do. teniorties, registered, 1o75s a 1oiI;
do. do, coupon 1857 lOs1.
STOCKS STRONG AND ACTIVE.
The stock market strong and advanced
sharply upon the prices OF the previous day on re-
ports from Washington denying positively that any
thing had been done on the subject OF new funding
bil whatever may be done by the Ways and Means
Committee in the immediate future. In the AFTER
nnn tNuaa rain tah That fha n,,r-
Currency Committee would report the se5, 900, 900
Contraction bill tomorrow, and prices fell
or but again sharply advanced, the market being
highest for the general list at the close of street
business The feature. of the day was Pacific Mail,
which ran up to 39A and was the leader in the
upward movement. Some time ago We called atten-
ton the fact that the rule Of the Stock Exchange
requiring thirty days notice in case of an Intended
new Issue OF stock was easily avoided by specuIa-
tive officials desiring to keep within the law of the
board, but contemplating the issue of further stock
Recently 10000 shares Of Harlem were sold in the
market, and in few days the requisite notice was
given at the Stock Exchange. The STOCK, meantime,
has been borrowed for delivery At the end OF thirty
days the lenders Will have the stock given them
IN lien Of that which was borrowed. 1t was eur.
renty reported on the street tonight that the
Rock Island clique nave In like manner sold
about 20 600 shares Of new stock with the proceeds
Of which they intend to meet the liquidation OF
certain bonded debt falling due July l. and notice OF
which they will give at the Stock Exchange in few
days in order to legalize their conduct keep the
stock on the call. Attention first drawn TO the
matter by the fact that the brokers who do business
for the Rock Island party were large borrowers Of
the stock although little attention was paid to for
the that sellers Of long stock frequently Dor.
i,r IN ar<la IN fbo
be remembered that Rock Island suddenly broke
down after touching 126 an0 declined to III, the
public being tempted to buy at each reaction. The
market was In this way carefully nursed by the
clique until they got out OF their old stock and sold
the stock. The governing committee OF the
Stock Exchange should endeavOr to so remodel the
Board a. TO prevent the watering Of stock in any
way whatever. II is evident from these recent in.
stances that the thirty days rule Is no guaran tee
against overissues. Thc following were the closn ng
prices at the last session of the Stock Exchange
Canton. 6s a 70js; Cumberland, AZ 45; Western
Union. SO a 33}s; Quicksilver, a or; preferred 1;
q l5T; Mariposa preferred, Is 10; do, certif.
Gates ID 17AI; Pacific Mail, 37sf q 3756; Adams Ex
press, e3es q $50; wells.Fargo Express, lax IS
American Express, 43al 43ys; United states Ex
press, Az a 45 New York Central consolidated.
i00A 4 1001S do. scrip e57s a 96; Harlem I4ii
a i4S%; Erie, 2sH 2SSS; Reading, 1049+ 1O4zs
Michigan Central, l23J& bid; Lake Shore, 97t 971s
Illinois central, l3e%; Cleveland and Pittsbnrg 107
a 1876 Chicago and Northwestern, s1ys u SO;
do. preferred, Spa so1s; Cleveland, Columbus
and Cincinnati, 70; Rock Island, llsI a 1lsX;
Milwaukee and 81. Paul, 64I Sc; do. preferred,
'e5s 7o's; Toledo and Wabash 551& 55X; do.
preferred, ~ bid; Fort Wayne, 94I bid; Ohio and
Mississippi, 3s a ssJs; New Jersey Central 1882 a
los'i Chicago and Alton. 1885 bid; do. preferred,
li5 a III; Morris and Essex, e3& bid; Hannibal ana
~ Joseph, llS il5ii; DO preferred, lI5 ll5 X