The New York herald., 1870-04-09
FINANCIAL and COMMERCIAL.
WALL STREET, (
FRIDAY, April S--6 L. NJ. J

was lelt throughout the uinerent BUSINESS cifeie'
This not the result, however OF any SPECIAL ac-
tivity in any particular direction the dealings sew
orally, in gold, governments and stocks being not
above tine usual average. The return TO
AN EASY MONEY MARKET
after the late abnormal disturbance, with the pros
pect of contDuance Of the same, has operated 10
give better tone co transactions and create more
bnoyant feeling among dealers. The rate on call
loans to-day was six per cent ON railway and mis-
cellaneous collateras with fair line OF exceptions
ut FIVE on the better class OF these, five being
likewise the usual figure on governments. Tne sup
ply OF funds seeking employment seems to be again
excess OF the demand ana the banks here are re-
ported to be gamers in the present movement OF
currency. Discounts were dull and the best
names cashed at seven TO eight per cent; but not
much commercial paper is Offering, the banks IN the
present limited inquiry from the Stock Exchange
readily absorbing all that Is presenred-a most favor
able condition OF the market for legitimate trade.
An
INCREASED FIRMNEss IN GOLD
was the principal ana most distinctive feature de-
veloped here to-day. The first sales in the room
were made at 1l2k, after which the price
advanced to 1123s, continuing all the after
noon to vibrate between 1l2X to 1924, ana
closing at ll21< 112H. This steadiness Of the
gold premium, and the remarkable absence
OF speculative movement which 1t exhibits, Is one
OF the most heathful signs OF the general financial
situation, indicating Q perfect recovery from the
disturbed monetary condition which was one OF the
worst effects OF the late war. The apprehensiops
felt in many quarters short time since OF rapid
decline Of the premium to par would seem no longer
to have any for existence their expectation
is not shared by any Of those most quick 70 appreci
ate all the for speculation in the future pros
poets OF the market, the indsposiIion TO sell short
being most manifest and decided. On the
other hand the entire absence OF fresh elements
Of harmful character in the general business OF
the country, or of disrust in the government, are
In the extreme retcence OF the large class OF
chronic bulls who are always on the lookout for
the slightest opportunity to start an upward turn
in gold, but whose occupation, OF late, has been
almost entirely gone. Nor is there anything in the
near future to be feared as likely to disturb the
present calm. The political sky Is wholly unclouded,
and so far as Congressional interference with
financial matters is concerned. there Is little impor-
tant likely 10 result from the present session.
THE FUNDING BILL,
the bete nor of the street, is likely, from all
counts, TO go over. Late dispatches from Washing
ton this afternoon state authoritatvey that it will
not pass without important amendments. striking
out the clause Affecting the national banks and pro-
viding for contraction. AS this would necesstae It's
Of conierence--ana there are very many other
objections to 1.-THE chances of its passage
are very slight Its defeat being already to some
extent discounted, this event would not be attended
with any considerable influence upon the market.
The Gold Board adjourned to-day al two O'Clock, out
OF respect 10 the memory OF General Thomas. Gold
loans to-day were made at 3. a, ~, and 5H per
cent for carrying The advance in the premium ls
attributed to the decline OF bonds In London u per
cent as consequence OF the Cabinet crisis in Paris
and the .lnU
srIFFENING OF FOREIGN EXCHANGE
resulting from the small supply OF commercial bills
Offering. The leading bankers to-day advanced
their rates for sixty days. sterling to loo We quoe:
Sterling, sixty days, commercial, 1854 a lOsx; good
to prime bankers, 10SA l09; short sight l09k
1O9s Paris, sixty days. 622} 5lSa<; short sight,
5.171z 6.lej4; Antwerp, 6.233l 51s4; Switzer-
land, 5.232 5.1sA; Hamburg 3b1s 351; Amster-
dam, 40h a 4OH; Frankfort, 4ol 4Oss; Bremen Tx
q 7sX; Prussian thalers. 7oH II.
GOVERNMENTS STRONG AND HIGHER.
The governments market was active and buoyant
to-day, in sympathy with the higher gold premium
and upon an increased investment demand from
savings banks and others anxious to employ their
surplus capital. resulting from the return to none
tary ease and the growing conviction that the usual
spring activity VIII be RENTED this year. The added
legislation on the part or Congress this session
have likewise stimulated this demand. Prices
to-day advanced q to q per cent, excepting the
currency skies, which are u per cent lower, and
closed at the following fgures:-Unted states cur
rency skies, Ill 1l114; do, 1881, registered, 113
a 114i do. d0., coupon, 1146 1147S do. fve-
rwentles, registered, May and November, 1904 a
106A; do. 1885,? coupon, do, Ill q 1l1h; do. do,
1864, do do I0 10ls; do. do, 1865, DO do, 110s
a110a; do. do, coupon, do, 10sX 1OS%; do. do,
1867, do. do, 1895 o 1o9k; do do 1858. DO do,
1o9h 109& do do. ten-forties, registered, 1868 a
LOG; do. 10. coupon, l061S 1861.
STOCKS HEAVY
The stock market showed moderate activity and
transactions were to about the usual average
amount The features Of the nst were Reading. st.
Paul and Lake Shore. the former advancing upon
large purchases said to be account OF parties IN
Philadelphia. The ST. Pauls were weak the CON-
mon declining to 50 and the preferred TO 70. The
depression is said to be due to the consid
eraJion of the question. at the meeting OF
the directors in this city yesterday, OF
consolidating with the Western Union Rail
road. and also the purchase OF The Hastings and
Dacotah road. Lake Shore was heavy upon reports
which to indicate some lively developments in
the way Of ar
RAILROAD LITIGATION
out West. According to an evening paper
Despatcnes have been received which state that a
bill has passed the Pennsylvania Legislature instruct
ing the Attorney General of that state 10 institute
suit against the Lake Snore Railroad Company, and
to seize that portion OF the Buffalo and Erie
section lover thirty mlesl running through the State
of Pennsy vania on account OF alleged violation Of
charter IN the late consolidation OF the Lake Shore
Company. The proceedings are evidently taken III
the interest Of the pennsylvania Railroad Company,
rival road to the Lake Shore and may cause an In
terrupuOn to business on the latter road until the
matter can be taken into the United States Court.
1t Is deemed very cowardy expression OF mortii-
cation felt by the Pennsylvania Central at seeing
rac diverted from its ort Wayne road TO the Lake
Shore line.
In this connection the Ecening Telegram Of Thurs
day contained the following
lC IS asserted there Is movement foot to break
the lease of the Fort Wayne road and the Pennsyl
vania Central This Is to be done through THO ac-
ton Of the Ohio Legislature II necessary the matter
beng now before the Committee on Railroads, 1t ls
stated rnat an opinion has been obtained from the
Attorney General Of the State 70 the effect