, 1870-04-30
MONETARY AND COMMERCIAL,


i MONETARY.
FRmIE EVENING, Ap.l %,
Every ono interested in the probable rise
!a4 OF gold will notice the Significant a1vaus
n tho price Of sterling exchange to u01s. :
this prlce there Is 3 Email profit in ahippiu
both sovereigns and bullion from New York
London; and while there ia no legitimate prof
IN shipping American gold coin at this pric
for sterling, It is often shpped-in default &
other exports-when, exchange is not oven :
that, whenever exchange gets up TO the bnliio
shipping price, it will cause a. flo,
Of specie to Europe. A variety OF causes ia
been 1T work to produce this atate Of affairs
Imports Of foreign goods have bsen unususli
large dunng the Last month, as is shown b
week ending April is. 70 tha Increased de-
mand for sterling, arising out OF maruautl,
indebtedness, must be added great increas,
IN the demand from American tourists leavius
Tor Europe, which is unusually largo thii
I spring.. While the demand has increased. ths
supply has diminished. Cotton exports havt
1alen on largely. The supply Of United
States bonds for export is diminishing stead
Boutwell, shall endeavor to purchase 100000.
900 more for the sinking fund before JuIv |
there viii be nothing Ike the usual amount Of
e1ehange made against United States bond
nhiPmants. American railway bonds, of which
there has been such a rush to Europe. seem Ia
meet With an untavorab1e reception lately, and
the London Times of the 18th Save;
"Ine Frankfort ad1ices state that the recent
sagefness for American railway bonds Ia fast pass
Oregon California issue has been tic last. Tbcse
a. a{e 1 nov sel!nE At per cent discount Thc Issue
o. o. Fo1s RoJal bonds has sisnay failed and 9TH
The market is glutted, and The holdess are Weae,n
Il the above be correct, the amount Of OK
change to be made against railway bonds will
be less than has been anticlpated Some con-
siderable amounts OF breadstuns are now
being taken for export, but atbest, the amount
OF exchange made against bteadstuGa is small
that, for the past year OF two, ..has been made
against bond shipments. Altogether these
dacts show an increasing demand for and
diminishing supply Of sterling exchange that
bids 1air to cause . revival Of specie exports.
WHICH in turn would make higher range for
gold This ls only in accordance with the OK
per7enee Of past JoaIs, which showa that Of
our total annual export Of specie, nearly half
is shipped between the frat Of May and the last
Of July Thus far, ,therise in gold during the last
two weeks has been merely an incident Of the
general revival of speculation, the advance in
its price being less than the average advance
N stocks and bonds, or grain and provisions.
long, specuiators may seize upon tbs present
aspect o. the foreign exchanges, to operate
Tor further rise in gold, aud though tile mer-
camille community in general will be sorry to
see the REMOVAL Of fluctuations in the price Of
gold, the importers, who have laid in large
stocks at the recent low prices for gold, would
that it would carry currency prices for goods
up with it. A prospect OF any lArge
advance in the price Of gold would
probably induce the Secretary of The Treasury
to Increase his sales. If the rise in price we're
caused entirely by speculation, his sales would
probably make reaction, but If the advance
WEE based On any considerable increase Of az
ports q gold, his increase OF sales would have
hut Little effect, as WAS ahoWn in the export
ence Of this time Inst year, whom, in conse-
quence OF the increasing exports, gold contin-
ued to rise, Notwithstanding the increase Of
price Of gold during tho next month viii bs
determined by the export demand, and il tho
present tendency Of the price of exchange is
maintained, the probabilities arc in favor OF .
range for gold than at present.
. The Canadian fractional currency is driving
some Of the American silver out of circulation |
IN the Dominion, and the .ssilver proclana-
ion. which nnakes the latter legal tender for !
only so Per cent OF its denominatioral yalue,
makes it available Tor export aa bullion. The |
Ianadian Government Offers to take it at per !
:ent discount, tor reeoinage, but it finds = bet
,ssa ez market y the United States, and, in the
t viii probably all flow of to Europe.
The speculation in RAILWAY stocks is still On
he increase Every stock on tho List has ad- |
'anced during the LAST week, but the leading
mes arc Rock Island and Northwest, each
= which advanced per cent to-day, aud the
10 latter peE cent, since this day last week.
he BOOKS Tor the registration of the stock OF
he Northwest were closed Oh Wednesday, aud |
ha rise in Rock Island and Northwest stocks
uring the last few DAYS ia Interpreted to
aean that tho "Ifacy, party" have got control
n entira new Board Of Directors elected on
une and tnat the t'St- Paul ring" will be
ousted." It seems pretty well under
TODD that the Tracy party represents
ot only the Rock Island Company, but also
be Pennsylvania Company, and that if the
n, the scheme Of Jay Cooke, j. Edgar Thomp-
on, and their EPhilsdelphia associates, for
abroad connection through Chicago with their
AXE Superior Mississippi and Sorthern Pacific
nte1p1ise is likely to succeed.
Money continues easy, and MHt-c1zss paper
han they can find use for here, and are grad
ally transferring large balanccs to New York.
. the open market money ia to be had OF COL
teral at per cent, and the banks arc offer
Is to loan on cali at 7 per cent.
A considerable nnaeunt Of grim has been
nPped East since the opening Of navigation,
1t must have been owned By eastern operat-
II, 1s it lias the effect to place comparatively
tile exchange on the market, and this, in con !,
sction with the disposition Of the banks to
.ep large balances in New York, keeps the
ice Of exchange unusually high for this sea-
N Of the year. Sales we're made between :,
INKS today at ESQ per 81 900 premium. At
e counter bankers sell at lilo premium, and
r at par !
Sales at the Stock Board to-day were: :
shares Republic Insurance Co. ...........19 |
shares Lunar Insurance Co........,.e0H | {
The following bids and oHers were also
ade: