The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-04-29
FINiNCIaL Ind COAIHERCIlL.
THE GOLD MARKET.
Bill to Prevent Locking Up
Funds.
Stock Quotations and Railroad
Bonds.
SUNDAY. AprN Is, 1877


The only noticeable feature In and around Wall
street during last week was the activity in the gold
market the premium on which nuC tuAted between
lIlh and 49, starting ut the former figures on Sat
uraay week, and reaching tho latter by the frac-
tioHal stems yesterday. It has probably attained
the top figures, as there indications Yesterday
OF a disposition to let the premium drop. There
will be no heavy fail, however, as tho demand to
meet foreign obligations will continue active for
some weeks yet.
A sudden advance In the premium gold is
always traceab,e to panic experienced by specula-
tion The rise last week, although not q very ex-
traordinary movement was brought about partly
by reports Of critical relations existing be-
tween this country and Great Britain, caused
by the demand OF our government for
consequential damages I'm the Alabama
case. That a slight difference OF opinion
did exist between the administration and the
British government on that question no one will
pretend TO deny; bn that II ever assumed, or ever
WIN reach threatening aspect, is almost beyond
the bounds Of probabilities. There was no real
cause, therefore, on that point to warrant the
putting up OF tie value OF gold AZ the summer
months approach and foreign obligations become
settled we shall expect TO see god again down to
100, and perhaps II may even fan stln lower.
THE BILL TO PREVENT TIE BAG0iS0 OF FUNDS.
Fernando NOOu mas Dccn belOrc the House OF
Representati es Committee on Banking ard Cur
rency to give hs views on the hIll which he pre-.
scented last week TO prevent locking up funds In the
principal money markets OF the country. What
argument he advanced In favor OF his scheme is not
known; but 1t ia extremely doubtful whether he
succeeded In convincing the committee that the
operation of the law he proposes to enact would
produce the desired result. There is q tritc saying
that ''you can lead horse to the water but
you cannot make him drink The simiitude
OF tins old saw has been seen in a great many laws
that Congress has enacted in relation to finance
They look plausible ana read well, and II their good
intentions were sufficient to give them force
beneficial results might flow nom them; but 1t is
a very dincult undertaking to attempt to set
bounds To speculation. Selfaggrandizement IL
Inherent In the human breast, ana whenever
door can be forced, or q road be made that viii
lead to dimes and dollars the Spectator, eager for
q quickly-nade fortune, vii, be restrained by no
moral law or coaxing Congressional enactments.
We have all along doubted the practlcability OF Mr..
Woods bill and unless he can prove Its usefulness,
by more forcble argument than the act itself pre-
sents we shall not be inclined to disturb its rcpose,
II 1t remains in Its present position until the close
OF the session.
ANOTHER DAY OF REST.
Wall street will take one more day OF ease and
relaxation out OF the calendar. The bill declaring
the first Tuesday after the first Monday In Novem-
Der In each year. being the day for the holding OF
the State elections, legal holiday has passed the
Senate, and will In all probability become law.
COMPARING QUOTATIONS.
The following table shows the highest prices Of
the principal stocks on Saturday compared with
the quotations of the previous Saturday, and also
with those OF last year.