The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-29
FINANCIAL And COMMERCIAL
Free Banking and Specie
Redemption.
The Stock Market Firm
and Active.
GOLD STEADY Y.
Foreign Exchange Near the Shipping Point
GOLD STEADY.
Foreign Exchange Near the Shipping Point
Government Bonds Strong.
WALL STREET,

TUESDAY, ApriI 28-8 p. M.
The uncertainty attaching to che prospective
legislation Of Congress on the subject OF the cur
rency continues to exert its legitimate effect. BUSH
ness Is unsettled, trade dull and speculation in
Wall street confined to the few who by adrotness
OF combination and manipulation retain the con-
troll OF the market. The country is awaiting the
adjustment Of the difflcuty with patience, though
opinions do not by any means concur as to the ul-
tmate result. II we are to have a successful sys-
TEN OF free banking 1t must be attended in some
form or other by
SPECIE REDEMPTION,
and that in the not too far distant IA.
ture; otherwise the currency OF the coun-
try may be inflated scores OF millions
of dollars. Banking Ia seductive. great
many people have the idea that 1t is a business at
once genteel and profitable. SO It is, and for that
reason, If 1t is made free, without the qualification
referred to or something equivalent there would
be in two or three years a volume Of paper
thrown upon the country that would disturb the
entire economical relations OF trade. The United
States has solemnly pledged It's faith "to make
provision the earliest practicable period for the
redemption Of its notes IN CON-" and, in the lam
guage Of Senator Morton, it would be direct vio-
lation Of thar pledge TO retire them and substitute
for them an irredeemabe bank paper, for the re.
dempt1on Of which no provision Is made.
EXPORTS OF PRODUCE.
The total exports OF produce from this port for
the week ending to-day amounted to $7,205, 22o,
mixed values which Is an increase over last week
OF $2,9S5,a78. The exports for the corresponding
period Of last year were s5,s55,os0 and for 1871,
$3244 1856. The total exports OF produce since
January l. this year, are $50, 55s, $50, against
$751; 12a LAO last year and $6sO45, $50 in 1872.
THE FOREIGN MARKET.
London advices report that the amount of bullion
withdrawn from the Bank OF England on balance
to-day was f105,OOO. Consols were weak at the
close and American securities barely steady. The
following are late quotations :-Consols Tor money,
s2H; do. for account 92A a 922@; fve-twenty
bonds OF 1885, old, 1865; do. OF 1867, 1857; ten
forty bonds 104 104H; new fves, 1O4; Erie Rail-
way shares, 32x; New York Central shares, SO.
The rate for money at the Stock Exchange on
government securities is 31a per cent. In Amster-
dam Union Pacific stock is quoted at 29h, North
western preferred ok and Erie 81. Paris
dispatches quote rentes at 59f. Soc
THE MONEY MARKgT.
Money loaned on cali at unchanged rates-to
wit. from to per cent. Discounts are about the
same, first class names selling at and per cent
Foreign exchange was easier, and the leading
bankers reduced their rates to 4.s7k for gixty
days sterling and 49ox for demand, with actual
business at 4.87 and 400. Commercial bills are
scarce. We do not learn that engagements tor
gold coin have yet been made for t0-morrow's
steamers, but well informed bankers express the
belief that we are on the eve or specie shipments
THE GOLD MARKET.
This market was more steady than yesterday,
and attended with less fuctuation and excite
ment. The opening sales were made at 1131@,
from which there was decline to 113 and an ad
vance to 1917. The close was made at 113. The
rates paid for carrying were d. 31a, and finally 2
per cent. The decline was doubtless due to the
falling of OF the price Of exchange. The opera
tons OF the Gold Exchange Bank to-day were as
10nows:--
hoIa 81 oo1