The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-28
FINANCIAL And COMMERCIAL
Failure Of The Parent Freedman'S
Bank in Washington.
GOLD ADVANCED TO 113 Is.
The Stock Market Strong and Operators
Unexpectedly Encouraged.
RISE IN FOREIGN EXCHANGE
WALL STREET.
MONDAY, April 27-6 P.

WALL STREET,
MONDAY, April 27-o p NJ.
One OF the most important financial events Of
fhe day is the announcement OF the failure OF the
Freeaman's Savings Bank OF Washington; for it
concerns not merely the comparatively lew depos
ltors IN the District OF Columbia, but the great
hest OF colored people who in almost every South
ern city have been taught TO place as much conf
dence in the subsidiary lreedmen's banking insti-
tutions as they reposed in the emancipation
pledges OF Abraham Lincoln. Faith is essentially
part oil the negro character, but when IL Is weak
ened by such evidences Of misnanagement as are
to-day reported we may reasonably anticipate
more or less OF financial and political demoralza-
ton as the response OF all communities wherein
branches OF TINS establishment exist. The effect
nm New York is trining but the influence on the
country at large when the TACT thoroughly pene-
trates the rude and uneducated minds OF the poor
depositors VINO have risked the next best
element OF INTERCHANGEABLE they, too, have
been swinded by their so-caed ''best friends,n
will undoubtedly manifest itself IN the future
social aud political changes OF the country. 1t Is
bad sign when the wards OF the nationn are
arawn into the maeistrom of ruin.
THE MONEY MARKET.
The close OF money at loan on call was and 4
per cent Discount rates are unchanged Foreign
exchange advanced from 4.s6h to ass Tor sixty
days sterling, and from 4.s9h TO All for demand,
the actual business being done a slightly lower
basis. The demands from bankers for remittances
the collections OF May interest is brisk and
shipping rates may soon become definite reality.
Commercial! bills continue scarce and are only OBJ
taiIable in small amounts. Continental exchange
was firm; Reichmarks, 95& 95s Tor bankers
long and 96h 965s for short; prime Paris francs,
panKers' 5.171s for long and 5.l2h for short.
THE GOLD MARKET
Considerable excitement was shown in this de-
partment of the market to-day by OF foreign
adyices which reported loss OF bullion by the
Bank OF England and increased activity or money;
also by OF the advance in foreign ex-
change, which is quite up 10 the shipping
point The opening price at 1925 from which
there was decline to 1l2ls attended by later
advance to l131s and close at that figure. The
carrying rates were 4, 8, 81, 2, l, and nnally
per cent The operations OF the Gold Exchange
Bank to-day were lolows:-
Gold balances Observation-Disclosures. $S2S, 1874
Currency balances. Observation-Disclosures. 936, I43
1fOss ceardnces. .32,0lO,OOO
CLEARING HOUSE STATEMENT.
SurIehcv eAchahses- $s444z, ,ol
currency balances. 3,i45,43S
1oid eAGnanges. i,9o's,o
"oid Daiauces Observation-Disclosures. l,3oS,ol2
THE UNITED STATES TREASURY.
The following are the balances remaining IN the
Treasury at the close OF business to-day Cur
rency. 81, 5ll $751; special deposit OF legal tenders
s5e5s5,ooo coin, sss, 42s.6s7; including com GER
tincates, s.s3o,eoo; outstanding legal tenders,
$sS2, 00o, 0o0 rhe customs receipts to-day were
3494, 0o0 The Assistant Treasurer paid out to-day
$493OOO on account vi interest and $4,000 In re-
demption OF fve-twenty bonds. The total paw
ments on account OF May interest thus far are
l,22S, 600.
GOVERNMENT BONDS.
Government bonds closed firm at the following
quotations limited States currency SKIES I16ss
1855 do do, 1884, registered, 119s.a 1905 do. do
do, coupon, 49, I2l1s; do. ive-twenttes 1862.
registered, Il5la rs; do. do, do coupon, 11s1
ils; do. do, 1864, registered, 116S III: do do,
1864, coupon, 1901 a 1903; do do, 1865. regis
tered, 1861 III, 30. do. 1855, coupon, 12lA
lzl7s: do do. 1885, new, registered, 1851 1885,;
DO. de-, 1861 coupon, 1875 1isA do. no., 1867,
registered, 1893 10; do. do, do, coupon, 1867
l2oa4 i2o5s; do do, 1868, registered, 1l9a. a
40; do. do, do, coupon, 1868, lle4 1204 do.
ten-iortes. registered, has a rs; do. coupon,
lis ll51s do. nves, 1881, registered ll5i4 1853;
40. do, do, coupon, 1885, ll6A.
TIE FOREIGN MARKET.
London advices report that the rate OF discount
In the open market for three months bills is 81
Per cent, which is the same as the Bank Of Eng
land rate. The amount OF bullion Withdrawn from
the Bank Of England to-day sl2l,O00. Con-
sois or money, 92s. s2s4; consos for account,
s2al 9251; fve-twenty bon.ls OF 1885, old, 1861
loGss; fve-twenty bonds OF 1861, 1881 1854;
ten-fcrty bonds, l04 new hves, 1859 1o4;
Erie Railway shares 32is 321. New York Central
shares, s71a S. consois and American securities
are lower. Paris dispatches quote Rentes at
5sL 929sc.
RAILROAD BONDS.
In railroad bonds there were no important
changes Central Pacidcs sold at 941s, Union Pac-
Tic Grsrs at So1s $3.50, Land Grants at 1874 In
comes az So chicago and Northwestern consoli-
dated gold bonds at s51. Delaware, Lackawanna
and Western convertible at I045., and Delaware
Lackawanna and Western 1rsJs at 1o1A. Ceve-
land and Pittsburg consolidated sinking fund
brought 100. one lot OF $4,000 Canada southern
frs,s coupon on, sold at SIS. The latest bids were:
AID a usq list DDS - .I03 Ciev, r d old DDS. 20
A bds...... "a Clcy. a A new BIDS. ~
Bos, II a. + list u..... Detroit, Non Il Iol Dds. %
Bur. e. X 4 Isl "a 50 f5uf Erie BIDS. 95ts
Alton ist m more div Jl,