The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-30
AN ACTIVE LONDON MARKET.
Gold Being Weighed in the Balance
An Uncertain Condition.
M ONEY ABUN DAN T i.
The Stock Market Weaker-De-
cline and Doubt.
WALL STREET,

foOplc VINO are so camOrOuS for more currency
seem either to forget or ignore one tactic w.t.
that there is already an abundance OF money seek
Ing sale investment and much that is lying idle
because it cannot be thus safely made profitable.
Our bank reports tell the whole story In nutshell.
Our factories running on hall time or not running
At all; our railroads carrying freight but one way
and that at reduced rates; our tradesmen idle.
our consumers economical our markets overflow
ing with capitalize supply always exceeding the
demand What can these salient facts mean but that
business, being overdone, has come to a standstill
and that natural laws are now enforcing their
supremacy over the speculative, the artificial and
extravaganza operations OF the past few years
The excess OF production beyond actual demand
has been arrested. CONSUMPTION beyond the
limits Of wise economy has also been stopped.
While
THE CRISIS COMPELLED CONTRACTION OF BUSINESS,
1t went still further in It's heathrrl influences by
wiping out much that was rotten, clearing the
financial atmosphere and establishing new basis
whereOn the work Of the future should be con-
Quoted. The borrower OF money is naturally an
innatlonist The Western Senator member Of
Congress who has operated largely In real estate
and found himself disappointed In his profits de-
mands more currency possible means OF re-
lie. The SOutherner, although he has nothing to
give In return, for his lands are overtaxed and his
cotton pledged to factors months IN advance, In
dulges in the hope that somehow the issue of more
money will replenish the exhausted pockets of his
Impoverished constituents. The Wall street spec
ulator pleads for expansion because 1t will swell
his
STOCK BALLOONS,
and so through all grades and conditions OF inna-
tionists we find running idea eminently selfish,
unphilos0phic and antagonistic to the existing
monetary superiority. We repeat, our business
centres are full OF currency, our loanabIe funds
are In excess OF the demand, and beyond the
restoration Of c0nfdence-that K0n-i-noor of the
whole misunderstanding Is required to secure
peace save prudent increase OF banking facilities
ana the honest ludlment of the pledges OF the gov
eminent. Let Congress place the currency Of the
country on par with gold. and commerce will
take care Of ITSELF Free banking iudciously ad-
ministered may In the course OF time afford relief
but unless that relief be attended by ability to re-
sumo specie payment every dollar OF paper money
issued viii conduce to an imitation that Will again
unsettie all values and result IN terrible disaster.
THE FOREIGN MARKET.
Late London advices report the withdrawal OF
f2l0,0 Ia bullion from the Bank of England to-
day and the probability that the rate will soon be
advanced The private advices OF bankers on this
side. however, 40 not corroborate the statement.
Consols are reported weak at 92% OK for
AAOuCJ 1uu oA/4 o 0A/8 VI uCSouA. EAiO ClOScu
weak at 31I SIX. Money in open market is
active and has strengthened. Flve.twenty bonds,
1886, 1868 1866 do, 1867, 1854 100; ten-forty
bonds, 104h 1O4A; new fives, 104 1O41 New
York Central, ss . sSk. Paris quotations place
yentes at SOL. 72xc. Prices In Amsterdam are as
follows central Pacific first mortgage bonds,
soX; Union Pacific do. Tx; Union Pacific shares,
29X; Northwestern preferred, 571S; st. Paul pre-
1erred, SOY; Erie shares, 81. The repeated with
drawals Of bullion from
THE BANK OF ENGLAND
reported for several days past, and amounting
during tine week to &413,U00, were toresnadowed by
an article lately published in this column wherein
Il was described that the Bank OF France, being
engaged in the accumulation OF coin, with view
to the resumption Of specie payments would natu-
rally absorb some OF the assets OF the ''Old Lady
OF Tnreadneedle street.n This process is now
going on, and hence coin is escaping from England.
It also be borne mind that the LIST OF May is
q settling day abroad, as 1t Is here, and that all
creditor countries, OF which France is one-be-
cause sire exports more than she imports-natu-
rally draw upon "the banker OF the world.n
Hence the activity in money that is described IN
London advlces, and the report that there may be
an advance in the bank rate. Elsewhere money is
easy and abundant.
THE GOLD MARKET.
Gold opened at lib, sold down e per cent and up
20 1l3h, but closed at ll3h. The disbursement of
the May interests and the considerable amount or
gold that will necessarily be thrown upon the
ket are quoted as reasons for the present unstcad
ness, II not absolute weakness that is from time
TO time observed. On the other hand, there are
not few among the SPECTATORS who base their
faith In the future strength of gold The result OF
Congressional legislation, fully believing that the
President will sign no bin which has not as It's
basis the element OF specie redemption. The rates
paid for carrying were 8. 81, 4. 2 nat, 2K and
finally per cent. The days operations at the
Gold Exchange Bank covered-
Gold cleared $40, 425, 900
Gold balances 2,421, 700
Currency balances. ACKNOWLEDGEMENTS. 2745,70
CLEARING HOUSE STATEMENT.
Currency exchanges. $40. 21e, 100
Currency balances. OBSERVATION-DISCLOSURES. 1888, 126
Gold exchanges. ACKNOWLEDGEMENTS. 5,619,7S8
Gold balances. ACKNOWLEDGEMENTS. 853,335
THE MONEY MARKET.
III ot q aud A mar nnnfn