The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-28


lust "a they pleased and not all the logic the pre-
dict,on. the guess work of the hour. has avaIled
one lota to change the tenor or the temper Of the
sitnatl0n when its character was once determined
upon by those who hold the power Of bank checks
or the lines Of telegraph.
THE FIsASuAk Nsws
from washington to-day was ike the explosion OF
a bOmbshell. 1t was demoraiizing 1t said that the
Committee on Banking and the Currency had
agreed to species OF free banking bill in the fol-
lowing form, to Wit THAT the Secretary OF the
Treasury is hereby authorized TO issue the hrst
day OF each month. commencing July /. 1874,
81, 100000 in United States notes in denomination
OF not less than $40 each, which notes shall not
bear interest, yet be payable IN two years here
AFTER said notes to be exchanged for notes now in
circulation, the latter to be cancelled and not to be
reissued." This is evidently an attempt to resume
SPECIE PAYMENT
It is on the simple basis of xchangeability-a
mere extension OF present promise TO pay--a
limitation to the empty pledges OF the current
paper 1t affords the Treasury two years. time in
which to accumulate gold enough to redeem
$48 900, 0O0-that Is to say, $2,000,000 per month
for two years. That is ALL Is not this repetition
OF Mr.. Richardson's silver payments Shall We
not have at the end OF Two years. $500, 200, 900
more to pay ON the same basis Does it relieve
the banks or change the banking system Does
it disintegrate the government IRON the banking
system of the country, and make the latter as the
agents for the circulation Of money, the real agents
OF Its redemption
THE LEADING SPECULATIVE STOCKS
to-day were Lake shore, Union Pacific, Delaware
Lackawanna and Western, ST. Paul and western
Union. The rest Of the shares were. in a
business point OF view. fairly distributed.
The tone OF the market may be described as
comparatively firm until near the close. when
there was q sharp recession of prices aud
o decline from y to per cent on the list, y
being the downward mark on Lake Shore and tx
on st. Paul common. Western Union opened at
76&. advanced to II, receded to 762.. Pacific Mail
was steady between AK 41A. Michigan Central
sold at 90 Of 9lA, New York Central at 103H a
I04 o 1881 Rock Island at 1851, Erie at AK AK
q 46z 46X, Union Pacific at 35k a 34X, Wabash at
54h 58ys, Ohio and Mississippi at 341 q 34h o a.
Lake Shore AZ s2z< sSk S21s. New Jersey Central
&C 1o3 104 o 1929, Atlantic and Pacific at 1871
q 10 lax lax, ST Paul at Az q 45at Missouri
Pacific at SO 37ss 36ss c., c. and l. c., BIZ BIZ
q SIX; Hannibal and st. Joseph, 32>l a 32H 31A
3lT. Harlem was steady at 125 a 1251l; Northwest
common At 601I COZ. Panama ranged from 1161s
II6 ST. LOUIS and Iron Mountain ranged from
61K to 63h.
THE MONEY MARKET.
Money to-day was easy at 4 and per cent. The
impression finds voice generally that STILL lower
rates are to prevail The large surplus now seek
ing investment by banks and individuals warrants
this conclusion. Foreign exchange was advanced
this afternoon to 81 81 or prime bankers go days.
sterling and 81 s716 for demand, with actual pusl.
ness at - s35s aud 81 81
GOLD
advanced from 1l1ss to nix. but later reacted to
Mo eto,, tt,;,
partment IL dependent on the individual work of
one two capitalists and AFFORDS no premises for
prediction. The rates paid for carrying were s. 8,
81, and 2 per cent, and for borrowing nat.
OPERATIONS OF THE GOLD EXCHANGE BANK TODAY.
Gold balances. 81, ,34l
Currency balances ....'............... i'29S -
CLEARING HOUSE STATEMENT.
Currency exchanges. $74, S35, 7O3
Currency balances ............' $1,000 $40 AZ
Gold exchanges. ............. 4,73Z,3Z1
GOlu DaianceS. OBSERVATION-DISCLOSURES. Slo,ool
GOVERNMENT BONDS
Government bonds closed firm at the following
quotations limited States SKIES 1881, registered
ll7s; do. do, do, coupon 11Ssi 1lsh; do. nve-
twenties. registered 1l4t< l14ss; do. do, 1882
coupon 114,< lis; do do, 1864, registered 1l6A ;
do d. d. coupon 1l6Ik; do. do. 1865, registered,
1l61; do DO, d. coupon, 117s4 1l72s; do. do,
do, new, registered ii6ts; do. do, do, coupon,
q 117h; do. do, do, coupon, NY 11S; do.
do, 1865 registered, III; do d. do, coupon, 117A
1ls; do. ten.forties, registered 1I29t 113; do.
do. coupon, ia ll41s; nves. 1881, coupon, lib
ll3H; six per cent bonds Pacific Railroad, ll5h.
EXPORTS.
The exports for the week from this port are re.
corded at $5,4O6,oez.
THE FOREIGN MARKET.
The amount Of bullion which went into the Bank
OF England to-day on balance was f25 200. The
stock market Is reported by cable quiet steady.
The following are the late quotations :-Consos for
money, % q g2h; consos for account, cas-; five
twenty bonds OF 1865, old, 1857 1881 do, Of
1867 1881: ten-iorty bonds, 1o5; new fives, 1922
o 1O2k; Erie Railway shares, 49,; New York Gen.
tral shares, 85h. Paris dispatches quote rentes
at 5s.12h.
SOUTHERN SECURITIES
presented no new features, and It is therefore
unnecessary to recapituate the quotations Of yes.
terday
RAILROAD BONDS.
In nearly all Of these prices were well main
tanned and there was fair distribution OF bust
ness. All OF the Pacific mortgages were firm.
Union tirsts brought s5al s52I; land grants, SO
s2k, and incomes, 1917 q so; Chesapeake and
Ohio frsts sold at cox COZ. The owing were
the late bids
New York en- 81. 49,. 9lls Iowa Mid LIST m Ss.. 20
New York Cen SIS. 81. sy1 han 4 81 10 g....... IS
New York Cen 6's, re han asst loss, cow. san