The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-18
An Excited stock Mar
ket Yesterday.
A Sharp Decline of Prices and
Partial Recovery.
CREENBACKS 81 CENTS 9 MILLS.
Gold Steady, Money Easy-0ther Markets
Generally Dali.
WALL STREET,

The President may or may not sign the Currency
bill now before him providing for an Issue OF ire
deemable paper money to the amount OF
$100.000 900. The fact Will always remain I'M
challenged, however, that Congress mas 70 right
under the constitution to declare any money legal
tender, especially in time OF peace, save silver
and gold The publication OF paper promises to
pay. even in time of war. a lame and doubtful
expedient and defensibe only ON the plea OF
necessity; but especially now honor and policy
principle and interest, experience,
PHILOSOPHY AND FACT
all are arrayed against this monstrous usurpation
OF power. Imitation, instead o. being a remedy is
only an aggrayation Of evil. IL has already IN
settled values put an embargo legitimate
trade and Is silently but surely paralyzing indus
tries. When the market price OF gold is above its
mint price 1t means redundancy OF paper
money. 1t means also that a nuctuarmg
currency increases the price OF everything
that enters into consumption, and that
the workingman, as the great national creditor,
fnay pays the difference, receiving as an equiva-
lent for his own production price that is regu-
lated by the price of gold. In the strong language
Off Western Senator. present currency. in
stead OF being the spade OF the husbandman, is
THE DICE BOX OF THE GAMBLER.
Until the panic nobody dreamed that we wanted
more money. Even now, who fails to ob-
where it Is most profitable, wherever specula-
tive securities abound, whether they be located
In Texas Utah or New York, and not all the legis-
lation OF all the Mortons, Logans and Merrimons
in the world can prevent its gravitation in such
direction The bill now awaiting the action OF the
President emDodies no measure OF relief 1t is
crude compromise between contendng factions.
Ii antagonizes laws OF trade, and just surely as
1t goes into effect it VIII unsettle and disturb The
~.
astrous and sudden panics.
THE MONEY MARKET.
Money closed very easy at and 4 per cent on
call. Discounts are unchanged Foreign exchange
was quiet and firm at ASS for prime bankers sixty
days sterling and ASS for demand. Commercial
bills scarce. and quoted az 4s11S a ks21s for
documentary and 4S3 Asa for bankers accept
ances.
GOVERNMENT BONDS.
Government bonds closed quiet and steady at
the following quotations:-United States currency
skies, 1864 HIS do. do, 1861, registered, 1875
all9H; do. do, coupon, l2lA l2lh; do. five
twentles, 1882, registered, 1144 1i5A; do. Ave.
twenties, 1862 coupon, 1855 1ls1; do. do, 1864,
registered, 1864 ll6s do do, 1864, coupon, l20
1201s do. 1866, registered, 1l6A ll64; 90.
nve-twent1es, 1866, coupon, 1914 a 121k; do.
new. registered, l1s7s 1885, do. 1865, coupon,
1193s 11eA; do. 1867, registered, ll94 100;
do. coupon, 1867, 1907 12o2l; do. 1868. regis.
tered, ll9A a 40; do. coupon, 1868, 100 1908
do ten-forties, registered, 1141s a rs; do. do,
coupon, l14al rs; do. fves, 1881, registered,
uszs 1876 do. do, 1881, coupon, 1leIt 1867.
THE UNITED STATES TREASURY.
The customs receipts to-day were S247, 900, The
Assistant Treasurer paid out $4,000 account Of
interest and S15, 900 in redemption OF fvetwenty
bonds. The report OF the United States Treasury
at Washington, shows that there is in the depart
% 81 ~
coin certificates 1885, 900.
THE GOLD MARKET.
Gold to-day steady at ll31s a 1l3s4 a 113x
11354, the speculation being limited At the clos
ing price OF gold greenbacks are worth 81 cents
and mills. The diagnosis of the future OF Tie
market is very uncertain and opinion seems to be
equally divided with reference to the movement
OF prices.
The rates paid Tor carrying were 9, "a, and ga
per cent and for borrowing fat.
OPERATIONS OF THE GOLD EXCHANGE BANK,
God halances II, 226.5O0
Currency balances. .........-....... ol,2ol
GROSS clearanceS II, 5lo, 900
CLEARING HOUSE STATEMENT.
Currency exchanges. $s5 901
Currency balances. 1896 36l
Gcld exchanges. ........................ 1870 5o4
Golu pdldHCtS -..............s........... aZZ,Jl4
IMPoRrs.OF DRY GOODS.
The imports OF foreign dry goods at this port for
the week ending to-day were 81 72s, 635, and the
amount marketed S1963, 297. The imports for the
corresponding period OF last year were 49, 1899,
and for 1872 s30e5, III. In this department we
may confidently look for decline OF business. The
people are learning lessons OF economy The mer-
chants complain OF dulness OF demand and inability
10 dispose OF goods, and at the present moment
our largest dealers moving with the utmost
caution in adapting their business to the CONNER
clai changes which loom up in the not distant
future.
THE FOREIGN MARKET.
Late London adv1ces report that the amount or
bullion Withdrawn from the Bank OF England on
balance to-day is flli0OO. The rate Of discount in
the open market Tor three months, bills ia AZ per
cent, which is q per cent below the Bank OF Eng
land rate. Paris dispatches quote rentes az 59r
Csc. Erie was hrmer at the close advancing from
S21z to SO. At one O'Clock the following were the
quotations :-Consos Tor money, 927z 90: do. do.
account, SO a 93S: 1ve-twenty bonds, 1866 old,.
106at 1861: DO. do, 1867, 1851 1881 tenorty
bonds, lo4; new hves, lo4 1o41s; New YORK Cen
trail shares ssI SO. In Frankfort hve-twenty
bonds Of 1862 9sK.
The following are the ruling rates in Amster.
dam:-Central Pacific first mortgage bonds, so;
Union Pacific FIRST mortgage bonds, ~; Union
Pacific shares 3O1; Erie shares, 81; Northwest
ern preferred CO.
RAILROAD BONDS.
Some OF the issues during the late dealings Of
the afternoon were weak. UNION PACING lAnd
grants sold at 1914 so; incomes at $50. Erie
thirds at 9s New Jersey Central, convertible, at
1o3 a lO21s Chicago and Northwest consolidated
coupon gold bonds at s6ti; c., @. and l. c. frsts at
So; New York central first mortgage coupon at
1861; Michigan Central sevens, 9si4; Cleveland
and Toledo. 50; Erie fourths 9eK: Delaware and
Lackawanna, convertible, lo4. The following were
the late bids
Ab susq LIST bds....lU5x Clev, r A old BIDS 100
Alb N usq ID BIDS 49,. ~ Detroit, Mon Iol BIDS. 10
BIOS, VI 4 LIST ~ Buff A Erie new bds... &1s
bur cRSM LIST. rs, g IS Kalamazoo wa LIST 70