The sun., 1879-04-27

SATuRDAN. Aprll Zb-B. VI.
The effect. which We pointed out some time
ago. .ns likely TO result from the Treasury
funding operations. and from the consequent
establishment OF 4 2 cent. ns the standard rntd
OF interest from permanent Investments. has
shown itself during the past week in most de-
cided manner. Not only have frst-class invest.
ment bonds and stocks advanced. but a tide OF
speculation has set in. which is floating hereto
fore worthless securities up to extraordinary
prices, In all probability. too. the move
ment has only begun, and we shall probably
before the summer is over. an excitement
this market since the days Of the war. For
more than live years past there has been but
try-the payment OF debts owing abroad. The
indications are that this vacuum is nearly filled
NJ. and that little or no more money will 20 10
kurope In exchange Tor bonds. The question IL
now. What new direction will investment funds
take2 Up to 1878 the building Of railroads ab.
sorhed great deal Of capital every year. In
1870 we constructed 5 $50 miles in 1871 767(
miles; in 1872. 6l61 miles aud IN 1873. 4O4i
miles. During the first throo months OF this
year we have built only 29S miles. and II Hl the
projects contemplated should be carried out
the construction for 1879 cannot exceed 20Od
miles. OF cotton woollen. and iron munufa
lures we nave more than enough already. and
commerce offers but little promise OF profit
Mining enterprises are too hazardous, and theiI
theatre OF operations too remote To tempt the
majority OF capitalists NJ present. In fact look.
ing all around the horizon. we can discover ne
signs Of relief, and our conviction is that th'
present condition Of the money market will no
change for some time To come.
state OF affairs prevails in the London stoch
Ilulhtl hlullihi lN lnNl WHICH We OiNfFNN nero
Tho Economist Of to-day snys: Bank bills
sixty days 10 three months are quoted at 1mlh
= cent. discount. and trade bills. three months
AZ t4@lA b cent. discount. At the Stock Ex.
change n large number OF important changer
have taken place this week. and wherever ther,
has been the least opening for risc purchaser
have been effected on home funds, C0lonia
Government dehentures, guaranteed railwai
bonds. and railway priority stocks. as well rs IL
many foreign stocks. In bank shares nnl Tho
gas companies, and in the American market
the movement has been in the same direction
and although exceptional circumstances ad.
versely affected certain important securities
these do not materially alter the character o.
the weeks record. Tho entire stimulus con,
tinucs to be derived from the general abundance
and cheapness OF money. for neither the politi-
cal nor the the internal occurrences OF the week
can DO held to have afforded much encourage
ment."
Gas stocks are Quoted New York. 1OO-5i
Manhattan, lS0-9O: Metropolitan, 1925; AIu-
nicipal. 1925; Brooklyn. 1912; Jersey City.
Virginia consols are quoted in Baltimore nj
56's-I peolers at Al 20; tax coupons. 81 "a.
and black scrip. lGl-7.
At Cincinnati tho Southern Railroad Gs soil nj
l0l. Is at lO9, now 7-30s at llO's, and old 1905
at li2.
The banks OF this city make the following
statement OF their condition as compared with
last weeks