The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-17
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| ........'.. OBSERVATION-DISCLOSURES
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Tho stock market continues strong, and the
volume Of business incfeases daily. This morning
dispatches rom Albany spread the nmor that The
Toll bill had been finally killed. on the strength Of
this the stock rose 70 7sA before the Board AT the
opening il was supplied in excess, and declined to
79}, but afterward rallied, ON the adyices Of Mr.
Flagler's report from the Conference Committee,
to so, closing in the afternoon at 7sl bid against
7Sl bid at the close on Saturday. Michigan Cen
trail rose TO 4ea, closing 40 bid. against 4S2 bid on
Saturday Toledo advanced /; Galens, /; Michigan
Southern, 1; Reading, l; Hudson River, 4; Erie, /;
Harlem, Z; Pacific NAH, II. For all these stocks
there appeared to be fair outside demand The
inquiry for State stscu and first olass
railway bonds continues active, and prices
are very firm. This afternoon the market
was very active and stocks closed somewhat iregu.
lar at the following quotations: Virginia ss, ss};
Missouri 6's, SSH Canton Company, 2ol o Il; Cum
berland Coal, preferred, IA Is; Pacific Mail, 1861
/; New York Central. 7s2 a t; Erie, IA !; Hud-
son River, Al 1; Harlem, IL !, preferred, III
I; Reading, Al ]; Michigan Central - /; Mich
gan Southern and Northern Indiana, IL q /; do.
guaranteed, 2S2 -; Panama, 1885, al; Illinois Cen
trail, go I; Galena and Chicago, 67s a 4; Cleve-
land and Toledo, 2si 4; Chicago and Rock Island,
es4as.
The "Act for the relief Of Insolvent Debtors" has
now passed both branches Of the Legislature and
will become . law whenever it Is signed by Co.
vernon Morgan. Our information leads M to expect
that the Governors assent to the bill will not be
withheld. It is very simple measure, and appears
to have been based upon the Bankrupt act Of
1910, and other similar statutes. It provides that
any insolvent may obtain . discharge from his
debts by fling schedule of his assets and liabi
ties with certain judicial officers named in the BILL
and by surrendering into the hands Of assignees
named by said officers, oil his property of every
kind. He cannot, however, claim the benefit Of the
act unless twohrds Of his debts have been due for
year before his application for relief; nor can the
Court issue its certificate Of discharge oppoaing
creditors prove that the insolvent has made away
with any portion Of his property, or fled false
schedule Of his assets and liabilities This bill is of
course introduced in the interest Of parties who
failed in 1857, and who are still suffering the conse-
quences. It measure fer the benefit Of insolvents
and, at least in some degree, nurious to creditors
Creditors who wiz be deprived by this act of their
recourse against their debtors are entitled to say
that they would not have given credit had such
measure then been part of the law Of the land.
From this point of view the new measure is unfair
But considerations of this character have never
availed to prevent the enactment of "whitewashing
statutes" after every great commercial revulsion.
The Bankrupt act Of 1910 was unjust to many per-
sons; yet its passage could not have been prevent
ed, the insolvent interest was 30 strong. Just 80
now three years after the revulson-the insolvents
in this State are strong enough to extort Bank.
rupt act from our Legislature. The greatest suf.
ferers by the new measure, if it becomes
law, will be the large city jobbers and the banks.
The former have been nursing their debtors ever
since the crisis Of 1857 and, by udcious pressure
for money, have been endeavoring to reduce each
season the amount Of their debts; while the banks
in like manner have been carrying no light amount
Of dead paper in the hope that future of pros
perity might galvanize it into life again. The In
solvent act will make abort work of these spurious
assets, and may effect reduction In the loans of
TONERS. Individuals and institutions who have been
carrying along country debtors since 1867 win
the wisdom Of thinking about, . compromise while
it is yet time. Without discussing the abb
stract merit of bankrupt and insolvent acts,
it may be added that the new measure wiz not
have an injurious effect on the progress of the
State. It is always for the public interest that qui
dation should be speedy and regular; man who
has been whitewashed by court of bankruptcy is
worth twice as much to society Is q man who is
staggering hopelessly under load Of debt. Nor
will it do much harm to the overgrown banks and
jobbing houses of New York to teach them, once
in WHILE that the system Of boundless imitation,
extravagance and expansion of which they are
the authors and main supports, is likely to involve
periodical reactions in which they are sure to be
the heaviest sufferers.
The exchanges at the Bank Clearing House this
morning were $685., 7O2 20, and the balances
81, 70l. 966 SO.
We have New Orleans dates CT April IL. The
Picayuae says
The exchange market continues unsettled, and prices
are still exceedingly irregular both foreign and domos
demand ia restricted ana operations show no marked in
any class OF bills OF course, rates are merely
nomna and We can only refer to the following as approx
and 1881 Bills Of lading drafts, 1o7 io71 and lo7x.
Francs st. 1sA ST. 23N per dollar Sixty day bills on
Sight i discount 70 par and y per cent premium
The Philadelphia Ledger Of to-day reports
The supply Of prime short paper the street Is not
equal TO the demand the banks taking all Of this charac
ter offering The most Of the transactions on the street
are In large amounts OF No. paper ct less than par,
and bills at long time, Of doubtful credit at from IL
per cent The money market Is easy, and the banks
gladly do all the good bills Offering At bank rates
The Chicago Democrat Of Friday says
The railroad agents are making strenuous efforts TO OBJ
tsn contracts for Eastern bound freghts the
ton 20 high that almost incredibly low. We
hear Of contracts from here to Boston at &c., rail