The New York herald., 1866-04-12
FiNAN GAL AND CONNER CIAL
WEDNESDAY. April lis p. M

act as an incentive speculation for RISE and the ten
dency of prices is strong in that direction
The passage Of the new finance bill by both Houses OF
Congress is exertng reassuring effect upon the public
mind and confidence the future stability OF values Is
in process of rapid restoration. The bill, which is
mere amendment OF section of the act of March 8,
1865 virtually gives the Secretary or the
Treasury more control of tho finances
than possessed under that act with the exception Of
the liberty to contract the currency the extent of ten
millions during the six months following the pas
sage of the BILL and at tho rate of not more
than four millions a month afterwards an au-
thority of which he is likely to be unable
fully to avail himself Meanwhile the national
bank issues will have unfortunately increased
the currency far larger amount than it will be posi-
BILE to cura the United States notes Only $265 1882 $50
OF national bank notes had been issued at the end OF last
week. and as the total authorized-namely, three
hundred mions-has been already apporhoned, 1t
follows that nearly thirty-nve millions more will
be rapidly put in circulation The deduction therefore,
is that the next months will be period of imitation
rather than contraction and that all apprehensons to
the contrary baseess The national banking system
is sowing the storm from which, at some future time
not very remote we SHALL all human probability. reap
the whrlwind.
At the early session OF the open board Erie (sales
15oO shares sold at 74z Cleveland and Ptsburg 1874
u, Rock Island 40 ll97s, Northwestern preferred
54N, Fort Wayne oOA d. 81, Canton SO, Quicksilver
46H.
At the first regular board Northwestern preferred
the most buoyant of the railway shares which were
generally firm. The miscellaneous list somewhat
excited, and Canton saes 500 shares sold up TO 55
Quicksilver sales 2oOO) Az Mariposa preferred l9A
Erie (saes 260O closed 4 higher than at the halfpas
two board yesterday Reading (sales 6,lOU S, Hudson
Il Tichi 1 NorthW l.
ferred 2 Rock Island "a Fort Wayne a. Marposa pre-
ferred l. Canton g. Cumberland 81 Quicksilver 3sS Mis-
souri, skies "a lower. Government gold-bearing
securities were, the whole, steady Coupon SKIES Of
1881 declined e. seven thirty notes of the second and
third series advanced Il,
At the one O'Clock sessions the market without any
change Of tone, and prices showed material alter
alton.
AT the half past two board the market very firm
except for Canton which closed the call "a lower
than the first regular board and Northwestern pre-
ferred, which declined 81. Hudson River was x higher
Reading %, Michigan Southern A Northwestern u,
Rock Island e. Marposa preferred "a, Western Union
Telegraph y, Cumberland q, Quicksilver q. Govern
ment securities were stronger Coupon fvetwenties OF
1862 advanced ~ soventhirty notes OF the second
series y.
At the open board at half past three the market
tinued firm. New York Central sa!es 20o) sold at 923,
Erie (saes 2OoO) 74< q, Hudson River 10oH, Read.
ing 1924 Michigan Southern S01s Cleveland and Pitts
burg (sales ZOO 795s Rock Island 1192i Fort Wayne
e0% In the miscellaneous list Spruce Hill Coal
active at So as.
At half-past five the market closed duh but firm at
the following quotatons:-New York Central 925 5s,
Erie TAX q, Hudson River 1862 bid Reading 102 u,
Michigan Southern So1S 81, Cleveland and Pittsburg
7sA Z, Northwestern 26H q, preferred 5516 "a,
Fort Wayn antn
51k 52}4, Cumberland 45 u, Quicksilver 46aI a a.
Mariposa preferred 20h All
The money market has shown increased ease and the
supply Of capital offering at call is In of the de-
mand The general rate among tho brokers and
private bankers is Ave per cent, with
important exceptions at six. In a few instances
loans have been made at four per government
securities The discount limo only moderately active
and the best grade OF commercial paper in request at
seven cent and prime signatures at short dates have
been taken at a6ts The second grade is generally
rated at per cent Tho drain Of currency from the
West still continues and this keeps the local money
markets in that section rather active There is,
says Western paper, very little produce to 80
forward to make exchange, and comparatively little IN
the Vest TO forward The stocks Of provisions our
and grain now on hand is estimated will be required
10 supply the Southern demand which is expected to
consequence of the energies of the planters Of
the South being almost exclusively devoted the cul
walton Of cotton to the neglect Of everything else
The gold market opened strong at 1868 and advanced
steadily to ETA following which it reapscd to 1868
and subsequently recovered l27, the closing quota
tion. The supply of for delivery easy, and
loans made from Tat 1-32 per per diem in
Of the lender The OF the speculative feeling
In the has changed with that OF the recent Euro
pean news and there Is an evident ndisposton among
the bears incur the risk of putting out fresh
''shorts"
Rates OF exchange Europe experienced further
advance owing the supposed return Of nearly million
Of hvctwenties by the last steamers and the
prospect Of additional arrivals in Of the price
Of the bonds abroad being sufficiently low TO
allow OF profit OF about 1--WE per cent upon their
importation at present prices here and in Europe.
On tho 3lst ultmo consols, alike with American
securities closed under depression the London stock
Exchange consequence Of the warlke preparations Of
Prussia and Austria being actively in progress Five
twcntics were quoted 20 7OH, Erie IS 55t, Illinois
Central 59A so. Bankers bills England closed dull
late the afternoon at 1915 los, three days iosh
I09 commercial log l07 francs at sixty days Of 25c
s5f 2sNc
Mining and petroleum stocks were, with few exc'p-
tons steady AT the drst board Bennehor Run closed
Csc higher Pi,hole Farm Soc, United States l5c.,
Smith 4 Parmeee SC. Central 20c lower, Excelsior
l5c Benton &C., Gunnell Gold &C., Kipp n Buell. ioc.
the second board Bcnnohon Run closed 35c. lower
than the board selling at sll 25. Consolidated
Gregory Gold soc. higher selling at SIS 30. Central
sold at 49, Excelsior 9Oc First National Ice, Ham Nc
Cntock 81 So Pthoe Farm 81 so, United States IS 4o
Benton 81 As, Downievle Gold 36c., Gunnell Gold
81 o. Kipp Buell. 81 90, Smith rarmelec s. %,
Texas 60c
Mr. McCulloch has not yet volunteered any explana
tion OF the important changes made In the securities
sentng the public debt between the lst of March
and the lst Of April Il therefore devolvcs upon Con
grcss pass resolution which viii make it imperative
upon him to furnish the details Of the negotiations
involved In these somewhat extraordinary movements,
which are directly calculated undermine confidence In
the management Of the Treasury Department. and this
acton should be taken Immediately
Tho Boston Evening Commercial Of yesterday says