The New York herald., 1868-01-04
FINANCIAL AND COMMERCIAL.

activity on tue bu side The range was from
l33iS to l3, with the closing transactions prior the
adjournment OF the board and subsequently at 1885,.
There was brisk borrowing demand from the bears
and loans were made without interest and at one,
and three per cent for carrying. The gross clearpgs
amounted 70 s47,ldo 600. the gold balances to
si,S7l 1871 and the currency balances 10 g. lao
The ubTreasury disbursements In pay Of bonds
and coupons due the 1s inst amounted about
millions and half up TO the close OF business yes
| terday, and tho supply from this has
had the effect Of reducing the borrowing rates bCt not
OF strengthening confidence among the bean in lower
| premium. The receipt OF United StAtes bonds from
Europe to-day favored the bulls and also did the
report that General Butler contempatss Introducing
bill IN favor Of restoring the currency Withdrawn from
circulation duriag the past year. well the statement
that General Howard Of the Frssdmens Bureau favors
loan Of thirty millions more less to tho South, accept
Ing lien upon real estate and crops security. The
advance in fve:wentles London to 72I a TAX was
the other hand, against thsm The nrmnsss OF the
market Is however, independent OF these temporary
causes, and the faot that 10 has not declined
since the Treasury commenced the payment
the January Interest shows that the eot of the lat
ter fully anticipated Nearly all the bonds OF 1s47
which have just matured owned persons residing
In Europe and the redemption Of these progressing
slowly owing to their being registered and the powers
ses being In all satisfactory with regard to
th principal
tho bin proposed by General Butler is generally ap-
proved BY mercantile men, as they would regard the
immediate revival OF trade OF the certain results
OF such measure but the conservative portion
Of the community opposed 10 1t because they know
that fresh initiation would only act as palliative and
not as a remedy for the nnsncial and commercial
svils Of the situation. But the most intelligent
and far sighted OF these would rather witness the
proposed imitation than a continuance Of Mr Mocui-
lochs policy Of contraction, for the ultimate result OF
tho latter would be widespread commercial panic fol-
lowed by national bankruptcy. Tho Senate should
therefore lose time when 1t meets In passing tho
anti contraction b which passed the House by large
majority. The contraction Of tho past year, by being
largely in excess Of what It should have been, has
worked incalcaabs mischief throughout the couatry
snd Its evil effects still In process OF development
The Losses business Of nearly all kinds have under
mined previously strong houses and swept away
tho entire capital Of many failures and private settle
ments having been unusually numerous for moro than
six months past II is surprising under all the crcum
Stances that comparatively few should have taken ad
vantage OF the Bankruptcy but ultimately there will
grand take the beneat OF Its provisions
the part Of many thousands who struggling
against It, partly because Of false pride and fear that
their credit will suffer In the future they
this easy method Of settling accounts with their credit
At the expiration OF year from the date OF the
act going into operation bankrupt can. as the
law now stands, be relieved OF his debts,
less his assets amount to at least fifty per
cent of his liabilities, which clause ia absurdty which
Congress should repeal at once. bankrupt law 70
the purpose for which Is designed should be
encountered with restriction OF the kind, only
few Of those who present their petitions In bankruptcy
have assets Of such magnitude; for houses or nd
viduals able TO pay afy per cent on tho dollar would
have credE and skill enough nino cases out ten TO
keep their business going or 10 make private sotlie
msnts with their creditors
On the Stock Exchange cheerful feeling prevails,
and as Of tho prncpa stock houses aud large
operators the bull side Of tho market hishor
prices are expected especially for railway shares the
large earnings OF all tho leading lines inspiring
Hdcnce in the value Of railway property This afternoon
there fresh movement In Eric begun. aud the dis.
| position 20 buy speculation in tho ascendant
On such highly clqued market this Ia hore 1s more
danger OF excessive than Q moderate rise, and the
ultimate result Of tho former would be panic and II
there 10 to bs wild speculation. tho bull lenders
say, this II what It will lead to- although In the mean
/ time fortunes may bs made by tho rise
The money market quiet and well supplied with
fonds although hanks and private lenders gons-
rally asked per for loans mixed collatcras
First class houses were however, enabled to borrow
usual OF late all they required At six per cent and this
the almost invariaole rate on government Sc
curtsA Tho national banks have practically made
up their quarterly returue for they stand this evening
nearly they will appear In the latter dated Mon
day. that there IL longer ground for appre
hsnson from this The Western exchanges are
In favor Of city and there Is important drain Of
| currency southwark. The supply Of first class COM
paper continues limited. aud II passes freely at
7as per cont while tho banks accommodating their
customers the legal rate Inferior grades Of paper are
at the time difficult OF sale The prospect favor.
| able to increased m onetary case.
Government securities woro rather dun but steady all
| day at tho counters OF the leading dealers, nvo.
twontes OF 1862 excepted which declined TO 1917 in
consequence Of tho arrival OF bonds from Europe by the
i Cuba and another steamer the amount OF which
varously estimated at from one to threo Millions the
most reliable estimates fixing II at about million and
BALI At tho decline tho bonds strong. however,
/ mono being offered under los, although thoro
| difficulty in borrowing tbem 'ast" Tue demand Tor
the Of tho interest and dividends dsbursed
BY the government and tue banks and public companies
has been fully felt yet the inquiry thus far having
/ been q moderate scala At the close the marAet
i was steady et the subjoned quo'ations:-
Registered, 1881, 1o3K 10sh; coupon, 1881 1857 q
| i0sH; 52os registered, 1862. lo5x 1osI; 6-2os
COUPON 1884, 1915 los: 2o's coupon. 1854, 1857
1855; sos coupon 1895. 1861 loo o2o's coupon,
lso5. January and July. lo4H ioi.; BIOS coupon,
1881, 1osk 1oiA; 1o-4o's registered. loiK loiH
I0-4os coupon. 1olA 1oiJs; june 1909, lolA 1olA
| July 1905, 10ih I04N; May compounds, 1885, li5%
all7S: August compounds, 1885, liex lisS; Sep.
| tembH compounds. 1885, 1ld ilo14, ooIober com.
/ pounds. 1895, ll5st 1lo
| Az the commencement or business the stock market
was dull but steady, aud at the carly session OF the
open board there was material change in prices with
the exception OF Cleveland aud P,tsburs, which ad-
vanced 70 ss in consequence nppsrssty Of purchases
by tho clique Of directors who neary all tho stock.
and whose reelection for the ensuing year took place
| at Cleveland the 1st ins. At the nrs, regular
/ board there . moderate degree OF activity In
Northwestern preferred Rock Island OHIO and Mis-
1 sszippi Cleyeland and PItisburg and Pacific Mail