The New York herald., 1868-04-22
FINANCIAL AND co., ,.NMERcIAL.

fluctuations were from t3s to l391 with the losing
transactions at 1895. Loans were made at ,'er
cent Tor carrying the floating supply OF coin being
light The gross olearngs amounted to $40 3Si ooo
the gol balances to 81 800 and the currency bal
ances TO $l,e60,0o4. The steamer Hammonia took
out 900 in specie. Money was in moderately
good demand from the Stock Exchange but the sup
ply was ample at seven per in currency and the
indications are that the supply OF loanabe funds
a. TINS centre will be steadily augmented
yrom this time forward by the return flow
OF currency from the INTERIOR but present the con-
dtlon OF the market is such that any material in
crease In the demand would be followed by quick
ening Of activity Tie extreme distrust OF last week
with respect to colaterals Is gradually passing away
nut tue banks still very careful in their scrutiny
OF the speculative stocks and there is disposition
shown rather TO contract than to expand loans in
Chs direction until the monetary situation becomes
more settled. In the discount line there almost
Hota insction far the banks are concerned and
ON the street first class commercial paper is quoted
at a 0 per cent.
The stock market has been duh after the spasmodic
excitement Of yesterday and the tendency OF prices
during the day was somewhat dropping. The con-
sradction OF the umor that q compromise had been
effected between the two railway kings eXerted a
Father depressing influence upon the speculation for
o rise. but apart from this reaconary lull was to
be expected, reaction naturally following every ex-
Creme movement, whether for a rise or a
Tall. The temper OF the street has changed
considerably during the last few days. and there Is
now considerable talk Of an imitation OF the currency
nnder the radical programme, in which event OF
course prices viii rise without regard to real values.
Ihe bulls and the bears will however, alternately use
conflicting arguments to influence the market In
Eheir own favor, and outsiders who venture within
CHER reach will Qf they not exceptions to the
rue) be crushed between the upper and neither mill
stones OF the contending forces. Whether prices
go up or down on the Stock Exchange is mmateral
20 the general public, for 1t is hardly, II all,
presented in Wall street ct present; but those already
actually interested both sides of the bull and
contest will struggle hard for the mastery. Those in
favor OF currency infation and they many, may
succeed in having it all their own way for time,
but grand crash will finally oyertake the market
xor the speculative railway express and miscella.
neous stocks, and It's postponenent for one two or
even three years makes 1t none the less
certain in the end. Meanwhile it seems
probable that the innatonists will carry
their point provided afrairs take the turn
shey expect. The Governor has signed the Erie bill,
and the work of opening the through broad gauge
goute to Chicago will be Immediately proceeded
with The litigation in the case is going forward
without interruption, and the President OF the
pany, Mr.. John 8. Eldrdge, together with Mr.. Drew
and Mr.. Jas Fisk, Jr., directors still understood
fto Qulrtcreu IN Jersey Clty SO tnat
gent change has in the aspect contest
although Wall street continues to be puzzled by the
vote on the bill in the Assembly at Albany yesterday
We notice that the House of Representatives took up
and passed Mr.. Jenckes' bill amending the Bankrupt
act this afternoon, and that one section OF 1t extends
until the LIST Of January, $780, the provision in the
&hirtythird section of the original bill that no dis
scharge shall be granted to a debtor whose assets
ahall not equal fifty per cent OF his liabilities, unless
The assent in writing Of majority OF his creditors
be aledin the case. This is good so far as it goes,
put no such restrictonary clause should have been
Antroduced In the bill, ana the Senate will do well to
repeal the original clause referred to entirely.
bankrupt act should give equal relief to oil, with or
without assets.
I Government securities have been strong and In
good investment and moderate speculative demand
all day, end further Improvement of q Il per
cent took place In quotations. The returning ease in
Che money market is inducing purchases by the Wall
Street dealers in anticipation OF rise, which Will
soon be favored both by abundant supply OF
capital and the demand for the reinvestment of the
May interest on the public debt. Tie amount falling
due on the lst proXimo exceeds twenty-five millions
On coin and 1t Is probable that at least half of this
amount will be employed in the purchase OF new
bonds At the same time the Treasury Will be an
Utmost constant buyer Of thirty notes until the
whole OF these are funded, and the amount remain
ang outstanding on the 1st inst was s1s5, 5,ss4 100.
When these are converted into bonds the funded
Gebt will have reached its maximum, and the demand
nor the reinyestment OF interest at home and abroad
will have to be supplied by sales by investment
holders which viii OF course not be made unless
ehe market price Offers a SUFFICIENT temptation. The
Trmness OF the market for United States stocks
aas shown by its unylelding tendency during
The late monetary strngency, and the current quota
suns arc los n comparison with those for other in
serest ond Dividend paying securities. Moreover,
she dstrust OF inflated speculative stocks which pre-
Nails makes 1t easier to borrow OH governments than
on any Other stocks, and comparatively narrow mar
gins are rcqulred owing to the fluctuations In them
being slight. Just now, next to governments first
Class railway bonds are inquired after and those OF
che Union Pacific Railway Company ore being taken
BIT par but us the company has given notice that 1t
will advance the price shortly is uncertain how long
Shey will remain at this figure. At the close this after
moon the market firm at the following quota
aons:-Rc1stercd, 1881, 1l2,1 112,s; coupon, 1881
ll2H ai11K; 5-20's registered, 1902, 1o4H 1oas;
S-2os coupon 1892, l1l liz; do. 1864, 1095s ll0;
DO, 1866 il0}S 1l04: do, 1885, January and July,
l0s 1885 do, 1867, 10s;s losK 1o-i0's, reg
sstered, 1923 1925 1o-4o's, coupon, lo2H iO2A;
Juno 1905, ioo1s 1oeJs; July 1905, 1861 1oeH;
Aay compounds, 1884, lis,s; August DO, 1l75. Sep
sember do. III; October do, 1884,
/ At the commencement Of business the stock market
was slightly lower than OF the close last evening and
At the early session OF the open board Erie sold at
box 69H, and New York Central at 1ls& q 1lo. At
she first regular board prices continued to react
nownward rom the recent rapid advance, and Ceve-
land and Pittsburg was quoted ex dividend in stock
pr ten por cent New York Central closed 5k higher
@han at the same time yesterday, Erie az Hudson
River 2& Reading AZ, Cleveland and Toledo lk,
Rock Island 21S Northwestern preferred 2, Fort
wayne q, Milwaukee and st. Paul preferred 2, Ohio
end Mississippi ~, Pacific Mail y, and western
Gnon telegraph x; while Cleveland ana Pittsburg
was lower, ex dividend. Government securities
were strong at an advance OF y H-the most