The New York herald., 1869-04-19


The arrival Of the May coupons Of the nve-twentes
held abroad, sent hither after the announcement
that payment would be made upon presentation.
less the rebate, produced rmer tone to the foreign
exchanges, which recovered fully quarter per cent
upon the quotations ruling since the late decline
brought about. Rates ranged upon basis Of 10S
for prime bankers sixty days sterling bills.
The symptoms Of an easier money market were
not fully defined until late in the week. and 1t is In
timated that the banks were in no hurry to reveal
the real character Of their receipts from the country
through very natural desire to keep all their funds
employed at full rates. We can appropriately quote
here what was said Of the market on Satur-
day, when the abundance of funds was
rather satisfactorily shown. The rate on call
loans was seven per cent currency. No excep-
tional rates above or below the legal figure
ported. 1t is . matter Of some surprise that the
Comptroller of the Currency has as yet called for
statement under the provisions Of the new law. The
Economist thinks this delay "has tendency to re-
press operations by the banks and exerts baneful
influence upon business at large. The exercise Of
the Comprollers discretion in this matter Is the SUBJ
ject OF severe comment In banking and financial
circles lie has certainly needessy contributed to
the prolongation of very embarrassing stringency.
In fact the whole system Of bank statements has be-
come farce and q nuisance, and the sooner IL is
reduced to simple annual statement, as before the
inauguration Of the national system, the better fof
the banks and for the public 1t is safe apparently
to anticipate, for some weeks to come steady ease
in money though low rates would appear to be quite
improbable" Commercial paper was more active
for the names which are fewest in the market Ac-
ceptances Of this class sold on Saturday at nine
per cent. which is concession on the part
OF buyers likely to AFFORD the business community
an opportunity Of undertaking engagements which
ing rate ruled 30 high.
Governments were exceedingly buoyant and the
62's sold very freely at 12l while the diversion Of
the speculative demand to the July bonds the 65s,
CTS and 6s's caused their advance to 115H. These
the highest prices ever attained. and keep pace
with the foreign market, where our securities des-
pite the advance in the Bank OF England discount
rate, are still favorites and firm at their present
figure. The closing Saturday quotation in London
for the fve-twenties was sla, ex coupon, equal to
san, also the highest they have ever reached
abroad. The following were the closing quo
tations in this market OH Saturday:-United
States skies, 1881, registered, III a NIX; do,
coupon, 117< 117H; do, nve-twenties, 1862,
1909 12l; do, 1864, 1l6H O 1164; do,
1885, 1is 1ls1s; do, new, 1866, 1853. q 1l5ls;
do, 1867, 1153s 1l5X; do, 1885, 1l5s q 1l56;
ten-forties, registered. 1855 1867; do, coupon,
look 1oex; currency bonds 1o4. 1o4&.
With few exceptions the Southern securities were
buoyant and higher and the market again suscepti-
BILE OF the influences which caused an advance In
government securities. The law operating for the
appreciation OF national bonds has been partially
operative In State bonds.
The general stock market was reflective OF the
easier state Of the money market and decided re-
newal OF the speculative fever The boldness n not
desperation OF the cliques In carrying their loads
over the dangerous period Of the spring stringency
in money has been more than amply rewarded. The
question now arises. win they sell at the present
stage Of appreciation will they still further stmu
late the advance. The remarkable advance has been
in the railway stocks, some OF which advanced as
much as seven per cent upon the opening prices or
the week and are now from twenty TO forty per cent
higher than they were In the winter. The decline In
breadstuffs is one OF the Influences which may work
serious injury to the earnings OF these roads during
the summer, and while prices are so high ques
tionable whether the investment demand should not
hesitate until the extent Of this danger is known.
financial authority says:-"what effect the lower
quotations for breadstuffs will have on the traf1c
receipts cannot OF course De determined. It s
claimed, however, by some who are usually good
judges, that the earnings are likely to show less
percentage Of increase during the remainder OF the
year, farmers. with the present high freights and
low prices, finding IL more profitable to feed out
their grain and send IL to market In beef and pork
This feeling may increase and OF necessity result in
lower freights, which would again AFFECT unfavor-
ably the earnings. But, the other hand the west
Is not In the same condition IT was few years since.
Houses and even villages have sprung up all along
the routes Of these roads, that the local business
has multiplied many times and is destined to show
rapid development in the future. Besides, after
time we may rightly expect large movement from
the Pacific, which Will impart more or less activity
to all connecting lines. Some anticipate this as the
immediate result Of the opening Of the Pacific road;