The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-18
FINANCIAL AND COMMERCIAL

Arst board this morning; but II became nrm and
the tendency Of quotations was upward TINS being al
the time assisted by the advance in the gold
premium New York Central closed Y higher than
at the second board yesterday, Hudson River 70, Read
ing 4, Michigan Southern r., Cleveland and Pittsourg r.
Rock Island " Fort Wayne u, Cumberland d Erie
was unchanged Government securities were steady.
Coupon twenes sold at 1885,, now issue 103 The
price of these bonds is kept down by the
unsold parcels from Europe which still hanging over
tho market on limits AT tho open board o'clock
there was a general Improvement In prices New York
Central sold at s5i q, Erie IS Hudson River losA,
Reading sl Illinois Central l24, Michigan Southern 6594,
Cleveland and Pttsburg 7ok, Rock Island l0o,s Fort
Wayne &c. Canton $50, Cary 261s, Atlantic 1'5, cumber
land Az Quicksilver So Afterwards on the street the
market was duh and lower Al about four o'clock Erie
was quoted at Tx, New York Central esH Hudson
River 1885, Michigan Southern 66l., Rock Island 100,
Fort Wayne 96a Cleveland and Pittsburg 69x
The gold market has been frmer to-day. The opening
quotation l45 after which reccded in the after
noon 1431 but afterwards recovered and closed at
las at half past Ave p NJ The shipment by the Liver
pool amounted to $500 76o Of which the City
OF Washington took s5S7 TOO, and the New York
s362 800 making for the week 81 ol0270 Misceliane
shipments have, however, 10 be added to this
The transactions foreign exchange have been unm
portant as usual on steamer day but the rates for
bankers sterling are steady at 1l0H 1l04.
The demand for money is less active than II yestcr
day afternoon and the rates for call loans again
per cent There is hardly anything worth mentioning
dong the discount line, but first class and middling
good paper is taken al 61z per cent
The FIRST bonds authorized by act of Congress
DO issued by the TO the Pacific Railroad have
been delivered the representatives Of that section Of
it called the Central Pacific Railroad, OF which the
first forty miles has just been completed and tho
bonds offered for sale in this city by
Fisk Hatch, the fiscal agents Of the company. In
order that tho public may not be misled with
regard these securities quote the language of that
portion of the act which has reference to them. II is
entitled can act TO aid In the construction OF railroad
and telegraph line from the Missouri river to the Pacific
ocean, and to the government the Of the
same postal military and other purposes" and it
approved July l, 1867
SEC L. And b. &c further enacted That whenever said
company shall have completed forty consecutive miles
Of any portion OF said railroad and telegraph line ready
for the service contemplated by this act and supplied
with all necessary drains cuverts, viaducts crossings,
sdings bridges urnouts watering places depots equip
ments, furniture and all other appurtenances Of first
raroadhe rails and all the other iron used in the
construction and equipment Of said road to DO American
manufacture Of the best quaity-the President Of the
United States shall appoint three commissioners to
examine the and report to him In relation thereto
and 1t shall appear to him that forty consecutive miles
Of said railroad telegraph line have been completed
and equipped In all respects required by this act them
upon certificate OF 81 commissions TO that effect patents
shall issue conveying the right and title to said lands to
said company zach side Of the road far the
is completed 70 the amount aforesaid and patents shall
like issue each forty miles Of said raru ad
and telegraph line completed upon certificate of said
commissioners Any vacancies occurring In said board
of commiss by death, resignation, otherwise
shall be filed by the President Of the United States
Provided, however, that such commissioners shall be
appointed by the President Of the United States unless
there shall be presented TO him statement, verified
oath by the president Of said company that such forty
miles have beencompcted, in the manner required by
such forty miles begin anu where tine end which
oath shall bo taken before audge of court Of record
SEC g. And be IL further esac d. That Tor the purposes
herein mentioned the Secretary OF the Treasury shall
upon the certificate In writing OF said comm ssorers OF
the completion and equpms mt OF orty consecutive miles
OF said RAILROAD and telegraph in accordance with tho
provisions Of this act " said company bonds OF the
United States Of one hcusgnd dollars each, payable in
thirty years after date, bearing per centum per
annum interest (sad interest payable semi annually
which interest may be paid in United States Treasury
States have or shall declare lawful money and legal
tender to the amount OF sixteen OF said bonds mile
for such section Of forty miles, to the repay
the United States, hereinafter provided Of the
amount Of said bonds so issued aud delivered TO said COM
pany together with all interest thereon which shall have
been paid by the United States the issue Of said bonds
and delivery the company shall ipso Jact, constitute
FIRST mortgage The whole line of the railroad and tclo
graph together with the rolling Stock fixtures and prop
sry every kind and description and in consideration
Of which said bonds may be issued; and the refusal
failure Of said company to redeem said bonds, OF any
part OF thcm when required the Secretary OF
the Treasury In accodance with the provisions OF this
act, the said road, with all tho rights functions mmu-
mites appurtenances thereunto belonging and also
all lands granted TO the sad company by the United
States which, at the time Of said default shall remain
In the ownership Of the said company may be taken pos
session by Secretary Of the Treasury for the
and benefit Of the United states Provided this section
A 1a Dc ' her, aesa That the grants afore
said mado upon condition that said company shall
pay said bonds at maturity and shall keep said railroad
and telegraph line repair use and shall a all times
dispatches said telegraph line, and trans
port mails, troops and munitions OF war, suppl es aud
public stores upon said railroad for the government
whenever required To do by any department thereof
and that the shall al all times have the pre-
ference the OF the oy all the purposes aore
at reasonable OF compensation not 10
exceed the amounts paid by private parties Tor the same
kind servce) and all compensation for services rem
dered shall be applied u the payment
and interest until tho whole amount fully
paid. Said company may also pay the United States
wholly or in part in tho other bonds Treasury
notes. or other evidences Of debt against the United
States to be allowed at and after said road Is com
plgted until said bonds and ineres, paid least I'VE
per Of the earnings OF said road shall also %
annually applied to the payment theroef
these bonds bear only six per cent interest In aw
full money" the sale be negotiated nj 90 near par,
in yew thirty loan offering superior induce
meuts 10 The present issue Of these bonds
amounts g. 2ss 00o but several millions moro will DO
issaed during tho year. and the total issue, before tho
completion Of tho entire road ia expected to aggregate
$40 600 600 The market for petroleum stocks contn
ues du but reports venango county Pennsylvania,
indicate considerable activity at the wells There have
been several new ones struck Pit Hole Creek and Its
vicinity which giving fresh impetus TO some OF the
stocks that OF the Unted States Company being the most
active among them.
The rss lot Of the new Treasury certificates OF irdebt
edness bearing per cent interest in currency, re-
dsouabs tho expiration Of year from their date,
and issued In payment Of quartermasicrs ccrsacatcs
reached this city to-day and were offered for sole at 0s
without takers
We learn that the commission Of three appointed By the
Secretary tho Treasury in conformity with an author
xaton given the last session Of Congress- will assem-
BILE al the Custom House in this city some time nox week
70 investigate the Of national revenue Az
TO their ability perform eesny the task entrusted TO
them cannot speak. they are unknown to financial
fame Their names stephen Cowell, Philadelphia;
Hays Chicago; David A. Wells, Troy; with r. d. FL
lott OF Boston as Secretary Of the Commission.
axau md Ihona D,aad MOI