The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-29
FINANCIAL AND COMMERCIAL.

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x lower than at the second board yesterday North
western X Rock Island u Fort Wayne u, Ohio and
Mississippi certihcatesx Hudson River was IL higher
Michigan Southern y, Cleveland and Pit,sourg y, Cum
bertrand a Quicksilver y. Erie closed dull at SIX.
Pacific Mail scrip sold at 2o2 Government securities
were heavy partly in consequence Of the anticipated
issue for funding interest bearing notes and
certificates Indebtedness Tho board passed resolu
ton to call coupon nve-twenties the November cou
pom and after Monday, the 81 OF October which will
have some effect in inducing holders draw their in
terest.
At the open board at o'clock the market lower
on portion of the list and steady on the remainder.
At the second regular board it dull and New York
Central closed lower than the first board, Erie r.
Michigan Southern r. OHIO and Mississippi certificates
u, Quicksilver u, Cumberland e. Government secur-
ties were steady. Coupon enfortes advanced T.
At the open board past three the market
slightly irregular Michigan Central advanced to
lis, Ohio and Mississippi certificates to 2s1z New York
Central sold s5h d. 81 Erie S7, Hudson River d. 81
11ON, Reading 1888, Michigan Southern o9H, Cleve.
land and Psburg (s 81 70, Cleveland and Toledo 1884,
Rock Island 1l1, Northwestern preferred 62, McGre:
gor Western Is 81 1917, Ohio and Mississippi certificates
2S1z. Cumberland 46h Central Coal ID. 81 611.
Government securities dull the street, and
there fair business done the counter in buy
ing from outside parties The buying quotations for
compound interest notes were-June, 1851 July, 104H
August, 104 October, l03 December, 102.
The brokers' speculation for rise appears to have
suffered check, and the Indications favor lower prices.
Nearly the whole ''sreet is iong and overloaded and
it is evident that its capacity carry is limited
The market under such circumstances is likely to sink
of its own weight. Added this there is uneasy
feeling OF apprehension prevailing as TO what may
be the effect OF the action OF he banks with re-
gard the interior national bank currency, combined
with the expected funding OF nesstbearing notes into
hve-tweny bonds. This j. inducing increased caution
among the banks and there is reluctance shown to
accept commercial paper nj sixty and ninety days Short
dates much preferred lower rates, and there is
still decided preference Of Tor loans at call
at per cent The supply of funds for the latter
purpose abundant but the discount line active and
there paper of all kinds Offering The best grade
passes at 7 per cent, and the second at IA TO-
1t is probable, however, that the decline in stocks
will be very considerable that will be unconested
BY the "bul'' element which includes nearly all the
srag tag and bobta Of the street and several nuen
tia houses, the prevailing deposition of the great ma
jory being to speculate for a rise.
The petroleum stock market partially recovered from
the extreme dulness of yesterday. At the first board
Webster sold 81 27, &c. higher than at the same
time yesterday; Buchanan Farm 81 o. &c higher Oil
Creek 81 60 10c lower. AT the second board prices
&C. &c. higher Oil Creek excepted, which declined
ESQ., closing 81 90; Webster at 81 2s, Montana
IS co. Buchanan Farm 81 II, Pithoe Creek SIS 15 Ex-
ccsior CSC, Germania 34c First National 22c United
States $27 u.s. t
Gold firm, but the supply was easier, owing TO
the Sub Treasury disbursements, and loans were made
at 1872 per day. The opening price was 144b, from
which there drop 143zs, between which and IA
the market vbrated during the rest of the day. closing
at IA The Cuba, is reported brings 10000
in specca rather anomalous importation at the present
time and probably designed for special purpose
Foreign exchange inactive and heavy. The lead
ing drawers continue ask 1926 but there are no
transactions for considerable sums above 1925.
An argument furnished in favor of the national cur
rency redemption scheme under consideration by
the failure of the FIRST National Bank of Attica, New
York and the American National Bank Of Hallowell,
Maine each with capital OF 1fiy thousand dollars The
notes OF these insove Mt institutions worthless for
circulation but the National Currency act provides for
their payment at the Treasury when the bank Issuing
the Same fails redeem them in legal tender notes Oh
presentation. The Comptroller Of the Currency is re-
qured, within thirty days after he has received notice
of failure declare the bonds and securities pledged
by tho defaultng bank forfeited TO the United Staes
"And continues the act ''thercupon tho Comptroller
shall Immediately give notice, in such manner as the
Secretary of the Treasury shall by general rules other
wise direct the holders of the circulating notes OF
such association To present them for payment at the
Treasury the United States, and the same shall be
paid as presented in law nj money OF the United States
whereupon said Comptroller may in his discretion can
eel an amount Of bonds pledged by such association
equal current market rates not exceeding par 10 the
notes paid And 1t shall be wiu for the Secretary oil
the Treasury from time to time To make such regulations
respecting the disposition be made of such crcuat-
ing after presentation thereof for payment afore-
said and respecting the peretuation % The evidence OF
the payment thereof as may him proper but all
such notes on beng paid shall be cancelled. And for
any deficiency in the proceeds Of the bonds pledged by
such association when disposed OF hereinafter speci
fed reimburse TO the United States the amount SO ex-
pended in paying the circulating notes Of such assoca
ton the United States shall have first and paramount
lien upon all of such association, and such de-
cency be made good out of such assets In prefer
ence any and all other claims whatsoever except the
necessary and expenses Of administering the same
IL H. however clear that the interval between the
failure of bank and the payment OF Its notes by the
Treasury the holders of the would be sadded with
- much unproductve property aud that more or less
Inconvenience and loss TO themselves would be the
suit But a bank accustomed TO redeem its notes al
come central point would be likely the event Of
failure TO have suicent TO pay of its notes
however badly depostors might fare, and the fact OF
its having to keep good credit at the nan
cai centres would prevent Its affairs running without
discovery TO that extremity of hopeless Insolvency
which in the absence Of the redemption system, II
might easily reach.
The coupons Of the mortgage bonds OF the NIL
waukes and 81 Paul Railway Company, due October 1
1895 will be paid and after that date at the office
the company, rs william street
In our reference to the tax promssory notes, IL
Wednesdays issue, were made TO state the tax a
fifty cents per thousand instead of ten thousand dollars
The business ct the sub-Troasury to-day was as fol
lows
Receipts for customs .......Y....... sS So ~,
p.vments ...................... l. $50 g9i
psianoe NEUTRALITY-SUSPICIOUS.. 20, 437 II;
Subscrptions 10 government loan .......... 20400t
The following table shows the amount OF coal shipped
last