The New York herald., 1868-06-14
FINANCIAL AND COMMERCIAL.

SATURDAY, June 1851 M.
The gold market has been very firm and moderately
active to-day, and the fluctuations were from l3sB
TO l4o with the closing transactions prior to the
adjournment OF the board at l40, following which
this price was bid. There was an active borrowing
demand for coin and loans were made at and ut
ing from three to seven per cent per clearngs
1.64 per diem for borrowing rne ~ W
amounted To s3e214ooo, the goiu S$2' Ss'so2-
q, saa o7o and the currency hsso,oO0 In coin In
srhs Sun'Tre.s---sst' on the public debt, and
- conversions of seyen-thirty notes into
Nve-twenty bonds aggregated s2,s3l, $50. The
shipments Of specie by the steamers sailing
to-day exceeded $l,25o,oOo, Of which the st.
Laurent took $685. 64O the City OF Boston 100000
and the Virginia $4s, ,O00 The total export for the
week Is $2,s72OOO. The plethora of money at this
centre caused loans to be made this afternoon at as
low rate as one per cent although the general
rate was three per cent. But the plethora OF capital
seeking employment has thus far exerted no infu-
ence whatever In inducing the outside public to
speculate In railway Stocks neither is 1t likely to do
80 In the future prices being far above the range OF
real values Even the street. composed 1t is of the
brokers and other professional spectators, is tmid
about buying and equally so about selling 'shOrt,"
and not without good reason, all the leading stocks
being controlled by combinations which in the ab-
sence OF disturbing causes can raise or depress
ample monetary facilhes at their disposal; but
there will come time wien they will be unable to
sustain them, and that will be as soon as the money
market becomes active IL the fall, If not sooner.
break, however, would ocar now If any attempt to
realize by the cliques was made, for the extreme
dulness Of speculation indtates that there are
buyers outside OF small cfe of street SPECTATORS
and when the ciques stop nyng prices yield. A
more artificial and unsound market has not been
witnessed in Wall street since ashort period ante
rlor to the Morse panic in 1864, and
1t is all the time in danger of serious
decline There is nothing new in relation
to Rock Island and settlement Of affairs
between the directors and the stockholders still ap
pears to be remote. The new StoG Exchange Clear
ing House is neglected by mos Ct the brokers,
who complain that the hour for completing the clear
ings Qlalf-past twelve is inconvenerfly early, and
that the daily returns they would have to make
would expose their business too mfutely to those
employed in the Clearing House. TheDppostion to it
Is strong In both boards, and its failure is predicted
by many OF the members. The clearins to-day were
considerable however, namely:-16 50shares against
5000 shares yesterday and shares on Thursday.
The trustees of the Bankers and Br0ers' Associa-
tion, which is the title OF the body pverning the
Clearing House, has announced that N and after
Monday next until further notice. it wilclear eleven
OF the most active railway stocks, whic it enume-
ates, without charge, and telers Of theassocation
will be In attendance, before eleven A. l. and after
two p M each day. to give information toaealers or
their clerks respecting the preparation Of stements
and other matters, as well as to furnish blan,s
French law court has recently rendered. deci
sion In the case Of the Credit Mober OF Paris 1t ap
pears that attwo meetings-on the 18th OF FEBRUARY
1856, and on the LIST OF March, 1s66-the Credt Mo-
bilier doubled its capital. At these meetngsa re-
port was read exhibiting large profits and decarng
good dividend. The meetings were ObjecteCto in
court as informal, II not packed, and it was alleged
that the company, on the 1st Of February was nse-
cure and dangerous, and that, except out o the
new capital, 1T could pay dividend upon the old.
As to both pOints-the fOrmaity Of the meetingsand
the state of the concern-the decision Of the curt
was explicit, affrming that the meetings were in
formal and that the state Of the company unsond
The court consequently decided that the directors
must reimburse the new shareholders; that tiey
made themselves by French law personally liabe;
that they by wilful concealment caused loss and
that loss they are required to make good. BY tis
decision the directors of the Credit Mober are he'd
responsible to the holders Of the shares to the
extent OF about $12, 100000. The extensive "wata
lng" of railway stocks by scrip dividends and other
wise In this country presents nearly parallel case
and similar decision by the courts here wouM
exert q sautary eject.
The Illinois Central Railway Company will pay
semta cash dividend of five per cent in addition
to the extra scrip dividend Of eight per cent before
referred to-
The statement OF the associated banks Of this city
for the week ending to-day shows gain of 5s Ito
in deposits, $ss0s12 in legal tender notes and
$1s40,e5 in loans, while the specie has decreased
$3134,9OO, owing to continued Withdrawals for ex-
port and the payment Of customs duties. The circu-
iation has decreased $21 s1s and the following the
totals OF the present and last previous satemens:-
June 9. June 13.