The New York herald., 1868-06-09
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
~~--~~~~~~~>>~~-
MONDAY, June SOP. M
The gold market has been lrm but rather quiet all
day, and the fluctuations were from 1917 to lseX,
with the closing transactions ct l39H. Loans were
made without interest to either lender borrower
and at Q yer cent for borrowing The gross
cearings amounted to $41, 000 the gold balances
to 81 COS and the currency balances to ST.
The disbursements OF coin at the Sub-Treasury In
payment of interest the public debt amounted to
$1s20o0 and the conversions Of thirty notes
into bonds to s1,13o,9Oo The conversions here in
May amounted to se7 7145,s5o. The imports Of specie
at the port from foreign ports last week $12s $780,
making total Of $3 800 663 since the 1st of January
The statement Of the public debt for May was tele
graphed from Washington this afternoon and when
compared with the preceding return the total debt
less the amount in the Treasury shows an increase
of $9,717,059. II, however, we omit the amount In
the Treasury in both instances from the calculation
we find the increase only $4,14o,944. The activity
Of the conversion movement is reflected by an
increase Of $57,44o,65o in the gold bearing
debt chiefly in nve-twenties, but to the ex-
tent Of nearly five millions In ten-forties. The
seven-thrty notes, on the other hand, were
reduced s5sooso5o, The three per cent certificates
of deposit issued to the banks in exchange for COM
and of the latter s1s,71o,7lo were withdrawn from
circulation. The coin in the Treasury shows re-
duction Of $186S1 O9s, while the currency balance
has increased $11, ,104, ,9s3. The amount of coin in
the Treasury the 1st instant $780, 659 from
which must be deducted 800 POS, ,1so Of gold cerf-
Gates OF deposit in the hands Of the public order
to ascertain the amount owned by the government,
namely $780, 9930,379. The unfavorable feature Of the
statement Is the increase in the aggregate of the
debt, which is the natural consequence Of issuing
three per cent certificates in payment of the interest
as well as the principal Of the compound interest
notes. This interest was previously owing by the
government but it failed to appear in the debt state
ments
The stock market was feversh and irregular dur
ing the greater portion Of the day. Rock Island was
the strongest Of the railway shares, and ad-
vanced at one time to 104t4, although two or
three Of the suits against the company,
growing out Of the issue of 1900 shares OF
new stock have not been withdrawn. and the plain
tiff In ut least one Of these suits refuses to settle
unless on terms which 1t is impossible to comply
with There Is consequently split among the stock
holders and until the existing differences are har
monzed the affairs Of the company must practically
remain in the shape in which they were before the
recent negotiations were undertaken by the commit
tee of stockholders Even those best informed upon
the subject as viewed from the stockholders stand
point think that two or three months may elapse
before the suits referred to settled supposng all
to go well in the interval, and meanwhile OF course
matters will remain in stdtu Q1O the action OF the
directors being controlled by the act Of the Iowa
Legislature and the several inunctions still in Orce
There was considerable firmness and activity In
Erie, and ii is vaguely rumOred that the recent me-
gotiatons between the directors OF the company
and the Vanderbilt party for settlement Of their
Af har
mony among themselves 1t is said that Messrs.
Gould and Fisk agreed to buy ten millions of Erie
stock on behalf Of the Erie Company from Mr..
Vanderbilt before they returned to this city
from Jersey City, but that this purchase has not
been consummated owing to the opposition OF Mr..
Eldridge, the president who desires the purchase to
be made by the Boston, Hartford and Erie company.
with view to the latter securing controlling inter-
est In Erie, which most Of his codirectors are not
willing to allow, and hence the agreement to buy the
stock has thus far proved dead letter. We merely
give the street story without prejudice and what the
upshot OF this side movement in the great Erie con-
test will be will not venture to predict There
was some pressure to sell Pacific Mail in the after
noon, and in the absence OF market for the stock
the price declined to 95s and closed with downward
tendency Fort Wayne was weak and declined to 11o.
Speculation confined to the cliques and the brokers
and other professional Spectators the outside pub
lie not being participant; but owing to the abun
dance and cheapness OF money there is little dfi-
Guilty experienced by the cliques in sustaining and
even advancing prices so long as they continue buy.
ing, although the latter are far above the range OF
real values. The market is, however in q very art-
fetal and dangerous state, and the public viii do
wen TO avoid the pitfalls OF the Stock Exchange.
We of course except government securities, which
are still cheaper than any others in the country and
the only safe investments 70 be found at present In
Wall street. Money remains In superabundant
supply at three per cent on government securities
and three and four on mixed collateras the few ex
ceptional transactions for small amounts at five
affordng no criterion of the real condition OF local
monetary affairs. There Is very little commercial
paper being made, and the best grade is scarce and
in request at and per cent. There is no probable
y Of any interruption OF this extreme until the
end OF August, when the usual drain westward will
begin TO be felt
A comparison Of the statement OF the associated
banks of this city for the week ending on Saturday
last with that for the corresponding week in each OF
the three previous years shows the following
changes:-
| Jttne 8, 1867. June o, 1868.
Loans S250A77,2q Inc. $23, $40 069
| Specie. I5699,03s Dec. 1,3I0601
| Crcuation. 331lS,osS mo. 4osus l
DeposllS. ..-......... lo4I5O339 INC. I4,oosozo
Legal tenders. 55923, l07 1nc.. II, $685. e2l
| .T,,fe Q, 1866. June @, 1868.
Loans. s24a 53s,95e Inc. .$24, 1858 40s
Specie. l5,S21, 663 Dec. 1,493 l32
Circuiatlon ....... 25,s87,25s Inc. s,22osoe
DepOSitS.. 2Ol,bO3,elS Inc. $3.50 200
| Legal tenders. ........ 7462s,67l Dec. 5,sO6,646
June 10, 1865. June O, 1868.
Loans $2Os,3s2, 635 Inc. $65 3s9, l32
| Spccie. lS.4SO620 Dec. 4. 152 0Sg