The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-30
FINANCIAL AND COMMERCIAL.
WEDNESDAY. July 2o-sPM.

VhDNhsDAf, July 90 +. NJ
The gold market has been very strong to day, and
1t advanced steadily from la at the opening to 144
with the closing transactions prior 10 the adjourn
ment Of the board at l441s, following which there
was an advance to 144s and a subsequent relapse to
l44H. IL recovered soon afterwards, however, and
the latest quotation on the street l44x 144x.
Ihere was large amount Of speculative business
transacted, the predominant disposition being to
ouy, and the borrowing demand for coin was
moderately active at rates varying from
one to four per cent for carrying and without inte-
rest The threatening aspect OF affairs in Tennessee,
Georgia, Alabama and elsewhere Is strengthening
the upward tendency Of the premium, and the large
mercantile 'short" interest outstanding operates in
the same direction alike with the steady preponde-
rance of imports over exports. The Sub-Treasury
'disbursed $4,000 In coin during the day in pay
ment OF interest and converted,s491 $50 Of seven
thirty notes into hve-twenties The steamer Java
took out $4,000 in specie and the Germania (yes-
'terday) 100000 The gross clearngs amounted to
sos 0O0 the gold balances to $20lS sS6 and the
currency balances to s., 2O3 5O7.
The railway share market after opening steady,
was hammered about noon, and Rock Island and the
Northwestern shares yielded more than per cent,
but subsequently the decline recovered and at
the close there was good demand for the leading
shares at advancing prices Money was in super
abundant supply at three per cent for loans on gov
'ernments and three and four miscellaneous col
laterals, and the banks have large amounts OF sur
plus funds in their vaults The sem-stagnation OF
trade results in almost entire absence of applica
tions for discounts and hence lenders have TO rely
upon Wall street for the employment OF their idle
capital.
Government securities have been extremely dull
all day, but there stocks Offering, and prices
were without material alteration from those current
at the close last evening The July investment de-
mand has not yet been felt, but when II is the
natural tendency Of prices Will be upward The
SubTreasurer in this city will be ready on the 1st
proxmO to exchange the compound interest notes
maturing that date, well as those past due, for
three per cent certificates, under the act au-
thorizing fresh issue of twenty-five millions
of the same. There still remains unre-
deemed s657,55O OF the August seven-thirty
notes and 81, 200 of those of June while there are
about ten millions Of The July outstanding. At
the close the market was steady at the subjoned
quOtations:-Regstered, 1881, 1861 1853; coupon,
1881, 1155 115s; $685. registered. 1862 ITO 1101<;
520's, coupon 1862 114a 114ss; do, 1854, 1117s
1ll1l; do 1865, 112t 1925; do, 1865 January and
July 1895 1924; do, 1867, 1895 109S; do, 1885,
1925 lO9H 104Os registered, 1881 los u; 104Os,
coupon, 1885 lOsa; July 1905 1881 1O9; August
compounds, 1866, 11Sa; September do, 11s; October
do, 117H.
II was rumored on the street during the day that
application will be made to the Supreme Court Of
this district tomorrow for receiver Of the property
of the Union Pacific Railway Company and the
Credit Mobier in the suit of James Fisk Jr against
those corporations Three Of the Defendants it will
he remembered, were ordered to appear
and give evidence before the referee ap.
pointed by the court, but failing to do so attach
unents were issued against them, baable in $4,000
each. The defendants in question, together
with all those associated with them In the action
excepting Mr.. Cisco, the treasurer, are said to
have gone out OF the Jurisdiction of the court in
order to avoid an investigation, and this reluctance
20 undergo an examination has been unfavorably
commented upon by the public in view OF the peculiar
relations which are known to subsist between the
Credit Mobilier and the Union Pacific Company. As
the latter corporation Is in receipt of heavy subsidies
from the government for the construction
OF an important public work. the fullest
publicity should be given to Its AFFAIRS
and, therefore, this attempt OF the directors to
escape judicial investigation is to be deprecated
The directors, by Withdrawing from the Jurisdiction
OF the court have exposed themselves to unpleasant
legal consequences well as excited suspicion that
the allegations Of the plaintiff IN his complaint are
true In which case the matter Is calling for Con-
gressOnal interference, and the sooner receiver is
appointed the better for the public interests.
At the commencement Of business the stock mar
ket was steady and at the early session of
the open board Erie sold at CO.,, and
Cleveland and Pittsburg at SO. At the first
regular board prices were slightly lower
and the volume Of business very light On the call
Erie closed q lower than at the same time yester.
day, Clev land and Pittsburg u, Northwestern pre-
ferred " Fort Wayne u and Milwaukee and st. Paul
but inactive subsequently Rock Island declined to
1919, and the Chicago and Northwestern shares were
also weak, but other stocks sympathized very
slightly. At the open board at one O'Clock North
western sold at slG and the preferred at So At the
second regular board the market was firm for rail-
way shares, which had recovered the decline follow.
ing the morning board. Tennessee SKIES were, how.
ever pressed Tor sale, In consequence Of the Legs
Inre having passed an act this morning Senate bill
No. u providing for the funding OF all the overdue
coupons and bonds Of the State as well as all that
mature within the next three years. into thirty years.
six per cent bonds the interest to be payable semi.
annually at Nashville alike with the principal BY
this 1t will be that the policy marked out as
the only course for the State to pursue has been
adopted All payments, either Of interest or prin.
cpal, will he suspended by the terms Of this act for
three years, and in the interval about four millions
of Indebtedness will mature. The prospect is not
pleasant one for the bondhoders to contemplate,
but considering the extremely bad condition Of the
finances Of the state nothing better could have been
expected and will be well at the expiration Of the
three years the State finds itself In position to
sumo payment as proposed. At the open board at
hafpast three there increased press to sell
the Tennessee bonds and those Of the issue de-
cned to e5x. Railway shares were stronger and
there was an improved demand for all the leading
stocks. At the close, at half.past i've, the market
was strong for railway shares and especially Pitts
burg, ct the following quotations:-New York Cen.
tral, 1861 O 1881; Erie, osx $50; Reading,
941l e5 Michigan southern, 92is 92iz; Cleveland
and Pttsburg, sea ss,s; Cleveland and Toledo,
1924 lO3 Rock Island, 1887 o 100; Northwestern,
SIX s2x; do. preferred, s2k s2's; Fort Wayne,