The New York herald., 1868-06-19
FINANCIAL AND COMMERCIAL.

The gold market opened without buovancv this
morning al 1909, and by one O'Clock had declined to
lao, bat from this point there was gradual recovery
TO a40 and the closing transactions prior to the ad
lournment OF the board were at this price, Still later
however, there was a further considerable advance
Notwithstanding that hve-twentes in London rose to
s31s 73h and the latest quotation on the street
was l4oA a i4oT. There was a rather active bOr-
Rowing demand for coin and the supply was limited
which caused loans to be made at varying from
A3z 70 lilo per cent per diem and to six per cent
Per annum for borrowing as well without
interest The aggregate OF transactions was large
although smaller than yesterday, and the gross
Clearngs amounted to s7 627 OOO the gold balances
70 $es $50 and the currency balances TO 1885, 1872
Tue steamer Weser took out sll6,592 in specie, and
the Tarifa $4,000. The Sub -Treasury disbursed
$2s,oeo IN coin In payment OF interest on the public
deb and the conversions of seven-thirty notes into
uvetwenty bonds amounted to $9OS,050. The vote
or the Senate on the National Currency bill yes
terday is hardly likely to be seconded by the House
OF Representatives, unless the sectionproviding for
the withdrawal OF twenty millions OF notes from the
banks OF the Eastern and Middle States
for distribution amsng the Southern and
western States is stricken out or modi-
ned. But in any event this bill is OF no
great public Importance, 1t neither increases nor
reduces the amount OF national bank notes in circu-
distributing the circulation to this extent is success
fu or not matters but little except those sections
OF the country which labor under dearth Of banking
facilities. Money continues extremely abundant at
this centre at per cent on call, the supply being
largely in excess Of the demand. The national banks
are already IN position TO make their next quarterly
returns satisfactorily, that monetary disturb
ance whatever will arise from their preparation on
the first Monday in July.
The railway share market was very firm all day,
except FOR Rock Island, which was heavy, and Read
Ing, Cleveland and Pittsburg and the Northwestern
shares had an upward tendency The heaviest
transactions and the most marked advance took
place in Reading, which sold at 1905 late in the
afternoon under a steady demand from strong par
ties, who claim that 1t Is cheaper than almost any
other STOCK on the list at the present price. The
rapid advance Of this stock from 931s few days ago
has provoked inquiry into the condition of the Phila-
delpha and Reading Companys affairs to ascertain
the cause, aud we have therefore referred to the
last annual report for information. BY this it
appears that the gross earnings in the fiscal
year ending November 80, 1867, were SO, LOG, 1896
and the total operating expenses S. s5s, that
the receipts exceeded the cost OF working the road
by the sum OF 1885 $685. or after deducting other
Outlays not included in the operating expenses,
S. SAC, ,062 The bonded debt of the company amounts
to $6560 s25, and the interest paid on this during
the year $685. $780, leaving the net earnings after
deducting all the expenditures exclusive OF a charge
OF 600 for the sinking fund.-, s2444sS1. In ad-
diOn TO the regular earnings, the company received
from the Schuykill Navigation Company, for its pro-
portion OF rents, &C., the sum of $1r6,192 which
raises the net receipts for the year to the sum of
32,492,473. or about twelve per cent on the
capital stock OF $22, ,304, ,30l, which would leave
surplus on hand, after paying a five per cent
cash dividend. OF about million and a half Apart
from 81 800 OF preferred took, the obligations
already enumerated represent the entire stock and
bonded debt of the Reading Company little over
thlrty millions. The report says that the design 10
maintain gold basis for any increase OF the capital
stock has been fully carried out and as the accounts
show, The addition to capital resulting from the de-
ClaratiOn of dividend in stock has yielded the same
result TO the company the negotiation issue of
% much stock at par in gold, and the
managers refer with satisfaction to the great
seduction, amounting to $6,0O00OO, made in
the funded debt during the past ave years.
There considerable pressure to sell Rock Island,
and the price at one time touched 104S, but after
wards remained steady at an advance Of a u per
cent above this quotation. Nothing new has trans
pired IN relation to the controversy between the
stockholders and the directors Of the company, and
matters remain in stGtM Quo The demand for
Cleveland and Pittsburg appears to be based mainly
upon the intention Of the directors to declare quar-
ferly dividends OF two per cent In cash in future
The Northwestern shares have not been adversely
anhuenced by the Injunction issued on the complaint
OF John Howell and Joseph De Veau by Judge Ingra-
ham, but the answer OF the defendants Is awaited
with interest The latter to show cause why the
Injunction should not be made as prayed for in the
complaint on the 25h inst, four days before the
dividend becomes due.
There has been very quiet market for govern
all dav hut Is,w rfa thp cIaaa
showed some signs Of animation and was steady at
the quotations. The Treasury through the Assistant
Treasurer in this city, has already redeemed about
one million OF the principal OF thebOnds Of 1853 In
gold at OK the bondholders retaining the July
coupons for presentation when DUE and the quarter
per cent being deducted for interest up
10 the 1st proximo. The remainder OF
these bonds will be redeemed fast as
presented. the department having no desire that
ehey should remain outstanding, although interest
will be continued upon such as are not presented
ehe to be payable only the usual dates, semi
annually. The amount OF these bonds outstanding
IN September. 1885, was ZOOS, ,3h, but owing to the
ocanty Information furnished in the monthly state
mens OF the public debt 1t s impossible to ascertain
from them what the total Is now. Up to the 1st inst,
however, 1t had probably not changed from the
amount stated in 1865. At the close the subjoined
quotations were current:-Registered, 1881, 112il
E2K; coupon, 1881. III q 117K; 5-2O's, registered,
1852, 100 1926 5-2o's, coupon, 1862, 1ls 1885,;
do, 1864 1905 11o1s do, 1865, 11Ox q ~; do,
1886. January and July, 1lass 113a{ do, 1867, l3s
. ia; 1o-4o's, registered 1865 a 1oeh; 1o-4o's,
coupon, 1864 1865; June 1905, 1924 a 10e5.;
suly do, 10oI q 1Os7s; August compounds 1865,
GlSX; September do, lis; October do, 117is.
At the commencement OF business the stock mar
ket strong but dull, and at the early session OF
the open board Reading advanced to 1oOx under
largo purchases and Cleveland and Pttsb urg 10
sox. AT the first regular board the market was hrm
out quiet, and the Chicago and Northwestern stocks
were sold ex the ten per cent stock dividend payable
On the 2eth inst New York Central closed the call
cs higher than at the same time yesterday, Reading
aX, Michigan Southern IS Pacific Mail y and Quick
silver q. while Ohio and Mississnpl was !. lower