The New York herald., 1868-06-12
FINANCIAL AND COMMERCIAL.

with the closing transactions at 40. There was an
active borrowing demand for coin and loans were
made without interest to either borrower or lender
and at a per cent per annum and l-e4 per diem
Tor borrowing. The gross clearngs amounted to
$27,a4s Ooo the gold balances to sS4s isl and the
currency balances to $l,353,557. The steamer
America took out $53l. 900 in specie The coin dis
bursements OF the ubTreasury in payment OF the
interest on the public debt amounted $4,000 and
the conversions Of seventhirty notes into bonds
aggregated 81, ,07565O. The department is seven or
eight millions in arrear In the delivery OF the
nve-twenues OF 1857 in exchange for seven
fhrty notes, and these, It Is said win be delivered
rapidly on and after the 18th ins abo ut which time
che hrst OF the new bonds of 1868 will be also ready
Tor delivery The delay in making the exchanges
rests with the Treasury Printing Bureau the heavy
conversions Of last month not having been antici-
pated, and hence the bonds were not printed in ad-
vance. The 'short" interest In gold appears from
the extent of the borrowing demand to be large, and
the general impression among the brokers last week
was that there would be fall this week; but thus
Tar they have been disappointed, and there Is no
likelihood OF any material change at present Ia the
premium either in favor OF the bulls or the bears.
The inclemency of the weather aggravated the
dulness OF the stock market and uhe transactions
were very restricted scale, but Notwithstanding
railway shares improved in some instances. New
Reading was up to 959s, partly under false i'm
preston that the company proposes to pay cash
dividend. Erie was firm and sold as high as 7O1,
but there no marked animation in the dealings
IN any stock on the list and the outside public
tnues extremely apathetic on the subject OF
speculation the Stock Exchange. In Rock
Island there are no new developments to
record. The supply Of money available
for employment In Wall street is still increasing
and loans on government securities are made at
three per cent and ON mixed colaterals at three
and four. The wants Of the mercantile community
are extremely limited, and what little commercial
paper OF the best grade there is passes freely at
about five per cent, although the banks, a rule
are not buyers of outside paper preferring to con-
fne themselves to discOunting for their customers
at the legal rate and investing that portion OF their
surplus which they cannot employ in call loans in
the purchase Of United States stocks, much safer
as well as more profitable course, and in
times like these there is danger OF lenders
overstepping the Limits Of prudence in buying COM
mercial paper for the sake Of making interest The
next quarterly returns Of the national banks will be
made up on the lst proximo, but such is the easy
condition Of the affairs Of the banks throughout the
country that they stand in need of making special
preparations for them and hence not the slightest
monetary disturbance arising therefrom at this
centre or elsewhere need be apprehended. The
local money markets Of the West nearly as well
supplied with capital as our own In proportion to
their Importance and call loans are being made at
Chicago at as low rate as six per cent-an unusual
feature in q city where ten per cent is the rule.
Government securities continue dull and barely
STEADY, but there is noticeable absence Of pressure
to sell except for speculative effect. In this way
small lots offered and large ones are purchased
by the Dealers who appear to have been encouraging
Inactivity for the purpose Of inducing sales by small
holders. As on the lst proxmo nearly forty millions
OF gold will fall due in payment OF interest and re-
demptiOn OF portion Of the principal Of the public
debt, the demand for bonds from the public for REIN
vestment VIII undoubtedly soon be very heavy, and
snarp advance In prices seems more than probable
United States stocks relatively cheaper than any
others in Wall street. and their natural tendency is
towards higher prices than they have hitherto ruled
at At the close the quotations were as subjoined:
Registered, 1881, 11lX NIX; coupons, 1851. 11ex
116X; 5-2o's registered, 1862 losx 100; 5-2o's,
coupon. 1862 1l2 1l2,s; do, 1854, 1925 1o911;
do, 1885, 110H 110X; do. 1866, January and July,
112k 1l2K; do, 1867, 112x ll2>S; 1o4o's regis
tered, 1861 q 1857; 10-40's coupon, 1864 LOG;
June 1905 lo91< 1o9K; July do, 1os4 1o9h; Au-
gost compounds 1866, llsK; September do, lis;
October do, 117H.
At the commencement of business the stock mar
ket was dull and at the early session of the open
prices were about the at the close last even
ing. At the first regular board the volume Of busi-
ness was unusually light, but the market was firm,
and In some instances quotations improved. New
York Central closed the call higher than at the
same time yesterday, Reading n, Northwestern u,
Milwaukee and st. Paul preferred and Pacific Mail
n; while Michigan Southern was x lower, Cleve-
land and Tvledo u, Rock Island y, Milwaukee and
st. Paul " and Ohio and Mississippi X. United
States stocks inactive but steady At the open
board at one o'clock there was continued dulness,
but Reading advanced to s6 under merely specula-
tive Influences. and New York Central to 1s4X. At
the second regular board the market was firm and
New York Central closed n higher than at the first
regular board, Reading 1k Rock Island u, Milwau-
kee and st. Paul TX, preferred u and Ohio and
Mississippi Il; while Northwestern was Il lower.
Government securities were IN some instances an
eighth lower, but quiet. During the remainder Of
the afternoon there was very little business done,
the transactions being hardly suf1icient to
make quotations. which were as follows at
the close:-western Union Telegraph, asK ss,i;
New York Central, 134X ls5; Erie, 7os 7ok;
Ohio and Mississippi, COX 30; Reading 953I Michi-
gan Southern, ssK sox; Cleveland and Pittsburg,
SIX q sS; Cleveland and Toledo, 1osh o losx; Rock
Island 1o3x; Northwestern, 69k COX; do. pre-
ferred, 81 n a SIX; Fort Wayne, Ill 1llK; Pacific
Mail, 90.
The new Stock Exchange Clearing House nominally
commenced business this morning, but the delv-
cries of stocks including those OF the three which the
house was ready to clear-namey, Erie, New York
Central and Michigan Southern-were generally
made in the usual way, and It is noticeable that the
new system meets with opposition from not q few
of the members of both boards although It's ultimate
success may be considered beyond question. One
objection now urged against 1t is that 1t
compels the brokers to pay In certified
checks where they have stocks to receive,
which last are not delivered until considerable
length OF time afterwards and 1t is uncertain how
far the banks will be willing 20 certify for brokers Of
small and moderate capital under the circumstances.
The charge for cearing-namely, 20 cents per
each hundred shares OF stock-is also objected to as
being excessive, and SO likewise are the fines i'm