The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-06-06
FINANCIAL AND COMMERCIAL.
FRIDAY, June Sop. M.


moderately active to-day. and the fluctuations were
from 1924 to lao, with the closing transactions at
1904 There was good borrowing demand for coin
and loans were made without interest and at 2
per for carrying. The gross cearings amounted
to 42 ss 0O0 the gold balances to ST. 6o and the
currency balances to $2,534,626. The Sub-Treasury
dsbursod only $3 600 in coin in payment Of interest
on the public debt The receipts Of gold at this port
from foreign ports during the first i've months of
1sSs aggregated S. 200 1885, while the receipts from
'Calnornis were $lo, s3s-namely, in January
41elesoo in February 27s in March S. 1876 1885,
In April S. 457 40 and in May S. s93 GOT. The ship
n,en1 from the port to foreign ports for the like
period amounted to $s7, 27s, s72-namely In January
$7,s4e.s2S, in February $4,2os,s25, in March
Ssoo4sl2 in April $60s5 ito and in May $15, 9Se,2ai.
rhe exports, therefore, exceeded the imports from
foreign and domestic ports by s1764o,7s4. specua.
ton In the gold room Ii still confined to the brokers
themselves. who are satisfied to accept a profit OF
oneeighth to one-fourth per cent upon their opera
lions. and no material change in the premium is
anticipated by either the bulls" or the "bears," but
the steady outward drain OF specie for the last ten
weeks has given 1t very firm undertone on merely
Commercial groundA
There h NO change to note in the condition of the
money market which is one of monotonous ease, the
supply Of ioanable funds being largely In excess of
the demand. The leading dealers in government
Securities can borrow al they require at three per
cent while on mixed colaterals the general rate ia
four per cent, although In some instances transac-
lions arc reported at i've where small and mode
rate amounts are involved. Commercial paper
continues in very light supply, and the best
grade u in request at from i've to six
per cont The bank deposits are still increasing
under remttances from the country, and owing to
tho inability Of the banks to ind employment for all
hiatt tn rptu thovo
PEELED to become buyers of United States stocks from
time 10 time and the demand for the latter from this
source kely to continue large in the aggregate and
this applies to the banks throughout the country
well to those at this centre. The abundance OF none
tary facilities at the disposal Of the Stock Exchangeis
not stimulating speculation the part OF the outside
public; but there Ia feverish activity kept up 10
some Of the railway shares BY the cques concerned
and the professional spectators Of the street. incud
ing the brokers' To-day Rock Island has engrossed
attention. and the transactions in IL have been
usually heavy owing to rumors that terms
of settlement are in process Of arrangement
between the present directors and the stockholders.
1t is said that Mr. Tracey Is to remain President Of
the company, but that three new directors are to
supersede an equal number Of those now In ONCE
and the work OF building the road to the Missouri Is
to be continued without Interruption while the
suits brought against the directors are to be with
drawn and the transfer books returned to this city.
Whether the company will be in position to resume
dividends its enlarged capital out of the current
earnings before the completion OF the extension
referred to Is doubtful, and those who are buying
the stock at its present high price will do well to
reject that 1t has risen in the midst OF the excite
ment consequent on reported compro-
mise, and that under such circumstances
the advantages Of the proposed settlement
are Mkey to be overestlmaed. Parties who have
been carrying large amounts OF the stock ut loss
for tho last six months are naturally anxious to
make believe that the company will resume diyi-
dends, and it Is not impossible that II may declare
one I'VE per cent dividend just for the sake OF bung
the stock in order to enable the stockholders to sell
out without loss. 1t is premature, however to dis
cuss this matter in the absence OF any statement OF
Facts regarding it, and the so-called settlement may
after all. prove to involve little nothing Of any
practical consequence, although 1t may place the
stockholders and the directors on q more friendly
footing than they have hitherto occupied towards
each other Wall street awaits particulars and
meanwhile buys the stock to sell again.
lts fluctuations during the day from
90 TO 1929. Fort Wayne sold down to
I09h, and afterwards rallied to 1l2, under
speculative manipulation. New York Central nuc-
tuated revershly between 131k and 133E, while Erie
was firm and quiet and Northwestern preferred was
unsettled although 1t closed with appearance OF
firmness. We're the cliques to attempt to sell any
large amount Of stock, however. general break
down would be the result and there is clearly no in
ducement for the public to buy the speculative rail-
way shares while prices much above the range
of real values.
There has been rather quiet market for United
states stocks all day, and although prices advanced
l.ak per cent at the opening there was frac
tional relapse In some instances early In the after
noon. The investment demand continues heavy,
and the German bankers are large buyers their pur
chases embracing considerable amounts OF the five
twentics OF 1857, which they contemplate introduce
ing abroad; and these, alike with the bonds Of 1855
are relatively about two per cent cheaper than those
Of 1862 nearly the whole Of which are held In
Europe. The present lullds only transient breath
ing spell, in the midst Of very excited and buoyant
market, and the resumption Of activity will doubt
less be attended by further sharp adj
vance, United States stocks being s far
cheaper than any others In the country, while
the public credit is stronger than 1t has been at any
time since the suspension OF specie payments. At
the clssc the market was steady at the subjoned
acknowledgement, 1881, liz a l12il; cou-
pom. 1891, 1853. 1l6ss; 5-20s registered, IsG2,
1854 o 1907. 5-2o's, coupon, 1862, liz u 1i2h;
do, 1854 11Oh 11oA do, 1885, 1loI llo; do 1856.
January and July. lib 1ls,s do, 1867, ils a
13H; 1oao's, registered, LOG 1861; 104os coupon,
100 losSs June 1905 1925 1os& July 1905, 1922.
1oox; August compounds 1865, ISL; September
do. 1l7E; october do, NIX.
AT the commencement OF business the stock market
was irregular and Rock Island was excited, with
sales at the early session OF the open board
ut 1o0x 10l. At the first regular board
Rock Island continued strong but New
York Central and Fort Wayne were weak.
New York Central closed az lower on the call than
at the same time yesterday, Michigan Southern a,
Cleveland and Toledo a. Fort Wayne q Pacific NAH
u and Quicksilver 1x3 while Erie was x higher,
Rock Island ~, Milwaukee and st. Paul preferred
y and Ohio and Mississippi y. State stocks were
per cent lower Government securities were