The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-06-30

1888 OF the Bank OF Tennessee issued by the State,
Put endorsed by the bank and which matured to the
amount Of 81 Oas 900 the LIST OF May last but
not paid. have attached the funds in the hands OF
number Of the presidents Of the Tennessee railways
who are now in this city arranging for money with
which to pay the interest due on the LIST proximo.
The moneys thus attached being the main reliance
of the State for the payment Of its interest appre-
hensions are entertained that the finances OF the
State will be seriously emba rrassed in conse-
'quence. One Of the rumOrs referred to
was that the financial board, created by speci al
act OF the Legislature last session. charged with the
duty OF providing for the payment OF that part Of the
debt which natures within three years. including
the interest on the general bonded debt, will be en-
coined and restrained from paying the July interest
on the State Indebtedness while the past due May
bonds remain unredeemed. II these reports are
true and the claims of the holders Of the matured
bonds are sustained by the courts relief must e
sought through the next Legislature before the
Interest can be paid.
Z The stock market was somewhat unsettled during
the day. partly In consequence OF bear raid organ
azed for the purpose Of inducing small holders to
sell out; but the decline from the highest prices
tof last week was trining, and In the
afternoon the general tendency Of prices was
towards Improvement Reading was the drmest
of the railway shares, the report being that the
Pennsylvania Coal Company, the Delaware and Hud
son Canal Company and the Delaware and Lacka-
wanna Coal Company are buyers of the stock, with
view to controlling the Reading company at the next
ELECTION. Erie depressed by .hort' sales based
upon the fact that three injunctons have been issued
To-day upon parties connected with the company.
One of these orders, granted by Judge Barnard
ponds MI. Eldridge, the president of the company,
from the duties OF his office as president for causes
enumerated In the complaint, and another granted
by Judge 1ngraham, at the suit OF James Fisk Jr.
rcstrans the board Of directors from filling any va
cances which may be caused by designations In the
board. It Is, however, understood that q meeting
of the board will be held at O'Clock this even
Ing at which an effort will be made to elect Mr.
Daniel Drew president in the place OF Mr.. Eldridge
Money continues largely in excess of the de-
Inland, and loans on call are made mainly at three
per cent, the outside rate being four, while
commercial paper Is scarce and the best grade is In
request at s al per cent This easy condition OF
monetary affairs will probably not be interrupted
until october, when the rate Will be advanced TO
seven per cent? but the prospect decidedly against
Btringency at any time this year, the government
being out Of the market as q borrower and trade
being dull and on cash basis throughout the
country; while the volume OF currency win remain
stationary for an indefinite length of time to come.
"A comparison OF the statement of the associated
banks OF this city for the week ending on the 27th
Inst. with that for the corresponding week in each
OF the three previous years shows the following
changcs:-