The New York herald., 1868-06-18
FINANCIAL AND CONNER GAL.
WEpNRspAY. June l4-oP.k

WEDNESDAY,, June ITO p. X
The gold market opened In the midst OF great ex
rrement this morning, ana the earliest sales were
Inh while loans Of coin were made as high as 6-S.
per cent In favor OF the lender nntn tomorrow Tho
bull tide OF speculation had reached its n0od how
ever, and from this point there was steady de-
cline to l40K the rate paid for the OF coin mean
while passing down by regular eradations to two pei
cent per annum, and finally transactions were re-
corded "nat," which means without interest to
either buyer or seller The rates paid for borrowing
were, In detail 6-s2 u, ss2 lie, 5e4, s64 and l6I
per DIEM, and per cent per annum 1t is said
shat the SubTreasury redeemed portion OF
the principal Of the bonds OF $685. which
mature on the lst proximo, early In the day,
allowing interest thereon up to date, and that
the coin coming from this source soon found its way
into the gold ROOM Bnt however this may be the
main cause Of the sudden increase in the noaung
supply OF coin, and the consequent decline in the
premium, the rush to realize on the part OF the
bull spectators who engineered the rise by frghten
Ing the bears into covering their short contracts,
and aggrayang the natural scarcity of gold by with.
drawing all they could temporarily active use.
The efforts OF such unscrupulous gamblers exert at
any time but a transient influence upon the commo-
dty they favor with their attention, but the real
frmness OF the market for gold s shown IN The TACT
thai 1t has retained nearly one-haif the improve
ment artiiciay stimulated since yesterday morn
ing the closing transactions this afternoon having
been at l4o%. The gross clearngs were very large
namely ssl S3s 900, the gold balances s2,667,12S,
and the currency balances So 7ss. The steamer
Cuba took out $780, coo In specie The Sub-Treasury
disbursed SIS, 900 in coin in payment OF interest
the public credit and the conversions OF seven-thiry
notes into five twenty bends amounted to ST. 525, $50
The stock market has shown great frmness all
dag, and Reading and the Chicago and Northwestern
shares experienced q further advance, the former
selling up to 991s under very spirited demand from
strong parties, and at the close this price was bid.
Rock Island advanced to 1861 at time in the fore
neon, but there was pressure to sell at this point
and decline TO lo5 the result Erie was firm
at tire quotations. but efforts have evidently
been made for time past to keep this stock
from rising IN sympathy with the general market
ard these probably have reference to whatever set
uement there is pending between the Erie and the
Vanderbilt parties The last OF the Western railway
economists, including Mr.. Henry Keep have re-
turned to town, and more active speculation in
come Of the Western shares is looked for in conse
quence. The transfer books OF the Chicago and
Northwestern Company closed this afternoon prepa-
ratory to the payment Of the ten per cent stock dv
dend on the 2eth inst. The directors of the Cleve
land and Pittsburg Railway Company win meet in
this city Saturday and declare the first of the two
per cent quarterly dvidendsin cash which they have
agreed to pay In future Money continues super
abundant and loans stock collateras are made at
3al per cent, with the transactions on government
securities at the lower rate exclusively where the
principal dealers are the borrowers. First class
commercial paper remains scarce, and 1t passes
freely at per cent. The Sub. Treasury s large
holder Of national bank notes, and the banks hold
considerable drafts against the former which they
convert into currency at any time; but, owing to the
impossibiltty OF employing all their surplus at the
present tirne they have incentive TO SO doing un
I'll the demand for money quickens. Meanwhile
they WIN be forced IN all probability either to allow
large portion of their funds to remain Me or to in
vest from time to time In the purchase of United
States stocks.
The market for government securities has been
firm but quiet during the day. although there was
good investment demand for the flve-twentes OF
1855 and 1867. The tendency Of prices ia decidedly
upward, and they are likely to touch higher point
next month than has yet been reached since the
Arst war loan was contracted. The heavy dsourse-
ments Of the Treasury and corporations and after
she LIST proximo will undoubtedly largely stimulate
purchases for investment while the stoppage OF the
supply OF bonds in the face Of the enlarged demand
viii cause rapid appreciation of their market
value. The demand for the first mortgage
bonds OF the Central Pacific Railway Company
a' l03 continues as active as before the price ad-
vanced. At the close the market was flrm at the
subjoined quotations. Registered 1884, ll2X ll2L;
coupon 1881, 1l7% 1l7%; 5-2o's, registered, 1861,
1901 1907; 5-20s, coupon, 1862, 1l3 1876 do,
1864, llo% Ill; do 1855, Ill lllA DO, 1865 Jan.
nary and july 1lsT a 1l4; do, 1867, ia a ll41.;
dc, 1858, lOs1 1os7s; 1o4Os, registered, lo8,s q
lo0'S; lO-4o's, coupon, lo6k lC61; June 1905,
1o91s lloH; July 1905 1867 1loH; August CON-
pounds, 1865 llsH; September do, lis; October do
u7A.
Al the commencement Of business the stock mar
ket was hTn but du and at the early session Of the
open board Reading advanced to 9sa, while other
railway shares were generally fraction higher than
at the close last evening. At the irst regular board
the market was strong but quiet, except for North
western preferred, which active. and advanced
TO s4%. Erie closed 16 higher than at the time
yesterday, Reading u, Michigan Southern a. Rock
Island and Northwestern preferred l. while North
western was "a lower, Milwaukee and ST. Paul pre-
fcrrcd = aud Quicksilver l. North Carolina skies Of
both issues were manipulated by speculative parties
and advanced a ga. Government securities were
firm tquiet At the open board at O'Clock prices
were without material change, and at the second
regular board the market was strong for Reading
ard the northwestern shares, which last were quoted
es-diyidend. II was at the same time reported that
an Injunction had been served upon the directors OF
the Chicago and Northwestern Company tat the suit
OF a M. Devoe) restraining them from paying the
Hocs dividend OF ten per cent declared short time
since This however, in nowise checked the buoy.
ahey oi The stock ana on The call Reading closed x
higher than a, the first regular board and Michigan
southern ~ while Rock Island = lower and
ONO anu mississippi Z. North Carolina skies were
y lower. Government securities were steady AT
the open board at halfpast three Reading advanced
10 90 and Northwestern preferred 10 77X ex-dlyi.
dend, while Rock leland declined TO lo5 a 1861.
Subsequently Reading advanced to 9aX, under large
transactions, and at the close at haipast Eve the
market was strong at the following quotations.
New York Central. 1s4S 1S41; Erie, e94 ea%;
Reading, 991S 9ek; Michigan southern, soa a eok;
VeIan1 and Pitt sbrrp SeK n Cevaia,a apa