The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-06-04
FINANCIAL AND COMMERCIAL.
WEDNESDAY, June SOP. M.

l4gH with the closing transactions at 140A. There
was very active borrowing demand for coin, and
leans were made without interest to either Dor.
rover or lender, and at . 8 per cent per annum
and 1-oa per diem for borrowing. The gross clear
tngs amounted to the unusually large sum of
$sa oOo the gold balances to S. 500 O2o and the
currency balances to $4.S4o 4s2. The steamer Sco-
tia took out $l,so2sss In specie, and this steady
aSain Is the main cause Of the extreme nrm-
ness Of the premium. The public credit has
net been 90 strong nor the condition Of the
national finances DO satisfactory at any time
SINCE the ante-beum period a. they are at present.
and there s an evident desire shown by both polit
cal parties to avoid anything savoring Of reputation
in word or spirit. The indefinite postponement and
virtual defeat Of Mr.. Sherman's National Currency
bin IN the Senate yesterday shows that the temper
Of Congress IL opposed to any mischievous schemes
Of innatton, and especially by means OF ma
nohal bank notes. and the budget present.
cd by Mr.. Schenck, the chairman of the
COMMITTEES OF Ways and Means is much
mere satisfactory than was generally anticipated.
The customs receipts alone during the present fiscal
year win exceed the interest the entire public
debt by more than forty millions, and the estimated
excess from this source for the next fiscal year is
more than thirty millions. With respect to internal
Eevenue there need be no difficulty in raising what
ever amount is necessary; but this should not pre-
vent Congress from economizing in the national
expenditures. which are still on so extravagant q
scale that reencnment is practicable In every de-
partner, OF the public service, and especially In the
army ana navy. The suggestion Of Mr. Schenck that
the Wn.skey tax should be reduced to seventy-fve
cents per gallon is entitled to consideration, and
FROM tliis reduction he calculates upon revenue of
seventy millions instead OF the thirteen mil
hons watch the 81 per gallon tax yields
nj tdac
for the reduction of the cost of collecting the taxes
10 the extent of $40 and places the department
under responsible commissioner, in the selection
of whom great care will have to be taken. without
being subordinate to the Secretary Of the Treasury,
this officer should nevertheless be appointed and
liable 20 removal by the President, with the consent
OF tne Senate. The disbursements Of coin in pay
ment oiinteres at the ubTreasury to-day amounted
To $4,000.
The supply of money continues superabundant and
loans are made almost exclusively at three per
oil government securities and at four, and in some
instances Ave, per cent on mixed colaterals. The
gut OF capital is increasing owing to the alb
sence OF any demand outside Of Wall street, and
even there 1t is limited, that the banks are CON-
PEELED to allow large portion OF their funds to re-
main idle to them in United States stocks.
Trade being dull there is very little commercial
paper making, and the best grade is scarce and in
request al a per cent The Sub-Treasury has sus-
pended ts conversion operations until the 9Th inst.
Tor want OF supply OF bonds to issue In exchange
SOr the seven-thirtes presented
The railway share market was variable and irregu-
lar during the day, Fort Wayne and Rock Island
being weak while Erie was firm. There was con-
siderable pressure to sell the former stock,
under which the price yielded to 1929. The
Rock Island stockholders met at Chicago to-day and
proposed election. 1t does not follow from this,
however, that it will not take place, although we
observe Chief Justice Dillon, of Iowa. has just issued
an injunction restraining the directors of the Rock
Island Company from allowing an election In Chi
cago or from recognizing any other board of directors
until after the election in June 1862 to which it stands
postponed by special act OF the Iowa Legislature
the constitutionalty OF which is however, disputed
by the stockholders. compromise between
the stockholders and the present directors
is looked forward to before long There
was an effort made to ''buil" Pacific Mail
In the afternoon by one or two professional
speculators belonging to the open board who happen
70 be heavily loaded with It, and the price bid up
TO sell upon. The market lacks decided tone any
kind and il is entirely artificial and under clique
manipulation that its movements are very uncertain
and 1t is equally dangerous to either buy for rise
sell ''short-
Government securities opened strong at an adj
vance OF n p upon the closing prices of last
Ing and afterwards they continued to improve, FIVE
twenes OF 1867 selling up to ia the street under
excited demand. rhe latter are rather scarce
owing TO the Treasury not having bonds enough
printed 20 make its deliveries In exchange for seven
thirty notes sent in for conversion, and it is ex-
pected that the department will be i'm arrear until the
18th ins while the bonds of1s6s are not likely, from
month Seven-thirty notes also scarce in conse-
quence Of there being little than seventy mil
hons Of them outstanding. Tenforties were dull
and fvc-twenties of 1852, 1864 and 1855 were firm
AMI In demand from the foreign bankers. The latter
have been large buyers of the bonds OF 1867 OF
late, with the design il s understood, OF introducing
them abroad The hve-twenties OF 1866 are rea-
lively nearly two per cent cheaper than those OF
1s62 the amount OF accrued interest upon both being
equa. while the former possess the advantage OF
having three years longer to Both have foreign
market; but the bonds OF 1862, being better known
command higher price without any good reason,
and hence speedy approximation Of their prices is
more than probable. The home investment demand
goes on increasing until It has assumed dimensions
unparalleled at any time since the first absorption
OF the war loans. Speculation naturally accompanies
this but without il speculation would soon langush.
Witiih the present month Is exerting very bene-
nciai influence upon the public credit, the large
amount and peculiar form OF the floating debt was
always until very recently regarded element OF
danger In estimating the future condition of the
national finances. Our people disposed to place
higher value upon United States stocks than they
have hitherto done, and the European markets will
of necessity sympathze with own but should this
not be the fully the difference between home and
foreign quotations will be adjusted by rise in gold
The prospect is favorable to steady advance
until much higher figures are reached. At
me close the market was strong at the
following Observation-Disclosures, 1881, il2A
nay; coupon. 1881, 116S. llo; 5-2Os, registered
1892, los4 loos; 5-2o's coupon, 1862, il2A 127s;
do 1894 1908 11o; do, 1885, 1903 ll0i; d. 1866,
January and July, 1881 1131s; do, 1867 1885,