The New York herald., 1868-06-11
FINANCIAL AND COMMERCIAL.

liability of the latter accepting the appointment.
The report however, excited little comment and it
was without any perceptibe erect either In the
Gold Room or on the street. Senator Sherman, from
the Senate Committee on Finance, yesterday re-
ported with amendments, the bill in relation to q
uniform gold and silver coinage among all nations
and in 30 doing he recommended its postpOnement
till next session. The bill fixes the weight Of the i've
dollar piece at 124 s2o grains troy weight, which is
at the rate OF So 20 to the French kilogram and
other coins In the same proportion The weight
Of the silver half-dollar Is fixed at 179
grains and other silver coins in proportion,
but the coinage Of one dollar. five cent and three
cent pieces is TO be discontinued. Foreign coins
issued in conformity with this standard are to be
legal tender like our own coins, which, In like man.
ner, to be treated such by all the nations that
conform to the new system. Should the bill become
law as 1t stands its provisions would take effect
from the 1st OF January next. 1t is not cxpedlent
however, for this country, under existing circum-
stances, to take hasty action In this matter. While
we are in state OF suspension we have little
or nothing to gain by the proposed change,
although the principle upon which it is based is a
good one. II the re-cOnage exerted any material
influence in this country while the Legal Tender act
remained in force it would probably be to stimulate
the export Of con and this should be discouraged
until we are In q position to profit by the return
now OF coin from Europe, which we are not ut
present. except to the limited extent covered by our
foreign exchanges In Europe, however, the work
of unversalizing tire coinage may be prosecuted
in the interval with advantage to the
world, and with the resumption Of specie
payments In the United States there should
be nothing to prevent our joining a move
ment, which Is decidedly one OF progress, des
tined to be of great and permanent beneft to all
wino
ITSELF
Money continues in snperabundant supply and
loans are made to the principal dealers in govern
ment securities and other drst class firms at three
per cent, while the general rate mixed cOaterals
s four per cent. The dulness Of trade Is reflected
some extent in the small amount OF mercantile paper
which Is being made, and the best grade ia In
demand at from i've 10 i've and a half per cent.
The diminished activity In government securities
and the moderate requirements OF the Stock Ex-
change leave the banks with o large unemployed
surplus, which they will probably be driven to in
the purchase OF United states bonds for the sake Of
making interest This plethora Of loanable funds
has not yet induced the outside public.to become
buyer OF railway shares, but the bull cliques show
considerable boldness in their operations, and
courage we might say worthy Of better cause than
that Of trying to entrap outsiders for the pur.
above the range of real values. To-day
there has been firm but semLstagnant
Market owing in part to the absence Of many OF the
brokers and other professional spectators at the Je
rome Park races Nothing new transpired in rea
ton to Rock Island, the affairs OF which company,
In connection with the litigation growing OF the
issue of the thousand shares Of stock
appear to be as much unsettled as they ever were,
and the Injunction served upon the directors and
others concerned yesterday morning enectually re-
strains them from carrying out the programme put
forward by the representatives Of. the stockhold-
ers at Chicago Tomorrow the new Stock
Clearing House Is to commence operations by clear
ing New York Central, Erie and Michigan Southern,
after which the list will be extended rapidly as
possible. It is organized under the title OF the
Bankers and Brokers' Association, and its sphere Of
usefulness will, 1t Is promised, be commensurate
with the wants OF the Stock Exchange. The expert
ment is regarded with interest by the members Of
both boards who equally entitled to the facilities
it may afford.
There is no material change to note in the market
for government securities. The dulness previously
referred to continues, but there is good investment
demand from the country ana moderate purchases
Of the exportable bonds are being made by the
foreign bankers. fractional decline in vetwentes
in London caused prices to drop or In the afternoon
mand at the reduced figures and at the close the
market was strong. The fact that prices have been
80 well sustained under the prevailing dulness Is
sign that they have a strong undert0ne and that
with the resumption Of activity renewed buoy
ancy will be experienced The latest quota
ttOns on the street were as subjOned:-
Coupon, 1881, 116,s 1i6x; 5-20s, coupon, 1852,
112H 112k do, 1864, 11O 110h; do, 1895, l10b
11O,s; do, new 1865, 1l2As 1l2x; do 1857, l12a(
ll2X; 1o-4os, coupon, 1o5x 1857; 1905, second
coupon, 1o91k 1895; third do, 1Osx 1925.
At the commencement Of business the stock market
dull, but steady and at the early session OF the
open board the transactions very light at about
the closing quotations OF yesterday. AZ the first
regular board there was no new feature developed,
and New York Central closed =, lower than at the
time yesterday, Reading y, Cleveland and Toledo
u, Northwestern H. Milwaukee and st. Paul ~, do.
preferred Ia, Pacific Nail y, and western Union
Telegraph Y, while Rock Island was u higher and
Fort Wayne x. Government securities were dull
and steady At the open board at O'Clock the
ket continued dull and Rock Island sold at 1884, New
York Central 134k and Erie 7o. Al the second regu
lar board Milwaukee and st. Paul common was weak,
but with this and one other exception railway shares
were nrm. New York Central closed 1 y higher than
at the first regular board. Erie *. Reading 4,
Cleveland and Toledo u, Northwestern preferred
y, Milwaukee and 81. Paul preferred u, and Pacific
Mail <; while Milwaukee and ST. Paul was ,1k
lower and Ohio and Mississippi X. Government
securities were dull and fraction lower. At the
open board at hafpast three the transactions we're
unimportant, and Erie sold st TON; New York Cen
trail 134k, Rock Island, lo3k, and Reading, 93k.
During the remainder OF the afternoon stagnation
prevailed and at the close 1t quarter past nve the
quotations were ACKNOWLEDGEMENTS Mail, %; Ohio
and Mississippi 2Qx q 29X; Atlantic MAIL 81 33;