The New York herald., 1868-06-27
FINANCIAL AND COMMERCIAL.
FRIDAY, June 26-s p. n.

FRIDAY, June 26-eP. NJ
Three per cent continues to be the general rate for
call loans on stock collaterals although the banks
ask f0ur Tor small and moderate amounts ON mis-
oeiiano0us stocks. Only Q small portion OF the
Aoanabao funds ct this centre can find employment
On the stock Exchange, while the mercantile
demand for money u inconsiderable, owing to the
quiet condition OF trade and the cash basis which
business Of all kinds y being mainly conducted.
Commercial paper Of the best grade ID very scarce,
end Il b picked up whenever offered at i've per cent
discount
The railway share market was very strong through
ont the day. especially for Reading and Erie and the
volume OF business larger than usual Of late. the
speculative feeling in the street being buoyant The
bulls express great confidence in much higher prices
while the bears reluctant to extend their 'short
Nnes under existing circumstances and show some
anxiety 10 "covern their contracts The abundant
crops, OF which there is than the usual promise
IN all fectioas OF the country lead to the inference
that railway earnings will be largely increased in
consequence. and hence the bull element Is in the
ascendant The Reading Railway Company, In de-
clarng nve per cent dividend in scrip for the half
year, which is equal to more than that amount in
casa states that its earnings would have justified
equivalent cash dividend had q large sum not been
expended in building rolling mill and in construct
soon save the company more than its cost,
~ It has been unable hitherto to obtain any iron
rails that Will longer than about two years. II is
rum0red that the large buyers OF the stock OF late have
been the Pennsylvania Coal Company, the Delaware
and'fiudson Canal Company and the Delaware and
Iackawanna Coal Company, for the purpose of con-
trolling the Reading Company at the next election.
The of j. J. Howell ana DE yeau Vs. the
Ohlcago aud Northwestern Railway Company came
up before Judge Ingraham In the Supreme Court
Chambers yesterday, the order to show cause why
the injunction should not be continued restraining
the company from paying the ten per cent stock
dividend winch 1t has declared. The argument was
concluded but the decision reserved The court
however, intimated that the latter would be made
'on or before Monday morning next, the day on
which the dividend is PAYABLE
AT the commencement OF business the stock
market was steady, and at the early session Of the
open board Reading was active and steady at 104lz
10ax, while Erie was quiet at go. At the first reg
Nlar board railway shares were rather dull and
slightly lower, but ON the second call the tendency
was again upward. New York Central closed u
higher than at the same time yesterday, Erie a.
Reading y, Michigan Southern 1, Rock Island H.
Fort Wayne u, Ohio and Mississippi u Pacific Mail
u, Western Union Telegraph q, and North Carolina
sixes issue, n, while North western ,t lower
I0
and North Carolina, ex-cOupon, i,s Government Sc
carities were dull at fractional advance upon the
closing prices OF yesterday at the nrst CALL which
was not however, maintained ut the noon call. At
the open hoard at one O'Clock the market was very
strong aud Reading sold at 104x and Michigan
Southern At 92Z After the call q brisk demand
sprung ny FOR Erie, under which the stock advanced
to eoA. AZ the second regular board the
market was unusually active and strong, and
New York Central closed u higher than at the nrst
regular board, Erie q, Reading q, Michigan South
ern 4, Northwestern y, preferred u, Fort Wayne Y,
Milwaukee, and st. Paul preferred y, Western Union
Telegraph 4. and North Carolina skies, ex-coupon,
y, white Pacific Mail was y lower. and Tennessee
sixes issue, Y. Government securities were dun
at decoe of i per cent. At the open board at
three O'Clock there was more disposition to buy than
to sell, and Erie sold at 69s, Cleveland and Pitts
burg V0's Rcading 104Ss and Northwestern preferred
79,s. Subsequently Erie advanced 10 7oX under
steady demand, and at the close ut quarter to six
the market was steady atehe following quotations,
especially for Reading and E1e:--New York Central,
1sSk i3s- Erie, 70ss 7o%; Reading. 104zl lo5;
Southern 93sa 92zs; Cleveland and Pittsburg, 90ss
sOIS; Cleveland and Toedos 1915 a 1O45S; Rock
Island, 1867, 1855; Northwestern, 10 70S; do.
preferred. 70 7ex; Fort Wayne. li2% 112k; Ohio
and Mississippi, 305s 30ss; Pacific MAIL 1914
The market for government securities firm at
the opening, but the continued dulness caused
prices 10 lose the improvement which they showed
ct the first call The principal dealers have been
couraging a decline for some days past, but there
are no Sellers and all are anxious to buy whenever
quotatons are noIninay lowered. There is no
doubt That next month will witness very active
and buoyaut market for all the issues Of our national
bonds and the dealers foreseeng this anxious to
buy flesh stock before the rcinvestment demand
from Che public, growing out of the dis
bursement OF the July interest and divi-
dends. is felt. At the close the market
was dull and steady at the subjoned quotations.
Registered 1884, 113,. 11S1; coupon, 1881, 1172l
lis: s-9Os registered 1884, 10s,t 40; s2Os coupon,
1852 iis1 Il3A; do, 1884 1io5s Ill; do, 1865.
11Ik . me-: do, 1855. January and July 113ss
ll3,x; do 1867, 1137s q 11a do, 1865, 109K 10:
yO4O's registered, 1867 l07; do, coupon 107 a
lo7H.
Gold was steady at 40 140'<, with the closing
Transactions prior to the adjournment OF the board
at IA0x. There was moderately active borrowing
demand for coin, and loans were made at 1 per
cent per annum and 3-32 !. per cent per diem for
borrowing a. well as ''fat" The gross clearings
amounted to $31, ,1o2,0 900, the gold balances to
e104as 1884, and the currency balances to 81, 713,7Is
The SabTreasury disbursed $27,o 900 in coin in pay
ment OF interest the public debt and the conver
sion OF seven thirty notes amounted to $532 500 The
foreign exchange market was firm and moderately
active during the day, but there was no change in
rates, and bankers bills on England at sixty days
were quoted at 40 q lloH; at three days, 11ox a
1IOs; commercial bills, 1929. 1o9X. Bankers bills
on Paris at sixty days, 5.16 a 5.12k.
The Morris and Essex Railroad Company yester-
day elected the following Board OF Directors for the
ensuing year. viz.:-Messrs. Theodore F. Randolph,
Beach vanderpoel, Robert Hamilton, Edwin A. Ste
vens, Asa Packer, Edward H. Wright, Francis s.
lathrop, Aaron Robertson, J. Couper Lord, Charles
A. Lighthipe George Opdyke, VIM. Shippen and
George Bliss.
Al the ha,f.yearly meeting Of the western Union
Telegraph Company, recently held, the following
abatement OF It's business for the six months ending
Iulv was submitted the earnings and expenses FOL