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FINANCIAL AND COMMERCIAL. THURSDAY, Sept. 28-6 P. M. The STOCK market showed signs of yielding at the commoncement of business this morning, and at the first board it was manifestly "top-heavy." Reading closed % lower than at the second board yesterday, Northwestern %, Rock Island 14. Fort Wayne ½, Ohio and Mississippi certificates Hudson River was 1½ higher, Michigan Southern 1/4, Cleveland and Pittsburg %, Cumberland %, Quicksilver %. Erie closed dull at 87% Pacific Mail scrip sold at 202. Government securities were heavy, partly in consequence of the anticipated issue of bonds for funding interest bearing notes and certificates of indebtedness. The board passed a resolution to call coupon five-twenties, ex the November coupon, on and after Monday, the 24 of October, which will have some effect in inducing holders to draw their interest. At the open board at one o'clock the market was lower on a portion of the list and steady on the remainder. At the second regular board it was dull, and New York Central closed ½ lower than at the first board, Erie % Michigan Southern %, Ohio and Mississippi certificates 1/2, Quicksilver 1/4, Cumberland %. Government securities were steady. Coupon ten-forties advanced 3/8. At the open board at half-past three the market was slightly irregular. Michigan Central advanced to 115, Ohio and Mississippi certificates to 28 1/2. New York Central sold at 95% (b. 3), Eric 87%, Hudson River (b. 3) 110%, Reading 113%, Michigan Southern 69 1/2, Cleve. land and Pittsburg (s. 3) 73, Cleveland and Toledo 108 ½, Rock Island 1113/2, Northwestern preferred 62%, McGre: gor Western (s. 3) 19½, Ohio and Mississippi certificates 28%. Cumberland 461/2, Central Coal (b. 611/4. Government securites were dull on the street, and there was a fair business done over the counter in buying from outside parties. The buying quotations for compound interest notes were-June, 1053/4; July, 1041/2; August, 104; October, 103 December, 102. The brokers' speculation for a rise appears to have suffered a check, and the Indications favor lower prices. Nearly the whole "street" is "long" and overioaded, and it is evident that its capacity to carry more is limited. The market under such circumstances is likely to sink of its own weight. Added to this there is an uneasy feeling of apprehension prevailing as to what may be the effect of the action of the banks with regard to the interior national bank currency, combined with the expected funding of interest-bearing notes into five-twenty bonds. This is inducing increased caution among the banks, and there is more reluctance shown to accept commercial paper at sixty and ninety days. Short dates are much preferred at lower rates, and there is a still more decided preference of course for loans at call at a 6 per cent. The supply of funds for the latter purpose is abundant, but the discount line is active, and there is more paper of all kinds offering. The best grade passes at per cent, and the second at 9 10. It is not probable, however, that the decline in stocks will be very considerable, nor that it will be uncontested by the "bull" element, which includes nearly all the "rag, tag and bobtail" of the street and several influential houses, the prevailing disposition of the great majority being to speculate for: rise. The petroleum stock market partially recovered from the extreme dulness of yesterday. At the first board Webster sold at $1 27, or 7c. higher than at the same time yesterday; Buchanan Farm $1 06, or 2c. higher; Oil Creek 81 90, or 10c. lower. At the second board prices wore 3c. a 9c. higher, Oil Creek excepted, which declined 25c., closing at $1 90; Webster sold at $1 28, Montana $8 50, Buchanan Farm $1 17. Pithole Creek $8 15, Excelsior 68c., Germania 34c., First National 22c, United States $27 25. Gold was firm, but the supply was easier, owing the Sub-Treasury disbursements, and loans were made at 1-32 per day. The opening price was 144½, from which there was drop to 143%, between which and 144 the market vibrated during the rest of the day, closing at 144. The steamer Cuba, it is reported, brings £20,000 in specie-a rather anomalous importation at the present time, and probably designed for some special purpose. Foreign exchange was inactive and heavy. The leading drawers continue to ask 109% but there are no transactions for considerable sums above 109%. An argument is furnished in favor of the national currency redemption scheme now under consideration by the failure of the First National Bank of Attica, New York, and the American National Bank of Hallowell, Maine, each with a capital of fifty thousand dollars. The notes or these insolvent institutions are worthless for circulation, but the National Currency act provides for their payment at the Treasury when the bank issuing the same fails to redeem them in legal tender notes on presentation. The Comptroller of the Currency is required, within thirty days after he has received notice of a failure, to declare the bonds and securities pledged by the defaulting bank forfeited to the United States. "And," continues the act, "thereupon the Comptroller shall immediately give notice, in such manner as the Secretary of the Treasury shall by general rules or otherwise direct, to the holders of the circulating notes of such association to present them for payment at the Treasury of the United States, and the same shall be paid, as presented, in lawful money of the United States; whereupon said Comptroller may, in his discretion, cancel an amount of bonds pledged by such association equal at current market rates not exceeding par to the notes paid. And it shall be lawful for the Secretary of the Treasury from time,to time to make such regulations respecting the disposition to be made of such circulating notes after presentation thereof for payment as aforesaid, and respecting the perpetuation of the evidence of the payment thereof, as may seem to him proper but all such notes on being paid shall be cancelled. And for any deficiency in the proceeds of the bonds pledged by such association, when disposed of as hereinafter specified, to reimburse to the United States the amount SO expended in paying the circulating notes of such association, the United States shall have a first and paramount lion upon all the assets of such association, and such deficiency shall be made good out of such assets in preference to any and all other claims whatsoever, except the necessary costs and expenses of administering the same. It is, however, clear that in the interval between the failure of a bank and the payment of its notes by the Treasury the holders of the same would be saddled with So much unproductive property, and that more or less inconvenience and loss to themselves would be the result. But a bank accustomed to redeem its notes at some central point would be likely even in the event of failure to have a reserve sufficient to pay off its notes, however badly its depositors might fare, and the fact of its having to keep its notes in good credit at the financlal centres would prevent its affairs running without discovery to that extremity of hopeless insolvency which, in the absence of the redemption system, it might easily reach. The coupons of the second mortgage bonds of the Milwaukee and St. Paul Railway Company, due October 1, 1865, will be paid on and after that date at the office of the company, 25 William street. In our reference to the tax on promissory notes, in Wednesday's issue, we were made to state the tax at fifty cents per thousand, instead of ten thousand dollars. The business at the Sub-Treasury to-day was as follows:$362,000 Receipts for customs. 1,080,042 Total receipts 1,536,997 Payments 70,437,173 Balance. 204,000 Subscriptions to government loan The following table shows the amount of coal shipped by three different routes' this season compared with
