The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-09-27
FINANCIAL AND COMMERCE.

WkpsEDAY, Sept. 26-6 ?. n

in Erie should have very dull times at the stock
change. The variations, compared with yesterdays
prices do not amount TO much, but the tendency
downward throughout and lower prices ruled at the close
At the FIRST board Indiana fell of u per cent Erie bonds
1876 ~; Delaware and Hudson y. Nicaragua Transit
y; Reading Railroad, u; Hudson River Railroad, II
Cleveland and Toledo, u; Chicago and Rock Island. r.
Michigan Southern advanced FER cent Illinois Central
bonds, q. Reading firm this morning at yesterday
prices Buyers and sellers appear be pretty equally
divided in strength, and do not gain much either way
There activity to-day in Chicago and Rock Island
Cleveland and Toledo also more active than for
some days past. The difference paid between cash
buyers option thirty and sixty days. shows growing in
crease in the value cfmoney Buyers prefer that time be-
eying it will carry them the severity of the present
pinch in financial affairs The impression is becoming gen
eral that during the month OF October money matters will
be stringent but that after the LIST of November shall
have rapid let up and before the opening Of winter
active speculative movement In the stock market All
who at all experienced in the ways of Wall street and
the policy of our banking institutions have for time
past anticipated contraction, and therefore pre-
pared for the present sringency IL is the natural
suit Of the operation of natural laws and must its
During the latter part Of Last year and the early
part Of this strong and rapid contraction going
in all branches Of commerce and industry. Every
drawing in and his capital in safe
place, where he could put his hand it when wanted
For nearly twelve months the universal movement
towards liquidation, and it probably carried out
thoroughly than before The result that to-
wards the close of last spring capital to amount
had accumulated, and demand existed for It, 1t
cenrated in Wall street from all sections OF the country
and in July last the banks held large balances Money
became abundant that large Investments made in
most of the sound dividend paying stocks Of the dny
and they, naturally enough, advanced and became
better distributed Fancy stocks not benefited
much by the plethora in the money Market for
of means would not touch anything not possessing
real merit The recoections of the fall of 1884 too
fresh in their minds to enter again into
speculations As the advanced and the growing
crops bid fair to be most abundant, confidence strength
ened and business revived Gradually the demand
money increased ana many Investments in stocks
withdrawn, the capital being required for commercial
purposes At that time the banks not only largely
expanded stock call loans, but exhibited weekly
increase which in short time carried the aggregate far
beyond anything previously known in their history The
condition of business OF the time did not justify such
rapid infaton but the increase caused by the
to the mercantile classes being piled upon those pre-
viously made stocks Such expansion had
before been known and it the general opinion
it could not be sustained. Either stock spectators
the merchants had to be sacrificed One the other
had TO give way. The banks maintained their position
much longer than we expected, but finally CONNIE need
calling in their stock loans and have rapidly reduced
their line Of discount The accumulation of FIRST class
business paper growing out Of increasing activity OF
business is than the banks take of ami
the offerings largely in Of the discounts The
money market has frightened suddenly and have
to thank for it but the banks. Banks a
any community in which they located but it is only
about every twelve months that the public agree
with in this denuncation. They have, during the
past months encouraged speculation in stocks to the
extent Of their Means and they doing all in the
power to deFress the market and compel holders 10
realize. They will succeed with weak operators in veal
stocks but the strong sound dividend paying seeurte
have depended upon bank aid and stand with
out their help Fancy stocks, and doubtful dividend
paying stocks must feel the present contraction and
should not be surprised to serious depreciation
They have been inflated bank loans, and it follow
that they must depreciate the sustaining power i
withdrawn.
After the adjournment Of the board the following sales
made at auction by Adrian II. Muller
$751; eco penna. coupon SIS 1877 Int added S01a 90h
5000 Memphis City 0's, 1884,. do. -. 81
At the second board the market shade or two
lower. Erie declned 4 per cent; Cumberland Indiana
SIS, a Cleveland and Toledo, l. Gaena and Chicago u
Chicago and Rock Island, ~ There sale of Mich
gan Southern this afternoon at ~ per cent above the
cash price buyers option, ninety days. This shows
how valuable money is becoming. Chicago and Rock
Island sold to-day buyers option, sixty days Ia per
cent above the current cash price, This shows the
fderce of purchasers in these stocks investment
this confidence will rapidly initiate prices the
present pinch in he money market passes away.
Albert Fl. Nicolay's regular semi-weekly auction sale
Of stocks and bonds will take place tomorrow Thurs
day., at II O'Clock, at the Merchants Exchange.
The steamship Africa, from Boston for Liverpool TO-
day, carried out 1856, 3l4 in specie
The Bank Of the Commonwealth has declared . semi
annual dividend of three half per cent
The Hartford Providence and Fishki Railroad, div
dend Of ten per cent the preferred stock.
The Assistant Treasurer reports to-day follows
Paid on Treasury account $5l,0l8 13
heceea On sa,aos 20
naiance On DO .. $3.50 3si 80
tad on disbuIsipg checks 63,43l "
The receipts to day include $50 900 from Dubuque.
The warrants entered at the Treasury Department,
Washington, the 22d and oath inst. follows
For the Treasury Department .........3 SIS, $50 20
Tor me Interior Department $500 ..
War warrants received and entered s.
War repay warrants received and entered. 9,33S II
Drawn account Of the Navy. .......... So AT IS
kepayments account Of the Navy..... SO, AT IS
Covered IN rem lands 70, l67 5o
We learn that Mr. George R. Conover has been appoint
ed Cashier of the Importers and Traders Bank. Mr.
Conover is at present teller in the Mechanics Bank Of
this city, but recently Cashier of the state Bank
New Brunswick N. J. The appointment il considered
good one he is officer OF decided ability and much
experience. The President is Mr.. L. Hopkins OF the re
known firm Of Hopkins, Allen Co., and the banl u
business under very favorable auspIce. =
and prudent course Is contemplated and the
will be good dividends
We understand that new bank, with large capital