The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-08-20
FINANCIAL AND COMMERCIAL.


TUESDAY, Aug. 1916 p. M.
There was little more activity to-day in certain
leading railroad stocks, without any improvement
in prices The bears large buyers and it is this
demand for stocks that sustains the market. This,
however, can only be temporary. AS the shorts
buy in for delivery, stocks go into weak hands, or
rather pass through the hands of parties unable to
hold The supply is not, therefore, reduced, nor
prices benefited, but for the moment At the first
board to-day New York Central Railroad fell of 4
per cent; Reading Railroad, J. Cleveland and To-
ledo Railroad advanced per cent; Galena and
Chicago, H. Illinois Central Railroad, ]. Illinois
Central Railroad privilege sold this morning at
lIIt per cent. Western railroad stocks generally
were not so freely offered to-day, and prices were
stifer. La Crosse and Milwaukee Railroad sold at
GO 68A per cent, and Milwaukee and Mississippi at
765 per cent. These stocks taken In small lots
offered, by outside parties for investment. The
purchases of La Crosse and Milwaukee Railroad
stocks are made by members of our largest jobbing
houses who in their business tours through Wiscon-
sin, have opportunities for forming opinion rela-
tive to the productiveness Of new road superior
to any other class Of moneyed men. The orders for
this stock have come from this source, and it is
likely to absorb good portion Of the capital. In
this way it will soon become we'll distributed The
depression in GaIena and Chicago and Milwaukee
and Mississippi railroad stocks must attract new
class Of buyers Very little cash stock of either
road is Sold the operations being principally on
time, sellers trusting to greater depression In the
market for their profits Sales on time, buyers or
sellers option may do well enough in stock where
the supply is unlimited and no cornering operations
are going on; but in stock like the Gaena and
Chicago, where ifty-fye thousand shares are dis
lributed lmong twelve hundred holders, 1t may be
difficult % get what may be required for delivery on
matur contracts without paying much higher
prices for it. 1t Ia the brokers' business to take
these risks, but outside spectators, who may be
disposed to operate Sellers had better take hold
ofthe most worthless stocks where the supply under
almost any circumstances Is always equal to the de-
mand.
At the second board the market was shade or
two better The transactions were not large. After
the board better prices ruled but there was no &C
tivity. Michigan Southern closed at SO per cent
cash; Reading, at SO per cent; Erie. 500. The
steamship Asia, from this port for Liverpool to.
morrow "wednesday will take ont about 100000 in
gold and the Arago from this port for Southampton
and Havre on Saturday, will take out as much |
more. The sub Treasury gained about 500 900 yes
terday and about the same amount to-day. |
The Buffalo Advsrfiser says /
We learn that The New York and Erie Railroad has |
leased the Emra and Canandpoa road, and the CAnan-
New York an Erie will now be formidable competitor
OF the Central for tho travel OF the great West
The circular Of De Coppet Co., prepared for |
transmission abroad by the steamship Asia, from |
this port for Liverpool to wednesday, gives
the following review Of the money and stock
matket:--
since our last sdvcss OF 1lth instant marked
r.l tlrxun
the mercantile class from the stock OPERATOR and the
tendency Of rates Of discount has been upwards through
The semi Official returns for the dscal year July
show that up TO that period tho exports ON the United
in site OF the epo NOUS importation port Of New
Yors This important circumstance attracts attention, rs
.smsp o ,pss The TWO Above namsd CAUSES seem
mainly " have contributed 10 keep our stock market
IN sort OF deviation which has occa'oned oscillations
resulting most generally 10 decline.
European demand by the last steamers has been most
limited and the transaciiors generally have been mo
In state stocks sone GALES OF United States 6s, 1857,
have been made at III. Transactions 10 amount
have isken place in Indiana SIS at advance In Viz
eIna s's at and In Mia ouri gs per cent count
the later we're rather activc.
In oity bonds, we know OF no transactions worth |
In railroad bonds, al private sale we notice some
saes OF Tho and Psfnsyvans ncome Of Mlwaaxie and
Missis.p a LIST mortgage "a sec, and in Michigan Cen.
trail Sc lsee at about previous aaoiatons ,se soes
dtcline Of r. and also Tctre Hautc and Alton ~
N orteage, at improving prices.
In rsirt I'D shares there has been some animauon 10
Erie which, after various oscillations, clce al decline
Of also New York Central and Reafinf, which have
advanced A. Transactions TO moderate extent took
place and with a decline in Michigan Southern OF III
and In Cleveland aud ro'eio OF ~ with pretty cool
demand for Illinois Ccrtral has rose IL. Panama, on
he other hand has been Affected downward By vague
apTrchenslon Of some future competition they are
quoted AZ lower.
gcney In active demand al FOR call loans PAPER q
more oftrsd al Tor lst class, and ircm L. Tor
ifs known signatures.
Tie Assistant Treasurer reports to day as follows
Paid on Treasury account ....,......... sts1iT 10
r. cived Treasury account. ....,.. 1te,t61 81
8alanoe Treasury account ,2Ss,S6s %
aid Assay ofnce 4ls,vtO 70
Paid ON dlsbursing checks 2l5b 10
The payments to-day include s22 500 paid Cali