The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-08-12
FINANCIAL AND COMMERCIAL.


MoSDAY, Aug lie P. M.
Ttere Was very blue stock market to-day. The
week has opened gloomy enough for holders of
stocs At the first board there were large sales at
the decline and the disposition to cell appeared to
hourly increase. The demand for money was active
at full rates and pretty sharp shining was neces-
sary up to the latest moment. At the first board
Illinois Central bonds fell of per cent; Cumber-
land Coal, L. New York Central Railroad 4; Erie,
1; Reading, 4; Michigan Central, /; Michigan
Southern, II; Panama, Z; Cleveland and Toledo, Z;
Chicago and Rock Island, g. Here is list that viii
give outsiders at q distance pretty goodidea Of
the present condition of things in this market and
from this they foru pretty correct idea Of what
is coming. The demand for money to-day was very
active and the impression IN the street early in the
day was that the banks must have called in loans
pretty sharp. When the bank statement appeared,
and showed contraction OF only about thirty thou
sand dollars the effect was by means of favorable
character. Il was argued that II money was ia such
active demand without any contraction bank loans
ve might expect serious times when the contraction
commenced. The reduction in deposits is an unfa
vorabe feature in the present report. The demand
for money cannot be satisfactorily &C ounted for by
the bank managers. They are little astonished at
the present activity, and well they may be. Stocks
were turned out to-day in large lots. Nearly every
stock on the list freely ohered, and all the cash
purchases were by the shorts for delivery. When
stock taken in it was put cut again immediate
Iy on time buyers sellers option. There are innu-
merable causes for this decline in prices, and these
causes will operate strong enough and long enough
to bring about much lower rates. There is no out
side absorption and there can be nome Outside hold
ers will soon be obliged to sell, and for aoy
purchases, ii is utterly out o. the question Those
who entertain q different opinion wit soon
change their minds.
After the adjournment Of the board the following
sales Of bonds and stocks were made at auction by
A. Il. Ncolay:-
"a 600 Chi. 4 Rock Island RI mtg al 9SAas4
$4,000 E., W. 81. L. 1T & II RR. - m. int ad 5ah
loo Cleveland and Ptsburg disiaend int added 65
10 shares New Amsterdam lu.hr Company. .l0S
30 New York and Erie Railroad Com pany 5at$
20 Rutgers Fire Insurance company. l0s
80 Arctic Insurance Company pa q gs7
Continental Insurance Company ,........l loo
20 Equitable Insurance Company 1914
s. Draper viii sell, to. morrow, among other secu-
rites, at the Merchants Exchange, some Of the
bonds of the Lackawanna Railroad and Coal Con
pany. These are first mortgage BINDS. secured upon
valuable property, well kupwn to the large body
Of intelligent New York capitalists, who have for
some time had their Affection fixed upoa this Lacka-
wanna coal district.
At the second board the mar et was very dull.
The aggregate transactions sum up only about FIVE
hundred shayes OF all stocks. There are plenty Of
stocks on the market, but there no buyers. The
lower or ces go, the greater the disposition to SELL
After the board stocks generally we're lower. Erie
railroad closed at 5si per cent; Cleveland and Tols
do IS; New York Central, s5li Michigan Southern,
ssl; Reading, s6l. All these stocks were offered at
Ixp. ant
the shorts. The market u decidedly sick and we
fear the disease il of chronic character.
The Long Dock Company of New jersey have
called for another instalmeut Of twenty per cent
payable on the LIST Of September.
The Arago's news Is no later than that received
by the arrival at Quebec The detailed reports Of
the money and produce markets 10 Mt give Us any.
thing more favorable. Consols were fat, without
change in prices Money was more active, and on
the Stock Exchange rates ruled a. hi Oh four and
half per cent. Toe drain OF bullion from London
continued and there was no probability Of a let up.
The arrivals in London from all quarters sere sent
Immediately across the Channel. and il was the i'm
preston in financial circles that the drain
youli be continued. The next sank OF England
return " likely 70 be bad. We look for great
dearth in The specie reserve. The markets for our
tfape ekpOfks are uot III scis rea5'1Sttft SouL-
ton Quotations for cotton we're without change,
while breadstufs were lower, with very limited
demand.
The steamship Arabia from Boston for Liverpool,
on Wednesday, win take out between six and seven
hundred thousand dollars in specie. Upwards of
$500 900 have already been engaged and the proba-
nlity Ia that amount viii be increased both from
this por. and at Boston. We have two steamers
from this por. for Havre direct this week. and the
Atlantic for Liverpool on Saturday. by each Of
these conyeyances there win be specie shipments.
The earnings Of the Milwaukee and Mississippi
Railroad 10. TIE month Of July foot up az follows:
PEsengerS
Prcfgnt. tsfs.sssss.* 100 -
Total *ss.SP''i- -
Tot the corresponding month last year the earn
ings Of the road were si7 ,ljs-sho wing gain Of
sl6026 Cor the current season.
The following are the receipts Of the Illinois
Central Railroad for the month Of July, 1885,
Transportaton 81 freight. 50 70 -
transportation Of passengers $3.50 ~