The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-17
FINANCIAL AND COMMERCIAL.
MONEy MARKET.
WEDNESDAY, July l6-6P.

FINANCIAL AMI CONFERENCE.-The
MONEY MARKET.
WEDNESDAY, July ls-SP.M.
The stock market opened very active this morn
ing There were large sales Of all the leading railroad
stocks, generally at lower prices. New York Gen.
trsl, Erie Reading, Cleveland and Toledo sold freely
at quotations. both for cash and time, buyers and
sellers option. AT the first board Indiana SIS fell
OF per cent; Erie bonds, 1871, 1; Canton Co., l.
Cumberland, Il New York Central Railroad, /; Erie,
d; Reading, 1; Michigan Southern, 1; Panama, j.
Cleveland and Toledo, I Erie bonds, Sd mortgage
advanced per cent Illinois Central Railroad, /.
There was sale Of Illinois Central Railroad priy
ieges this morning at Ill per cent This is three
per cent above the market price of the stock There
was not much business to-day in railroad bonds or
State stocks. First mortgage Goshen bonds sold at
so per cent; Hudson River Railroad. LIST mortg age,
at l02, which is an advance. The bears hare with
in the past day or two been operating extensively.
They free sellers of cash stock, and put out
contracts with great deal Of confidence. The last
bank statement helped sellers very much.
decrease Of two million of dollars in the
banks specie reserve, in one week, was more than
the market could stand and it required very great
foresight TO that prices could not be sustained
under such a serious drain. The tendency of
prices for stocks generally is downward. Certain
kinds of bonds and stocks which are wanted tor TO-
reign orders will not vary much in market value bat
those which depend entirely upon local demand and
local influences must give way under the pressure Of
stock for SALE Buyers have been for weeks accu-
mulstng supplies, until they now fairly gorged
Those whe have during the past two or three months
sustained prices no longer buyers, and the sup
port their purchases rave the market is now with.
drawn. Many large holders would be sellers if they
could do so without depressing prices but that is
not possible There is a very large amount Of cash
stock in the market under the control Of the bears,
and il may come out any day. The abundance Of
money may, in the face Of these mfavorable infiu-
ences, prevent any serious depreciation in prices.
Some of the leading railroad stocks even pay large
dividends, and where they are not held in large
blocks we do not look for any change among hold
ers. Capital finds profitable employment in such
securities Ut current rates. and long as confidence
is not disturbed, nothing would be gained by moving
the investment.
After the adjournment Of the Board, the follow
ing sales of bonds and stocks were made at auction
by Adrian H. Muller =
SIS eco Knox Go Ohio 6s Ohio Mss RI In added AZ
10 shares dorchester Mani Co City Of New York. 81
23o do Butchers and nrovers Bank l2l a i22
10 do Merchants Exchange Bank ............l 06l,
90 do Clinton Fire Insurance - 1904.
At the second board the market was a fraction or
80 better. Illinois bonds advanced per cent; Mica.
ragua Transit, 1; Reading, l. Erie close without
change. Canton Company fell OFF per cent; Clege-
land and Toledo, l.
The gross earnings of the Erie Railroad Company
for the month Of June 1866 amounted $50 765
Same time last year 396, s37 90
Increase s9s s2' 40
1t was expected that the gross earnings for June
would figure up s54o 600 at least but it appears that
the reductions on the settlement were larger than
usual.
Albert H. Eicoay's regular semi weekly auction
sale Of stocks and bonds will take place tomorrow
(Thursday), at halfpast IL o'clock, at the Mer-
chants Exchange.
The Assistant Treasurer reports to-day as fol-
Received on Treasury acOunt. 264 1872 81
Balance on Treasury account ga 50
f ss ts1 d Asssy ost ehsct;
The payments to-day include s57,5o0 for Califor-
mia drafts.
The warrants entered at the Treasury Depart
ment, Washington, on the l4th instant, were rs
followF:-~
For the redemption OF stocks. 65
For the Treasury Department. ,16s 10
War received and entered ......... 1ls7s SO
Wa repay received and entered. IL SO 53
For the Interior Department. ............. 3ls so
From mEcelaneoas sources................ 1857 So
From hands ACKNOWLEDGEMENTS. o25 IS
On account OF the navy ...*.......+.... S,1-- "
The La Crosse and Milwaukee Railroad Company
earned in the first Eve working days Of July
SOB "a. This ID equal to $4,000 for the
month.
Ibe Toledo Blade states that the Cleveland and
Toledo Railroad Company has leased tina, portion
of the Cleveland and Columbus road lying east of
Grafton, which will enable them TO avoid the