The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-07-01
NEW YORK HERALD, FRIDAY, JULY /, 1859

NEW YORK HERALD,
Money continues quite active; 70 day borrowers have
been obliged pay something more than the late terms
Very good paper has been done a and per cent and
brokers are In many instances paying per cent FOR call
loans. After the holidays II 70 be generally OF
pectsd that the market will work easily. Exchange
10 nrm at llox \ for bankers 60 day sterling bills,
and lloA for sight bs tho business doing moderate
The steamers Saturday viii probably take from
million TO million and half In god OF which win
I'd in the Ocean Queen. the decline in the gold At tho
Bank OF England inducing many to chip In expectation
Of advance the rate OF interest the other sde
Tomorrow the Sub Treasury viii disburse million for
interest the public debt, and tho payment of ntsres
State securities bonds and bank stocks win create
quite stir In the market
The stock market continues very du and embarrassing
The holidays always check stock operations yesterday and
day Of the jobbers for fall succeeded in hammer
ing prices down another fraction. This morning tho
stocks which suffered most Galena and Michigan
southern the bears talk confidently Of hammerng the
former 10 co. the latter to 20 Indeed for any Support
these ana other railway stocks receive from their friends
or outside they might easily be hammered down 20
10 per cent New York Central was also caused 70 do
line u per cent State stocks were pretty steady
the afternoon the market rather iower and stock,
closed heavy at the following quotations Missouri psr
cent sts Sc; Canton Company, lssi 10; Cumberland
Coal Company preferred, l6x y; Pacific Mail Stes ushp
Company ,6s3s u; New York Central Railroad 721< *;
Erie Railroad t9s "; Hudson River Railroad a.:
Harlem Railroad, 9A 10; Reading Railroad AZ a y
Michigan Central Railroad, 3el< Michigan Southern
and Northern Indiana Railroad, n; ditto guaranteed
2eh Y ;Panama Railroad li56 no. Illinois Central
Sailrosd, 81 * Gaena and Chicago Ra lroad, 62h AZ
Cleveland and Toledo Railroad, FAX 25 Chicago and
Rock Island Railroad, tS3s u.
The business Of The Sub. Treasury oday was an fpl
lows
Total receipts soas AK On
For customs .. ACKNOWLEDGEMENTS. Ia9' s96 ~
Treasury notes received for customs. 1876 40
"a, mehH.. AL 1888 SO
D'oo o,I4I,e45 55
The exchanges at the Bank Clearing House this morning
were $50 ss7 20, and the balances 81 48l 2o6 TO-
Amorg other business changes taking place In Wall
street, notice that Mr. August Belmont has admitted "
partner in bis house Aef,s Chas. Christmas and e. A.
Hsihiefsen who for sars have held his procura
lion The Dsne Of the nim will be August Belmont Co.
The coupons Of the Jeiersonviie Railroad Company
inst mortgage bonds are paid BY HaIsted Gilman on
presentation with the bends at No Al Exchange place.
N X Jesup & Co., a Exchange place, will pay July
the coupons The construction bonds OF the Pittsburg
Fort Wayne and Chicago Railroad Company.
the signature Of Mr. j. Edgar Thomson President Of the
Pennsylvania and Of the Psburg Fort Wayne and Cn,ca
60 Railroads Tomorrow the interest falls due on some
bonds Of the ONO and Pennsylvania aud Of tho Fort
Wayne and Chcsgo Railroad companies which bonds az
the public are aware, endorsed assumed by the
PGburg, Fort Wayne and Chicago road the time the
VARIOUS roads now constituting that trunk line were con-
sodaed At the time Of the coneoli ;ation the various
fcads consolidated were unable to pay their interest,"
they prevailed upon their creditors fund three erest
coupons, and promised faithfully to pay all coupons
maturing on and after July l. 1859. Mr. Edgar Thorn.
son. on behalf OF the directors Of the Pittsburg Fort
Wsype and Chicago road, forward confesses
that the company Cannot pay the interest due morrow
and has The boldpess TO the creditors to fund /
three more coupong-in other words, to DO without |
any interest their Investment till January, ls6l
The most singular Circumstance connected with this pro
Tcsal s tha The company continues 10 pay interest on ito
own construction bOnos which are, however, poserior in
date to the bor which default is made According
10 the principles which obtain here, the Pennsylvania
CON- sirane in lie means should have applied
The money it has to the OF interest the fret
liens s road and should have let the holders sub
sequent obligations be the sufferers by s defaults. This
should have been pursued without reference to the
Official position Of the no ders Of the construction bonds
Mr.. 1homsons circular viii not escape crtcim this
ueau. s HoIeoVsT, only lew Jay Since no declared
that The New York roads wanted war they
could have LII they tired. The threat, it seems
wac made at the expepse of the innocent bondhoders
IN the roads which co1eoidated to form |
he ''sreat central ine" We do not know how !
bess matters viewed in Philadelphia Here, tie pre-.
vairg opinion that The bondholders will accept the
proposed and tie proposal characterized in terms
which 60 not to repeat
The following dividends have been declared Tho Ia
lover Bank semi annual dividend Of three and half per
cent, yable July S. the Grocers' Bank semi annual
dividend Of three and half per cent payable 9th
of July; the Manhattan Savings Institution semi
uua dividend at The rate OF six per cent per on
OF Ave hundred dollars and UNDER and at the of
FIVE per cent per larger sumo, payable July
Is; the Washington Insurance Company dividend cf |
zen FER cent, psya able on demand.