The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-14

MONDAY June 1892. NJ
The bank statement OF this day compares as follows
with that Of lat Monday
june slaS ocs 7ss gassll 81 90 sas9s s.
June 1i.. l2s,s6ss2S is2.2S s,Ssilie 7s,sa3,6s5
Decrease. s2,o47,sas I,5se,oss se,52e seas SOL
Tna statement will generally be regarded as favorable
one in view Of the large export of specie last week. The
arrival from California this morning, with 81 529 1926 in
gold freight restores the back reserve to point
which stood week ago, and enables the banks to begin
business this week with rising average From present
appearances La not likely that much specie will be taken
from bank before the end of tho week. The reduction
The discounts is also favorable feature. AS we have
already had occasion 10 explain more than once the
large call loans which the banks made this spring on
the pledge Of commercial paper have enabled them
to cIrta seven millions Of dollars without causing any
grea, Inconvenience in commercial croes instead OF re-
fusng TO discount for their ners which was tho old
method of contracting, the bLnks when they wanted 10
curta simply called in their demand loans and the com
mercsl paper which they held security was thrown
into the market In consequence The discount brokers
and private money lenders have thus far shown ample
capacity 70 absorb the Increased offerings Of paper and
la'er'y rates have tended toward increased eass SILL in
view Of the uneasiness still prevailing in certain circles
end Of the uncertainties OF the Europe the banks
will do well to continue their present policy few days
longer they can, without doing mischief get their
discount line down to $40 OoO 900, and still hold their
present stock Of government hves and Treasury loan
they will be all the better able supply the necessities
Of the Vest when the time comes for the crop 10 be
moved.
Money is, if anything, shade easier today; still
the standard rate for call losns is 5K q 0, and
for good paper a per cent according to
date and quality. The discount brokers re-
port scarcity Of new paper; their wants are wholly
supplied from the banks Exchange Europe continues
extremely dull, without however, any change Of rates.
We continue TO quote bankers sterling 10Y x for 60
day bills, and 1105S for sight bills france SILK for
60 add 6S for sight, The business for the Boston
steamer 10 morrow is very Light she will take very little
srecie from here.
The stock market this morning, As was expected,
favorably influenced by the Of the railway settle
ment and the general recovery of the financial world from
the panic. There largo number Of orders for
stocks in the board-an event which, atterly has be-
quite unusual State stocks wero in good demand.
prices higher Mssouris which have been sold
short 70 IN unusual eA.' advanced two per cent and
were strong a: the advance; virgnias ngner
subsistence Of the alarm caused by the specie shipments
must be favorable TO these securities. There was no
business done in railway bonds except in Fries
which sold at the lowest quotations On the
leading railway stocks there spirited
test between the bulls and BEARS the latter who
sute etenths of the operators At the board resisted
the recovery Of prices with remarkable enacty and bold
The leading stocks Of the day were Central Read
ing Michigan Southern guaranteed and Rock Island; the
brokers had orders to buy all OF them and the first
call all advanced fraction, but quickly caused to
react by tho free offerings by the bears The latter have
embarrassed for days by the scarcity of cash
stock The demand which has sprung up since tho war
panic has begun TO oil, aud the railway SETTLE
ment hist has been Effected aida to their difficulties
Should any fresh disaster operate preudcally the
Market the sellers may be enabled to cover their con-
tracts without loss but in the absence Of untoward acct
dents the very demand for stock which their sales insure
is calculated to asss upward movement-1hle 10 hs
meantime, their efforts to depress prices enable outside
buyers TO obtain cheap stocks. In the afternoon
stocks dull, and prices shade lower
The folio wing were the last prces:-Mssouris, $50
z; vrginias s71S u; Canton,1 Is a Cumberland
preferred, II u; New York Central, 7S1 q; Erie,
6x III Harlem, 10 q d; Harlem preferred, 35S SO;
Hudson, SI4 80; Reading, 40 N; Michigan Central,
AIN q; Michigan Southern, sk OK; Michigan South
ern preferred 3o5S ~ Panama l19 "; Illinois Gen.
trail, So 81; Galena and Chicago, e4}S n Cleveland
and Toledo, % q; Chicago and Rock Island, 5e1i 81
Illinois Central bonds, saA 81; Pacific Mail, 67Iae
The business Of the Sub-Tfeasury was as follows to
day
osseeeeyv o oo
To;al Iay"enN. 2esS sa S3
Balance. oao 1888 oo
The exchanges q: the Bank Clearing House this morning
we're s22 54s 1853 g. and the balances s96S 961 SO.
The following dividends have been declared:-The Bank
Of Upper Canada, semi annual dividend Of three per
cent payable the Bank Of Toronto and It's agencies
the 9th Of July the Eaat River Insurance Company &C.
mi sunual dividend Of seven per cont, payable July
1.-THE following gentlemen yesterday elected as d.
rectors Of the Hudson River Railroad for the ensuing
year
Samuel Sloan. VIM. q Hays.
Jarnes Doorman. Robert 2. Getty.
John David Wolfe Horny Smythe
Edward Jones. y. n. Gilbert
william Kelly. j. b. johnston
d. Thomas Vail Il. II. Miller.
Eraetus Corning.
Samuel Sloan unanimously re elected President,
and D. Thomas Vail Vice President.
The interest on the second mortgage bonds Of tho ud
con River Railroad will be paid at the Office Of the com
pany OF the 10th inst.
The earnings OF the Central RAILROAD Company OF New
jersey for the month of May, 1859, sSll26 81
Increase 10 por cen. sli,li7 e5
The Cleveland Columbus and Cincinnati road earned in
May, lSss o.
increase. .................ss.'.'''' Va w
We read in the Boston Transcript
| There has been a marked Improvement 10 the money
market during the past week. The banks are discount
ing ut per cent, with sharp eye towards excnsnge
paper New York fluids somewhat scarce and IN de
mand, money becomes in request. New England
currency will naturally find its way through tho view
York banks to this city for redemp,on-an occurrence
which WILL Of course, call for spece-w the balance
s against this city. The specie hold by the BANKS Oh
Boston remains about tho same reported last week
| $6,s0o,000.
Tho Cincinnati GascIe Of Thursday says
Tho money market remains quiet, and discounts con
tinue easy at 10 IL per cent for good paper nere
was lees preesng demand for Eastern exchange to-day
but the market must still be reported close and very urn
at quotations New Orleans exchange " very onil
Bankers checks were offered 70 day ata dhcouns ou