The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-05
FINANCIAL AND CONNER iAL.
THURSDAY. Oct, IS 2. ".

There - no cnange IN money. Inc ueinhnu
rmcpg the stockholders is slackening, as usual,
when speculation is checked among the discount
houses a fair business is doing, on the basis Of
per cent for first class paper. Some people con-
tmne 10 predict an active money market toward
The close OF the month; but at present the indlea
tons point rather the other way. The a-Ireasary
received 1854 s96 to-day Of which $4,000 was iof
customs; the payments were 1897 ,l66; the baiance
slis evening Si,G6,0os.
Foreign exchange continues inactive, ana ster'
ling is lower. Some Of the leading houses con-
x;rpe 70 ask l09s but the best bills can be had at
l09la3 OF course, al these rates, specie cannot
no sbippea AT A profit Still, il the California steam
a. arrives In time, we presume that the satar-
aav,s packets will take ont half million or more
Of cold for France. The amount Of produce bills
in market keeps the brokers supplied with as much
exchange as they want.
The stock market continued panicky this morn
ing and there has been a further heavy decline in
all the speculative securities. The Rock Island
imbroglio seems TO haze operated ike wet ban-
ket on spectators, and to have frigh tened not
few holders Of stocks. This was natural; but the
panc Of last evening and this morning is not justi
fed by the facts. Aside from the questions Of
honor and honesty involved in the personal conduct
dividend leaves the company in a stronger position
than it would have occupied had the dividend been
paid. And certainly the fact makes no such differ
enee 10 Erie and Central TO justify fail Of
per cent in those stocks II probable that, in the
course OF few days, the present excitement will
.nbside, and that tile causes witch have been ope
rating for year on the price Of railroad property
increased traffic, improved management, and re-
rrnsnpiify-Nyiii lrain
their sway. In the meanwhile, of course,
The course Of the market will depend upon the
relative strength of the bulls and bears. SO long
rs the latter are willing to supply the demand at
reduced rates prices must fall when the bears be.
ein to cover and the public begin to. think stocks
cheap, prices viii rise. To-day Rock Island fell
from ~ the closing price yesterday afternoon TO
S0i at the close of the first board then rallied, and
closed ia bid at the close Of business hours. There
Is nothing further with regard 10 the dividend mat
ter. 1t is understood that the directors blame Mr.
Farnum, the President, for the deception that was
practised ON the public; there is some talk of a
meeting Of stockholders review the action Of the
board. In some quarters ii is asserted that DR..
Thomas C. purant, the only member Of the board
who voted for the dividend il about to resign. We
should have supposed that if anybody was expect.
thai the dividend would be paid, ordered the check
book and proclaimed the fact, and, after selling
out their stock, voted ii inexpedient to pay
a dividend. The sooner such individuals find new
spheres of usefulness the better for the company.
All the Western shares were. sold down this
morning. Illinois Central was done as low as 81;
Galeua, 13l; Burlington, si; Toledo, i3i; guaran-
teca, 4Gl, and the decline IN the New York shares
pn4xv n IaawIa Central
was offered al $50 and Erie at 50. In the course
OF the afternoon these low prices brought in pur-
ehascrs, and a smart reaction took place through
out the list OF the speculative shares. Missouris
fell OF u per cent to-day, withou, any very
obvious cause. II is presumed they had been
pledged in large amounts for loans which have
been called in. At the close Of business stocks
were steady at the following uotations:--Unted
States SIS, 1924 a G.; Indiana, %; Virginia G's,
81 4: Tennessee 6's, 30 q 4; Missouri 81. -
az, canton, zi4 8; Cumberland Coal prefer
red, Is J; Pacific Mail, 81 a !; New York
Central, 81 I; Erie, SGl D; Hudson River,
e3a :; Harlem, eli q; do. preferred, 40 I;
Reading 46l a {; Michigan Central, GS a 4; Mich
gan Southern and Northern Indiana, III ~
do. guaranteed. 4Gi I; Panama, Us l26; 1ll-
nois Central, s2i 50; Galena and Chicago, 73i a
"a; Cleveland and Toledo, 40 !; Chicago and
Rock Island, ~ !; Chicago, Burlington and
Quincy. SIS a 50; Illinois Central bonds, s6l a97.
The business Of the Artisans Bank has taken
another forward step. Judge Leonard this morn.
ing refused to appoint Mr.. Camp receiver, on the
ground that be was stakeholder, and that X
might become necessary tog the receiver to assess
the stockholders. 4 meeting OF stockholders
then held and, after some discussion, Mr. Augustin
Smith was nominated by them icr receiver. He
took time TO consider whether he would accept.
Under the reeeivership the transactions OF the
bank will probably become known TO the public.
The exchanges al the Clearing House to-day are
SIS, 765 Use, and the balances s9i2,7s0.
The Tiremen's Insurance Company has deolated
dividend Of seven per cent, payable On demand
The Europa, from Boston for Liverpool yesiet
day, took oct 800 900 in specie.
Annexed Is the statement OF the New Orleans
banlI for the week ending September 29:--
Ioars Sp~ais circulz'n Dspons
Citizens S. 100 al Sol9 $50 $50 0i5 $50 2ib