The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-08-09
FINANCIAL AND CONNER GAL
WEDNESDAY, August So p. NJ.

FINANCIAL AND CONTINENTAL.
WEDNESDAY, August IS p. NJ
We can report no change in money. On call 1t
il abundant at 81 per cent; paper is pretty ac-
tive at 81 for short, and 81 for long Many
Of the Wall street authorities look for severe bank
contraction in September and October, and
money market stringent enough to affect borrow
ers. II is certain that the banks cannot go for
ever increasing their discounts as they are now
doing But, on the other hand, there is great
deal of money in New York seeking employment,
and if the rate of interest rose one per cent there
would be great deal more. If the imports con-
tinue throughout this month 10 be as moderate as
they were in July there can hardly be any such
demand for money in the fall as can inconvenience
prudent traders. As general rule, trade thrives
best in New York when money is worth seven per
cent at the minimum; we see no present prospect
of its rising higher than this. The Sub Treasury
did a large business to-day. The receipts were
s447 STA, of which 1929 900 from customs; the
payments, s292, 243; the balance this evening,
$685., 729.
There was nothing done in foreign exchange to-
day; the appearance is that the market for Satur
days steamer will be rather dull. There is no
change in the domestic exchanges.
There was a very heavy business done in stocks
this morning, as may be seen by glance at the
printed list of transactions; but the movement OF
prices was irregular, and on the whole, down
ward. After the board the market was steady at
the mornings decline; in the afternoon rally
took place, and stocks closed at a considerable
advance over the mornings prices. New York
Central supplied at the opening of business in
H-ll N
evening to seq at noon to-day, then rallied and
closed 81, bid at the close of business. There was
no cause for the decline this morning; it was due
to the realizing of profits by parties who had been
buyers at lower figures. II is understood that the
New York Central will do this fall the largest
business it ever did, and at rates about thirty
per cent above those which ruled last year.
Correspondents from Albany talk of par for
the stock by next January. Erie, Hudson
and Harlem were all from to per cent
lower Hudson rallied at the close of the first
sion, and closed in the afternoon SO bid, against
59a at the close yesterday. The demand for the
Western shares very active, though several of
them were freely supplied by parties who were
buyers few days ago. Michigan Central sold |
down to 6ll and then rallied, closing 67l bid, |
against 66a at the close yesterday. Guaranteed |
was firm throughout the day, closing at 40, against
Asa yesterday; the common stock of the Southern |
was better. Illinois Central opened as it closed !
yesterday advanced per cent, and closed 50 bid.
Galena and Rock Island were steady at the
first board in the afternoon they were higher, clio
sing 79i and So bid respectively, against 76l and
s2i yesterday. Toledo was better it sold up TO 49,
an advance Of q per cent, closing at 47i bid. Pa
cfc Mail and Panama were neglected without
change Of price; the bears are selling both on the
rumors of new route TO California. Mr. Moses
Taylor's name is mentioned in connection with Mr..
Roberts enterprise The business in railway bonds
continues TO be large. Michigan Southern seconds
advanced 2per cent We understand that Mr. Dun
ham, the President of the Corn Exchange Bank is
absent from the city; when he returns the singular
conduct Of the Board of Directors in retaining pos
session Of coaterals after the loan for which they
were pledged was paid, win doubtless be reversed
If the Corn Exchange Bank cannot earn dividends
without resorting 20 tricks which cannot but be
deemed disreputable. prudent men should beware
of doing business with it, All the Western railway
bonds were in demand. The Chicago and North
western bonds were steady; the buyers Of these |
bonds are anxious to know what prospect there il
of the payment OF the coupons. Rumor asserts
that the large business which the road y doing Is
done at such low rates that there is profit left
AMER expenses are paid. Virginia 6's, Oh I;
Missouri G's, sll 50; Canton, 20 1; Cumberland
Coal, preferred, Ii Is; Pacific Mail, 79l !; New
York Central, So ]; Erie, 27l /; Hudson River,
80 4 Harlem. l6l IL; do. preferred, 40 l; Read
ing. as 4: Michigan Central, G7l 6S; Michigan
Southern and Northern Indiana. POI !; do guaran-
tied, 40 !; Panama, l22 d Illinois Central, 50 /;
Galena and Chicago, T9l !; Cleveland and Toledo,
i7l Il; Chicago and Rock Island, SO I; Illinois
Central, 9ii }; Chicago, Burlington and Quincy,
ses as7.
The following dividends have been declared -
The indemnity Insurance Company, semi.annual
dividend Of five per cent payable on demand. The
Niagara Fire Insurance Company, semannual
dividend of ten per cent, payable on demand.
We learn by telegraph that the Directors OF the
New York Central Railroad have declared semi
annual dividend Of three per cent, payable goth Of
August.
The following table shows the condition Of the
banks In tho four leading cities:-
leans Sp.cie Circurr Dsp1sis
n Orleans July q slss,ses sfI1sSl eslsssi lssSes
Phiadsls, Aug. 26qas.27f s.s0t as 81 eT 1iS9s,5
New YORK, Aug 27 2,l2sls3 ei76ss6 81 Ss69Ss
Boston, August L.. 6iIss.oo 5l6tOp 1lLUD lsolOoo
To.A ss,osT5s. a s632sl sSssi ls5 ISIS .s I
Last 2ss lss POS A. e7s p OILS, l3d l72OS7
yls