The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-07-20
FINANCIAL AND CONNER GAL
THURSDAY, July 1916 p. NJ.

L.
The money market continues as reported yes
terday, the tendency being for the day toward
higher rates. At a few of the banks we hear to-
day complaints Of a want of paper; this, however,
is an exceptional case, the general experience
being that the amount of paper seeking discount
has largely increased within the past week or two,
and simultaneously that the increase in our impor
tations of foreign goods has indisposed lenders
from dealing in long paper. Call loans at pre-
sent favorte employment for money, the prevail
ing rate being per cent. The receipts at the Sub
| Treasury were lighter again to-day, being only
| s22s $3.50, of which 100000 were from customs;
the payments, 1878 ,9l4; balance this evening,
| SIS $40 ,02o.
There was very little done in foreign exchange
today, most of the buyers holding of for to-mor-
rows market Rates are unchanged; say 100. 10
for 60 day bills on London and 5.l3t for francs
bankers bills in both cases. The Etna which sail
ed to-day, took out $2l4 GOO in specie; the Golden
| Fleece took none. On Saturday the Fulton win
| probably take million or thereabouts.
The following are the latest quotations of sight
exchange on New York at the cities mentioned
New Orleans. premium.
Chicago. ...............s........... Ia do.
Philadelphia. ...........,.............. par
The stock market was lower to-day; the reaction
so long expected began 10 be felt at the early
board and continued throughout the day; so that,
a. general rule, we may say that all of yester-
| days advance was lost. One OF the most active
stocks on the list was New York Central which
declined l ! per cent. II seems that the Attorney
General has at length commenced that famous suit
against the road for back tolls other events indi-
cate revival of last winters attempt of the re-
publicans to plumber the company. II is not likely
that anything very serious will come of either
affair; but meanwhile, spectators sell ont
their interest, and the stock declines. Erie
was steady throughout the day. Mr.. Receiver
Marsh returned TO town yesterday, and has been in
session all day at the Railway Convention at the
81. Nicholas, devising new freight tariff and con-
certing with the other trunk roads schemes Of
economy. All of these roads have paid away, each
year small dividend ON their stock to agents and
runners in the shape OF commissions, salaries and
drawbacks: il is understood that this waste will
probably be checked. Hudson River sold this
morning at 55 declined to $50, and closed 81 bid.
| The arrangements which have been closed for fund
ing the floating debt will leave the company in a
very snug position. After the end Of the current
fiscal year. O., LIST Of October next-the
net earnings Of the road viii go toward
| a dividend on the stock. The first dividend will
probably he declared and paid some time next
summer. The business OF the road increases
steadily. The Western shares were generally
lower, with the exception Of Illinois Central which
advanced TO IL, closing 7ol bid Galena sold at
90. closing 6si hid. Harlem advanced consider.
ably: the preferred was held at - at the close.
This afternoon the market was active. but prices
were lower. At the close the market was weak.
The following were the last quotatons:-virginia
G's. Oh !; Missouri 6's, 50 /; Pacific Mail, 81!
!; New York Central. s2i Z; Erie, 23i !: Hud.
son River, "a /; Harlem, Isl lG; do. preferred,
l2' 80; Reading, i2l %; Michigan Central, 53I
!; Michigan Southern and Northern Indiana, Is
l. do. guaranteed, Isl 20; Panama, l2Ga al27; iii.
nois Central. 70i II; Galena and Chicago, 6sl =;
Cleveland and Toledo, 36i I; Chicago and Rock
Island, 74i al.
The exchanges at the Bank Clearing House this
morning were t2i ,6l9,l5l co, and the balances
81 277 ,a55 20.
The Exchange Fire Insurance Company has de.
clared semiannaal dividend Of six per cent, pay.
able August /; the Connecticut River Railroad, a
dividend Of four per cent the preferred stock and
two and a half per cent regular. and one and a
half per cent extra on the common stock, payable
| on the lst Of August.
Tie following table shows the condition Of the
hanks In tha forir leading rftiee.