The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-22
FINANCIAL AND CONNER CIAL

FINANCIAL AND COMMERCIAL.
FRIDAY, Sept 2l-6 P. M.
The money market is decidedly easier. Some of
the brokers are borrowing at 8 per cent, and the
supply at that rate is larger than has been the case
for some time. AT seven more money is offering
than can be employed. At the discount brokers'
there is but little change in rates. but the tendency
is toward increased ease. II, as is expected the
next European steamers bring aiviccs Of an easier
money market in London, our market will probably
sympathize, and the rate Of interest fall to per
cent as the maximum. The receipts for duties
continue fair; to-day they were sl5s o00-th the total
receipts at the subTressury being s2ls, s2s; the
payments 1892 $40, and the balance this evening
SIS Az, 0es.
There has been but a light business done in
foreign exchange for the Illinois and City OF Wash
ington, which sail tomorrow for Europe The
asking rates are l09l for sterling bills and 5.l3l
for francs; but some very choice bills have
been sold as low as 1921 and Sis. The
market looks as though its back had
been broken. The steamers tomorrow will proba-
bly, take half million in gold, against which
nearly 5000 900 have been received within the past
day or two from the South.
The stock market continues extremely active,
but prices vary. The New York shares continue
very firm, with an active demand at the recent ad-
vance. Some of the Western shares are better;
others are dull and rather lower. Erie and Gen.
trail are much wanted-the former touched 37l,
closing 36E bid, against SO at the close yesterday.
Central sold at $751; closing that bid, against $50
yesterday. The Central earnings for September
are estimated at $3.50 900; in October the freight
agent expects the road will take in million of dol.
lars. Hudson River and Harlem were firm. Read
ing advanced /, and was strong at the advance.
The Michigan shares were also better. The South
ern is said to have increased s35 900 on the two
first weeks of September. The company have
ceased to furnish the weekly traffic to the press
This afternoon the bears attacked guaranteed, and
1t gave way about ! per cent. Some other
Western shares were lower. Rock Island was
very sharply assailed by the bears, and
the price declined from 79E at the close
yester to 7si at the close day; Galens fell Off
per cent, but Toledo was steady, and Illinois Gen.
trail closed better than yesterday. There Is no
particular cause for these fluctuations; they are
produced altogether by street operations. The de-
mand for State stocks was rather better to-day;
Mssouri's advanced .. Bonds are In fair request
The market closed steady at the following quota
tions:-virginia per cent, OIL 4; Missouri
per cent, 100 Q !; Canton Company, 2lA q %;
cua.sosiaHa Deal COMPANY preferrsi, "a /. 10,
Pacific Mail Steamship Company, 90 . I; New York
Central Railroad, 6Si I; Erie Railroad, 36s 81;
Hudson River Railroad, 6s2 Z; Harlem Railroad,
l9l . I; do. preferred, 49l !; Reading Railroad,
lsl I; Michigan Central Railroad, 7o} Z; Mich
igan Southern and Northern indiana Railroad. 22I
. %; do. guaranteed, 4sl 4; Panama Railroad,
l75 lag; Illinois Central Railroad, ST. I; GAlena
and Chicago Railroad, 7sl al; Cleveland and To-
Iedo Railroad, All a 4s; Chicago and Rock Island
Railroad, 7ei Z.
No railroad stock on the Stock Exchange has
stood 50 uniformly high in public estimation as Pa
mama. Ever since the road was completed the
public has believed in 1t, and has bought it at high
prices. When everything else was neglected and
deprecated Panama stood firm. Nor did the bust
ness of the road belle these favorable Impressions
After paying twelve per cent per annum for some
years, besides accommodating handsome surplus
and providing sinking fund, the directors, In the
latter part OF 1852 voted the usual six per cent d.
vidend with the distinct that would
be the last dividend Of that amount and that there
after they should divide twenty per cent per an.
mum. They made no secret Of their intention, and
the stock accordingly rose 10 40 and 30 per cent
premium. But. in railroad matters, II never an
swsrs TO pledge the future. At the time these In
tentions were announced New Granada was At
peace. and her people were busily engaged in col
lecting bark, cochineal, hides &C.. &C.. 10 be trans
ported over the Panama railroad; bargain had
been concluded with an agent OF the New Granada.
an government for an extension OF the lease;
the California business was very large In.
deed. All this changed 20 soon Afterwards
that, when the last six per cent dividend
was paid the directors did not even care
to ailude to the subject Of the proposed Increase
and now the prospect 10 that they win not be able
70 pay even six or Ave per cent on next dividend
day. The business Of the road has fallen away at
. rate which win astonish the public, as It has
astonished the Panama directors themselves. The !
following table shows the earnings for this and last