The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-10
FINANCIAL AND COMMERCIAL.

THURSDAY, Nov 9--8 p. n. 4
The stock market continued unsettled 70 day. with
considerable regulay in prices At the early session
OF the open board New York Central closed at 9s,,
Erie sSx Reading ia Michigan Southern 75h, Ceve-
land and Pittsburg o. Northwestern 32sS preferred
6s,I, Fort Wayne lo3, McGregor Western 27h Toledo
Wabash and Western SAN, Ohio and Mississippi oertn-
Gates 2s,. Canton 45 At the first regular board Erie
closed Ia lower than at the second board yes
terday, Hudson River Y, Reading u, Michigan
Southern Ia, Cleveland and Pittsburg s. Alton
and Terre Haute /, Fort Wayne u, Canton "
Ohio and Mississippi certificates i. New York
Central was u higher Northwestern preferred Toledo
Wabash and Western and Quicksilver were unchanged
Atlantic Mail sold at 40. At the meeting OF the
iatter company, held to-day the following gentlemen
elected directors for the ensuing year:-D B.
Allen, L. G. Wheeler, Jr., Jas. H. Banker, c. K Gar
rison and T. +. Secor Government securities con.
tnued dull and slightly depressed. Five-twenties Of
the second issue s6a sold at l00h against 1908 yes
terday. seven-thirty notes steady. After the
call prices submitted to further decline,
but subsequently rallied, and at the open board
at ono O'Clock Erie recovered from s2 to o. New York
Central from 81 to 97h. Michigan Southern advanced
20 Tx, and Cleveland and Pttsburg to S33s.
At the second board the market was armer, and Mch
gan Southern and Pttsbug under the operation OF their
respective cliques, strong The former closed ~
higher than at the first board and the latter Erie l.
Reading y, Fort Wayne y, Northwestern preferred ~
Ohio and Mississippi certificates a. Rock Island was y
lower Canton r. New York Central and Toledo, Wa
bash and Western unchanged Prairie du Chen sold
al 1850 Government securities further depressed In
OF account Of country banks whose
necessities compelled them to do SO to keep their
counts good at this centre and also Of apprehensions
with regard 10 the relations of this country with France
and Mexico It generally understood, however, that
although the subject OF hesesrelations was gravey dis
cusscd unusually prolonged session OF the Cabinet
on Tuesday it decided that serious action should
be taken by the government pending the meeting Of
Congress- when the question will doubtless be brought
prominently before it for elaboration. Meanwhile 1t
may it is surmised, be automatically nmaed that the
sending OF more French troops to Mexico will not be
garded with favor by the United States In Wall street
the probability Of foreign affairs taking unfavor
able turn regarded by most persons however, very
remote Coupon nvetwentcs Of the second issue QS64)
were Il lower selling at par. sale Of the third issue
se5 was also made par; but the street previously
the last quoted at 99K x. Seven-thirty
notes of the second experienced further decline
OF q, selling at 96H. This weakness of the government
list encouraged the that another funding loan was
about TO be placed the market, but there was no
foundation in fact for it, Mr. McCulcch does not intend
to do anything disturb the existing condition Of affairs
till after the Of Congress Is taken upon the subject
of the finances.
At tho open board at half past three the market
dull and nearly steady Eric closed the call at 937s,
New York Central Is 1o) 81, Hudson River 1854 Read
ing 1l5 Michigan Southern 7eA Cleveland and Pitts
burg 1854 Rock Island lO7H, Northwestern preferred
6sss Fort Wayne 1887, McGregor Western 281l Toledo
Wabash and Western San Ohio and Mississippi certificates
ga Afterwards the street. the volume Of transactions
limited and the market closed dull but steady. At
90 NJ New York Central quoted at 9s, Erie 9ih,
Michigan Southern tex y, Cleveland and Pttsburg
95h s6. Reading 1l5,s, Hudson River 106k q 107,
Northwestern preferred co.,, Fort Wayne lo3,s
There an active demand for money the Stock
Exchange to-day and lenders showed discrmina-
ton in the choice of colaterals. Good houses were,
however, promptly accommodated, on first class secu-
rifles at per cent The disrust Of the highly
fatcd fancy stocks is on the increase, both among
lenders and operators, owing TO the manner in
which Prairie dn Chen has been cornercd The
injunction granted by Judge Sutherland restraining the
president and directors of the company from converting
the preferred stock authorized the lease Of the Nc
Grcgor road into common has been much commented
upon the The representatives OF the McGregor
Western Railroad, which leased by the Prairie du
Chen Company last March. threaten action for
damages against the cornerng party in whose favor the
Injunction was granted for the difference between the
present and future price OF tho common stock,
after the corner is dissolved the amount OF about
half million Of stock Article 20 Of the lease linden
ture says |
Ia further understood and agreed that the party Of
the second part the McGregor Western Company may
Its second preferred common stock instead Of its
first preferred stock for all any Of the purposes for
which in this agreement the issue Of nrst preferred
stock IL mentioned and that all and singular the pro-
visions hereof in respect to using the earnings OF the
said railroad retire such preferred stock pay in
forest thereon shall apply the said second preferred
common stock provided always that such second pre-
ferred stock stock shall be used for such
purposes in the place and stead Of rst preferred stock
unless can, ISSUE be sold at par for cash in New
York.
general idea Of the OF the lease Of the McGregor
Western road will be obtained from article Of the
indenture:-
This contract shall continue and be in force and ope
ration for and during the period OF nine hundred and
ninety nine years from the time or taking possession
sssodns west q The Mississippi river Of which sixty
miles forty miles extending from the Mississippi river
20 ossian in the State Of Iowa, shall be taken pos
ory OF each class In interest OF the stockholders OF the
party Of the second part the McGregor Company and
pa Of the FIRST part 10 the amount Of $3.50 ooo as
Gin In the seventeenth article OF these presents and
81 the % g q pe ss ssa
given when the same shall be completed and roady for
and operation according to the contract for the con
FIRST part Prairie du Chen Company with the Iowa Rail
road Construction Company.
The party Of the nrst part shall, far the same
may be practicable obtain the assent and approval Of
tho holders OF the bonds aforesaid TO this agreement and
shall the holders Of bonds so asserting and APP
proving signify and legally evidence such assent and
approval by an endorsement other proper and SUM-
cient memorandum thereof be made upon said bonds
and holders Of said bonds 70 the amount OF $850000
shall aforesaid before this agreement shall take
eoct and issue Of bonds shall be hereafter made by
the party Of the nrst part except subject to this agree
mont
Tho oornsring of the "Prairie Dog" common stock
10 severely deprecated by the most reputable
members Of the Stock Board and 10 is expected
that will remain dead weight in the
hands OF the clique The earnings Of the road are de-
creasng and there nothing in the present condition or
future prospects OF the 70 warrant the stock selling
above forty. One firm settled their contracts in the
stock BY paying $4,000 to the clique on Tuesday, but