The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-17
FINANCIAL AND COMMERCIAL.



WEDNESDAY,, August 10-oP. M.
wall s,rsst has undergone marked recovery to-day
49,, ,ho perturbation and excitement of yesterday but
considerable dsrust still prevails and will probably con-
tnue to inger for weeks in financial circles,
IN Of the shock occasioned by the Ketchum
Frauds the OF which ID not yet fully ascertained
~sre is report current that the author OF the gold
oheO- sargenss has been arrested board the Asia,
sna nop ~.s generally expressed that 1t would prove
uu' n' Of securities distracted from the Office
saie VI BUTTS Son is stated TO be 81 400 000
pu' WIG ssh'esa'e ard Ketchums defalcations it
would be premature to coneoe That he did not annre
bend the disclosure OF his aud, scbemes 10 non as
1t actually took place is inferred from III. sa,esnt that
he gave check In the name of the firm for 80. hna,d
and 6f,y thousand dollars on Monday, only fe~ hours
prior 10 his absconding. This Inference however
be erroneous other motives may have governed this
heavy draft upon the funds Of the firm. 1t is under
stood that Mr. Morris Kechum has expressed the hope
Of paying about sixty cents on the dollar Of his firms
liabilities in cash, and that Messrs. Charles Graham
Co will be likely to pay thirty cents on the dollar in
cash. Meanwhile they have mado an assignment in
favor of Groesbeck & Co.
At the second board the stock market was active and
fevsrsh but much steadier feeling apparent than
on Tuesday Prices were however, In every instance,
considerably those current at yesterdays second
board Eric showed a decline of Az New York Central
tx, Hudson River 4, Reading ~, Illinois Central
IL, Cleveland and Piitsburg 8, Northwestern !, Rock
Island l, Fort Wayne u, Cumberland ~, Quick
silver n Government securities were slightly de-
pressed IN sympathy with the rest Of the market,
assisted By the decline in ayetwenties abroad Coupon
five. twencs OF tao old issue were - lower. Skies OF
1881 X Ten fortrs neglected, but steady Seven
thirty notes of the first second sold at 9SX
an important discount There sale of Western
Union Telegraph stock at 70. Bank shares inert
Al the open board at one O'Clock the whole market
showed an improvement of per cent, the volume Of
business stu being large eagerness to buy than
counteracng the avdity to SELL AT tho second regular
board the Improvement continued Erie closed 3 higher
than at the first board New York Central 1s Hudson
River 81 Reading OK, Michigan Southern TX Illinois
Central 1, Cleveland and Ptsburg IA Northwestern
Rock Island q Fort Wayne *, Cumberland ~, Quick
silver u, Ohio and Mississippi certificates 4. Govern
ment securities were quiet One year certificates Of the
issue sold at 97% 1t is reported that some stock OF
the Fourth National Bank offered at o. but 81 only
was bid There was sale of fifty shares at Yesterdays
first board at 1902
The upward tendency of the market further mani
Tested the open board at half past three, when New
York Central sold on the call 81, Erie S11& Hudson
River l07h, Reading 1915, Michigan Southern 62A,
Cleveland and Pttsburg 6s, Rock Island 1851, North
western preferred COZ, Fort Wayne Is 81 OAK, Ohio
and Mississippi certificates a. Atlantic Steamship Com
pany 1876 Canton 49, Quicksilver 531l Afterwards the
prices relapsed about per cent Government
securities rather heavy Coupon Hvetwenties of
tho old quoted at lOsS r. aud the new at
10SA q.
The gold market has sympathzed some degree with
III, unsettled of feeling the street, has BEEN
on the whole, nearly steady. The SubTrcasury is un
dersood to have temporarily suspended its sales Of COIN
in view of the condition Of affairs; but o far
larger amount. than the government could have
sold has been passed upon the market to
close the Ketchum accounts, and II is estimated
that about two millions and half of cash gold was sold
on Monday evening by the banks and private parties
The opening price 142 from which had declined at
one p. NJ to l4lH 1t subsequently, to 142X, but
rclapsed before the close, at past Ave. 10 141xaX
Foreign exchange has been firm at fractional advance
and there are fewer commercial bills Offering. Leading
bankers declined drawing under lO9k 109X for
thor sixty days bills. The advance in the Bank
OF England rate Of discount gives strength to the mar
ket and the rate for short sight bills shows wider vari
alton from the long bills than has attcry been the case
We have heard Of sales by brokers at 4 under the
drawing rates
The market for petroleum stocks has been heavy.
Excelsior closed &C. lower at the first board than ut the
same time yesterday, Bradley &C., Oil Creek steady
At tho second board prices were generally lower Web
TER sold on the Call at So 20, buchanan Farm &c.,
)I Creek So so, Tack Soc, Excelsior 81 49, United
tatos OK dividend $23 65.
Opinions are very much divided as 10 the immediate
uture of the stock market For some we ks past the
rockers have been carrying stocks for their
lender margns-namely ten per cent These brokers'
icing more loss heavily sadd d with them, con-
ider it to their interest to be bulls but others,
who have no interest in the market, predict q
gradual ten per cent fall. Neither the opinions
nor the motives Of either immaculate, and the pre-
iicons Of both will probably be fasAed by The
stock market which is at present disturbed and
He'd has yet felt the full shock OF the Ketchum
fraud aud failure. The collapse Of the Ohio
Life and Trust Company, which preceded the
panic OF 1857, was not fully felt till several
lays had elapsed from the time of its failure and
no natural tendency OF all corporate banking and
,thcr institutions pecuniary interested in the affairs of
J fallen firm Is TO hush up everything of a char
acter unfavorabe to themselves, and hence fail
lres which are now unexpected may shortly trans
pre- The probability or reasonable possibility of
'uch cannot but foster dstrust in the minds
" class composed OF investors and Spectators who
re or less capable Of excrng influence the
curse OF prices the stock exchange and the direct
cndency OF dsrist is TO induce sales and lower quota
ions The managers Of most of the Western railways,
rho are ali spectators, DESTROYS OF seeing
further decline, and they operating with
his object in view They have hitherto been mode
acy successful in controlling the market price Of the
tocks in which they concerned but there was no
pecai reason why they should have bcen and there Is
10 special why they should be more successful
low. The specuations Of railway managers Is the curse
u the railway system of tho country and the Indirect
ause OF the accidents which have become a
natter OF daily record.
The real prospects Of the market during the next |
month are as unsettled as the market itself was
o-day The bears have in their favor the fact that
trong house-the unfortunate Kctchum a Co.-which
has been hitherto feared, is, for tho time being at
east, broken up, and with IL several bull
liqucs Of different degrees Of fornidabty
he bulls the other hand may the doth rome
,ent OF the Ketchums into n positive benefit on tho