The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-28


Tuesday OBSERVATION-DISCLOSURES. 1883 !43a
Wednesday .......s....s. lf5ts !4oo22
Ihursday. .........".......... 1875 ,sSIIe
FRIDAY 1903
SATURDAY ........................ 1919 1T
The money market was quiet, the demand for loans
being light owing to the limited volume OF business
transacted the Stock Exchange The general rate on
call at the close per cent but money was offered
in at FIVE without takers. Some apprehen-
sion felt in certain quarters that the Secretary OF the
Treasury would shortly find himself under the necessity
of asking for special loan the amount in the Treasury
and the current receipts being inadequate 10
meet the pressing obligations OF the department. even
with the assistance OF certificates of Indebtedness
The semi. annual coin interest the ten-forty loan
due on the LIST of September amounts to "a, 319252
The foreign exchange market was firm on Monday and
Tuesday at 1898 10 for the best bankers bills at sixty
days but afterwards weakened under large arrivals OF
cotton from the South and disposition on the part of
importers to defer remttances in anticipation of lower
quotations The asked by leading drawers Satur
day for sterling long date 1O95S but sales
made at 1921 a u.
N The receipts of Southern cotton at this port, be-
tween the last day OF July and the 2lst Of August,
aggregated A. 500 bales making ills since the
LIST of May; and, Notwithstanding these large ar
rivals which in of the average Of 1860 the
stocks the Northern cotton ports continue to increase
showing that strong being made by the
70 send to market despite the cost and difficulties of
transportation. One reason Of this is probably the
aigh price of the staple both in New York and Liver
POOL and the frmness Of which is source of surprise
many The receipts at New Orleans for the week end
ng the 18th inst "a 32I bales and the exports $50
,ales only, and at Mobile during the week ending the
sth inst the receipts were 1864 bales and the ship
uents g. 1854 bales showing addition to the stock at
he two ports of more than twenty thousand bales 1t
estimated by journal prominent in the cotton and
nv goods interest that the stock New Orleans is about
Eighty thousand bales and at Mobile than thirty
thousand Other Southern ports estimated to have
orty- five thousand and New York eighty five thousand
aes, making a total Of, say two hundred and forty
lousand bales. The stock at New Orleans is much
rger than the average for the four years from 1858 to
361, which only 90, 504 bales
But is safe to rely upon prolonged continuance
these large arrivals at the Northern ports Although
10 latter may have lately taken place at the rate of
iry five thousand bales per week Including, with New
reans and Mobile, all other outets) whereas the do
estic consumption may not have exceeded fifteen thou
nd bales per week, the probabilities are in favor Of
unfinished rate of supply II was the aim of the plant
during the war; after balng their cotton, to get
to port with view to blockade running. and where
acticable it transported in that direction. large
rtion of the cotton the interior is represented to be
wever, gratifying to find large and prompt supply
the raw material available for the purposes of COM
rce and IL cannot but exert favorable influence both
the market price Of the staple and our foreign ex
anges, the latter being especially important
rhe great reason why cotton remains so firm in the
70 Of the ample supplies now coming forward is the
hit crop planted this year and the uncertainty which
aches to subsequent crops in consequence OF the
organization of the labor system. It seems likely
Ii cotton produced by free labor will cost more than 1t
under the old system, and is not unreasonable to
,pose that not for long time to come, II ever,
the crop be equal to the average Of the five years
mediately preceding the rebellion.
he week has witnessed two noteworthy events
the withdrawal Of both stock boards and
gold board from the transaction Of bust
at the Evening Exchange, directly or indirect
and the arrest of Edward b. Ketchum the defaulting
mber Of the firm of Ketchum, Son Co., which took
re in Twentieth street. in this city, on Friday even
The action of the former is step In the right d.
lion. The Evening Exchange prolonged the hours Of
mess or rather kept up the fever OF speculation, till
midnight, and the and tear Of life, the cor
ton Of morals and the domestic unhappincss which
,volved were hmentablc 1t is true that the most
utable members of the Stock Exchange carefully
ided being at II, but II Is none the less certain
!. they were often If not always, represented there,
in the operators who personally frcqucnted the place,
ended over q wide area Of business and social life
kers and private operators became prey to spccua-
n and after the mental excitement OF the day in Wall
OF they betook themselves at night TO the bowling
lam up town. instead Of cutvating leisure al home
MOVING the society OF their families But the worst
ure of the Evening Exchange was that 1t attracted
number Of merchants, bookkeepers bank cashiers
clerks and such ike, who, having margins in most
Is with brokers, took ga flyer not always with the
liz they anticipated and the consequences of which
rwards developed themselves in not few instances,
ecuniary embarrassments or fraud
40 sang troid with which Edward Ketchum conducted
self before. since and at the time Of his arrest
led 10 the inference that he entertained little fear Of
q prosecuted by any Of the holders Of the forged
ks The District Attorney, Mr.. Oakley Hall, how
4. with commendable official diligence, preferred I
plant Of forgery in the third degree against thu
i,ner In the name OF the people, OF
rday, before Justice Hogan, At the Tomb
% Court Many persons have mental reser
,us respecting the affairs OF Edward Ketchum
Il Is not supposed that his examination, should M
srgo one, will tend 10 impcate others There
4 anxiety manifested at the present time by ths
"a and other institutions 10 hush up everything calcu
4 70 impair their credit provoke investigation
me Of them feel their weakness, and naturally
Ugh they sedulousy strive to hide their most vulncr
II points; but that some startling discoveries are
" 70 be made before very long the qudnuhcs arr
osed 70 believe.
lie proper In order to prevent an erroneous impress
70 state that the majority OF the banks in the fol
ng list conversions from State banks which were
snted prior 10 July I, and which have been delayed
,me defect In their papers or from which the hna
ncate has been withheld until their State circulation
IA be reduoed within the limits prescribed by III
onai Banking law. The two or three new organiza
(, reported were sanctioned prior TO July l. but hav
Just perfected their arrangements. or the entir
but ops had been authorized since the dste named
one 6eIng At Selma, Ala II may be stated general
n~slonal banks dow being reported organized ma
sry be chased ~ delayed business in the rreasur
artment s-tsy FE,
. following national banks were authorized durp
no weeks ending Saturday. August a. 1885,