The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-22
FINANCIAL AND CONNER cIAL.


MONDAY August 21-oP.M
NE wssk opened without animation on the steck Ex-
ihsnge and the dissemination to operate TOR nse'
which prevails among great majority OF the brokers'
v>s more marked At the first session OF the poard
Ere closed at X, Reading S, Michigan Southern u,
cleveland and Pittsburg n, Northwestern ~ Rock
Island X Fort Wayne u. New York Central was u
lower Bank stocks were heavy. There was sale OF
American Exchange Bank shares u.s. and Merchants
exchange Bank at 100 Western Union Telegraph was
steady at 7a Government securities nrm not
vithstanding the decline or fvewenties in London to
e7a as Coupon hve-twsnties advanced u, ten-fortes
x Seven thirty OF the first series sold at ssH,
second 99S n. There was inquiry for Kentucky
State bonds and bank stocks
AT the open board at one O'Clock, the market was
steady At the second board 1t dull and rather
dropping Reading closed v lower Rock Island u, Fort
Wayne r. Erie u higher, Cleveland and Pttsburg
n Government securities were without material
change
AT the open board at halfpast three the market
torpid Erie closed on the call at S4H Hudson River
1osx. Reading 1Os, Michigan Southern e2K Rock
Island Is 1864, Cleveland and Pttsburg e7X, North
western 27k, preferred (s.3) 81. Afterwards on the
street. the market continued sluggish.
Petroleum stocks were lower at the rst board. Web
ster declined Csc, compared with Saturdays first
board Montana ESQ, United States 81 95 At the Sec
ond board there further depression Pithoe Creek
CLOSED al % IS webster 81 Is Manhattan $780, Germa
MIA Soc, Oil Crock s. rs d. lo United States $27 Is
ts9
The gold market has been Arm, but no material ad-
vance resulted from the European advices regarding
lvetwentes There is general expectation, however,
that specie shipments will shortly be resumed,
the cessation of the exports Of securities hav-
ing as matter of course, impaired in
creased strength to the foreign exchange Market
that rates have advanced during the last few days the
Whipping point The opening price in the gold
I44X followed by advance OF e and decline of n
The market closed firm at 144H bid.
The demand for foreign exchange Is increasing with
he dminution of the supply Of mercantile bills drawn
Eanst the deposit of nvetwentes and the other Sc
nrities. Bankers sixty days bills sold at 109S
* net, and Of the leading drawers asked 1929
The money market has worked with ease, and call
loans have been made freely at per cent. The
bank statement is highly favorable, although
than many anticipated The loans show decrease,
rs compared with the previous return of s. the
deposits of ST. 1897 the specie Of $685. and the
circulation Of $40 1885, but the Of legal tenders
has increased From these figures is evident
that country banks have not drawn heavily upon
their deposits New York apprehended when the
Ketchum forgeries and failure first became known This
indicates the presence of the enent and
tive feeling among the banking community in the nteri
or which has been strongly manifested upon this
precedented occasion in New York The celebrity of the
transition from intense excitement to almost perfect
calm was unprecedented In the history Of tho street.
But it must not be forgotten that it TO the in
terest Of by far the larger portion Of the financial
community to nip the panic in its bud to quote Sir
Boyle Rocheism and that therefore considerable allow
must be made upon this Moreover the panic
caught the street less loaded with Stocks and
1t Immediately became the business Of those who had
sold out the spur Of the moment to 'bull' tho
ket and the leading speculative director Of Erie at
Get the example, and favored by easy money market
the bulls succeeded in checking the decline by taking the
stocks that offered. They saddled with
Them and making persistent efforts TO initiate prices
In order to throw their stocks into the hands OF
others with advantage TO themselves. The prevail
ing monetary is conducive to the success
OF these operators, but the shock occasioned
by the Ketchum failure has been entirely
FROM and as number of outside buyers is small and
the decrease the brokers professional operators
will be unable relieve themselves Of their burdens
otherwise than by selling the the dog dog
tnciple uet7
The affairs of the city banks being actively
lssed present. consequence of the defaca
Ems and the loose management which allowed scope for
10 acceptance of the forgeries Of Ketchum.
The following figures compare the last weekly state
lent of the New York Associated Banks with the
returns Of the previous week
@~ An0lst IL. August 10.