The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-11
FINANCIAL AND COMMERCIAL.
FRIDAY, Nov. 10--6 p. n


The stock market has been dull and somewhat droor
ing to-day At the early session Of the open board Ne
York Central sold Mt s7K, Erie 94i4, Reading 1851
Michigan Southern 76% Cleveland and Pittsburg 95
Northwestern 32ii, preferred 66h, Fort Wayne 1881
McGregor Western IS Ohio and Mississippi certificate
20, Canton asa, Quicksilver 49, At the first reguia
board the market was nearly steady Now York Centra
closed lower than at the second board yesterday Fri
r. Cleveland and Pttsburg ~ Northwestern preferred
Canton T. Reading, Fort Wayne and Ohio and Missis
sippi certificates were unchanged Michigan Souther
u higher, Rock Island y. Prairie du Chen sold
$780, seller twenty-five days, and fifteen shares wer
bought at 110 The injunction granted by Judge Suthe
land restraining the latter company from issuing tn
common stock in exchange for the preferred wa
grounded the allegation that the preferred stock
holders had already received their full preferred div
dends, whereas twenty five per cent or more Of tn
earnings of the road had been withheld by the com
pany from the common stockholders; and it is con
tended by these-namely the cornering partythat thu
latter must be paid before the preferred stock
holders equitaby participate with the stock
holders in any dividend beyond the amount preferred
(seven and eight per cent? on the preferred STOCK.
whether the Court will sustain the argument OF the
common stockholders, that the surplus earnings OF the
road during the last four years after the payment OF the
preferred interest," instead OF being applied to the pay
ment OF the mortgage debt should have been divided
among the Shareholders remains to be SEEN
In the exractsom the lease Of the McGrcgor Western
road quoted yesterday transpostion of parties acct
dentay occurred The party Of the first part should
have been the McGregor Western Company, and the
party of the second part tho Prairie du Chen Company
Government securities continued heavy. Coupon five
twentes OF the 1865 issue sold at 992s 100 The old
issue was steady at 1OII sovcn-thirty notes Of the
second series were lower third series q. This de-
preston owing forced loans by the country banks
and outside parties in need OF currency for active
pioyment But the pressure from this source
Ia likely to abate that government
securities have touched low a point 1t
ia noticeable that the most urgent sellers Of the latter
been OF the recent subscribers the funding
loan, many Of whom made their subscription specula-
ton expecting to sell the bonds into which they
vorted their compound interest at profit mme-
datey upon receiving them instead Of which they find
it difficult to get back the equivalent OF their investment
Buyers will, however, be likely to into the market
present quotations. but easy money market viii be
necessary to material improvement.
AT the open board at O'Clock prices frac-
ton lower At the second regular board the market
dull, with downward tendency. Reading, Pitts
burg Northwestern and Fort Wayne the strongest
stocks on the list The latter closed % higher than at
the first board, Northwestern !, Reading y. Pitts.
burg continued firm under demand for the sake of the
proxies as well speculative account The semi
annual meeting Of the company will take place
December when five per dividend 1t is expected
will be declared. New York Central was 1 per cent
lower, Erie Il, Michigan Southern IA Northwestern
preferred n Canton n, Ohio and Mississippi certificates
u, Cumberland II. Government gold bear g securi-
ties were heavy. Coupon fve.twenes of the original
and third issue were z lower. thirty notes
steady.
AT the open board at fpast thrco the market was
without animation, and disposition was shown 10
put out shorts" New York Central closed at 9ss on
the CALL Erie 92%, Hudson River LOT, Reading 49,
Michigan Southern 75, Cleveland and Pittsburg 947S
Rock Island 1861, Northwestern 33h, preferred 85,1
Fort Wayne 1889, Terre Haute and Alton as Ohio and
Mississippi certificates 2s,s Canton Az, Schuykl Coal
OK Afterwards, the street, the market steady
but dull AT five p M. New York Central quoted at
oek a Il, Ere 92k Reading lis, Michigan Southern
75ka u, Cleveland and Pittsburg 94I Northwestern
49, preferred 651s z, Fort Wayne 1887 1884 Ohio
and Mississippi certificates 2sS 2Sk, Cumberland Coal
- 43k
The money market has developed increased activity
to-day although difficulty experienced In borrow
Ing upon first class coatcrals at per cent The
dstrust OF unduy inflated stocks like Michigan Southern
and Reading, is becoming marked among lenders.
checked operations both for rise and fan, and par
tiai letharay has crept over the market in conse
quence Of the apprehensions excited. The dis
count limo is less active, owing TO the pro-
ference shown by lenders to invest their capital at
call The banks discount for their customers at per
cent but 10 the outside for the best grade OF
paper
The gold market steady and dull The opening
price 146, from VIII Oh there advance Of a.
and relapse at the close to 1907. The Ocean Queen,
from Aspinwal, brought 81 o47, l2l in gold.
Foreign exchange weak IN the morning, but irmcr
In tho afternoon Bankers bills at sixty days
quoted at 1857 and 1927 al short sight.
Petroleum stocks were active but irregular to-day,
Pthoo Creek being most dealt in AT the first board the
latter closed 81 95 lower than at the time ycster
day United States SO 65 Bennehof Run 45c Excelsior
&C., Pthole consolidated &C. Webster zoe. higher,
Shade River &C. Oil Creek &C. First National remained
Bradley was &c higher, Palmer 25c.
At the second board Pholc Creek declined 75c, clos
ing at $40 So Central was SOC higher, closing at $780,
First National 10c closing at ST. Bradley 12c, closing
81 49, Mount Vernon &c. closing at Acc United States
81 49, closing at s25 e5 Shade River sold at So IS,
Cherry Run 22c Germana CSC, Montana ID. 10Y SIS So
Bennchon Run q. 10Y s16 Webster 81 o5.
The business at the Sub Treasury to-day was as fol-
lows
Total rece,rl- 81, 516 4I6
Paymeu' : .........................3 3, 100, 465
Balance OBSERVATION-DISCLOSURES. 81. 49,, 4J2
For customs ................... 900. 900
On accoani III COVE nnent loan .......... 165, 900
The return or the Bank Of England for the week end
ing October Is compare with the statement of the
previous week "a follows
Oct. IL. OFT 25
Government deposits 49,. e. $50 $50 f3. 7q3 6s2
Other deposits. ........... 1403,614 IL, 279, s.3
Government securities 49,. 9328477 930S01s
Other securities. ......... 2l,44T,2S3 1908 63S
Rest ACKNOWLEDGEMENTS. 3l73 500 31s4OOQ