The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-23
FINANCIAL AND COMMERCIAL.


TUESDAY, August 22-6P NJ
the STOCK exchange has presented scene Of unmiti-
gated duness to-day At the first board prices were
generally lower than at the second board yesterday and
there evident disncnation to buy Erie showed
decline at the close Of per cent, New York Central
u, Hudson River w. Reading u Michigan Southern x.
Cleveland and Pittsburg ~ Rock Island ~ Fort Wayne
r. Government securities were steady, owing 10 the
scarcity Of old vetwenties in the street and the fact
Of there being considerable short interest in them
standing some of the German bankers having bought
sellers options which now maturing Coupon five
twenties advanced Il, new issue n ten-forties a. Sow
thirty notes Of the rst second and third sold
At 87sS.
At the open board at one O'Clock the market contn-
ued dull and prices were a shade lower AT the
second regular board it inert. Erie closed
u lower than at the first board New YORK
Central Il Cleveland and Ptsburg u higher kocK
Island n, Fort Wayne 4, Ohio and Mississippi cer'n
Gates a. Cumberland y. Government securities con
tinued very firm. Coupon ive-twenes sold AZ loo's
r. Afterwards on the street, they were quoted at 1868
lO7
AT tie open board halfpast three the volume OF
business extremely light Erie closed on the CAL ~
ss3<, Reading 1924 Hudson River s3) 1914 Michigan
Southern ts3 62A, Rock Island 1906 Cleveland ana rs-
burg 67H Northwestern preferred o.
first board the chief activity in Webster which was
SIC dc lower than the first board yesterday. Oil
Creek declined &C. United States advanced SO Is. At
the second board First National sold at 36c, Ptholc
Creek $40 U.s. Webster 81 o. Oceanic 81 Is, OIL Greek
s. CO. United States S2S 20
Gold ruled fraction lower owing to the receipts Of
cotton from the South at this port and the report Of
resumption of sales of coin by the SubTreasury The
opening price IA, from which there was quick
decline to 143X, followed by recovery of u, and a
relapse 143, at which It closed. Gold is generally
loaned fiat where previously interest was paid on the
currency by the lender.
The foreign exchange market remains firm OF 1925
losX fer bankers sixty day bills, second hand The
leading drawers, however, ask 1895, but the demand is
limited.
The money market shows perfect case SO FAR as the
wants Of the Stock Exchange are concerned. Loans
are made freely on call at q per cent, and in
exceptional cases balances have been lent at five.
The bulls argue that under this condition of
monetary affairs no material decline Is likely
to take place prices the Stock Exchange but expe
has taught the speculative community not to put
implicit reliance upon easy money market for effect
ing rise Of prices Railway shares are at present neg
lected by the public and but for the Broad street bull
party the market would give way considerably. They
heavy holders Of different stocks which they can
onlysel without loss by creating an artificial buoyancy
in midst of which they would endeavor TO distribute
their load upon other shoulders The corrupt manage
,nent of the leading railroads is not calculated to
strengthen public confidence in share values pending
reform in the system 1t is notorious that the last Erie
dividend paid with borrowed money the result OF
negotiated in England, and IL is understood in
certain quarters that the New York Central Company
based their last dividend upon the private sale OF
eight hundred thousand dollars Of seven per cent
convertible bonds at par. The Michigan Southern Rail-
way Company in like manner provided for the pay
Of the last March dividend. With floating liabili-
lies amounting to $709 902 and only $751; $50 Of cash
assets; it declared dividend of three and half
per cent on the common stock and five per cent
on the preferred, the total amount of the dividend
being half q million Of dollars The directors
were then supposed to be ''bulling' the stock,
and ,hcrc is to believe that they bear
ing it, for they candidly admit that the last dividend
was not warranted by the affairs of the company, and
paint unavoidable picture Of their present condition
as possible With such manipulation of railway stocks
as this there Is no inducemont RI investors to enter
the market as buyers, but the time will come
before many years elapse when such reforms will be
forced upon railway managers will lead to the with
drswa for investment Of most of the stocks now float
ing on speculative account in Wall street, and conso
qaoatIy Ia greater stability Of prices
The discount line Is dull and first class signatures only
arc in favor at per cont and IL for the second
grade.
Nothing new Of Importance has transpred in relation
70 tho affairs Of Ketchum, Son Co., the absconding
member of the rm and the subject has ceased to alb
sorb conversation in Wall street. Edward b. Ketchum
was expelled from the Stock Exchange Saturday upon
the motion of Mr. W. H. Nelson, thus making the third
member expelled for misconduct since the organization
Of the board.
The Pacific Mail Steamship Company has declared
quarterly dividend OF five per cent in cash and twenty
Ave per cent scrip subject to call Of the remaining
seventy five per cent.
The warehouse movement at this port for the month
Of July is shown by the annexed RETURN
Stock In warehouse July l, 1865. $22 s46 76l
Entered for wnrchousing In July. ........ s,s45,947
Received from other ports IN July. ..... 12s, 1874
SUPPLY. .$3O, S2o,o12
Withdrawn for consumption. ss,sl24li
Exported from warehouse. COG, O36
Transported TO other ports ...... 794O3
e,2e7 $50
Stock in bond August /, 1895. $2l ,523 or
Stock in bond August !, 1884. .......... 40,550176
The aggregate of exports exclusive Of spcce)
from the port Of New York foreign ports for the week
ending August ~, 1866, was s. 3s5, 622
The business at the subTreasury to-day was a. fol-
lows:-
k0coptS Tor customS $9.t WV
Total receipts. 5213lo
Payments ACKNOWLEDGEMENTS. 1926 3s6
Balance So I6, 740
Subscriptions government loan. ......... 141sO00
The English joint stock bank system and the prosperity
which has attended II thus referred TO In London
paper Of recent date
The half yearly meetings Of the London joint stock
banks have just been held and the results Of the bust
transacted again AFFORD proof OF the extraordinary
progroes OF these Institutions Bitterly opposed they
II the outset possessing but little credit and reccv
ing hardly any support from the public they have gradu
ally achieved position which is becoming every day
OF greater importance. II Is not too much to say
thai II only question Of time for the whole banking
business Of the metropolis To pass into their hands
since they gradually but steadily absorbing the pr
vaee establishments Nor Is II surprising that the public
prefer the secury Of some hundreds Of partners in
io,nt stock banking 10 the half dozen in private firm
aspecially when the publicity OF the accounts Offers