The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-02
FINANCIAL AND COMMERCIAL

MON OF the tins morning. but in the afternoon 1t re-
spsed into the obstinate dullness which has laery
prevailed The outside orders to buy nconsiderabiy
few and brokers still complain that there is no business
doing At the time they have confidence in the
maintenance Of present prices unless there Is .
largo accession of outside support. The market
u at present sustained by the professional street
operators, who are nearly all bulls, and a
small minority of the brokers, aided by
easy five per cent money Market with exceptions
at four and six per cent In Of any change
the condition of monetary affairs stocks would be
doubtedy pressed sas but yet there is appre
hension of such contingency nevertheless the existing
plethora OF funds likely to long continue although
there is no reason to anticipate stringency large
amount Of currency will soon be required to move the
crops and the demands on the country banks Will
cause many OF them to convert portion of their
thirty into currency These they have boon
holding large extent in preference TO any other
mode Of employing their loanable capital 1t is argued
by the bulls however that they have only TO keep Tue
market steady for few days in order to draw the pubic
into speculative ventures and so be enabled 70 SOIL ou'
at profit
At the ten o'clock session of the open board there was
moderate amount of business transacted New YORK
Central sold at s3S Erie s6H, Michigan Southern 0Sh,
Cleveland and Pittsburg 72, Ohio and Mississippi Ger
tifcatcs (b3) g. Quicksilver SIX, Mariposa IL AT the
first regular board the chief activity was IN
Ohio and Mississippi certificates, which closed
OK higher than at the second board yesterday
Erie was n higher, Reading r. Michigan Southern u,
Northwestern a. Fort Wayne was unchanged. Cleve-
land and Pittsburg y lower, Prairie du Chen a.
Government securities were steady. Coupon five.
twentics closed at 1861; seven-thiry notes, second
series, S9A. There sale of Metropolitan Bank
stock at HOY, and of the Park Bank at 14o Western
ToIa oolI af Tho adv m
Mississippi certificates is attributed to movement look
ing to the possible action OF European spccula
tors who are supposed to be on their way
from Europe, and who are said to have some
idea of amalgamating the Ohio and Mississippi
with the Atlantic and Great Western Railway The
strength OF Reading is raceablc to the advance OF afty
per tolls made by the company and to its In
creased tonnage Canton upward turn, without
as usual any special beyond the general merits
of the stock.
shade lower but steady the recession At the second
regular board New York Central closed n higher
than at the morning board Reading a. Cleve-
land and Ptsburg ~ Rock Island q. Fort
Wayne ~ Ohio and Mississippi certificates "a.
Quicksilver and Michigan Southern were unchanged The
rmness Of the latter stock in the face of the very damag
ing of the directors of the road occasions some
surprise They represent that its expenses are in excess
earnings and much besides adverse to its interests
but reputation of railroad managers such that little
or no confidence attached to their word Government
securities dull but steady At the open board at
halpast three there was no noticeable change In the
market Erie closed at Sess Hudson 1O91S, Michigan
southern o5H, Cleveland and Pittsburg TN, Rock
Island (b3 100, Northwestern 20, Fort Wayne 97H,
Prairie du Chen 4sH
The market for petroleum stocks was generally
stronger at the first board Phole Creek closed at 75c
higher than at yesterdays first board Webster 10c,
Buchanan Farm lac Excelsior declined 22c. At the
second board the market rather heavy. Buchanan
Farm closed sOc., Excelsior 81 49, Oil Creek SO u.s.
United States s27 40.
Gold very firm early in the day, and the usual dis
position shown bid up the price of cash gold, which
continues rather scarce the difference between the cash
and regular rate being lilo l32 After touching at
1is however, the price dropped to 1443S-the latest
quotation. The opening price was 144x.
Foreign exchange was barely steady and in slow de-
mand Brokers negotiated bankers sixty day bills at
lO9z net but leading reluctant to sell at
less than 109K The supply Of cotton bills from New
Orleans and Mobile, together with that received from
Canada where exchange is very low at present being
Equal to about l0S here tends to depress rates and
than Leutaize the preponderance OF imports over
exports. This feature OF the market keeps dull tenn
porarily. but Is not likely to be permanent
Some feeling is expressed in Wall street with regard
10 the manner in which Mr. Oliver Charck the Presi-
dent Of the Long Island Railroad has been abused and
made responsible for the recent amentabe accident on
that line. It is not improperly contended that the
officials through whose negligence railway accidents
occur ought to be the parties made to suffer Thus
If pointsman, or engineer, conductor, OF
other officer negects his duty proper
example should be made Of him. But II
the rules and bylaws Of company are framed in Q
manner consistent with public safety along the line Of
travel reasonably held that the president Of the com
pany whose road disaster may occur should not b
held responsible for the same That our railroads arr
managed corrupty and nenicently the numerous acct
dents which OF almost daily occurrence on them suf
nceny prove The president and directors are indirectly
responsible for these, by spending money in dividend
which ought to be appropriated to the repair OF the road
and rolling stock but the engine drivers and others
subordinate positions are far more directly responsible
and upon these punishment prompt and should
inflicted whenever negligence can be proven
general meeting of the creditors OF Messrs Ketchum
Son Co. was held TO day at the Office of the latter
when some rather spirited discussion took place. extend
ing over about three hours 1t proposed by Messrs
Noses Taylor, D. +. Sherman, Dodge and others, VIII
u boon deputed to make examination of thu
Vts, that the creditors accept sixty per cen
amount OF their claims In full settlement
| cent Of the same to be in cash, and tn
-. year instruments by note at one, two AND
or.1,,or. Gho representatives of the New Englan
w.. anallv coS rss reluctant to accept these terms
.0a two nunased to do So There were between on
tho Hartford Cartons present Mr.. ". R. Cone
.,h W. a wcBla,G Company, was elected chairman
-. made secretary. I'd, Of the Chicago Leadworks
vr,,,n by he junior ranspired that letter wa
Koehum On the 4,h of Aa SSe' ., 'ne alm haWala
srsonA' "..'oons 70 CLOS md las retirement fror
'ns urn - 's-. POSITION Va probably at that tim
OF the house. exclusive of the coward -, 49,.
statedto be ssaaS, COS, buss2soaoo ,h,. .oom,
was dispstcd The assets wee rougsIy o.,,,,.,od
saoosooo, including >4a 900 Which tho Arm
receive from tho estate On Edward Ketchum ,,r !. !,
strac,ed securities but Thu IL was admitted w,a,s |,
volve litigation The meeting cosA with an al,,o
ssn"ra expression Of kindly feeling fo>he nrm, and
tho ST.