The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-19
FINANCIAL AND COMMERCIAL.

hoard this morning, with an eVaent mus o"s
The holders to operate for rise yet without any oee
40 force sales Prices were, however, on the whole,
higher than at yesterdays second board owing to the
advance which took place subsequent to the latter New
York Central closed 4 higher Erie Ia, Reading "a
Michigan Southern 4, Cleveland and Ptttsouig "a
Rock Island " Fort Wayne Il. Northwestern vas a
lower Government securities were steady coupon
i've tweuties sold at 100; skies Of 1884, 1904 seven
thirty notes of the second and third series, ssH
AT the open board at o'clock the market was
generally fraction higher At the second regular board
It was dull but steady. Erie closed u higher than at
the board Reading u, New YORK Central ~, Meo'-
gan Southern u, Northwestern u, ROCK Island ~ fort
Wayne H. Government securities were drm. Coupon
hyewenties of the old issue advanced H. Tho general
sense of insecurity which felt with regard to railway
stocks has not extended governments, but the con-
trary seems to have diverted capital their favor In
slight degree.
At the open board at half past three there was fur
Their fractional advance in the railway list Erie sold on
the call at S2h, Hudson river b.3) loS@, Read
ing 1929, Michigan Southern 62% Cleveland and
Pittsburg 66H, Rock Island 1O5X Northwestern
a. preferred Is 81 COX, Ohio and Mississippi certificates
2s3, Cumberland 396. Afterwards on The street. the
Improvement was well maintained and Erie rose to s2,
Under the OF the speculative director OF the latter
road and his party who heavily saddlcd with socks
and therefore, anxious to engineer rise sell So
long as they buy with this object in view the market
may not decline materially, but soon as they begin TO
sell the effect will be in depression OF prices for
as there are no buyers Of consequence outside OF the
street. evident that the street must take whatever
stocks are sold; and this involves mere transfer
from one set Of spectators to another IL is obviously
process Of mutual exhaustion. The force of the blow
which has been struck confidence III credits and values
by the Phenx Bank and Ketchum affairs has not yet
been fully the Stock Exchange and certainly no
accession OF outside buyers likely to result thcrefrom;
but on the contrary their already insignificant number
will be lesscned and investors will be wiling to
put their trust something beyond the power OF Wall
street than anything dependent upon the vicsstudcs
to which it is constantly exposed.
The Ketchum expose and failure upon the lnan-
cial community like clap Of thunder in clcsr KY,
and astoundcd by he sudden rcvear on
than those best acquainted with thai time honored hm.
Its long standing and great repued wealth had raned
for it the confidence and patronage of large number OF
the country banks whose frequently repr ated
In the aggregate several millions OF deposits. II seems
unaccounube some the street how Edward Ketchum
could have distracted So 1901 900 of securities from
the customary repositories of the firm without the fact
being discovered others in the Office who also
have had access them, and doubts to the mod
oprandi employed alternate with wonder and dsrs' in
conem paiion of such ooscness in the method of
Quoting business and such frauds in high places
But both the Phenix Bank and the Ketchum dcfhlca-
cations be traced to the demoraling influence q
paper money system With redundant currenct nuctu
ang daily in value morbid desire to speculate seized
upon men both in and out Wall street. and GRITTY
their craving for sudden wealth they hcsiisied
commit grave crimes. Such event us that coupled
with the Of Ketchum before red u tie
history OF Wall street. But this may be only ono OF
series The tide of paper money imitation Is sl rs,
and every day presents new temptations dishonest,
and other remain In Wall street who would neither
shrink from embezzlement forgery If Favorable
opportunity to commit either presented itself. The
legal tender has heaped up corruption not only
in Wall street butto extent in nearly every branch
of business and social life II has fostcred avarce with
exraasance, discouraged the pursuit of honest labor
and made US, to great extent, nation OF gamblers;
and ev examples has entailed have yet had
time produce their worst fruits Tho fcvcrish dream
OF speculation has led hundreds Of thousands to ruin in
other when, like ourselves reduced to paper
money basis but such the fascination OF the pursuit
u wealth by speculation to many persons that they will
crncc health honor and the nobest attributes of
n the insane struggle The Evening Exchange in his
pity nightly presents melancholy spectacle,
apon which the historian of modern civili
kation might dilatc to advantage But this
Is only in keeping with the and such slaves are
most persons TO Mammon that they willingly sacrifice
their lives at its shrine.
Mr. Morris Ketchum made further assignment Of his
real and personal estate to-day to Mr. p C. Calho n.
President OF the Fouth National Bank, Mr.. Dement,
Of his former partners, and Mr.. Moses Taylor The
total estimated value Of this property is about hal
million of dollars The real consisted OF tn prem
ises Nos and Broad street, the promises No 25,i
Wall street. and lot in Thirty street,
hons nd nj in obi
Fourth avenue; the house and lot No 41i Fifth avenue
Attachments to-day granted by Judge Sutherland,
of the Supreme Court against these premises upon a
davits describing Morris Kctchum as nonresident aud
his Edward copartner, as an abscondin' debtor
The petroleum stock market continues dull At the
nrst board this morning Phoe Creek closed CSC lower
than yesterday morning, United States Soc Oil Greek ad
vanced &c., Webster 3c At the second board the volume
of business very light Webster closed Al 81 u.s.
Oceanic 81 20, Oil Creek So 65 United States s23 so
The gold market has shown increasing Grmnesz The
opening price 142K, from which 1t ,anced 10
I4s then reapsed 1929 but afterwards ASK
X, at which It closed This accession of strength
owing TO the temporary suspension OF gold sales
by the Sub Treasury and tho improvement In the rates
of foreign exchange which have reached point ut
which specie could be probably exported Leading
drawers have asked 1927 for their sixty days sterling
but few sales were made second hand, at 1925 u
early In the day Tho demand at the time, is not
large Should advance In 0ve-tweutes take place
abroad early resumption Of coin exports must
The money market has been easier and loans
per call less difficult to obtain by ordinary
borrowers but considerable caution with regard col
laterals Is still exercised by lenders The discount line
"a unchanged. Commercial paper is quoted at TX 40
and 10 IL per cent according to quality, but only
prime signatures In favor
The Internal Revenue Department has rendered the
following decision with regard insurance agents and
brokers'
An insurance agent person who acts under author
fly from his company companies receiving salary
or compensaton some stipulated sum; he Is subject
their control and his acts within the scope OF his author
lty are binding upon them.
An insurance broker does business upon his n
dvdual authority he has power to bind thcr party
20 policy OF insurance He simply offers risks