The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-11-09
FINANCIAL AND CONNER GAL,
WkpsEpAY, Nov. SO 7. n.


Fort wsvne los McGregor Western 24a Toledo Wabash
md wss,.rn SIS Ohio and Mississippi certificates 30s,
Canton 464. Cumberland 4aAs
A The first regular board there considerable de-
uresson under TO realize and the creation OF fresh
short interest New York Central closed u lower than
=, the second board yesterday The subsistence Of the
recent special activity in this stock is supposed 70 be
owing to Mr.. Erastus Corning having abandoned the
contest for the control Of the road Erie closed n
lower although a large amount Of stock was called
in by the bull clique today. This, however, NO
oessitated the calling in OF their loans also,
and the operation cut both ways. The expected
stwist' not having been experienced, wero
dsposed TO believe that the leading member
OF the combination had sold out portion OF his stock
Michigan Southern 3x lower, Cleveland and Pitts.
burg TX Northwestern u, preferred IL, Rock Island
y, Fort Wayne ~, Cumberland x, Quicksilver 4, Can
ton " Ohio and Mississippi certificates ~. Toledo
Wabash and Western per cent higher Prairie du
Chen sold a. 100 Government securities were heavy
under the London advices reporting vetwenties at %
81 the 2sth umo The latter Of both issues declined
y: seven.thirty notes, second series, u.
Az the open board at one o'clock the market contin'
ued weak, except for Cleveland and Ptsburg, whlcn
advanced 10 slx large amount Of stock was After
wards sold account Of commission broker belonging
TO tue public board whose failure chiefly attributed
to transactions in Prairie du Chen, and this increased
the prevailing dstrusl and depression
AT the second regular board tho market continued
unsettled. Cleveland and Pttsburg closed ~ higher
than at the first board The clique manipulating
the latter trying to increase the shoft inte-
rest IL, with view TO corner, OUT
there wholesome fear among the bears OF falling into
the trap FOR them after their experience or Prairie du
Chen aud 1t doubtful whether the bull party will find
it profitable to corner the absence OF larger short
prliF du ian an M
but the transactions in it have been very light The
Or sident and directors OF the latter company
we're understood to have decided upon
verting the preferred stock OF the road which
has be N authorized but issued into stock.
and selling the at once. for the sake Of getting
high pr.cc for IT, But this having come to the know
edge Of the cornerng party objection was raised on the
ground the majority Of the stockholders
necessary the legality Of the conversion and SALE
and the president and enjoned from pro-
coeding in the matter Northwestern advanced u, pre-
fcrred 81 Toledo Wabash and Western g. New York Gen.
trial u lower, Erie * Reading ~ Michigan South
IL, Quicksilver u, Canton u. Ohio and Mississippi
certificates unchanged Government securities
were dull Coupon 6vctwenties were higher. Seven
thirty Of the second series were lower and the
third series sold at 96M, decline Of 4 since yesterday
afternoon.
At the open board at hafpast three the market was
fraction lower Pittsburg, McGregor Western and North
western preferred excepted Erie closed the call at
s4x Reading 114H, Michigan Southern 96E,
Cleveland and Pttsbnrg 94 Cleveland and Toledo l03,
Toledo Wabash and Western 81, Northwestern 32t4 pre-
ferrsd co., Fort Wayne 1885, Prairie du Chen 100
1885, McGregor Western 27k, Ohio certificates 20 H. Can
ton 45E.
Afterwards the street, the market improved, and
Cleveland and Piltsburg and Northwestern preferred
Al balf. 6yo thc lattp wna
ing at e7i1 u, Ptisburg s5s New York Central 0s1,
Northwestern common SO, Michigan Southern 1871 y,
McGregor Western 20 n 80. Erie 94sI u.
Money in active demand on the Stock Ex-
change and there brisk inquiry for loans from the
large speculative houses the bull side II il not i'm
probable, however that two Of these secured
larger amount than their immediate necessities de-
manded and far the movements Of the loan market
seemed rather artificial The indications at the
close OF business favor Of some.
what more active demand for money tomorrow
Lenders becoming dstrusul Of market values on the
Stock Exchange owing TO the unrcasonaby hish prices
which OF the inferior dvidend paying shares
have been stimulated by cqucs and this feeling Of dis
trust spreading among the spectators and brokers,
aud materially reducing the volume OF business. Tho
Prairie Dog has, In this respect proved great
stumbling block In the way Of the bulh
Men are afraid either TO buy or sell the active
clique stocks such Pttsburg, old Southern, Wabash
and Terre Haute because, while liable to experience
heavy fall any moment they still in the hands OF
cliques which may them up TO astonishing figures
the least expected This state Of feeling Is
unfavorable TO the stability OF prces and the present
cornering rapidly demoralizng the whole
market
The discount line Ia less active and rst class CONNER
cai paper passes at I per cent.
The gold market depressed to-day by Sub-Trea-
sury sales The opening price 1471s, from which
there a steady decline to 1i6k, l46H " being
the closing quotation. Loans which were made at
li6 per cent early In the day made Nat in the
afternoon and In exceptional instances lenders had to
pay interest for having their gold carried
Foreign exchange was inactive Bankers bills at sixty
days quoted at 1924 Is.
Petroleum stocks generally lower at the first
board than at the time overwhelmingly, Phole
Creek 7oc United States 1oc., Webster &C. Bcnnehon
Run was 81 higher At the second board the market
was irregular Pitholc Creek declined Soc, closing at
SIT 20; Bennehoa Run ST. Buchanan Farm roc, Brad
ley 81 Is, Manhattan Csc Oil Creek 81 49, Excelsior
55c United Petroleum Farms 60c United States s2s To-
Webster 81 IT,
The Philadelphia Ledger publishes the following &C
count OF the dividends paid by the banks Of that city,
Tho earnings for the last six months have been large
and the banks generally to have come 10 the
C0uciuslou pfolWI Y" 49,
q sufficient reserve, which should be fixed and main
tained Is 10 divide them the shareholders The West.
Bank has made the almost unequalled dividend OF
100 per and above its reserve fund.- and this
too after having paid ten per cont IN May isst pcIng
that q portion OF these profits arise from the
premium realized on the sale Of It's specie. IL
still holds, however, specie reserve OF over
onefourth OF its capital and 1895 600 in legal tender
notes. The Western shows in tho last weekly state.
mon OF averages, discount lne OF 81 600 80 and
deposit line Of ~ AZ 0S5ovcr three millions Of dollars
Of produ tive resources In tie two items named Of
capital OF s400 600 there is wonder u makers large
dividenda The Kensington announces the very large
dividend Of fifteen pr cent. In May II paid ten per
cent from the legitimate business OF the bank and also
divided twenty 1--we per cent from the proceeds the
sae or its gold being in all ny per cent paid cash 10
its stockholders whn the year, besides adding very
handsome sum 10 Its already large surplus and carrying
twenty per cent 10 the salaries OF lie officers