The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-18
FINANCIAL AND COMMERCIAL.


7 FINANCIAL AND CO""G'NS'N-'
THURSDAY August 1T-6 p. NJ
Tho raac,ion which began yesterday the Stock Elk
change made further progress this morning. although
fevesh state Of feeling still prevails in the street, and is
likely 10 continue for inconsiderable length of time
70 come At the first board the market active and
somewhat excited. New York Central closed y higher
than at the second board yesterday Erie 1s Reading ~
Michigan Southern u, Illinois Central 2, Cleveland
and Pittsburg x, Northwestern e, Rock Island u.
Fort Wayne u, Ohio and Mississippi certificates
H. Cumberland " Quicksilver a. Bank stocks were
neglected the only sale being eleven shares of the Union
at llS Government securities hrmer, but rather
inactive Coupon SKIES of 1881 advanced 4, coupon
fve-twenes of the old issue were steady at 1865 <,
seven thirty OF the first second and third series
sold at 90; one year certificates sold at 97s4.
At the open board O'Clock the market some
what unsettled and prices generally lower large
lot of stocks sold of of the Hartford
banks and 1t that two Of the Connecticut
banks involved in such difficulties would compel
their suspension.
AT the second regular board the declining tendency
which manifested itself at the close OF the O'Clock
board further developed Erie closed ga lower than
at the rst board; Hudson River l. Reading 12, Mchi-
gan Southern ia, New York Cenral l, Cleveland and
Pittsburgh az Northwestern q, Rock Island !, Fort
Wayne l, Cumberland Ia Quicksilver 4. Government
securities stronger Coupon hvetwenties OF the
old issue advanced 4 skies of 1881 u, tenforties e
At the open board, at halfpast three, there was
general improvement. Eric sold on the call at so3S
Cleveland and Pi,tsburg a Cleveland and Toledo eS,
Rock Island 1041S Cumberland 3SA, Quicksilver oil
Afterwards the street prices continued to advance,
and Erie sold up to SIX 81 with which the rest OF the
market synpathizcd This rise is supposed, on good
authority to have been the work of the great Eric
sbu' director, who, by the failure OF Ketchum
Son &c Co. finds himself much "long'er than he ex-
pected II Is generally believed that he made propo-
stion to prominent firm to-day to 'bul the market,
in order to get wholc." That 'bullng" the mar
ket will accomplish this result is, however, by means
certain and argued by the bears that every one per
rise cost the bulls two per cent loss in the end
1t Is asserted that not half Of Edward Kctchum's
stocks yet been sold to close his accounts and that
consequently these held insecurey, and will be al
lowed to dribbie upon the market. considerable
amount stocks further supposed to be still held
account of the firm of Morris Ketchum Son & Co.
The latter has made assignment Of his estate
to Mr. p c. Calhoun, the President of the
Fourth National Bank, and Mr. Bcmcnt. one
of his former partners represented in the firm
OF Kcchum, Rogers Bemcnt, which was dissolved
about eight years ago This will be likely to prevent
litigation and afford certain advantages for settlement on
the part OF the asdgnor which would not otherwise
present themselves
There have been revelations concerning the
absorbing Ketchum 1t is stated that three hundred
thirty 1--we checks used by him. the amount Of
each OF which may have been five thousand dollars but not
larger according to resolution OF the Board Of
Brokers, These woald estimating them at the maxi
mum figure make total Of 81 875 900, which, added to
the So 900 of securities distracted from the firms
SAFE make aggregate Of "a, 900 The habits Of
"Young Ketchnm' in extracting watches, pocketbooks
and other vaunbcs FROM his friends pockets by way
of jest significantly alluded to. but in good
feeling II is also known among his friends that he
had partially for initiating signatures in his leisure
moments; but, of course, importance was attached
this peculiar prior to the discovery OF his scgeres
and defacaons.
Petroleum stocks remain dull, with the exception of
nthole Creek which 81 so higher at the first board
than at the time yesterday Al the second board
Webster sold Sc So Phols Creek 81 rs Is. 3 United
States $24 go Oil Creek So TO- Oceanic 81 20 Empire City
Toe.
Money has been moderately easy at seven per cent TO
first class firms prime collatcrals bat not otherwise
Inferior borrowers have been refused accommodation by
all the largo financial institutions aud hence contradic
tory reports relative to tho condition Of the money mar
ket are abroad Coliacrals and borrowers names are
scrutnizod with unusual owing TO certain vague
iisrust which prevails and the apprehension that the
worst may have yet TO come. The confidence
In values and credits has been shaken, and,
Although II is said in well informed quarters
that there is no danger Of stringency, merely easy
money market is not sufficient TO countcract the nn-
ence Of fear mems minds and the effect OF forced
sales Moreover the managers Of most of the railroads
arc disposed TO profit by the present opportunity
TO speculate for fall and those connected with
IN Micliy Pa
enough to formally state tina. its earnings did
not Justify tho last dividend, and that the
stock is next to worthless. These probably
s'bcarne it now, they ''bclledn it BEFORE but the
mere fact of this shows the roiienncss of the manage
mcnt OF our leading railroads. and the real cause which
exists for apprehension among investors.
The discount line is active and the best class
of government paper is closely scrutnized. The rates
vary from to and 10 IL per cent, according TO quail
ity.
Gold has been frmer. The opening quotation was
141x from which advanced to 1929, and finally closed
at 1927.
Foreign exchange is very dull, at 1901 1oo,s for
bankers sterling at sixty days and ITO at short
sight Some OF the leading drawers however, ask 1897
for their long bills,
The business at the sub-Trcasury to-day was as FOL
lows
Totnl receipts ACKNOWLEDGEMENTS. 2,ic4,XI
PAYMENTS 1851. 5s7
balance 81, 66s -.
Subscriptions to government loan. ........ $50 900
The Bank Of England raised It's rate Of discount The
Sd inst from 81 to per cent During the year 1894
the rate changed by the bank fifteen times Since
the commencement of the present year the alterations
have been as follows
January 26......6 to5 June 6.........3,i to 3
March 2.........5 10 az july 2G.........3 70 ia
April 5..........41s to August 3.......3is to
juno L.. ......4 TO 3is
Tho returns OF the Bank Of England for the week end