The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-01

THURSDAY. August sl-oP. M.


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THURSDAY, August sl-sPM
The stock market continues dull but nrm and neither
the enthusiasm Of the bulls the calm predictions Of
the bears mpart to decided speculative feature in
any direction The bears are anxious about their
'shorts and the bulls are for the part apprehen
sve Of remaining 'long" Their lack Of confidence in
the market is shown by the quick turns they make-a
half or per cent profit being sufficient to induce the
majority Of brokers to sell out Meanwhile operators
rise have no difficulty whatever in obtaining all the
money they want at from four to five per cent
OF capital being offered at these rates With
such encouragement the condition Of monetary affairs
presents the bulls, surprising some OF their
number that stocks have not experienced more mate
rial since the recovery from the Ketchun panic
but the dstrust Of clques and the well entertained be-
lief that nearly all the leading railroads greatly out of
repair and that therefore the dividends they are
hardly warranted by the facts suffice 10 keep outside in
vestors away from the Market and with absence OF
outside support no permanent advance can take place
To argue from tina however, that the stock market will
not go higher within brief period would be falaeous
The prices Of stocks in Wall street are not and never
were criterion Of their real value and SO long as the
presidents and directors of companies make it their chief
business manipulate for personal profit the stocks
presenting their own roads in the open MARKET SO long
will the management great highways Of traffic be
corrupt and railroad shares dependent for their market
value upon the caprice of speculation.
At the ten O'Clock session Of the open board
Erie closed at 86X, Reading 1885, Michi
gan Southern 64K, Illinois Central 124A, Cleveland
and Pittsburg 71X, Quicksilver 53H. At the first ses
of the regular board the market firm. Reading
closed higher than at the second board yesterday
New York Central H, Michigan Southern 4, Illinois
Central l. Cleveland and Pttsburg v, Prairie du Chen
Government securities quiet but steady Coupon
fvetwentes of the issue sold at 105 forties
97X year certificates 9sH thirty of the
first series 99sI There sale of Mechanics Bank
stock at Ito.
At the open board at O'Clock the market
tinued rm with the exception of Erie and Quicksilver
The former declined n and the latter * under the
port that the markets Of the world largely
stocked with quicksilver
At the second regular board Erie closed u lower than
OF the first board, Fort Wayne and Quicksilver X;
but the rest Of the list showed slight improvement
Reading was higher, Michigan Southern Il, North
western 4, Prairie du Chen u. Illinois Central was
changed Government securities steady Coupon
vetwenties sold at 1861 The new issue was u lower
Coupon OF 1881 u higher, ten-forties ~
There sale of the Bank Of America stock at 1873
At the open board at half past three the market
firm. New York Central sold at 93H (b3) Erie (s3)
sox, Reading 1885, Michigan Southern 65I, Rock
Island (b3) 1857, Cleveland and Pittsburg (s3) TN
Northwestern 2sI, Fort Wayne 9711 Prairie du Chen
49H Tcrre Haute and Alton 37k, Ohio and Mississippi
certificates 25A, Cumberland 43A Afterwards ON the
street the market was nearly steady.
Petroleum stocks were heavy at the first board Pit
hole Creek closed 20c lower than the time yes
terday Webster 1Sc., Buchanan &c. Excelsior
changed At the second board the market higher
portion Of the list; but Excelsior declined from 81 40
to 81 10, aud United States settled down to SGT Pit
hole Crock closed at So rs, Webster 81 65 Buchanan
Farm 75c, Oceanic s4c., Oil Creek So 45, Rynd Farm
80c., Tack 4oc.
The gold market firm, and coin rather
scarce for delivery. The difference between the
cash and regular price ranged from eighth
TO a sixteenth-the latter being freely bid The
demand for customs duties is very large, the
total receipts at this port yesterday having amounted to
$3.50 00o but there Is for suppong that the gov
eminent is regularly dsposing of the greater portion
not the whole Of its receipts temporarily
tralizng the effect of the daily demand from importers.
The opening price 144lz from which there was an
advance to l44K-the closing quotation
Foreign exchange is dull, Notwithstanding the large
preponderance of imports exports The leading
drawers are not disposed to relax their quotations. and
importers are inclined defer their remttances under
the impression that future cotton shipments will deprcss
rates Bankers sterling, at sixty days. is quoted at
l44xak. An English newspaper refers To the falling
Oh in exports from the United States in the following
TERMS
The extraordinary decline in the recent mporations OF
corn from America has been less noticed than ought TO
have been The trade seems almost suspended. In the
half year ending June go 1858, the United States fur
nshed thirty I'VE per cent Of whole importation OF
breadstufs in 1854 thirty eight per cent and in 1855
only three The difference which has been made up
from Russia and Prussia TO have been caused by
nous pricea price created great part by the rdicu
lous tariffs imposed by American pr0tectonsts, which
have almost rped the price on many necessary articles
The discount line quiet, at per cent for the best
grade Of commercial paper, and 10 for the second
It is rumored that Of the gold checks forged and
uttered by Edward B. Ketchum will be produced In EVIL
dence against him, but is supposed that he will be
prosecuted upon the evidence furnished by the forged
checks which had not been uttered, but which
found in his POSSESSION Il Is further believed that those
who caused his arrest regret their part in the affair
and that those who made advances the checks not
In tho least DESTROYS Of prosecuting the orger II to
be hoped however, that Notwithstanding this Wall street
apathy and the demoralization II indicates the District
Attorney will not fail Of prosecuting the matter to the
extremity OF the powers conferred upon him. Public
dcccncy and tho credit Of the State alike demand that
conspicuous than obscure should escape
condign punishment
Tho following ~ mn e~'roct or leIef IrOm inc ITea
sury Department in relation Of the tax
on distilled spirits:-
TRxAsuHr DnAsxrSr. wA.HIxcros, July q, 1885.
TBHoDoRE CpANE, ESQ, President Of the New York
Warehouse and Security Company
Ny opinion has been asked several times
rcceDay as 70 the proprety probability Of reduction
OF tne tar on distilled spirits by the Congress- /
have invariably replied that reduction whatever
would be proposed favored by me- and that 1t is posi-
bic TO collect the tar at two dollars per gallon
thoroughly IS at any lower rate. Very respectfully
yours, WILLIAM ORION Commissions.
The following table shows the receipts and shipments
Of brsadstus at Chicago from January 10 Angus % in
1884 and 1905
ldi blf 1tE.lh >-186 --ls65 -
ei W aaa W, Receipts. Shipmenh. Receipts iNtprents.
Flour, bbls... 762 ,435 7724l6 52s, 220 sol