The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-22
FINANCIAL AND CONNIE RcIAL


lNANCiAl AMI SO-~ NS
TUESDAY. August 21-6P NJ
Tho speculative feeling the stock Exchange exhibits
: growing strength which promises to carry prices
deraby higher than at present nnd them, and all
hhe material conditions affecting the market favor
able to the The plethora Of money Is 90 great
HAT the "buls have perfect oonmand Of the situa.
son and to offer battle them would be court defeat
Even government securities, Notwithstanding the sur
prisingly heavy rise they have already experienced,
may advance further under the prevailing dearth
OF employ ment for capital; but those who buy
hhem must look forward 20 reaction Loans
generally mado to stock houses at four per
cent With exceptions Gve but 1t would be impossible
20 employ oil the funds offering three per cent
and few transactions still made at that figure In
che discount line there is little activity observa
BILE owing to the revival Of animation in trade limited
amount OF produce paper offered and freely taken a.
per cent Owing to the generally easy condition OF
monetary affairs in the West is more than probable
that the disbursements Of the Treasury In redemption OF
that part Of the temporary oan the interest on which
viii cease after the Goth instant, will more than Offset
the drain westward which usual at this season Of the
year to move the crops
The stock market opened with more buoyant tone
than marked It at the close OF business last evening;
but the improvement barely sustained late in the
afternoon. At the ton o'clock open board New York
Central (s 81 sold at 1o4zs, Erie TAX, Reading i16I
X, Michigan Southern SO, Illinois Central 123, Rock
Island .5o7R, Northwestern 86h-prererrcd SIX. At
the first regular board New York Central cosod q
higher than at the hafpast two board yesterday Aich
gon Central Y, Alton and rerre Haute ~ Erie was x
lower, Reading u, Michigan Southern y, Illinois Central
d, Cleveland and Pttsburg 4, Northwestern ,s-prc-
ferred Y, Cumberland h. Government securities were
well sustained by the speculative dealers in anticipation
of n AM II enabla O
advance Fvetwentcs and ten forties steady
at tho closing quotations of yesterday. Sevenhrty
notes OF the second series higher. State stocks
steady. Tho miscellaneous list was moderately
Actve but the public will do well TO AVOID II, with few
pndoubled exceptions.
At the one O'Clock sessions the market was without
material change, and the half-pas two board it
)rm but GULL Reading closed p higher than at the rst
OCULAR board Illinois Central v, Rock Island u, Toledo
9'abash aud Western a. Tennessee skies a. Cumber
1nd u lower Western Union Telegraph u, Tennes.
Do skies tnew) H. Government securities were inactive
Coupon sixes Of 1881 4 lower.
At the three O'Clock open board the market continued
DUH Erie sold at 73% y, Reading 1l6 Michigan
Southern s5k, Rock Island 107K X, Northwestern
3G%-proferTcd 67x, Ohio and Mississippi certificates
29A. Afterwards the market closed steady. Tie quo
tations al five O'Clock New York Central Io4A
los, Eric 70 Il, Reading 115,z Il, Michigan South
s5h u, Cleveland and Pittsburg seH y,
Cleveland and Toledo lie u, Rock Island 107x
y, Northwestern 3eH H-preferred 67H Il
Fort Wayne 104x u, Ohio and Mississippi certificates
2sK bid, Canton SIN So, Western Union Telegraph
bsK y.
Tho legal consolidation OF the Chicago and Rock Island
and Mississippi and Missouri Railway Companies took
place yesterday, the latter company having previously
changed Its name to 'the Chicago, Rock Island and
Pacific Railroad Company Of Iowa. Tho consolidated
company 10 known the Chicago, Rock Island and
Pacific Railroad Company. No Juno stock certificates
Of the old Rock Island Company win be issued and
che surrender OF those outstanding certificates OF
fhs consolidated company To an equal amount will be
issued fegs rassarss fMa
The gold market u under the manipulation Of band
OF unscrupuious foreigners who wish to thrive
a tho expense OF the mercantile community by
decoying the latter into selling "shortn and then
loaning the coin TO them Al high rats OF interest
Hence they forced decline in the premium on Friday
By selling just enough 70 effect their puspose and the
suit Is crop OF converts to the 'bea siie. who
wiz have either to pay tribute to the bull ccnsprasrs BY
borrowing gold ~ runous rates advance the price BY
towering their contracts The advance In Ave
swenties the London Stock Exchange yesterday from
esk 70 Cox Of course exerted little influence in
favor OF fall and the arrival Of S. Dol 600 in treasure
from California operated in tho direction The more
pacific aspect Of European affairs, combined with the
improvement In English financial Affairs consequent In
part upon the reduction Of the Bank Of England ratio of
discount fpm ten 10 eight per cent has likewise been
favorable 70 the bears Without an Important return
How Of gold from Europe however, which cannot take
place while have largo commercial indebtedness "a
shs Old World, tho premium will be likely 10 rule high
unsii stock greatly augmented from home
and this will naturally tsnc isng time Just now the
prices OF gold and nve-twenties this aide
render shipments Of the bonds at the
present price in London Improbable and
either bonds riso abroad fan hore the golt
premium nanst advance before any considerable amounts
arc sent forward
The opening price I4Tx, followed BY decline e
14Tk, after which there On advance to 1Ask. The
closing quotation was 143 Loans generally made
at1s2 per per diem, bot tho latest transaction;
At lie In favor Of the lender although in the mid
die OF tho day they made without interest, or
technically, " 1at"
The rce Of British Consols and American Securities
d London wero under ON the dates meatoned:-
Arg Is Aug IT, arg 20
Opneoa.. Oh - ron
". b 2OS........ 65s c6E te1i
LIE. ............ sls SD ~
I'LL Central ........ 10 tex d) 10 49,,
Tho foreign exchange market has been steady, and