The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-21
FINANCIAL AND CONNER GAL.
TUESDAY, August 2o-sP. ".

uneAsness Of the prospect OF monetary scs'y Ia 'us
Absence Of outside buyers TO take their securities In
pfdsf 10 mpAr appearance OF animation to the deal
lpgs Ia ths particular stocks undor their manipulation
tAsy buy them and soil them alternately, selling mora
haA they buy whenever they do 90 without break
Hs down pricsa Erie was tbs weakest OF the
&piwy sharos. and ct time declined TO
PIX after selling Is high as H. Iho
rsachsrous course Of this stock makes 1t the most
asadeas OF ell the speculative securities to deal H.
Dad those who venture where prudent men fear to tread
Rre Liable 10 find themselves and their margins soon
parssd. II ia probable that who money remains easy
bvssy broak In the market will be followed by quick
faly and that active speculation for riss may DO
svsopsd before the year closes In the Western railway
ooks 10 consequences OF the increased earnings arising
rom ths crop transportation but present there no
pcourassneat TO buy the stocks OF the trunk lines.
Hhoss Of or the smaller Western roads, however,
r. stat moderately cheap in comparison with Erie.
Iudson River and New York Central.
, The drain Il currency westward continues with a
odsrats degree OF activity and the Indications tst
70 shs experiences sevcn per cen. money marke, in
QAs>qssncs at IN earlier date than usual this season.
eta Esstsrday and to-day considerable remlttanoes
err made by the banks and private banking houses
Ind the demand for current funds al all the local
fsutres the West is becoming sharp. The banks OF
khis oily are, however, in moderately strong position.
~ the date Of their last reurn-naney on the 18th
tpsiaatt,sy had $l2644 T06 of legal tender notes In
kxosn Of tho required Of twenty-five per cea
esainss their deposits and circulation. In addition
they held $S,o2o.S57 of CON- which also counts
~ iega tender In estimating their reserve
under the law, making together excess OF
els, as 25s The total liabilities in deposits and
circulation were $227 34s and tho total reserve in
Guiding CON- $T5 so4 $50; but the law only required
reserve OF $50 o2o, oS7 AS the deposits arc drawn
down the amount OF required will be reduced IN
proportion but the fact remains that If the banks con-
tnued legal tender at the rate they did last
vssk Tor little than ten weeks the drain would DO
pusoisa to exhaust all that they now hod by the end
Of that time Such contingency is of course, impos-
Sble: for the bankers would take the necessary mea
Sarss keep their eood but is sufficient to
show tha We may suddenly pass from an extremely
(Asy very active and even stringent money market,
ths tendency towards which is suggested by
tbhs abundance Of the harvest which calls for
larger amount OF money than usual to move the crops
comparison Of the condition OF the banks Of this city
y the date OF their last statement and the same time
last gear shows that they extended now than
1hsy were theD their supply OF legal tender notes
beng slb. 32z0A less. while their notes ara only
sane, SIC less As most Of their money Is loaned
ball. however, this circumstance is Of no matera, con-
sequence TO the banks although exposes the money
Woald otherwise be the case
For ths timo being money is as cheap and abundant
- before tho western drain set in, although there
as uors inquiry Tor this afternoon than there has
&ssa or late
y Loaas are made freely at four a i've per cent on
good mixed ooaterals and the leading dealers in gov
securities have about much offered them q,
4hrss per cent they So far, therefore, "a
praocsl is concerned the balls on the Stock Ex-
uhange have all they dsre Ut present. however nervous
sAsy may 10 about the future. In the discount line
ate amount Of produce paper Offering which is carefully
sesutnssd The best grade Of mercantile paper rated
ates7 per cent with exceptional transactions At n
where Il ID within thirty days OF maturity
A She early session Of the open board railway shares
ksrs dull under the manipulation Of the bull clques
Ahsy arm, Erie selling at 70X, after previously
Souching II. There was great disposition shown to
psn ss the current prices. and n the first regular
beard the tone OF the market became heavy.
New York Central closes u higher than st the same
Vine yesterday, Michigan Southern y. Hudson River
6as Y lower Rock Island y, Northwestern u. do. pre-
fsrsd 4, Fort Wayne y, Ohio and Mississippi certin-
Sssss " Canton l. Western Union Telegraph Y. Gov
xrunsut securities with tho exception VI ssventhirsy
notss were steady q the first call and dull but ssths
sssuA there vas sens pressure to SELL and hs market
wssksned Coupon sizes Of 1881, Hvetwentes OF 1854
nnd notes Of the second and third series
hssliasd x bat coupon nvstwsntiss Of 1862 W ~
kghsr The old express shares were strong and Adams
ndvsnosd X selling q 7S American sold at 70, United
6sasss 7AK and Wells Fargo Co at eek, while Msr-
phsuts' Uaon with 30 per cent PAID sold a Tx, and
With Is per cent paid at12X. The State stocks were
rather heavy Tennessee skies, new, declined q, North
Carolina sixes and Missouri skies Y.
Al the one o'clock open board the market was weak,
Ana Erie which had declined to 7ok at the previous
beard sold at cox r. AZ the second regular board
A,oss further fractional decline New York
Csatral closed lower than al the frat regular board
Erie u. Reading y. Michigan Southern u, Cleveland
ma Pitsburg " Northwestern u, do. preferred a. ONO
and Mississippi certificates X, Quicksilver D. Western
Union Telegraph x. Pacific Mail was y higher. Govern
rnent securities were heavy Coupon sxss Of 1881 de-
clnsd X, nve-tweutss Of 1862 y, ten-forsiss ~ seven
thrties second and third series r. The express stocks
wsrs quiet. Adams sold at 7i,s and Wells, Fargo Co
h6a
s the open board a halfpast three Erie rallied to
epx TO- but during the rest OF the afternoon the mark
49, duff aad al sir O'Clock closed barely steady Al th
following quotations:-Ncw York Central, 1885 4
Erie CO.,. 20; Reading. 1861 Y; Michigan Southern
slx Y; Rock Island 1o2x q; Fort Wayne, lo4S
*; Northwestern, 4St1 Y; do. preferred, COZ "a
western Union Telegraph AZ III Pacific Mail iasa Is
fhs business In government securities at the counter
Of the leading dealers limited and the tendency or
brioss favored buyers Considerable amounts Of seven
xury nssss and other securities are being received from
1hs west and In the absence Of corresponding outside
iasmaad the eject 10 depressing. The decline o
bvs-swsutss 10 London to 735s checks the In
Cuiry for shipment. At the close the market wal
sssady q the suhjoned prices -Resstersd, 1881,
1Iox Q 1l0K; doupon do, 1llz 1llk; hvo
swsstiss rsgissrsd 1882, loe,< loos ave twsu!le'
coupon, 1852 1lsx ll3x; do. 1854, ioss 1925 do
1sss, l10,s alloy; do January and July. los los.
avs-lwsuiiss coupon, 1857, los. ios,i ten.fortes
registered. eek ook; tsn-fortiss, coupon 1o2B
aosk; August ssvsn-thirtiss, 1915 1918; jun
'ssvsn-shirss, lo7 . io7k; July sevon-thirtes, 10
a lo1x; October compounds, 1894, lis7s 1lojs
Dsosnbsr do, 1l7X llsh; May do, 1866, III ia
August do, 11s a llsA; September do. ns's 1854
October DO, 1lsK nsl