The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-04
FINANCIAL AND COMMERCIAL:


FINANCIAL AND COMMERCIAL
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SATURDAY, August 3-oP. NJ
railway share market was dull but steady at the
decline Of last evening up to-day when break
Erie demorazed It, and during the rest Of the day Il
declined sharply No apparent resistance was made to
che decline in Erie by the parties who recently
oulng IT, and the rapidty with which its course
took street by surprise This Of the
Market 70 which all looked forward, has sooner
than was expected and the extreme monetary ease
which at present prevails has failed to check it. Tho
principal speculators who recently bulling the
market have for some days been bearing IL with the
Wow OF getting back the stocks they sold at profit
and strong bear party has avaled itself Of this oppor
tunity 70 In and create panic In the market The
bull prestige has suffered severely, and there s
ing how far prices may b depressed before strong 70
action sets In.
There was no change in the rates for money, loans
having been made freely at 4a6 per cent TO tho
atock houses. but the effect OF the present
decline In stocks will be to make lenders
exacting TO margins and to call in some Of their
loans Hence those who are still carrying large blocks
stocks will have reduce their nes and herein lies
the Of disturbance ON the Stock Exchange
The bank statement for the week is likely show
increase Of 81 in legal tender notes. equal
amount in deposits, and Of 100000 in loans while
che spec's will probably show decrease Of g. 400 0o0
At the ten o'clock opsn board railway shares were
steady but dull New York Central sold l04N Erie,
gsx; Reading 1osX Il; Michigan Southern, soH;
Cleveland and Pittsburg o41S; Rock Island, 1917 %
Northwestern, 47x; do preferred, 70 Western Union
Telegraph. 47HaH.
At the rst regular board there material change
in prices and the tone OF the market steady but
che second call there a sudden break in Erie which
lad been previously kept remarkably firm, and sales
were made as low as 49, This affected the whole rail-
way list aud there considerable activity under
excited pressure to sell. New York Central closed
tower than the time yesterday, Erie az, Reading
u. Michigan Southern u, Cleveland and Toledo l. Rock
Island ~ Northwestern 1H do. preferred ~ Quick.
silver III Milwaukee and St. Paul n, Western Union Tele.
graph a. Fort Wayne was 4 higher Ohio and Missis-
sippi certificates e. Pacific Mail u.
Government securities we're strong and moderatively
active. Coupon fve.twenties showed advance Of u
issue Of 1866 q, tenfortes 4, thirty Of the
second series a. Among the State stocks Tennessee
skies declined TX. The Express stocks were lower
Adams showing decline Of X, United States Of X,
and Wells Fargo Co of 4.
At the open board at one o'clock the market rallied
slightly. and there marked pressure SELL the
volume Of business being light New York Central sold
Mlo4%; Erie 73K Y; Reading, 1865 X; Michi-
gan Southern. 79I AK; Cleveland and Pittsburg "a
e. 81 Cleveland and Toledo, l21A; Rock Island lO0N
alol; Northwestern, AK; do preferred, 6oa<; Pacific
Mail, l4c Western Union Telegraph, II e. 81
During the of the afternoon the markes was weak
and excited to the verge of panic owing further
slime in Ere which, after four O'clock touched GO
decline OF 6T from the highest price OF the morning
Subsequently fuctuated feverishly and at six O'Clock
Che following quotations current-New York Gen.
tral, losk X: Erie, COX 70; Reading, los a 4;
Michigan Southern, 7sT TO- Cleveland and Pittsburg
ga y; Rock Island, ooh a Y; Fort Wayne, los 4;
Northwestern, 45H; do preferred, 6SH AK; Western
Union Telegraph, 4oa az.
Government securities closed strong at the suboined
quotations Registered, 1881, 1l0H 1l0H; coupon
1881, 110x 1l0K: nvetwenties registered 1852 109
-l09I; 6ve-twentes, coupon 1899, 1l2H 1l2K; do,
1854, 1os,s 1o9A; do. 1856, 1907 l1oX; do. jan
oary and July, 1851 1885; nvs-twenties, coupon,
1857. 1859! 1os,s; ten-forties registered 9ss 9sa;
senortss coupon, 1929 1021S: gold, 140k 1407S;
August soven-thirties. 1o7k los; June do, 1918
lo7x; July do, 1918 lo7A; August compounds 1854,
.il9k a 1leX; October do, l1sK 11s2<; December
40, u7k Il7I; May do, 1865, III NIX; August
u.s.. 1I6 al f6k: September d. 1155s 115x; October
do, lilo al15x.
The gold market opened at 1lo<, and after declining
20 14oX advanced to l40h-the closing price. There
active borrowing demand for COIN, and loans
made varying follows in favor Of the lender
X ll6 $780, 7-e4 564. The gross elearanoes amounted
70 SAG $50 000 and the gold balances ST. 661 Tho
steamer Arago took $4os l64 in specie the Borus
ga sls5, 900, the Hslvea $1ss,ooo and the City Of
Boston $122.0O
The foreign exchange market was inactive ss usual,
on Saturday, and nominal Bankers bills
England at sixty days. were quoted at 1929 1l0X;
at three days. 1lOK ri commercial bills 1o0x e |;
bills on Paris, at sixty days, 6.l3A 512h; at three
days, t.l1T q 6.lOx. Other continental bills were
catsd thus