The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-16
FINANCIAL AND COMMERCIAL.
THURSDAY, August IS-S p n

Wa attended with little success, and during the
asrnoon the market suffered relapse and closed heavy
at marked decline from the opening prcea The
speculative feeling is weak and fsvsrsh tina: every
trnng tho signal for holders Of stocks to soil out
end In this way reaction is brought about which pre-
sipAiss prices lower than they were before For the
Barge blocks Of stocks which held by combinations
thsrs s absolutely no market at present. those
Who have them being compelled to carry
chem in self-dsfence. The bull clques are
MI waiting and hoping to "gss out
Hghee prices but they would DO perfectly satisfied IL
Ehsy could accomplish that feat a. those now current
10 heavy sales at thus juncture would DO to bring
Che structure they have reared topping about their
The gavanic operation in Erie spent its force this
morning whom the stock touched r. those who had
been buyers previously having turned sellers at and
below price There is even less inducemsnt buy
Eric than any other stock on the entire railway
Hist, it, financial condition being deplorstls for
line OF such extent and importance, while it,
in the Stock Exchange is the most
trsacherous Of al the speculative shares.
Those who venture TO deal it after the experiences OF
che last fortnight be possessed or more courage
chan prudence and stand in little fear OF having
thsir margins swept away Unfortunately the railway
system OF this country is rotten, and Erie picu-
Gus casa in point With good and economical manage
ment such road ought to pay regular dividends,
hardly money enough in its coers TO pay the maturing
Interest its bonds Speculation may make its stock
soil a seventy but clearly it is not worth that for
mont and probably never will be while it rsmansa
speculative football in Wall street.
Money continues extremely abundant, and loans arc
made freely at four per cent and
I'VE mixed colaerais but first class houses able
10 borrow all they require four per cent without
gard the class OF colateras provided they salts
factory. The leading dealers in government securities
ars st the same time fully supplied with funds three
Per cent mainly BY private lenders. There s some
what brisker demand for discounts, and OF the
best grade Of commercial paper taken So per cent
but the general rate is SACK. The August compound
interest notes matured to-day ana they have therefore
ceased to bear but than probable that
enc banks holding large amounts Of them will continue
20 hold them % portion Of their until money
Becomes active Although the light drain of currency
westward which has just set in attracts remark cona
dsnce 10 an easy money market for at least month to
come Ia undsturbed. Opinions, however, differ as to
ths effect Of the present abundant harvest upon
tary Affairs Some look forward to earlier and =
much heavier movement than usual OF capita, from
east TO west to move the crops in consequence OF their
abundance, while others think that the farmers gene
rally in position to hold their grain, and that il
will be sent eastward slowly, and involve less dis
turbance Of the money market here than would other
wise be the case The probability is that there will be
neither rush market grain persistent
effort to hold It back. The produce markets will be we'll
supplied at fair prices and whenever they show symp
toms OF being gutted stocks will be hold back This
viii invovea brisk but demand fer money.
Al the carly Of open board railway shares
wore dull but steady at the advance Of last evening,
Erie selling At MA AT the Arst regular board the
market was nrmer and there increased activity in
New York Central Rock Island and both classes of the
Northwestern shares. New York Central closed y
higher than at the same time yesterday, Erie TX Hud
soa River TX Michigan Southern a. Northwestern e,
do. preferrsd I, Rock Island z. Government securi-
ties rather dull and steady the principal transact
lions being in vetwenes Of the last three issues The
Sass stocks were steady in tone Tennessee skies de-
cllnsd "a The express shares quiet Wells Fargo
sold a. S5a< and Merchants Union, with 80 per cent
paid, at Is.
At the open board at o'clock the market was
heavy in tone and Erie declined to 71si. Michigan
Southern moderately active. and sold at 50 y.
AZ the second regular board the market generally
lower New York Central closed q lower than
at the FIRST regular board, Erie u, Hudson
River y, Michigan Southern q, Northwestern L. DO.
preferred ~ Rock Island f. Government securities
we're duh but steady. Five.twentes Of 1867 advanced
y The express shares continued quiet American
sold at II and Merchants Union at 1917 Is, With IS
Per cent paid.
Al the open board at halr.past three the market
showed dropping tendency. and Erie sold at 7o,s;
New York Central, 1885, Northwestern 49,; do. pre-
fsrrsd. .oss Reading 1912. During the rest of the
afternoon prices continued to Decline and at o'clock
chs market closed dull and heavy at the following
pricss:-New York Central, los q u; Erie, 7o,l . y;
Michigan Southern, SIX q; Rock Island, 1929
1o3, Northwestern, 641<; do. preferred, 70a5s.
There . moderate business In conversions OF
thirty into nvetwenty bonds the counters
Of the lending dealers in government securities but
absence OF demand for bonds foreign account The
closed dull at the suboined quotations: Regis
tered, 1881, llo7s Ill; coupon, 1881, ll1s NIX;
nvetwen,ies registered 1867 1922 ITO; nvetwenos.
coupon 1892 1884 49,; do 1864. ITO l1oH; do,
1855. Ii0x 1lo5S; do do, January and July, 1857
1857; hvetwenties coupon, 1867 los1s 1855; ton
fortes, registered, 99Z 99H; ten-fortiss, coupon,
1o:5. lo2x August seven-thirties, 1919. . 1o7st;
June do, lo7s 10TH July DO, 1o7h 107,<; August
compounds 1854, ll0I 1lejs; October do d. lisa
49, December DO. do, 1l71 lis; May d. 1866, III
NIX August do. do, ll6 llox September do. do,
AS. 1i5x October do. do. 115 1l5k
Tho gold market steady ut q fractional decline
che range OF the day having been from 1907 to 40
with the closing transactions 14o The government
n supposed to have sold than the amount OF it's
receipts this week, and hence although the mercantile
and speculative 'shori interest IL very heavy, the
supply Of cash gold is easy Loans made without
interest and at 1e4 per per diem per
per annum In favor OF the lender Tho gross ceangs
amounted TO $37,756o 900 and tho gold balances to
2oo The steamer America took out sl65 900 In
specie and the Moro Castle, for Havana, SIS, 94s
The foreign exchange market was quiet, and rates
lower than yesterday. Bankers bills on England
at sixty days were quoted 1925. x; at three days,
lioI Ak; commercial bills. 1osxa 1ook: bills on
Paris At sixty days. ald1s Alba. at three days. aisx
a5l2x. Other continental bills were rated thus
Baneen'. Commercial.
N. nnwlt