The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-14
FINANCIAL AND COMMERCIAL.


ne stoc, market a remarkably devoid OF animation,
che aggregate OF transactions having been lighter than
On any previous day for many months past. There u
absence of demand for stocks at the current prices
and as the snsrs Is no pressure 70 SELL the
bulls Anding no difcuy in carrying their securities
owing to the abundant monetary facilities at thor dis
posal Such state OF affairs Is not however. favorable
10 improvement, It's tend ncy being in the opposite
dirscton and Q break would therefore seem 70 be
probable before renewal Of activity takes place. The
bsars argue that this 10 Inevitable. and that II will
have the effect Of bringing new buyers into the
mazkst and promote fresh rise Immediately after
wards and before the money market becomes active.
shs break.does take place speculation will In al Ike
Ihood continue anguish. and the bulls In that
win and themselves without profitable market for their
atocks Tor some time to Meanwhile the interest
account will eat into their margina The movement in
Erie has partially subsidized for the time being and IL
wssss neglected sppeasnce The fact that the earn
ines OF the road Sl36s3 less last month than In
July. lsoo 10 not encouraging to the holders Of the
stock, calculated to stimulate the demand for a
anything like the price It Is now selling for. This IL
usually very dull month the Stock Exchange, but
fhers u no knowing how the prevailing calm may
be broken That It 10 merely brokers' market for the
Hms being We have abundant proof
There Il undiminished ease In the loan market and
fargo amounts offered to the leading dealers In gov.
eminent securities a. three per cent although ths gene
raj Is four and mixed colatsrals nve First class
houses cas however, supply themselves At four cent
whou reference the class Of eollateraa The usual
margin required by banks upon sound dividend pay
tng stocks ten per cent and from fifteen to twenty
upon those Of less satisfactory character The discount
line remains Inactive and only the best grade Of
merca paper favor at the banks the rate for which
varies from six per cent with most Of the
actions ct the lower rate On the 18th instant about
ehrtynve millions Of compound interest notes MATURE
but this circumstance gives rise to no special remark
Ths gold market opened under little excitement
II ll0x and after touching l40x advanced to ll bus
subsequently, reacted TO 1909 and the closing quotation
was 1l0X X. The to 14l due TO the circula.
Zion OF the nrss number OF . paper containing .
flaming account Of gigantic frauds and issues Of
securities In the Treasury Department. written BY the
former president Of bank note company. and sst or
With display headings Of the most sensational character
The story ID ola revived and the phrase goes
thsrs 10 probably truth than poetry in IL; but in
this instance bsars evidence Of sxaggsrason. When
. man talks Of hundreds Of millions being
Involved IN ths Irregularities Of the Treasury
Department hs leaves himssf open to the suspicion Of
ronaaong unless he produce proofs Of the truth Of
his assertion. Moreover. the public credit should not
b tsaed WITH and al attempts 70 produce unnsossay
6seust and alarm should BE- frowned down. That there
have been issues OF securities through accident
assign and various psculatons during the Last I'VE
vsa IN the Treasury building IL very likely; but their
aggregate hardly be large to threaten serious
blow 70 the public credit Where the individuals
who show any signs OF having shared IN . hundred
Ailiions Of plundsrf Nevertheless there has
been an obvious disinchnation On the part
Of Treasury officials 70 make public the. full
results Of the investigations Of the committees
appointed 70 Inquire into tho alleged frauds in the do
partmsna and this has very naturally aroused suspicion
~ 70 The magnitude OF the issues discovered The
Secretary Of the Treasury. therefore, owes to himself
and the country 70 . clear statement Of al the
frsads and Irregularities discovered in his department.
and thus aay the disgusting rumors which are In cir.
eua&lon. Tho Of his having already done 20
leaves him open 70 the necessary invesga
sons have not boon completed, another committee OF
inquiry should b arpo nted at the nstgation Of the
ssssrstasy himself, and their report published with
out sbbrevias,ons or delay. Cash gold was in
ssundAnt supply and loans were made without
iDtsrsst and a. LEA per cent per diem and . Per
cent Per II favor Of the lender The gross clsar
fnes amounted 70 SIS o0o indicating larger volume
OF business than assai q late md the gold balances 10
sl.es2lo2
A ths early sedon Of the opsa board the market for
railway shares vas heavy and dull, Erie selling at
osx At the Srst regular board the volume q ransac
tess wss unusually light but prices In some instances
allowed fractional Improvement. New York Central
closed lower than the time yesterday, Nichi
ran Southern 4, Rock Island q, Northwestern ",
Ohio and Mississippi certificates y, Western Uacn Tsls
graph *. Erie WAS y higher. Government securities
were firmly supported, but rather dull. Coupon SKIES
Of 1881 wsrs y lower. and nvetwsnties Of lSo2 u
higher. Tennessee SKIES declined X.
A. the open board a. o'clock the transactions we're
very limited and there material change In prices
Al the second regular board the market continued stag
nans the indisposuon buy being conspicuous a.
che rsisetancs 10 SELL Nsv York Central closed y lower
than u the nrst regular board Erie v, Western Union
Telegraph y. Rock Island was * higher. Govsrnmsn
securities dull but nrm in Tone and coupon I've
swsntiss Of 1854 advanced r. Tennessee sixss we're
higher The old express stocks quiet but steady
Americas sold u 72x Msrchaan' Union, with 30 Der
cent paid sold ~ lo and with Is cent paid q H.
At the haipas thrss open board there was the same
marked absence Of animation AMI The transactions assrs-
gated only 1900 sharss. During the rest Il The After
aeon the market Inactive, ssd a. six o'clock Il
closed ssady 81 these quotations New York Central,
HOAX x; Erie. 7oH X; Reading. lol,I los; Michi-
gan Southern. SIX III Rock Island 1o2k X; North
WESTERN lsy AT; DO preferred, 10 "; Pacific Nail,
llsx; Western Union Telegraph, tax AZ.
comparison Of the prices OF the leading railway shares
today and this date Last year shows thai The range Of
one market 10 about NE same sow - thai Time,
sansy:-
As6ns 10, Aspua 10
1886. 1867 H;oAer L<,cev
New York csnsra. losJs io4X IL
Erie. 0ek 10
Reading. .s......ll3 l041< az
Michigaa Southern SO SIX a.:
aasv. B Pittsburg.. SIX e3,.
Rock Island .100x 1o2s. az
FORT Wayne.. .lOSX lO4k IL.
Northwestern ..... % a. IN
%. preferred. 67x COS 2x
Paci6c Nail. .......225 ll5L 7o1
Western Union Tel. sex lS,S lis.
There was svsry moderate business done IN govern
msnt securities ~ the counters Of The leading Dealers
end u the close The maskss was steady the subjonsd
priosss-Rsgsssrsd, 1881, iloX sI11x; coupon 1881,
nix 111H; nvstwsniiss. registered, 1861, ioox
1loy nvstwsnsiss coupon. 1so2 i13K 1ll; DO, 1894
lloX 11oK; DO. 1895. i1ok liox: do. do, January