The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-17
FINANCIAL AND COMMERCIAL.

FRIDAY, August 1902. n .
The railway share market steady during the greater
part OF tho day, but dun and late in the afternoon
became heavy and closed with dropping tendency.
Notwithstanding the plethora OF money seeking employ
usnt at this point the speculative feeling Is extremely
tame and the public regards the Stock Exchange
with Indifference The bulls who are sustaining prices
at their present elevation heavily loaded with stocks
Cor which there is at present marks but they are
willing 10 hold them in the hope Of outside demand
springing up later In the season. There is strong
belief entertained that however the market may go for
che time being brisk speculation for rise will set In
before the is out based upon the probable increase
In The earnings Of the railways, resulting from the
abundant harvest We are now gathering, and
chs gives courage the holders Of securities The
settled aspect OF the market u NOT however, calculated
% bring IN fresh buyers Much Of this is doubtless
owing the OF Erie, which has made the street
afraid or the stock and dstrustul to extent Of the
entire railway list IF the rest OF the market could FREQ
itself from this yoke there would be more disposition to
buy and il break occurs 1t will act like thunder
storm in clearing tho speculative atmosphere.
Money continues in superintendent supply at per
cent with most OF the transactions at the lower rate
Five per cent loans have in many instances, boen
paid on, owing TO the facility with which money
can BE- borrowed at four per cent The Lead
Ing dealers In government securities have all
Che money they require offered to them at three per
oen but this rate is confined to that class of borrowers
and the lenders IRE usually private parties the banks
generally prefcring their funds remain
employed to lending under four per cent The August
compound interest notes. which matured yesterday.
being presented for payment by private holders and the
Same tmc The country banks which hold only moderate
amounts OF thcm sending them in for redemption
but those OF the city banks which large holders
show no disposition at present to part with tber owing
TO the fact that the Treasury them OF In currency
composed OF national bank notes well legal lenders
Che former being unavailable either at tho Clearing
House portion OF their legal reserve. About
threequa of million OF the notes cash ed at
the Sub Treasury yesterday and mora than double this
sum to. day The tendency Of the payment OF these
notes hitherto held by the banks will be to reduc, their
legal reserves but in the OF the notes held by private
individuals the effect OF the nption will DO TO throw
currency into the open market which has boon iatery
lying Idle in the Sub Treasures Tho drain OF currency
westward s going forward to limited extent but has
no perceptibe inauenos in impairng confidence in
continuance Of the prevailing monetary ease AT Chicago
che mercantile demand for money is light, but the
fathar heavy receipts Of wheat necessate the re-
Stapce OF large amounts Of currency TO the Interior
.and ti,a the loan market Is acquiring irmer tone
while the supply Of Eastern exchange greatly In ex
cess OF the demand. Tho discount line at this center 10
becoming more active and considerable amount OF
produce paper Ia Offering which is treated with great
caution Only the beat grade is In favor at the BANKS
and this is generally taken at six per cent the excep
lions 10 this interest being at 81 and 6h respectively
Runway shares we're steady at the early session OF the
open noald at q fractional advance upon the closing
Quotations OF last evening" Erie selling at 7os q. At
tha .t ,.rx,ar oard the market dull and without
,tera, change as Co Srces Erie closed IL lower than
.. the same ,imo yestera.y, New York Central =,
Hudson River n, Michigan Southern u, North
western lM do preferred X, Rock Island " Milwau.
kee and St. Paul preferred L. Government securities
were moderately active ana steady. Coupon fvetwen-
tles OF 1882 were ;lv9or and the issue of 1864 4
higher Among the ftate stocks, Missouri skies de-
clinsd u. Tho old express shares were firm. Adams
advanced to a. American sold at r. and wellsFargo
at 6sk q y.
Al the open board At O'Clock prices generally
traction higher Erie selling 70e; but the aggregate
Of transactions light. The express shares were in
demand and Adams sold at "a X. and American ut TIA
A. The second regular board the market was steady and
dus Hudson River closed u lower than at the first
bosrd, Northwestern u. Rock Island ,. higher,
sy..n-nstern preferred Y, Erie q, Michigan Southern
- n,,onv Tn, State Stocks Tennessee sixes new d.
t,,.a !, Government .scuritics were steady at the
morning prices Adams Express sold nv Ss' ana Ass
AT tho open board at hafpast three there was frac
k,ousl in some instances Eric sold at 7o
Rock Island, loSX; Fort Wayne, 1855; Readins'
I05x; Northwestern, 4sh; American Express, 7S
Msrchans' Unor with Is paid, 49, During the rest
OF the afternoon the Market dl and dropping ana
at sir o'clock the following quotations we're current
Now York Central. 1851 y; Eric, 7o5s Eeaains
ioskaM; Michigan Southern, 50 u; Cleveland AM
qlttsburg, e3K Y; Rock Island, 1854 III North
western 40 III do preferred, 677S 70; Ohio and Nis-
slssppi certificates 27 ii Western Union Telegraph,
A5K.
There was very moderate business transacted at the
counters Of tho dealers in government securities and ~
tbs close the market was dull subjoned
sstsred 1881, 11oN Ill; coupon, 1881, li1H lli%
nvetwcnss, registered 1902 1924 ALTO; nve-twenss'
COUPON 1862 llass 11szS do 1864 1927 1lO% ;do
1855. 11oA HOY; do. do, January and July, losh
los5.; aystwentes, coupon, 1861 1881 1osA; ten
sor,ies registered, EEK q o9h; ten-forties, coupon
y02x a lO3: August soven-thirtiss, 1913 lOIA;
Juno d. 1O7x 107x July do, 1917 1o7H; October
compounds 1864, 1ls7S 1l9i. December do do. ll7x
1ls,.; May DO, 1855, III NIX; August do. do,
rls 11ok; September do do, 1151a ll51<; October
do do, lis 1l5K. Gold, 1ioss x.
Speculation in the Gold Room spiritless, but the
tone Of the market was Arm and afor opening at 1io
Il advanced as the close 70 l4ox the extreme nuc.ua-
lions OF the day having been limited 70 per cent Inc
gross cleangs amounted TO s22 and the gold
balances 10 S1,13o, 64o There moderate borrow.
fx seSand for coin, and loans were made at per
csCt per ancum, and 1-4 11o per cent per diem 10
favor OF the lscder LILO being bid at the Close There
IL brisk demand TO- customs duties, the average being
nearly half million day. but sss export movement
has subsidized into slender proportions The continued
kut OF gold in Europe Operates against
heavy shipments Of specie ffcm this side, al.
Enough IL does not appear 10 cscso q low
In ,hs opposite direction for investment purpose On
Tho 3lst OF July the Bank OF England held ga o25.
or CON- and the Bank Of France about the same date
bsd the still larger sum Of csS Az 0o both banks
having Increased their during the previous week
10 the extent Of elsa $50 and cara 900 respectively
Che foreign exchange market was dull, and under .