The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-17
FINANCIAL AND COMMERCIAL.

Gu<AtNOtAI HsNO OOMWGSSNAHSs
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TUESDAY, July 1916 r. NJ.
The stock market has been dull unsettled to-day,
Although there were important nlc.uations Some
OF those who until very recently among the specu-
laors for rise having sold out at good profit
nnxieus buy their back lower fsures and
Tor the time being they therefore bears the
forces which impeled prices rapidly forward few days
ago have been to extent diminished, and more
hesitation is shown than has been perceptib OF Late
The volume Of speculation almost entirely confined to
hs operations Of the brokers and professional
eoulaors both here and elsewhere the only diere
those in the city and those out Of it being that
HE lacr the telegraph and the former the tongue
giving their orders Prices with the exception OF
few Of the soundest OF the securities
Goo high to make purchases for investment desirable
and in buying speculative venture the expert
of Wall street affords proof sufficient that outsiders
IN nineynne cases out Of hundred are losers in tho
End. The warning conveyed 10 obvious enough and IL
applies equally to those who buy rise and to those
Whs sell for fall While money remains as chesp and
abundant as Is at present. selling sshort, is especial "
hazardous although tho earnings Of the leading railroads
are on scale which would under less favorable none.
v conditions be likely 10 tempt the street into bear
speculation.
Although there fair inquiry for money from the
demand and the majority of transactions on cali arc
n dve per cent. Six is paid in not few instances
nut generally for small amounts while the leading
dealers in government securities still enabled to
corrow nearly all they require at four per cent The
Treasury is making disbursements on account Of the
anterest on the seven-thiriy loan and the compound
notes which ma,ured yesterday, and these have
dendeucy to still farther swell the OF funds at
the disposal of spectators for rise duness Of
RRo ID
street. Commercial paper remains in light supply and
only well known names Of tho best class IN favor
che banks. These taken, however. per cent
= Chicago Journal OF Saturday says
For several DAYS past wholesale merchants have
Been drawing very heavily their deposit accounts
and they have made large remittapccs to New York.
This would indicate that confidence so FAR restored
that IL is Thought safe 70 repensh stocks aud reduce
rior yet very slow Is more hopeful feeling
among capitalists and discounts Obtained
tnan 20 mat dealers in good standing have
but little difficulty IN procuring all necessary
dalton.
the early session Of the open board the stock mar
ket barely steady slight decline from the clos
ing prices OF last evening At the FIRST regular board
there only moderate degree activity hut prices
were In the ascendant Erie closed q than at the
same time yesterday, Reading z, Michigan Central x,
Michigan Southern a. Cleveland and Pttsburg IL Rock
Island a. Quicksilver 4. Western Union Telegraph TX
Illinois Central 4 higher, Northwestern q, do pre-
ferred 1, Fort Wayne 4, Toledo, Wabash and Western
~ Pacific Mali ~ Government securities were heavy
Coupon fve-wenties Of 1854 showed decline OF a. new
issue OF 1865 seven-thrty the second series
~ Ten.forties advanced u. Aneng tho State stocks
Missouri skies declined three per cent selling at 1922
against 1o6 the highest pricc touched yesterday North
Carolina skies declined y.
AT the one O'Clock board tho market dull and
lower Erie selling tx. At the hnlfpas two regular
- sk~~~< ..,~
New York Central closed e lower than at the FIRST regu-
lar board, Erie q, Michigan Southern n, Rock Island r.
Northwestern preferred u, Atlantic Mail 4, Western
Union Telegraph u. Hudson Ever e hiSher Ceve-
Hand and Pittsburg u, Cleveland and Toledo r. Govern
securities were neglected and rather heavy in
Coupon fortics showed decline Of 4. or The State
yocks Tennessee SKIES declined q, and the issue g
Missouri skies advanced L.
At tho half-past three open board the market was
dull Il fractional decne Subsequently Tiers was no
material change In the temper OF the street the vol
ume Of business and at six O'Clock the following quota
lions were currenf-Nsw York Central 1868 Il;
Erie. tx X; Reading, 1917 81: Michigan Southern,
s0x y; Cleveland and Pttsburg, 93 a; Rock Island,
oSk ss Fort Wayne. 1929 Is; Northwestern,
l5K 40; do. preferred, 20 u; Ohio and Mississippi
certificates co,s X; Mariposa preferred, 2ss< q
Western Union Telegraph, AN u.
Tho business in securities at the counters
OF the leading dealers lighter than usual and the
effect OF the Presidents Message in relation to the in
estedness of the Southern States and the of ad
,;n;sterinr the government in the South
in m indisposton to buy than pressure to sell. .
She close of business they were dull at the decl mr.,
xiouslv established nameIy:Rcgistered, 1881 1,o y
coupon, 1881, 40 4; $40 registered ss2, 100 x
$40 coupon. iso1 - coupon, TO-, .s.l losx
1oel; $40 coupon 1885, 100 a>,l; $50 coupon, 1895
January and July, 1919 1oe: 52ocSupon 1867, do. do
lo7I los; 1910 registered 10lx fS2; 10-zo coupon
1olT 1927; August, 7-e0 117x a III June, 7-co
al7H X; July, $50, 1l7X x; August Compounds
1854 1IS7s l1o% October do. do, 117y5 1ists; De
csmber do do, 1l7,S III May do, 1866. 11s1l q x
August do. do, 115,s *; September do. do. us Il
October do. do, 114JS *
Z fhc gold market opened at 1884, and after decnips
% 1885, advanced 10 14oJi Subsequently reacted to
14o;G and finally closed at 1904 Most OF tho loans
were made without interest to either borrower or lender
the exceptional transactions being at per cent for
carrying Tho gross cearances amounted 70 SEQ 5s O0o
showing enlarged volume OF business and the gold
balances to $4,000 The upward OF tho pre-
MUM since yesterday morning, alike with the decline
In government securities, has been nniy duo to the
Nesage Of tho President TO Congress- in which he est,
mates the Of governing tho Southern States at no.
less than fourteen millions annurn, and sugses
that federal government become responsible for
the debts OF the Southern States incurred prior 10 the
rebellion, amounting 10 about hundred millions At
the same time the export demand for coin consider
able and the public miod is in such sensitive state
that requires but little to excite appreheusons how
ever unfounded they may really be.
The following statement OF the indebtedness of each
Of the States in 1850 and 1866 respectively is interest
ing In connection with the Presidents Message to Con-
sress before referred to-