The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-13
FINANCIAL AND CONNER GAL.

MONDAY, August 12--6P. M.
The railway share Market after opening with an ap
pearance OF armness this morning, became unsettled.
and Erie which time sold up to 1855 declined to
e9,S. Thers il growing disposition to neglect this
stock and allow drt away from the general railway
fist owing TO its treacherous and the weakness
It exhibits at intervaa An impression widely prevails
that Erie must decline considerably before 1t advance
materially even on speculative grounds, and that judged
by ts real value Il IL the dearest Of all the speculative
stocks--ths financial condition Of the company being
orse than 1t any time perhaps since it passed out Of
che hands Of receiver II does not follow that il Erie
declines heavily tho rest OF the market will sympathze
actively for Influenced by exceptional circumstances
which should mot be suffered to affect the market for
ether stocks Nevertheless. is for the time being
Hamper upon speculative enthusiasm, and it would be
RELIEF to tho general railway market IL Erie At once
broke away from IT, however low 1t might sink. The
bulls who are endeavorng to sustain it, appear to be
Asmoralized and financially weak and the street is
afraid to touch it, not knowing how far the weight of
more than sixteen millions and half Of stock may
carry il down. The absence of any material amount Of
outside support is unfavorable to the bus but the
brokers and other professional spectators so nume
Gus that while money romans cheap and abundant
there IL likely TO be permanent decline of magnitude
II prices to givo way II would impart new i'm
pulse 10 the bull movement; for there would 10
demand from buyers al the decline, which Is not
felt row II is however immaterlal to the public at
largo how the market may shape Itself in the future
and advise tho public to remain dsinerested spec
tator the moro especially the bears already pre-
dieting the effect of the further contraction OF the
currency and laying their plans for another SCOOP Of
margins
There is uniimirshei in tho money market, the
banks being unable to end employment for all their
available funds The general rate for cali loans gov
srnment securities is still four per cent and on mixed
eostega's fvc but first class houses in most tn
sanccs able borrow oil they require at four cont,
without regard the character Of the coaeras while
the dealers governments offered mora than
they three cont. The exchanges between
this and the West about equally balanced and
the romark applies 10 the Southern section The
amount OF commercial paper Offering for discount is very
light and only the best grade is in favor at the banks
the for which Is six per cent and in exceptional
az az The statement Of the associated banks Of
this city for the week ending on the 10th inst.
indicates important changes, although those 1t does
aow the side OF contraction with the exception
Of an Of $e4s In LEGAL tender notes and Of
80 Sl circulation Tho net deposits have decreased
81 O40 the loans aud discounts ST. TIC. and tho
specis Si14o.o52 These figures show that tho banks
arc abcu. 1892 200 stronger in point OF reserve gold
Included than they the Sd inst. The totals Of
the present and previous statements stand thus