The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-06
FINANCIAL land COMMERCIAL

+ FINANCIAL land COMMERCIAL.
~coes>~o~~~orY~~o,-.>~
SUNDAY. July s, 1893
The railway share market was strong ana
active during tho past week, and the largest
transactions were in Reading the Northwestern
stocks and Erie. The nrst mentioned ad-
vanced ON Thursday to 107k, exdividend, for
cash, but afterwards reacted to s5K. On Fri
day, however, the cash stock continued in active
borrowing demand. and the price advanced to a7.
under well distributed purchases. 1t became known
on the same day that the great Erie war had finally
terminated on the previous evening BY an amicable
arrangement between the Drew and Vanderbilt par
tes but the terms Of the settlement did not trans
pire. We have, however, since indicated them In
this column. Messrs. whitney and Ramsdell, two
Of the present board are to retire In favor OF Messrs
John Steward and Banker, who will represent the
Vanderbilt interest. together with Mr.. Frank Work.
and ten millions Of the common stock is to be with
drawn from the market 30 to leave the total out
standing the same a. before the issue Of that amount
Of shares In the early part Of the present year.
The settlement will be followed by an advance in the
tarfr on both the Erie and the New York Central
lines. ALI the suits between the Vanderbilt and
the Erie parties have been discontinued and
also those recently begun among the Erie d.
rectors with q view to the removal OF Mr..
Edrdge as president of the company, and entire
harmony is restored in the board The tendency OF
prices for all the railway shares upward after
Tuesday, and the bull element gradually gained
strength while the indications are that during the
next month or two we shall witness more active
and buoyant speculation for rise than have yet
witnessed this year. There was heavy break in
the State stocks. and particularly in Tennessee skies,
which declined to 90 upon the announcement that
the semannual interest would not be paid, but sub
sequenty rallied under purchases to cover "short"
contracts and rumors that Governor BrownOw
would convene the Legislature with Wow to re-
trievng the credit Of the State. Its finances are
however IN such precarous and unsatisfactory
condition that there Is no immediate prospect OF the
interest being made but when the Legislature meets
Its first task should be TO provide for the funding OF
the arrears of interest into bonds and the future
payment Of the interest out OF the revenues Of the
State, which may be done by increased taxation,
and thus the credit of the State may be restored
and the efforts of the Brownlow government
to keep faith with the bondhoders he
ultimately successful. very important law
suit was commenced against the Union Pacific
Railway Company and the Credit MOber in the
Supreme Court OF this district on Friday and Judge
Barnard granted an Injunction on the complaint Of
the paintiff, Mr., James Fisk Jr., restraining the
two corporations named from paying TO or receiving
from each other any money, securities or other
property. The allegations made in the complaint
call for the investigation Of Congress, and proved
will entitie the Union Pacific Company to recover
heavy damages from the directors and stockholders
of the Credit Mober.
Money was moro active than usual OF late last
week. but the supply was ample at "A per cent,
and now that the banks have made up their quar-
tery returns 1t will resume its former extreme
The indications are decidedly against any monetary
stringency this year, for reasons we have before
referred to; but seven per cent rate in october is
not improbable.
The statement of the associated banks OF this city
for the week ending on Friday shows that the banks
continue to gain In deposits, the increase being
$6,74s,599, OF which s42o1, 430 is in specie. The
legal tender notes have decreased 81, 1914. owing
mainly TO remittances to Western banks to enable
them to make up their quarterly returns and the
fact that a large portion of the receipts o
currency from the interior in the form Of national
bank notes, which are not counted in the reserve.
The loans have increased 81, AL 1875, owing to pur
chases Of securities by the banks and an increased
| demand from the Stock Exchange, but the monetary
| wants Of the mercantile community continue on
very restricted scale. The amount OF national bank
| notes held by the banks and Sub-Treasury In this
city is unusually large some bank Officers estimating
1t as high Us fifty millions, and hence 1t follows that
this will have to be absorbed after the fall drain
westward sets In before the legal tender reserve
| will be encr0ached upon. The totals OF the last
| two bank statements are as subjoined:-
| June 81. J,tyu g.
Loans. .e276 5O4, O38 1881 9a5, e31
Specie. ................. 7,753,300 1864, 73O
Circulation. .......... 34,04s,7 2I 34,O32, 400
Deposits. 214 POT 221, 05O, sO8
Legal tenders. ......... 73853,303 72,125 ,939
The gold market was firm and active during the
week. and the closing transactions the street on
Friday were at I4OK. The shipments OF specie
from the port aggregated $a,227,5a2 making
nearly thrty-four millions since the 22d OF March
last, and more than nfty-one millions since the
lst Of January. This steady outward drain
Of specie has materially strengthened the
undertone Of the premium and Its tendency at pres
ent is upward, Notwithstanding that the Treasury
disbursements will be not far from thirtyeight mil
lions this month, of which more than eleven millions
were paid during the week by the SubTreasury in