The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-15
FINANCIAL AND COMMERCIAL.
TUESDAY. Julyl4-sP.

TUESDAY, July 14-sP.N.
The balls ia the gold room succeeded in putting
me price ap 10 142S az the opening this morning,
pa' l"efe was rush to sell al this price, and grad
nsi decliae 60 lsih was the result and the closing
transactions prior TO the adjournment were at IalE.
The volume Of business was large but the supply of
coin was IN excess Of the borrowing demand aad
loans Nefe made al 81 per cent for carrying me
gr"ss ceaings amounted 10 500 ooo the sold bai
snoe- q s2,s2s.sss and the currency balances
70 tAAA,g2. The steamer saxonis TOOK out
ssse- ma specie The project Of taxing speculative
ransac.ols In gold meets with general iavor out
ssde o. ne goid room. and az hish tax rs ten OF
nreen io.ars every thousand OF gold Is adVo-
Gated ne present rs entirely TOO small ana
coagrcss shsud direot rs attention TO the subject
sithoui aclay.
me money market 10 superabundsntly supplied
~nh asn A. and loans generally made at four per
cent sae exceptional transactions being at both
three ana ave per cent The demand for discounts IL
nomina. commercial paper being scarce, owing TO
me absence OF speculative activity In trade. The
STOCK market was steady during the forenoon, but
dun osinx 10 the extreme heat OF the weather, aud
In tue srernoon an attack was made upon New York
Central sd Ere. apparently for .'scoopingr pur-
posesl uade4 which these stocks declined while the
rest u the list remained comparatively steady. To-
wards the close. however the whole market became
stronger and prices improved slightly their general
tendency icing upward Notwithstanding this tenn
porars spse
some months ago. when Atlantic Mail fell more
than six per cent IN single day. 1t uanspred that
the Third avenue sayngs Bank was a rather heavy
loser h. Is loans that stock the president OF the
bank being also a director o. the Atlantic Mail Com
pany. I;irle was Immediately a run upon the bank
by the dcposiIors. which DID our best at the
time 10 sop. knowing how disastrous It's con-
ings banks and Fortunately the run proved
only iemnorary, and the bank which would
nave Otherwise been IN great danger OF
succumbng TO the storm. survived The
director then, 20 allay the excitement invited the
state Official who hssihe superin'endence Of savings
banks b. make an examination % It's Affairs and
ascertain the extent OF its losses 10y Atlantic Nail
But since that time we have heard nothing 70 show
that the examination was made, and tae bank has
been dong business ~ usual Now, the pubic has
a right % the fullest knowledge OF the affairs OF all
savings banks. and where gross mismanage-
ment was proved, IN the case OF the Third
Avenue savings Bank, II is only right that
an Official examination should have been
made and the result communicated 70
the people. The proper oficia at Albany should
make frequent periodical Investigations or all
saving hanks IN order that misinana cement Of
the kind rcerred 10 may b. checked and punished
before l. has time TO Jeopariize the interests Of de-
postors.
The JOINT committee OF the regular and open
boards, appointed TO investigate the frauds OF II.
Hoyt and the firm OF &c W. White 4 Cor have dis
covered that the latter amounted 70 little less than
two hundred thousand dollars. according to all the
evidence at their command, and with this
the confederates bought $4,000 in gold.
The balance remaining to their credit al
the st. Nicholas bank is 100 The committee con.
cluded their abors by Offering a reward OF $4,000
for the arrest and conviction OF the party parties
who issued, forged or altered certificates OF Fort
Wayne, Michigan Southern, Pittsburg, Erie and
Pacific Mail stocks. This comes rather tardiy, but
the explanation is that the delay Influenced by
proper motives looking to the capture of The
drels concerned in these forgeries. The only new
development to-day respecting them was the dis.
covery of altered Erie certificates and It is
probable that their full extent has become known
AT the commencement OF business the stock
market was dull but steady, and at the first regular
board the volume OF transactions was light and Rock
Island closed y lower than the same time yester-
day, Fort Wayne Il, Milwaukee and ST. Paul pre-.
ferred 70 while Northwestern preferred was "a
higher. Government securities were dull and barely
steady. AT Tie open board at one O'Clock New YORK
Central was hammered and deciined one Der cont,
while the rest OF the market was comparatively
steady. st the SECOND regular bos:d Erie was ham
mGfed IS 67N apd New York Central closed u.
bower than at the first regular board Rock island y.
Northwsslego preferred . an Tennessee skies new
Issps, *, while Mnwaoxee and ST. Pau preferred
was Il higher and Western Union Telegraph<X. At
theope,i board at haifpast three New York Central
broke 10 lalS, the downward movement being due
to the failure OF the BOARD TO declare the large scrip
dividend which is promised. although cash divi.
leu1n f,,1rra 4,
Subsequently the whole market became nrmer under
a gooc and well distributed demand Of the
decline. and at the close at hafpast 1--WE
the quotations were as subjoined:-New York
Centra, 1872 1921; Erie 67I 677s; Reading, es,.
a4}.; Michigan southern COX s0yS; Cleveland
and Pittsburg, $50 s5A; Cleveland and Toledo,
1921 lo3; Rock Island, 1917 1915; Northwest
ern 1875 7sK; do preferred, son 81; Pacific Mail,
1907 1o1; western Union Telegraph, asz s47s.
Government securities were duh but nearly steady
all the forenoon, following which they declined under
pressure to sell, Influenced by the declining market
Tor flvetwenties abroad without corresponding
advance in gold. At the close they were rather
heavy al the following quotations. Registered 1884,
11sk 113h coupon, 1881, lIai< 1iss; 5-2o's, re-
gstered, 1895 Q 10eL; sos, coupon, 1862 lls
ila,S; do, 1884, Ito llox; do, 1885, NIX NIX;
do, new, 1885, 1osx losx; do, 1901, 1855 o loex;
do, 1883, 1881 100, io5s registered Io7x ioIH;
1oao's coupon, 1o7k 1o7x; 1905, second series,
1881 100; 1905 third series, 10sH Q 100; United
States SIS, Pacific Railroad, HOAX los.
The foreign exchange market continues 1rm under
the conditions before referred TO. At the close
bankers bills on England at sixty days were
quoted at iIok 1Io,I; at three days, 1ioxs iioh;
commercial bills. 1895 1924. Renkers' bills On
Paris 81 sixty days, o.lak 5.1ax. On Bern-Bank.
Sfs', liz o Il; commercial. TX Tlx. on Brc-
men-Banscrs, SO o 500; commercial. 'si 'eJs.
On Frankfort-Bankers', AZ AZ; commercial,
4oss Al. On Observation-Disclosures, ~ AZ;
commercial Al AK. On Hamburg-Banker',
soA; commercial, 30 sek. On Antwerp BANKERS