The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-08-20
FINANCIAL AND CONNER GAL.
THURSDAY. August ls-sP. y


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THURSDAY, August 1916 p. n.
Were 1t another season OF the year the street had
materials enough to-day Tor very active time In
the stock market In some OF the lists more directly
affected there were fluctuations more or less wide,
but the dulness OF the summer season and the
apathy OF the general market have robbed opera
lions OF spirit and interest In the first pace there
was . reduction In the Bank OF England rate Of dis
count to two and half per cent--heretofore a
signal for perturbations In the gold and gov
ornment markets-whlch was rather quietly
regarded. Then there were dozen rumors
VI new railway consolidation schemes, the
most prominent OF which was one to the effect that
the Chicago and Northwestern Railway Company
had leased, or intended to lease, the Rock Island
road-the two lines bearing much the same relation
TO each other that the Hudson River and Harlem
roads do In connecting two important points, They
form loop between Chicago and Omaha, and are
In the line OF the great continental route from the
Atlantic to the Pacific. The Rock Island Is the newer
road, having been only recently completed, and the
shorter. but the Northwestern Is In easy running
der. The street has been long exercised to know
upon which of the two the through tranlc would
concentrate, and upon which the speculative spirit
OF consolidation would alight In extending tho Lake
Shore series of railway amalgamattons. Should
OOtu Oe Drought unueI one management anu oil
rivalry dissipated, as in the case OF the Hudson
River and Harlem, preliminary to consolidation with
New York Central, the Gordlan knot would be cut
and the problem solved. The public would De
the gamers by healthy competition Of course;
but the days OF such ruinOuS rivalry
have nearly gone by. and railway directors
have found 1t more profitable to combine with each
other than to wage their Old wars for the public
benefit and their Individual loss. Under these ru.
ors the stock market. winch had been very dull In
the forenoon, became rather animated for 80 sultry
summer afternoon and the Stock Exchange was
at times almost excited The early speculation ran
on Wabash, which, under the continuance OF the
reports Of lease by the Lake Shore company, rose
to 3d. but reacted later in the day and closed
''oG'' from the highest point. Rock Island cd.
vanced to 1171 upon the report above referred to.
At the same time the speculative feeling was revived
for Lake Shore, which sold as high as 1914, The
Vanderbilt stocks were heavy and or quarter to
half per cent. New York Central touched 200, but
finding ready purchasers reacted to 209. In the mis-
ceaneous list Pacific Mail was strong on the an.
nouncement OF o three per cent dividend payable
September l. The following were the closing prices
on the coll at the last session OF the Stock Elk.
change:-Uanton, $50 so; Cumberland, 354 SO;
Western Union, 38X SS4; Quicksilver, 10
bid; Mariposa bid; do. preferred, 1lH IA;
Adams Express, 6sA; Wells.Fargo Express 10 a 90;
American Express. 8s7s bid United States Express,
e2x; Merchants Union Express II bid; New York
Central, 209X; Hudson River, 1856; Harlem, 16lk
102: Reading 0e5 95is Michigan Central, $50 lS1;
Lake Shore, 1865 Illinois Central, l39 lao; Ceve.
land and Plttsburg, 1861 Chicago and North
western, SSX 8SH; do. preferred 9o% 97Js;
Cleveland Columbus and Cincinnati, II bid; Rock
Island 1l5X o ll6; Milwaukee and st. Paul, SIX
SIX; do preferred, So1S s9k; Toledo and Wabash.
783i 7SH; Fort Wayne, 151X 1852; Alton and
Terre Haute, "a bid; do preferred, 6SH a
80; Ohio and Mississippi, 32H; New Jersey Central,
105x; Chicago and Alton, l59d 16o; do pre-
ferred, 1904 bid Morris and Essex, SS1S; Hannibal
and st. Joseph l25 1928; do. preferred, 122 l24H
Columbus. Chicago aud Indiana Central, "a SAX,
There was considerable activity in the gold mar.
ket the opening sales ranging as high as 1891
1897 before the news OF the reduction In the Bank
OF England discount rate had been received sue
ceedng which there was rather sharp decline to
1924. The feeling later in the day was unsettled
and the popular impression that large decline is at
hand was checked by the sales Of bonds on foreign
account and by the Shipment OF gold 10 California
by prominent houses There has been great monetary
distress San Francisco lately and as high ga per
cent per month paid for discounts On this account
the Secretary OF the Treasury has Instructed the AS
sstant Treasurer here to receive gold TO the extent
OF SA0090O0, 10 be dlsbursed from the Treasury
In San Francisco for the accommodation OF the
merchants and the money market IN that city. The
disbursements OF coin interest to-day amounted to
S53,e32. The sea Union took out s13S,402 In
specie. The course of the market Is shown in the
tablet