The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-26
FINANCIAL AND COMMERCIAL.
MONDAY. Oct. 26-6 p. N

MONDAY, Oct. 26-6 p. M.
The week opened on very dull state OF AFFAIRS in
the stock market Prices have not been 30 quiet
and steady any other day since the panic. The only
speculative interest manifested was In Lake Shore,
which nuctuated between the limits OF 9Iss and
03A. The directors made their appearance on the
street again to-day, and the "Lake Shore rng'
charged with being heavy sellers Of the to-day
under which the price declined to the lower of the
figures above quoted The meeting at Cleveland
broke up on Saturday after the adoption OF propO-
Hiton for consolidation with the Wabash road the
terms already specified in this column, which pro-
position Will be submitted to the stockholders
OF the respective roads for their adoption reJec
tion The consolidated share capital OF the new
corporation VIII be $40, 500 ooo and its title the Buff
falo, Lake Shore, Chicago ana Wabash Railway
Company. Ii is proposed to increase the capital to
$soo0o,o0o by the issue Of additional stock, the pro-
ceeds OF It's sale to be devoted to the better equip
meM OF the new line. The books OF the Lake Shore
Company Will close the 18th prox., to allow the
stockholders TO vote on the action Of the drec-
tors as above taken. Whatever was done with
reference to consolidation with the New
York Central did not transpire, but 1t is shrewdly
suspected that the Lake Shore directors have
stood on their dignity and refused to confess the
superior merits OF Commodore Vanderbilt as rail-
way manager. On the other hand tav Vanderbilt
for consolidation by the discovery that the "Lake
Shore ring" have taken care of themselves by vari-
GUS contracts, the perpetuty of which Mr.. Wander
bllt was unwilling to SANCTION IN the event OF con-
soliiatlon. The 'ring" think they have magnin-
cent opportunity to "mllk the street' with Lake
Shore. just as has been done with New York Central
and they cannot forego the temptation. The "ring''
are now short OF tho stock, and win trust to their
own efforts to break the price OF their own
STOCK AT the Stock Exchange to-day exception
was taken TO the further call OF Pittsburg.
nasmuch as the directors have increased the stock
fifteen per cent without giving the usual thirty days
notice. Inasmuch as the increase the form OF
dividend, and not OF the character more particu-
larly contemplated by the laws OF the board, the
call was not suspended but the matter was referred
TO the governing committee for adjudication.
outside OF Lake Shore the general list was very
steady ana nuctuated very little. At the last board
there was sharp decline in Chicago, Columbus
and Indiana Central, which was offered at 221a. The
money market was more active and the rate on
call ranged from SIX to seven per cent,
with exceptions at five per cent, the increased
activity being due to the fact that the
bTreasury sales Of gold Will drain the banks this
week Of about million and half Of currency. 1t
Will be seen by a report In another column that
General Butterfed has resigned the Assistant
Treasurershp, but the fact was not known on the
street this afternoon up to the close OF business
Commercial paper was still without negotiation
except at extreme rates. the range Of discount
being from nine to fifteen per cent for prime accept
ances. Foreign exchange closed weak at 1092s for
prime bankers sixty day. and 1os7s for sight sterling
bills. Sales the street made at 1925 for the
former grade The gold market was feverish on small
volume OF business the general tendency OF the
speculation being 10 lower prices. Loans OF cash
gold were made at four per cent for carrying
The receiver OF the Gold Bank gave notice to-day
that he will on and after tomorrow pay an add-
tional twenty five per cent OF the adjusted claims
against the institution, making seventy-fve per cent
IN all that viii have been paid the creditors. The
range OF the gold market was as 1ollows:-