The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-08-09
FINANCIAL AND CONNER GAL.

such fluctuations In the stock market the interest
Of the street has been mainly directed towards the
Western railroad shares, stimulated by published
tables showing increased earnings and prophetic
assurances that heavy grain crop will greatly
enhance their revenues during the current year.
The postponement OF the expected consolidation
OF the Vanderbilt roads and through connec-
tons 10 Chicago. and the departure OF the Com
modore for California exercised during the earlier
portion OF the week depressing effect upon the
shares controlled by him. which In consequence
being heavy aud to great extent neglected, favored
the movement in the western roads by inducing IN
creased dealings therein. There were also whis-
pered indefinite stories OF efforts being made by the
Pittsburg. Fort Wayne and Chicago corporation to
extend it's connection beyond the latter city to
Omaha there to form junction with the Pacific
Railroad, and OF rivalry between 1t and the Erie and
New York Central corporations In the same race 10
obtain control either by lease or otherwise Of the
Chicago and Northwestern or Rock Island road -
. means TO this end. These rumors, which are
neither new nor seemingly based upon any
more substantial grounds now than when
first circulated, gave prominence TO the
stocks likely to be benefited by their
accomplishment as matter Of TACT IN any OF the re-
lati0ns mentioned producing rapid and consldera-
BILE appreciation. Under the impetus thus given
Rock Island, which closed on Saturday, July 81, at
1I45S a 1l4ss, sold up to 117H last Friday. The
Northwestern shares. aided as well by the purchases
to cover the short interest inconsderatey put out
In anticipation Of Mr.. Keeps demise, producing
sudden decline, and the rivalry OF the different par
ties seeking to obtain influence sufficient III the road
10 effect the election OF a successor to the vacant
office OF president were the features OF the list and
active and buoyant throughout the week. Bya
comparison or the closing quotations of last evening
and those OF the Saturday previous the common
stock exhibits an advance during the intervening
period OF 81 per cent IN the common
stock and 2 per cent In the preferred
After the Northwestern shares Milwaukee
and ST. Paul most animated, and steadily ascen
sive exhibiting a. the result Of the weeks dealings
an advance OF six per cent upon the common stock
and two per cent on the preferred. In the case OF
the ST. Paul and Northwestern stocks the highest g
ures ruled at tho Of the week. Lake Shore was
moderately active during the week, having sold as
high as ITO on Friday against 105A 1861 as the clos
ing quotation of the Saturday previous. This stock
subsequently reacted, but still shows an advance OF
az per cent up0n tina price, The New York railroads
were strongest ut the close, aud are IN per cent
higher on New York Central ana per cent on Har-
lem on the weeks sales. In the miscellaneous list
Pacific Mail ana Western Union were the only active
shares. The former was mostly steady through the
week. but the close stood one per cent In advance
OF the previous Saturday, and the latter after week
Of limited transactions, IN per cent. Yesterday
Hannibal and st. Joseph developed sudden and re-
markable activity, and sharply advanced OK per
cent, closing firm. The expresses were without new
features during the week. The following were the
closing figures Of last evening on the street
and at the second call Of the Stock Ex-
change:-CantOn 50 o co. Cumberland 34il
bid western Union, 33X 80; Quicksilver,
l5X 1871; Mariposa, ~ Q; do. preferred.
14h 1914; Pacific Mail s5ss s5X; Boston Water
Power, IA 1914; Adams Express, 59ls 692s; Wells.
Fargo Express, 1914 q 20; American Express, Al
as; United States Express, 6S1l 69k New York
Central 21l4 a ELK; Hudson River. 1861 ls7;
Harlem, 1861 1876; Erie, 2s% 20; Reading, V7h
e7H; Michigan Central, $50 bid; Lake Shore
1857 a 1851; Cleveland and Pittsburg, 1914
q 1Os; Chicago and Northwestern, el's 9l&;
DO. preferred, 9sA; Cleveland Columbus and
Cincinnati "a Is; Rock Island, 1853 116%;
Milwaukee and st. Paul. "a a S4,4; do preferred,
81 a ON; Toledo and Wabash, 74k 75H; do.
preferred, so; Fort Wayne 1881 15at; Alton and
Terre Haute, 3i1s q 34X; do preferred SO 695i;
Ohio and Mississippi 321s q 32a4; Delaware and
Lackawanna, 1924 bid; New Jersey Central, 1861 a
1861; Chicago aud Alton, 164 a 1861; Morris anu
Essex, ss,s so; Hannibal and st. Joseph, 1905
1872; Boston, Hartford and Erie. 20 FIX; Columbus
Chicago aud Indiana Central 33ts S51k.
The money market worked steadily and easily
throughout the week. at 1--WE to seven per cent as the
| extreme rates on call loans and ~ 10 per cent on
| DISCOUNTS The ruling figure on governments was
six per cent but the transactions at five were more
than exceptional. The purchase OF two millions OF
bonds by the government paid for In two-tlirds ma
| tlona bank notes and onethird legal tender, having
| increased the supply OF currency In the banks,
| OF no value to hold as reserve leading
| stock houses also easily found accommo-
| dalton in that description OF money below
| the legal rate. The statement OF the associated
banks for the week ending yesterday makes rather
| an uufavorable exhibit in the continued reduction
| OF the legal reserve and Is against the expectation
| of any greater ease In money than at present
exists. Notwithstanding the gain Of $1,oOOOoO In
coin from the sale Of that amount during the week
| by the government the balance Of specie had de
| creased 81, $685. 900, with total shipments for the
week amounting to only $1,5lO,o0O, while the lega
tenders had likewise decreased in the neighborhood
| OF f0rty.fve thousand-making total loss oil
lawful money reserve Of $l,9ls,OOO. Against this is
an increased expansion Of over four and quarter
millions in the Item Of loans. The gain In natlona
bank note currency Is represented by an increase II
the deposits OF three and threequarter millions
thus adding to the liabilities OF the banks without
strengthening their condition. The amount held II
lawful money In excess OF the twenty-five per cen
| legal reserve shows a reduction OF two and three
| quarter millions
The following exhibits the totals OF the two las
| statements In CONTRAST
| Jttly 81. August I
| Loans $3.50, $50, 225 1894 $40, 35
| Specie ,.,............. 27,87l, 923 26,003, 90
| Circulatton 34,O6s, 677 33,047, %
DepOsits ...,.......,.1 1915, 416,443 200, 22O, 90
| Legal tenders ,...,...... SO, CIT 56056. SO
The exact figures Of the changes are as follows:-
Increase IN loans ACKNOWLEDGEMENTS. $4349, 13
Decrease in specie. Observation-Disclosures. 1,S6S, 90
Decrease In circulation. ................ 100, 90
increase in deposits ,................... 3S03, So
| Decrease IN legal tenders. 44,7s
The precise relation between the liabilities and re
serve Is thus shown
| JulD 81. August
Depostts ............ $780, Az $500, 220, 90
| Circulation .............. "a 06S,6 33,947, 9S