The New York herald., 1870-05-05
FINANCIAL and COMMERCIAL.
WALL. STREET.


cited and active. After the Boards, and In late
street dealings, the market advanced and became
strong. The early feature was
A SHARP DECLINE IN HARLEM
which broke to 1873, on generally credited re-
ports that an issue OF stock, vari0usly est-
mated at from 10000 to 10000 shares
was contemplated for the purpose ~of
raising money with which TO Construct ihe exten.
siye Union depot at Forty.second street. Certain
persons officially connected with the road were
stated to have denied that the new issue was In
tended, but that the decline was due to the sale of
10000 shares last week when the market price was
145 the transaction realizing 0o0 the stock so
disposed OF having been held for long time In the
sinking fund OF the company. Other parties, how
ever who pretend to be authorities, asserted that as
many 600 and even 40 900 shares have been sold
by persons inside the Harlem or Vanderbilt clique,
market having been previously made by circua-
tion OF rumors that scrip dividend Of 80 to 100 per
cent was about to be declared, Ia New YorkCentra
to represent the Madison avenue horse car extension
and the enhanced value Of the property generally.
or course, the stock has not made Its appearance
yet. The deliveries have been made, or will be
made, with borrowed stock until the whole amount
is foated, when the rule of the Stock Exchange re-
quiring thirty days. notice VIII be complied
with and the borrowed stock returned with new
stock at the end OF that time The matter Is in
utter doubt. however. Either Of the contingencies
is probable. II scrip dividend IS intended the
clique have resorted to this method of buying the
stock cheaply and Of tempting In 'snort interest.
On the other hand, it is equally likely that a new
issue is contemplated. Those who wish to speculate
upon the chances either way can, therefore, take
their chOce
TIE EFFECT UPON THE MARKET
WIS a general unsettling of confidence, which
led 10 sales and a decline of q quarter TO
three-quariers per cent in the leading features OF
the present speculative period. Later in the day
prices recovered iii sympathy with rally and ad-
vance in Lake Shore, which rose TO 9SM on the an.
nouncement That ut the annual election for direc.
tors in Cleveland to-day the so.called Vanderbilt
ticket was elected, including Horace F. Clark tine
Commodore's son.in-law,) for President, Augustus
Schel for Vice President and James II. Banker for
Treasurer. New Jersey Central had declined to
1855 on the proposition contained In an advertise.
ment in the afternoon papers to issue new mortgage
bonds but rallied to 1921 the discovery that the
new bonds were only to be exchanged Tor Old ones
about maturing. Ohio and Mississippi became
strongly active In this rise and sold at 37. or the
Vanderbilt securities Central scrip alone was un.
favorably affected by the decline in Harlem but sub.
sequently rallied with the rest OF the market Rock
Island was frmer on an increase OF $4,000 In the
earnings for April. The Northwest stocks advanced
despite an uniavorable exhibit In this respect and
Wabash was lower sales to realize the recent
handsome advance. At the close Pacific Mail rose
to AK.
GOLD WEAK AND LOWER.
The denial Of the stories asserting the exclusion of
American securities from the Stock Exchanges I'm
Prussia, and the dulness and decline in foreign ex.
change, which, in the absence Of demand, yielded
TO 1921 for prime bankers sixty days sterling and
to 1037S for sight bills led to weak gold market,
the price eventually dropping to 1l4,<, without any
pressure to sell. The market reacted with the more
buoyant tone TO speculation at the close of business
and closed firm at 1141<
GOVERNMENTS LOWER AND STEADY.
The decline in gold was followed by yielding in
the prices OF government securities and the CTS at
one time touched 1884. The market improved with
the subsequent advance In prices at the Stock
Exchange, and closed steady as folows:-Unlted
States currency skies, 112l4 1875 do skies, 1881
registered, 116]s l1e2l; do. do. coupon, 11G1l
116A; do. five.twenties, registered May and No.
vcmber 11O1a Ill; do do, 1862, coupon do, I1lX
1112l; do. do, 1854, d0 do, 11OK HOE; do do
1865 DO, 110% 11o7s; do. do, 1866, do. January
and July, 1121a 1125s; do. do, 1867, do. do 11s;s
113ss; do. do. 1868, do. do, 113ti l132S; do,
ten-ortles, registered 1861 1O7; do. tio coupon,
1913 1913.
THE MONEY MARKET EASIER.
The activity IN money arising out of the demand
incidental TO settlements at the 1st of May appears
to be disappearing; for the rate on call was easier
to-day, and six per cent was rather the exceptional
figure in new transactions on stocks. Tie govern
ment dealers were fully supplied at four to five per
cent. The market for commercial paper was with.
out essential cnange, but If anything easier.
THE BANKERS AND BROKERS' ASSOCIATION.
At the regular annual meeting OF the Bankers and
Brokers' Association held yesterday the following
gentlemen were elected trustees for the ensuing
year:-John Bonner, Alanson Robinson, II. II. Bax.
ter, James ii. Banker H. A. Johnson George J.
Forrest fJ. ID. Maxwell, RUFUS Hatch, T. B. Stout.
Tasker II. Marvin, ]. L. Browner and Francis
Skiddy. At subsequenr meeting Of the Board OF
Trustees John Bonner was unanimously reelected
President; George j. Forrest was elected Vice Pres
dent and 7. b. Stout, Secretary. The following
annual report Of the proceedings Of the last year was
laid before the meeting by the Presldent:-
The trustees beg to congratulate you upon the re.
suits OF the last years business and upon the present
condition OF the association. The management of
the association passed into the hands Of substan.
TALLY the present administration sixteen months
ago on the Isl OF January. 1859. At that time the
though the business was large the current expendi.
lures were In excess OF receipts. AS natural con-
premium on the organization OF the con-
cern, was selling at a discount. Since then five
OVluenuS utlVe Deen palu, amounting alt0gether TO
sixteen per cent on the paid up capital. say with
United States ax ss4 929 Of, and the association has
Q surplus On hand OF s14,7sa So. The net earnings
during the sixteen months have thus been
SlO2,9SO 40. The trustees congratulate you upon
me ne TACT that The association passed through year
that was rendered memorable by the repeated occur
renee OF great frauds and by panic of unusual
severity without losing one dollar by these accidents
Ihe total losses from all during the past Six
teen months have been less than $780, Subjoned is
tne annua report or thesmanager showing in detail
IN .e business OF the past year IL ustes the trustees
III Delieving that with prudence and careful manage
ment me association has every prospect Of continued
prosperity.
CLOSING PRICES AT TIE STOCK EXCHANGE.
The following were the closing prices Of stocks at
the last session of the board:-Canion, s1H 72zS;
Cumberland, 10 bid; Consolidated Coal, u bid;
Western Union, 321s s2}s; Quicksilver OK 9% do.