The New York herald., 1870-02-02
THE MONEY MARKET

THE MONEY MARKET
was more active, owing to the shifting Of loans on
hock Island, 'the borrowers becoming somewhat
apprehensive under the disparaging statements of
tue 'bears." AT the same time the Broadway Bank
~ tne depository OF the city funds drew largely on
ne street for money to meet the payment of the prn
clpal ana interest OF portion the city debt falling
que Today After hapast two O'Clock the inquiry for
Iuhds was rather sharp in some portions OF the
street. and seven per cent was readily paid for the
use OF money on call. The government dealers and
the prime stock houses had up to this time made
tnelr engagements at four to SIX per cent. Com.
mercial paper was steady, with good demand at
o7s 20 ga per cent for prime double Names
Inc failure OF prominent Broadway jewelry and
ciockmaklng firm was reported this aiternoon but
~ the announcement Is based simply upon some
embarrassment about meeting the payment OF a
cneck we refrain from giving the name until the
TACT OF failure Is more definitely ascertaiued
STOCKS STRONG.
The STOCK market was strong and buoyant Rock
Island continued to absorb great portion OF the
speculative interest, and was active between the
extremes of 11I7s and 1l4ss 1t reached the latter
ngure soon after the beginning OF business on the
street In the morning; but under the shifting OF
loans on the stock fell to 1115s whence 1t rallied TO
and became steady at ia towards the close OF the
nay. The railways in their movement followed a
descending again. but rising again at the end or
business almost TO the best figures of the day.
This was the case In the Vanderbilt securities which
sold at o6 for the stock and 93 the scrip about
midday, thence fell on and rallied, closing at those
ngures bid Erie was strong and Reading firm.
Lake Shore and Northwest were active, but the
latter did not retain the strength which it mani
Tested IN the carry hours Of the day. St. Paul was
nrm, despite the evil reports concerning the divl-
dend. The books closed last week, but the price is
not as yet called ex dividend. New Jersey Central
was unsettled, but in the main strong. Hannibal
and st. Joseph was better, but transactions were
limited to light sales AT the time the railways were
descending in the afternoon the miscellaneous
shares took start and became strongly active.
Western Union sold at 81, upon reports that Con-
gress Will pay the company Eigh remuneration In
taking the wires for the government telegraph.
Quicksilver, Canton and MarIDosa were led out and
put up from half to one and a half per cent. Cum
berand Coal was lower An evening paper has the
following
The negotiations between the directors OF the coal
companies III the Cumberland region for grand
consolidation have been concluded, and 1t now
mains for the stockholders to ratny the articles Of
consolidation The directors OF the Consolidation,
Cumberland and American Companies have agreed
10 merge into the Consolidation Coal Company OF
Maryland with nominal capital OF $40 900 600. The
consolidation shares and those OF the Cumbe rand
20 IN at total OF 900 900 for each company while
the American goes IN at $1,s75.00o making total
oil $ll,e7b,000. This would leave wide margin
for the absorption Of other companies. The
Cumberland and Consolidation companies 20
into the consolidation share 1or share, while the
American stockholders to receive $500 Of new
stock for $500 OF their present stock. The COnso-
datton Company owns the Cumberland and Pennsyl-
>vania Railroad while the American Company has
more boats aud transportation facilities than any
other corporation in the Cumberland region. The
Consolidation Company Is to retain Its frebrick and
iron business separate from the consolidation, or IN
other words the grand Consolidation Company ID TO
finn IN tno ntnry md rt
Ing OF coal. Tne directors Of the several companies
mentioned above calculate that by consolidating all
able to improve the value Of their respective proper
Ties and secure dividends to stockholders In the Il
ture. The different companies are now soliciting
the approval OF the stockholders TO this consolidation
scheme
The following were the closing prices at the last
session OF the Stock Exchanged Company.
53H bid; Cumberland, 80 a 33a; Western Union
Telegraph, S6}4 3s1s; Quicksilver, IA bid; Maripcsa
10; Marposa preferred, 2O1a 20%; Marlposa certin
Gates 40 SO; Pacific Mail, 3azs 40; Boston Water
Power. 1871 q 17A; Adams Express. "a a 643s;
Wells Fargo Express, 1914 1917: American Tx
PRESS s7as sS; United States Express, 5214 q 3d.;
New York Central consolidated, 9sK o 9ok; do
scrip, 92ss a 922S; Harlem, l39 l40; Erie, 24I a
PAX; Reading e51a s54s; Michigan Centrai, l17A
l1s; Lake Shore, s4s4 s5; Illinois Central. 1856
bid; Cleveland and Pittsburg ok 91zs; Chicago
and North western, 72ss 7221 do, preferred, S9a,
S91s; roleoo ana Wabash. 53h a 53a; do, pre-
terred. ~ bid; Fort Wayne, IS a ssH; Alton ana
Terre Haute, preferred Sc 81; ohio and Mississippi
25ss l55l; Delaware and Lackawanna, 1o4 Jos;
New Jersey Central, ss 9s1a; Chicago and Alton
1A a l45; do. preferred, 145 147; Morris and
Essex, 81; Hannibal and ST. Joseph, 107 los; do
preferred, 1867 bid; Dubuque and Sioux City, 100 a
1O9k; Colorado, Chicago and Indiana Central, ls,.
lsS.
HIGHEST AND LOWEST PRICES.
The extreme fluctuations III the leading specuia-
t;vo etncra are enown i'm tho taha.