The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-09-26
THE CITY BANK STOCKS.

THE CITY BANK STOCKS.
The following were the bids for the city bank
shares New York, 1872; Manhattan, 1907 Mechan-
ics' 100; Phenix, 1o1; Tradesmen's, 14s; Gallatin
National, lls; Mercantile, 1870; American Exchange,
114 Chatham, $50; Hanover, 90; Irving, 1877; Metro
polltan, 1888; Citizens, 1856; Nassau, lo7k; CONT
mental, 91h; Marine, 1876; Importers and Traders,
1857 Manufacturers and Merchants, 100; New York
National Exchange, OF; Central National. 100;
Fourth National, HOY; Tenth National, 49,;
Oriental, ITO; German American, 102x.
SOUTHERN SECURITIES FIRM.
The Southern State bonds were generally firm
and the Tennessees strong, the new issues advanc-
ing to rs. The new South Carolinas were excep-
tionally heavy and lower. The following were the
closing prices Tennessee ex coupon, 72K IS;
do, new, TN 70; Virginia ex coupon, Az a
go; do. sixes consolidated bonds 60k 81 /;
Georgia skies, 70 so; do. sevens, SO So; North
Carolina ex coupon, "a q IS; do, new, 90 a 81; do
special tax 10 IA; Missouri skies, 9214 ok;
do, Hannibal and st. Joseph, so OIL; Louisiana
skies, So So; do, levee SKIES, 80 a 81; do, do
Fights, 70 q rs; Alabama fves 81 q 90; do, eights
SO a IS; South Carolina skies, Is a IS; do, new.
January and July. 2sN "a; do, do, April and
october, "a q 20; Arkansas sixes funded, ~ O IS.
STOCKS UNSETTLED AND LOWER.
The stock market led or with great strength and
ma to IA and an advance in Pacific Mail, which
latter stock was naturally affected In beneficial
way by the remarkable rise In its connecting and
fellow railroad stock. The first sales Of Pacific
Mail were at esq., whence there was pretty active
improvement to Is. The rest of the market fol-
lowed at O distance Of n q u per cent, Union Pa
cifc touching so, Rock Island 11oX and
NEW YORK CENTRAL
o3X. The advance brought out sales to realize,
and the check thus given the upward tendency was
taken advantage OF by the "bear clique to convert
the buoyancy into depression by the squeeze" in
the money market already referred to, and by lib
eral sales Of stock lat the Market" Panama fell
back to 14O athough 1t recovered later at the close
to 14S) and Pacific to II. The early Improvement
in the general list entirely lost in this decline,
and the range OF prices about halfpast three
O'Clock was the
LOWEST OF THE DAY.
At the same time sudden and active weakness
was developed In Northwestern preferred, which
fell to S5N. In explanation 1t was said that the
directors had discovered that 1t would be impos.
sible to pay more than the regular guaranteed
dividend at the rate Of per cent; but the real
reason lies, doubtless, in the necessities Of the
clique who had to fall back upon their store Of this
stock, held by them for investment, to get addi-
tional means to proceed with the tightening OF
money begun this afternoon. Heretofore they have
thrown O sheaf or two Of Hannibal and st. Joseph
shares on the market whenever they wanted funds,
and their recourse to
NORTHWEST PREFERRED
Is taken as an indication that they have exhausted
that extra five millions OF Hannibal and St. Joseph
and had to 60 back upon their own personal prop
erty and valuables. 1t is also said that q German
banker, In manoeuvring to sell the common stock
was suddenly 'pumped" with lot Of the preferred,
which he had to get out OF as best he could, and
hence the pressure Of sales during the closing hour
of business. The "corner" in Erie underwent q
still further relaxation and the greatest difference
between
was only per cent, the latest lending rate being
''nar." After the hour for making deliveries the
cash stock was worth even q little less than the
regular way kind. These facts are believed to in
dictate that either Mr.. Drew has sold his stock or
the several steamers which arrived since yesterday
have brought supply OF Erie SUFFICIENT to go
around for the present The Governing Committee
have decided that party supplying the bid in con-
tracts closed out "under the rule" and falling to
deliver the stock as agreed, renders himself liable
to expulsion under the enforcement OF the penal
ties imposed in the case of transactions involving
s'OBvIOUs FRAUD"
Also that the defaulting party shall be liable to
pay the difference between cash and regular stock,
the amount Of this difference other damage that
may be claimed to be assessed by the Arbitration
Committee. This decision was consequence Of
the discussion evoked by the evasion Of contracts
when Daniel Drew endeavored to face the 'corner'
in Erie on Monday and Tuesday last. The New
Jersey Central dividend was the subject Of great
deal Of discussion to-day. 1t seems that the
CONSOLIDATED DIRECTORY
"passed" the dividends on both Lackawanna and
New Jersey Central, at their meeting on Monday.
The board Of the latter company not liking this
action, met suddenly on Tuesday and declared O
2h per cent dividend, as reported. Doubt
ess the courts will rule out this declaration,
as the two companies were virtually consolidated
and entitled to share equally In the Joint earnings
of the two roads. New Jersey Central, declined to
100 and Lackawanna to 90, but rallied each per
cent before the close. The directors Of the Bulls
Head Bank have declared quarterly dividend Of
4per cent, payable october /.