The New York herald., 1874-09-30
FINANCIAL and COMMERCIAL
Continued Activity on the
Stock Exchange.
A VibratOrv Market, Clos
ing Strong.
@ O L d Il O I 8
STREET.

TUESDAY, sept 29--6 P. NJ.
Another failure startled both the commercial
ana anancial communities to-day, Williamson,
Grrith 4 CO. went up. Their failure was con-
nectea with that OF James Bishop Co.. involving
The soyency OF the latter which quickly responded
IN an inverse direction by suspending first. There
was not much time 10 hunt up a biography OF the
suspended hrms; but An evening pager, which
appears 70 be posted, furnishes the follow
ing.-'It is stated that there was
close connection between the two concerns,
a brother OF the senior meuber OF Williamson,
Crrith Il Co. being partner in the house OF
James Bishop & CO. Nothing definite be
learned as 10 the assets and liabilities, neither
frm has yet mace any statement. 1t is reported
tnat among the chief sufferers by these failures
are prominent city bank and leading foreign
exchange banking firm. Both OF the suspended
hrms have been in business in this city many
wears and have heretofore stood in high credit,
and much sympathy was expressed Tor them in
business circles to-day"
The suspension OF a rubber house was received
to-day with ease, there being fear OF petro-
leam pyrotechnIc display.
THE STOCK MAgKET
eary ia the day was strong and active, with q
general advance IN prices. Lake Shore rose TO
.e9s and ohio to 297s, tie highest figures OF the
season The advance in Lake Shore was stimu
lated Dy favorable rumors in regard to the loan
arising out OF meeting Of the EXecu-
tive Committee this morning, The commit
adjourned without having accomplished
anything, a matter Of fact that would alter the
relation of Lake Snore 10 the rest OF the market
The impression derived rom the meeting, how
ever, is favorable. Lake shore will pay the cur
rent dIyidend that is as certain as such guaran-
tees be. The question OF a lease to New York
Central was considered ana met with less opposi-
ton.
DAN DREW
has been a large purchaser of Lake Shore of late,
and Daniel is the sponsor OF the Canada South
ern road his investments in Lake shore nave
not the quality Of encouragement for
Lake snore investors. Daniel is truly
religious man. ana at time
great profit in Erie. Ee climbs Jacobs ladder
now with the ease OF an angelic acrobat. But the
vulgar fellows in the street, who read the English
translation, say he is trying TO get around the
Commodore. OF course if he got hold of Lake Shore
he could break the New Yo * Central connection.
Now, the question is, Is there really duel be.
tween the old champions and early antagonists,
Dan Drew and Commodore Vanderbilt?
LAKE SHORE WENT UP
upon the purchases TODAY aud OF course helped
the market. 1t undoubtedly Drew who put
the stock up, and the question arises, Why?
What relation has this movement 10 Canada
"a
and Western Union to 7s5., owing to the
absence of any unfavorable reports in regard to
the Commodore's health. c., C. and /. C. rose to
49, on kilograms from Philadelphia that the Penn
sylvania Company would pay the interest the
nrst mortgage bonds due October l. Union Pacific
advanced to 367.. st. Paul advanced TO 35H and
Northwest 10 3gh. Pacific Mail rose TO 503s and
Panama firm at 115 The Panama directors
yesterday appointed committee to confer with a
IN liar mi ttae fror Mail Y
III regard to merging the interests OF the two
concerns. Erie was exceptionally weak and
declined from 267s TO 34ss, IN sympathy with
a decline at London to 32I. The stock
market at the close was buoyant and excited,
with an enormous business The advance from
the lowest point Of the day 4 to q, and was
most marked III Lake Shore, Pacific MAIL Erie,
Western Union, G.. q. and l. c., Wabash and 0hios.
In Lake shore, 0hios and Pacific Mail the highest
quotations OF the season made. Just pre-
vious TO the close Lake Shore advanced rapidly
until sO]z was reached The business in the stock
was enormous, and chiefly IN large blocks ranging
IRON 1000 to $500 shares. There was APPARENT
large buying to cover short contracts which gave
a stimulus to the upward movement, and this is
true Of other stocks on the list Pacific Mail ad
vanced to 81 u, and there active business
ID the stock as it advanced. Wabash rose to 343.
and was also actively traded H. Erie recovered TO
o0Ss anu was STEADY dt Jne close. Northwest rose
TO 39]s Western Union recovered to 1914 and Union
Pacific to 365s. g, c. and l. G. rose to l37. and
closed at 134.
GOLD
opened at l0974, which was the lowest figure OF
the day, sold at ll0is and closed at that advance
Cash gold was in demand and from l to 2 per cent
was paid for borrowing Loans we're also made
nat. The Assistant Treasurer paid out to-day
$4,000 in redemption OF five twenty bonds and
. m Inn
to-day were s4Os 900.
FOREIGN EXCHANGE
was steady in the early dealings on the basis OF
Ls4h Tor bankers sixty days sterling and ( 81
for short sight, with sales at asa and So 4s61l
respectively. Continental was unchanged. Reich
MARKS, sizs ana 95'f; cables, o6Js; prime Paris
5.l6h and 5.141S. Ia the afternoon the market
was hrmer Browns long bills were held at 4s4}S,
less lie; commercial. 4s3. Drexel Morgan re-
port their rates at s.Sj and 4.s75s.
MONEY
is stll to per cent on call, 2ls per cent Scing
the ruling rate. Prime mercantile paper sells at
3 to "a per cent, the most being sold above ca
per cent. The national bank notes received at the
treasury Tor redemption to-day amounted to
$4,000. The internal revenue receipts were
tl25,ooo, and called bonds received sl5o.O9O.
OUR EXPORTS
The total exports Of produce from this port ror
the week ending to-day amounted to s527s75a
mixed vaues, an increase over last week CT
t92i, OBS. The exports for the corresponding week
OF la year were s6494,94l, and for 1877 81 223
The total exports since January !, this year. are
s222 1904, against s2lj l6s,22s last year, aud
&l66, ,6ie, ,s95 Ia 1872.
THE FOREIGN MARKETS
are heavy Erie appears 10 be disturbing in
nuence, noe strengthening pending tue publca-
ton of the engineers and examiners reports.
The public patience Is becoming wearied 10 ex. .
pectatioh OF the presentation OF these documents,
AID, so lar as this market concerned, slInply re-
fuses TO discount them. tis virtually, ave have
been PROMISED facts: now we want them" Closing
London prices at five 2. NJ. were as follows -
Sonsos, money 92,. 921s; consols, account, 92H;