Year: 1865

MONDAY, July 31-ePM


The stock market was depressed at the FIRST board this
morning. mainly in consequence of apprehensIons Of
monetary stringency. Erie closed "a lower than
first board on Saturday, Reading "a, Michigan South
ern lzs, Cleveland and Pittsburg 1&, North Western
a. Fort Wayne x, Rock Island y, Ohio and Missis-
sippi certificates y, Cumberland q.
rites were excited notwithstanding that the price OF
fvetwentes in London the Goth inst 711z 70,
or n u lever than that telegraphed from
Cape Race Saturday Coupon 1vetwenties opened
l06 and advanced 107 the CALL the transactions
beng unusually large under German orders to buy After
the call there sale al 1914, but the advance was
not sustained the street. Coupon SKIES OF 1881 were
u lower Seven-thirty notes Of tho second series sold
at 99H, and afterwards the street at 90 AT
the open board at O'Clock the market
steady, EEe excepted which ~ lower.
Some of the stock sold under the rule
the street after the board and controversy as
the formaly of this proceeding, involving
four hundred shares II conended by the default
ing party that the purchase could properly be made
only at the regular board and it expected that the
subject would brought before the board at the
second session. it passed The broker repre-
sentng the speculative director having called In the STOCK
he had lent has shown disposition TO accommodate
those who failed respond. Erie has, therefore, been
very scarce for delivery and there has been fractional
difference between the cash and regular price, but sun


has been depressed


At the second regular board Erie closed lower tian
at the first board Illinois Central a. Hudson River was
1a higher, Reading ,S, Michigan Southern q, Rock
Island X, Quicksilver a. Fort-wayne was unchanged.


Fiye.twentes were steady at decline OF per cent
from the highest price Of the mornings new issue&.
seven-thrty notes of the second series sold at 90.


AT the open board at half past three the market


fraction higher portion OF the list and fraction
lower on rest the speculative feeling being rather
unsettled New York Central closed on the call at 91M
exdividend, Eric 92 Hudson River 111A, Reading 1o5
Michigan Southern 65A Cleveland and Pitsburg 70's,
Northwestern preferred Ia, Ohio and Mississippi cer
hcates 25A, Cumberland Al, Quicksilver SO. After
wards, on the street. the market dull. New York
Central was quoted at Ok 92 half past four, Erie
elX o. Reading 105 ~ Hudson River ll1A III,
Rock Island 10S a u.


The money market has been active at seven per cent
for call loans but the fears entertained in some quarters
Of its becoming tight groundless The statement OF
the associated banks the week shows decrease in
deposits Of than millions and in legal tender
notes OF nearly FIVE millions eight hundred thousand
The specie is reduced nearly half Million and the
loans more than six hundred and eighteen thousand.
These figures are unfavorabe, yet the plethora
of loanable funds in circulation is great and
their increase is steady, that no sringency
is likely to occur The bugbear of tight money market
is however always formidable on the Stock Exchange
the spectre Of all others which the bulls most dread
and Imagination is often potent than fact In in
1uencing prices based upon the course OF money II Is
still indispensable the interests Of the government that
monetary case the great financial centres should
continue for with str.ngency would come a rapid
decline in certificates Of Indebtedness and every other
form Of national security well Of railway shares
The latter are still Inherently weak. owing to the in
efficient management Of the roads and their consequent
wastefu expenditure II is estimated good authority
that the working expenses Of many Of our prominent
railways might reduced fifty per cent without impair
ing their eciency and this Is especially the case with
the Northwestern roads. In the course OF time how
ever, the stocks floating In Wall street will bo
bought up by investors, and as speculation in them
dimnishes, the prevailing corruption in their manage
will be likely to give place to something approach
ing of purpose and such speculative directors as
now control large interests in Wall street will find their
occupation gone At present railroad directors are, Tor
the part, speculators In the stock OF the
companies they represent; and there every reason
to suppose that they their official position to promote
their speculative interests They have no inducement
10 economise long fat contracts acceptable to
aher friends and they participate in the profits and
when ga thing be done In Wall street by tho
mere cooking OF accounts they seldom hesitate.


The highest and lowest closing prices Of the leading
rtocs at the regular board during the present month