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Commercial
May 26, 1858
The Daily Exchange
Baltimore, Maryland
What is this article about?
Monetary and Commercial Review from Baltimore on May 25, 1858, detailing active stock market with sales of $50,000, declines in Baltimore & Ohio RR shares, bond transactions, firm bank stocks, steady money market at 6-8%, New York market improvements, dull freights, government Treasury Notes borrowing, and New York bank averages showing loan increases and specie decreases.
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Monetary and Commercial Review.
BALTIMORE, May 25, 1858.
The Stock market continues to be quite active, the sales to-day amounting to about $50,000. Baltimore and Ohio R. R., of which about 1,200 shares were sold, was decidedly weaker. For cash the opening sales were at $56, a decline on the last rates yesterday of $1.75, but it afterwards recovered a little and sold at $57 cash. The closing time contracts were $57 buyer's option 60 days, and $57 buyer 60 and 15 days. This stock left off at $56 bid, $57 asked, regular way; $57½ bid, $57 asked, buyer 60 days, 75 cts.@$1 decline since yesterday. Northern Central Railway is dull, with sales of 150 shares, buyer 60, at $18, showing no change since the previous day.
Bonds and Loans were in but moderate request. Baltimore City 6's are firm, with sales of 1875's at 94, an improvement of ¼; 1890's, old, at 97, and new do. at 97½@97¾. Northern Central Bonds of 1885 are weaker, and sales were made to-day of $3,500 at 63 down to 63½, a decline since yesterday of 1½ per cent. Central Ohio 1st mortgage improved 2 per cent. over last transactions, sales to-day being made at 67. $10,000 of the income bonds of this Company also sold to-day at 12½. Bank stocks are firm, with an advancing tendency and few offering. We note sales to-day of 3 shares Farmers' and Merchants' at $41, an advance of 50 cents on last sales, and 10 shares Franklin at $12, also an improvement of 50 cents.
Maryland 6's, 1890, closed at 104½ bid. Baltimore 6's, 1870, 96 asked; do., 1875, 94 bid; do., 1886, 96 bid, 97 asked; do., 1890,97½ bid, 98 asked. Baltimore and Ohio Railroad bonds, 1867, 89 bid, 90½ asked; do., 1885, 80½ bid, 82 asked. North-Western Virginia 3d mortgage, 43½ bid, 45 asked; do., endorsed, 72 bid, 73 asked. Northern Central, 1885, 62½ bid, 63 asked.
The Stock market at New York to-day was firmer in its tone, and a gradual improvement at both the first and second boards was perceptible, the market closing steady. Erie improved ½; Michigan Southern ½;Panama ½; Reading ½;New York Central ½; Hudson ½. Missouri 6's declined ½.
We have no change whatever to note in the condition of the Money market here. Good paper continues scarce at Bank, while on the street it is rarely offered. Prime endorsed can be done at 6 per cent., and first class single names at 7@8 per cent. On call with good collaterals money may be obtained at 6 per cent.
The New York Tribune, in speaking of the Stock market there on Monday, says:
Stock operators were not left long in doubt this morning as to the course of the market during the day, for at the opening of business in the street there was a strong and pressing disposition to sell at figures considerably under closing prices of Saturday, and at the first session of the Board the full force of this heavy feeling was experienced without material check from the start to the close. The "British outrage" question has no doubt had quite an unfavorable influence on the Stock market to-day, although the excitement has not been intense enough to produce a panic per se. Some of the leading bull operators looking rather uneasily at the agitation of this complicated and unpleasant question, have probably concluded to relieve themselves of a portion of their lines of stock. and in this reduction of load, which has been quietly but constantly going on for several days, the market has received a fresh supply of stock altogether beyond its absorbing capacity for the time. To-day the purchases have been mainly on short account, although a fair amount of outside orders have been attracted by the low prices, and under this impulse, manifested its moderate rallying tendency at the close.- Whether prices are low enough to attract new parties outside into the field of speculation to a large extent or not is a problem we will not undertake to solve; but it seems quite improbable that the decline can continue without meeting a strong check soon, A favorable solution of this war question. which is certainly to be anticipated in a common sense view of the subject, would furnish the necessary impulse for a new upward movement.
The market for foreign bills for the steamer of Wednesday,opens dull. Bankers are holding at firm rates, but there is an increasing supply of commercial and bank signatures, which can be had at a little concession on the rates of last steamer. Sterling is 9@9½; Francs, 5.16½@5.12%.
Freights at New York are dull and heavy. To Liverpool, 33,000 bushels. Grain at 9@9½d.; 100 bales Cotton at 3.16d.; 500 boxes Cheese at 30s. To London 1,000 bbls. Oil Cake at 2s. 3d. To Glasgow 18,000 bushels Grain at 9½@10d., in bulk and bags; 600 bbls. Flour at 2s. 6d., and 1,000 do. by steamer at 4s. A bark of 1,600 bbls out to Windward Island at 50 cts. per bbl. A bark to Belfast with Flour at 2s. 6d., and Grain at 8d., in shippers bags. The ship Matilda, 600 tons to Sydney for $10,000.
Of the three millions borrowed by Government on Saturday at noon on Treasury Notes, over $2,000,000 has already been paid in. The takers of this loan are reported to be Bank of Commerce $100,000. Chemical Bank $250,000, City Bank $100,000. Seaman's Savings Bank $200,000, Merchants' Bank $150,000, New York Life and Trust Company $300,000, &c. The Secretary, previously to awarding these notes, had declined a joint offer of Messrs. Riggs & Co., and Thompson & Brothers for the whole three millions at 4 per cent. As far as we can ascertain not more than $300,000 or $400,000 of this issue are in the market for re-sale. They can be bought at ½ per cent. premium. The previous issue are 4@½ premium for 4½ per cents. and 1 per cent. for the 5 per cents. The three per cents. are in fair demand and very scarce at 20@30 per cent. discount.
The Official Averages of the Banks in the City of New York, for the past week, ending Saturday, May 22, present, in the aggregate, the following changes from the previous weekly statement of May 15:
Increase of Loans. $1,538,794
Decrease of Specie 683,282
Decrease of Circulation 195,530
Increase of undrawn Deposits 698,443
Including the exchanges of the week through the Clearing House, which come off the gross deposits in bank, and including, also. the Sub-Treasury statement of Saturday afternoon, the following is the general comparison with the previous exhibit and with the corresponding week last season:
COMPARATIVE RECAPITULATION,
May 23,57. May 2,58. May 15,59
Capital $40,442,110 $47,717,000 $41,790,010
Loans, 104,949,102 115,659,000 114,119,800
Specie 18,924,735 34,047,316 17,372,424
Circulation... 8,738,025 7,307,415 7,829,75
Gross Deposits.. 97,314,075 101,817,869 103,800,000
Exchanges.. 24,788,797 17,621,131 18,240,000
Undrawn... 65,517,29 27,738,000 85,590,295
In Sub Treasury... 13,562,24 5,365,316 5,853,350
The Assistant Treasurer at New York reports Monday as follows:
Total receipts $1,800,409 72
Total payments. 656,105.44
Total balance. 6,144,304.28
The receipts include $46,000 from customs, and $1,710,000 for treasury notes,
The transactions at the Clearing House on Monday were as follows :
Total exchanges.. $19,364,000.07
Total balances. 1,143,624
SALES AT THE BALTIMORE STOCK BOARD.
Prices and Sales of Stocks in New York,
BY TELEGRAPH.
Through Wm. Fisher & Son, Stock and Bill Brokers
BALTIMORE, May 25, 1858.
The Stock market continues to be quite active, the sales to-day amounting to about $50,000. Baltimore and Ohio R. R., of which about 1,200 shares were sold, was decidedly weaker. For cash the opening sales were at $56, a decline on the last rates yesterday of $1.75, but it afterwards recovered a little and sold at $57 cash. The closing time contracts were $57 buyer's option 60 days, and $57 buyer 60 and 15 days. This stock left off at $56 bid, $57 asked, regular way; $57½ bid, $57 asked, buyer 60 days, 75 cts.@$1 decline since yesterday. Northern Central Railway is dull, with sales of 150 shares, buyer 60, at $18, showing no change since the previous day.
Bonds and Loans were in but moderate request. Baltimore City 6's are firm, with sales of 1875's at 94, an improvement of ¼; 1890's, old, at 97, and new do. at 97½@97¾. Northern Central Bonds of 1885 are weaker, and sales were made to-day of $3,500 at 63 down to 63½, a decline since yesterday of 1½ per cent. Central Ohio 1st mortgage improved 2 per cent. over last transactions, sales to-day being made at 67. $10,000 of the income bonds of this Company also sold to-day at 12½. Bank stocks are firm, with an advancing tendency and few offering. We note sales to-day of 3 shares Farmers' and Merchants' at $41, an advance of 50 cents on last sales, and 10 shares Franklin at $12, also an improvement of 50 cents.
Maryland 6's, 1890, closed at 104½ bid. Baltimore 6's, 1870, 96 asked; do., 1875, 94 bid; do., 1886, 96 bid, 97 asked; do., 1890,97½ bid, 98 asked. Baltimore and Ohio Railroad bonds, 1867, 89 bid, 90½ asked; do., 1885, 80½ bid, 82 asked. North-Western Virginia 3d mortgage, 43½ bid, 45 asked; do., endorsed, 72 bid, 73 asked. Northern Central, 1885, 62½ bid, 63 asked.
The Stock market at New York to-day was firmer in its tone, and a gradual improvement at both the first and second boards was perceptible, the market closing steady. Erie improved ½; Michigan Southern ½;Panama ½; Reading ½;New York Central ½; Hudson ½. Missouri 6's declined ½.
We have no change whatever to note in the condition of the Money market here. Good paper continues scarce at Bank, while on the street it is rarely offered. Prime endorsed can be done at 6 per cent., and first class single names at 7@8 per cent. On call with good collaterals money may be obtained at 6 per cent.
The New York Tribune, in speaking of the Stock market there on Monday, says:
Stock operators were not left long in doubt this morning as to the course of the market during the day, for at the opening of business in the street there was a strong and pressing disposition to sell at figures considerably under closing prices of Saturday, and at the first session of the Board the full force of this heavy feeling was experienced without material check from the start to the close. The "British outrage" question has no doubt had quite an unfavorable influence on the Stock market to-day, although the excitement has not been intense enough to produce a panic per se. Some of the leading bull operators looking rather uneasily at the agitation of this complicated and unpleasant question, have probably concluded to relieve themselves of a portion of their lines of stock. and in this reduction of load, which has been quietly but constantly going on for several days, the market has received a fresh supply of stock altogether beyond its absorbing capacity for the time. To-day the purchases have been mainly on short account, although a fair amount of outside orders have been attracted by the low prices, and under this impulse, manifested its moderate rallying tendency at the close.- Whether prices are low enough to attract new parties outside into the field of speculation to a large extent or not is a problem we will not undertake to solve; but it seems quite improbable that the decline can continue without meeting a strong check soon, A favorable solution of this war question. which is certainly to be anticipated in a common sense view of the subject, would furnish the necessary impulse for a new upward movement.
The market for foreign bills for the steamer of Wednesday,opens dull. Bankers are holding at firm rates, but there is an increasing supply of commercial and bank signatures, which can be had at a little concession on the rates of last steamer. Sterling is 9@9½; Francs, 5.16½@5.12%.
Freights at New York are dull and heavy. To Liverpool, 33,000 bushels. Grain at 9@9½d.; 100 bales Cotton at 3.16d.; 500 boxes Cheese at 30s. To London 1,000 bbls. Oil Cake at 2s. 3d. To Glasgow 18,000 bushels Grain at 9½@10d., in bulk and bags; 600 bbls. Flour at 2s. 6d., and 1,000 do. by steamer at 4s. A bark of 1,600 bbls out to Windward Island at 50 cts. per bbl. A bark to Belfast with Flour at 2s. 6d., and Grain at 8d., in shippers bags. The ship Matilda, 600 tons to Sydney for $10,000.
Of the three millions borrowed by Government on Saturday at noon on Treasury Notes, over $2,000,000 has already been paid in. The takers of this loan are reported to be Bank of Commerce $100,000. Chemical Bank $250,000, City Bank $100,000. Seaman's Savings Bank $200,000, Merchants' Bank $150,000, New York Life and Trust Company $300,000, &c. The Secretary, previously to awarding these notes, had declined a joint offer of Messrs. Riggs & Co., and Thompson & Brothers for the whole three millions at 4 per cent. As far as we can ascertain not more than $300,000 or $400,000 of this issue are in the market for re-sale. They can be bought at ½ per cent. premium. The previous issue are 4@½ premium for 4½ per cents. and 1 per cent. for the 5 per cents. The three per cents. are in fair demand and very scarce at 20@30 per cent. discount.
The Official Averages of the Banks in the City of New York, for the past week, ending Saturday, May 22, present, in the aggregate, the following changes from the previous weekly statement of May 15:
Increase of Loans. $1,538,794
Decrease of Specie 683,282
Decrease of Circulation 195,530
Increase of undrawn Deposits 698,443
Including the exchanges of the week through the Clearing House, which come off the gross deposits in bank, and including, also. the Sub-Treasury statement of Saturday afternoon, the following is the general comparison with the previous exhibit and with the corresponding week last season:
COMPARATIVE RECAPITULATION,
May 23,57. May 2,58. May 15,59
Capital $40,442,110 $47,717,000 $41,790,010
Loans, 104,949,102 115,659,000 114,119,800
Specie 18,924,735 34,047,316 17,372,424
Circulation... 8,738,025 7,307,415 7,829,75
Gross Deposits.. 97,314,075 101,817,869 103,800,000
Exchanges.. 24,788,797 17,621,131 18,240,000
Undrawn... 65,517,29 27,738,000 85,590,295
In Sub Treasury... 13,562,24 5,365,316 5,853,350
The Assistant Treasurer at New York reports Monday as follows:
Total receipts $1,800,409 72
Total payments. 656,105.44
Total balance. 6,144,304.28
The receipts include $46,000 from customs, and $1,710,000 for treasury notes,
The transactions at the Clearing House on Monday were as follows :
Total exchanges.. $19,364,000.07
Total balances. 1,143,624
SALES AT THE BALTIMORE STOCK BOARD.
Prices and Sales of Stocks in New York,
BY TELEGRAPH.
Through Wm. Fisher & Son, Stock and Bill Brokers
What sub-type of article is it?
Stock Market
Banking
Shipping
What keywords are associated?
Stock Market
Baltimore Review
Bond Sales
Money Market
New York Freights
Treasury Notes
Bank Averages
What entities or persons were involved?
Baltimore And Ohio R. R.
Northern Central Railway
Farmers' And Merchants' Bank
Franklin Bank
Bank Of Commerce
Chemical Bank
City Bank
Seaman's Savings Bank
Merchants' Bank
New York Life And Trust Company
Riggs & Co.
Thompson & Brothers
Where did it happen?
Baltimore
Commercial Details
Location
Baltimore
Event Date
May 25, 1858
Commodities
Grain
Cotton
Cheese
Oil Cake
Flour
Key Figures
Baltimore And Ohio R. R.
Northern Central Railway
Farmers' And Merchants' Bank
Franklin Bank
Bank Of Commerce
Chemical Bank
City Bank
Seaman's Savings Bank
Merchants' Bank
New York Life And Trust Company
Riggs & Co.
Thompson & Brothers
Notable Details
Sales Of $50,000 In Stocks
Baltimore & Ohio Rr At $56 $57
Northern Central At $18
Baltimore City 6's 1875 At 94
Northern Central Bonds 1885 At 63 63½
Central Ohio 1st Mortgage At 67
Money At 6 8%
Freights To Liverpool Grain 9@9½d.
Government Borrowed $3m In Treasury Notes
Ny Banks Loans Increase $1,538,794
Specie Decrease $683,282