FINANCIAL.

Otago Daily Times, Issue 7004, 28 July 1884, Page 2

FINANCIAL.

AU sorts of wild rumours were in circulation on Juno 20 about the Federal Bank of Toronto. The stock of the Bank had fallen 3 per cent, since the previous Monday. The manager had resigned and had been succeeded by J. W. Ingram. At Montreal the excitement among stockholdsrs was fntense. The; cause of the trouble is said to ba that large parcels of new stock issued some time ago were held on margin by stock companies, who are how trying to realise on them.

Echoes of the late financial crisis in New York are still heard. Bank failures have taken place during ;he month in all parts of the country. On June 26 there were three failures in Pennsylvania, and also the closing up of several stock operators in New York, the extensive house of Stout and Co. being among the number. Tho old-established houso of Matthew. Morgan and Son 3, New York, failed on June 24 for a large amount. The firm was one of extended operations, and had correspondents in all Europe and tho Colonies. R. Garrison, a wealthy capitalist of New York, failed on June 20 for 1,000,000 dollars. The event surprised everybody, as Garrison was supposed to ba solid on five millions.

A diapatoh from New York, of July 4, says the Ascot Gold Cup, won by James R. Keene's Foxball at Ascot races in 1882, will be sold by public auction, by Collector Robertson, in a, few weeks unless. Mr Keene pays-the duties on tho trophy, which is valued in England at 5000dol. The cv . would como under a section of the Tariff Acb relating to manufactured medals, and would have to pay 45 per cent, ad valorem duty, amounting to 2250d01.' The cup was imported Qver a year ago by Mr Keene, and has since been in the public stores. Mr Keene »ill have to pay the duties on the day of sale, and will probably send the cup back to England. He say 3 that if Americans cannot afford to admit free of duty a prize won in England by an American horse, he can afford to send it back.