The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-08-09
$Ih.S5Q 6lQ 81

Foreign exchange continued throughout the week
to be dull and inactive, though no concession was
made in prices by the sellers. According to the
opinions current in Wall street, the movement of
specie has been against the banks. California
steamer will be due early this week with fresh
remittance and fortnight later adyices from Frazer
river
The event of the week in financial circles has been
the proposals for the loan of ten millions advertised
for by the government. We stated yesterday that
a sum of slS5 900 had been deposited with the Sub
Treasurer at this place. in accordance with the terms
of the advertisement Of the department. and this
is one per cent of the sm rendered for, il follows
that New York is prepared to take SIS, 100000 of
the government securities. Much diversity of
opinion exists to the premium at which the
loan will be adjudged Some foreign houses are said
TO have expressed opinions to the effect that three
or four per cent would be high; while certain do
nestle institutions which want the securities as
a basis for banking, &c, are supposed TO have
offered TO give as high as l07 or 1914 On one side
it is urged that at these rates the govern
ment fves would be good investment considering
the present cheapness of money; but, on the other
hand, il is argued that month or six weeks hence
there are many reasons for believing that much
more profitable investments viii offer On the whole,
there seems TO suppose that the loan, the
greater part Of it, may be disposed of at rates not
lower than a premium; while it is possible that
great proportion may he taken at 6a7. Nothing
will be known, however, before Tuesday morning;
the bids are 20 be opened at noon tomorrow.
In the railway world the most important even, Of
the week was the declaration of the New York Cen.
trail dividend, which as We stated beforehlnl was
the usual four per cent. IL was expected thlt this
would operate favorably on the stock market, in
stead Of which prices have steldily declined ever
since II was declared. Whether this arose from the
usual law of contraries which governs stock move
ments or whether the public were disguised to find
that the Central, which had never paid more than
-four per cent in flush times could still pay the same
when times were admittedly disastrous, It were diff
cult TO say Certainly considering the falling of in
travel, and the opposition Of the Erie II would seem
that the Central owes some explanation to the
public Fit earned four per cent this year how came
il to earn only four last year Anusion was made in
this column, at the time, to the fresh reduction in
fares by the Erie. correspondent suggests that
as the Board Of Brokers took cognzance Of the ap-
parent wrong doing in the matter OF the Lacrosse
interest, they ought to appoint a committee TO in
qure whether director OF corporate enterprise is
justified in using his influence and his means to force
into path which Is certain 20 lead 10 ruin-not only
for itself but for its rivalsin order 10 make money
by selling its stock short Also, whether. " such
conduct be legally ustifable il is honorable or de-
cent
The course Of the stock market has been generally
downward throughout the week, a. the following
table will show: