The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-09-16
FINANCIAL AND COMMERCIAL.
MONEY MARKET.

The uncertainty which still overhangs the settle.
ment between the rival railroad companies, and the
continued absence Of outside orders at the Stock
Board, exercised an injurious effect on prices this
morning, and we have to record a further decline.
The stock which suffered most was Rock Island,
which seems to be somewhat affected by the pending
contest with the owners of steamboats, the Misss
sippi. 1t opened this morning at decline of
per cent from last evenings closing price, and
after sales, mostly for cash, of some 500
shares, declined | per cent, closing very
weak. Galena was better supported, closing
below yesterdays price. Toledo fell off 7, and was
rather pressed by the bears. Michigan Southern,
common stock, declined 4; the guaranteed, which
was more active than usual, opened at a decline Of
per cent and fell of further per cent Michigan
Central declined /. Milwaukee and Mississippi and
La Crosse were steady; the land grants are very
quiet, without change in price. The Gales of New
York Central were large, amounting altogether to
some $500 shares, much of which was sold by the
commission brokers, and all bought by the shorts.
It was remarked that but for the demand from the
shorts the decline would have been very considerable
as it was, the price fell per cent. Erie was quiet,
and an eighth lower. Reading declined !. The bears
seem less active in putting out contracts; If they
decline. The difference between cash and time
operations in this stock is often as much as per
cent The business in bank stocks was we'll dis
tributed; we note an advance Of one per cent in
North America, and l per cent in Hanover and Me-
tropolitan. There was sale OF one United states
bond Of 1874 (the new Fives) at lO3i; there was
more offered at the same price without buyers
Missouris are lower, with large sales. The market
All Jac INF
At the second board the business done was
small, and stocks were all lower. Rock
Island declined another per cent; Central, !;
Reading. 4. &c. After the board, however, there
was reaction The closing prices were thus quoted
by Kowalski. Central, 7si a q; Erie, III !; Read
ing, 4sI a 4; Michigan Southern, 23A I; Galena,
s2iaI; Toledo, 33l I; Rock Island, 69i d;
Illinois Central, 759 l. The market closed steady.
The exchanges at the Bank Clearing House to-
day were as AS &c. and the balances ss7Oo32 76
The steamship Europa today took ont seGo, i22
% in specie, which was considerably less than was
anticipated yesterday. Exchange closed firm ct
1921 a 10 on London, and SIS 5.ll& on Paris.
Tbe Minnesota Mining Company has declared a
second semi annual dividend out Of the profits Of
1857 OF nine dollars per share, eighteen per cent
payable ut the Office Of the company in this city No
lsI 6reenwicn stIeet' Ahe saicS VI '"ss ycai . P'V
duct having been closed, the net earnings Of the
company are now ascertained to be about s3o6,oo
of which $4,000 were divided among the stock
holders in April last, and $4,000 now announced
for payment on the LIST Of November next This
makes the large amount Of sssoeeo net profits
earned and divided among the stockholders Of the
Minnesota Mining Company in the first six years,
from 1852 TO 1857, inclusive.
The Phoenix Fire Insurance Company, Of Brook
lyn, has declared semi annual dividend Of ten per
cent. payable at the branch Office, No. G YAH
street. on demand.
The movement Of the banks in the -four principal
cities OF the Union in which weekly reports are
made as shown by their last statements, Is a. fol-
loys:--