The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-08-06
FINANCIAL AND CONNER GAL.
~ o EY n n II Il Il T.

1HURSDANB August J--O i. Nj.
The impression became very general this morning
that the Central dividend would be less than usual,
and the effect was injurious TO the market value of
stocks. There was, for q time, general Stampede
10 sell out, and sell short At the FIRST board over
500 shares Of Reading were sold at prices ranging
from Asa TO 479, presumably for the house which
has lately been prominent in bulliog the stock.
The bears. who comprise all the minor houses repre-
sented at the board, began also with great boIdness
to sell the Western railroad stocks-Central, Erie,
&C.. on the calculation that three or two per
cent dividend by the Central would induce many
holders to throw their stocks upon the market.
For the time, Of course, this eagerness TO sell
had the effect of hammerng down prices.
New York Central fell 4 below the lowest
prices Of yesterday, and nearly I per cent
lower than the price of yesterday morning.
Hudson declined 3; Cleveland and Toledo, s;
Milwaukee and Mississippi, 4; Michigan Central,
? per cent; Southern, 4; do. preferred, q; Panama.
per cent Galena, & Rock Island, l. Reading fell
from Asa 10 All but rallied after the board (as did
most stocks) 10 As. Pacific Mail was steady at SCI,
yesterdays closing price. As usual when the bears
have been long in the preponderance the best help
the bulls get is from the demand from them for
stock for delivery. This is particularly the case
with regard 10 Reading; the short interest large
that unless some private arrangement be made the
bulls only need to remain quiet 20 punish their an
tagonists very severely. sale Of Erie will be no
tced at Ia. II is understood that the directors OF
this concern have resolved to sell free tickets
10 Syracuse via Bnghamion for 50. 20 as 10
attack the Central's way business, as well
as their through traffic. BY this means il
il supposed that Central will decline and those di.
rectors Of the Erie who known TO he short of Il
viii make a handsome thing This quarrel
is an excellent thing for travellers. A
testimonial to Mr.. Daniel Drew is spoken Of There
was no change in the price Of bank stocks. which
were rather more active this morning. Among the
State securities the most active were Tennessees and
Missouris-the former at last quotations the latter
at shade lower rates. La Crosse land grants were
about lower to-day, the effect of the report of the
Board Committee having already worn of. In the
other bonds there was little or nothing done and no
change in prices.
After the board prices stihened somewhat. the
bears having oversod themselves. In the afternoon
the market was better, and Central, Reading. Michi-
gan Central. Rock Island, &C, improved. The fol
lowing were Groesbeck q Hoyts closing prices
after the board:-Central. 81; Erie. liz Hudson.
Zrfs fWdulOEs 4c4s NFulFdl. W. Banama.
ll3j; Pacific Mail IS; Gaena So; Rock Island. 7ei:
La Crosse, A.; Toledo, $50, &c. The market closed
rather steady.
Exchange ON Europe was dull and unsaIeable; the
bankers whose bills obtain the highest rate arc
holding az 1907 a ITO on London, and Ola on
Paris but we hear of business at these or indeed
at any other rates. There is no change of any mo.
ment TO report in the market for money. Three
and half per cent is the general rate for loans on
stocks in Wall street. first class short paper is dis
counted at 80.
The exchanges at the Bank Clearing House this
morning were sls.93757l 81, and the balances
81 ,O33 100 81. The Metropolitan certificates stand
at 81 600.
The following dividends have been declared The
st. Nicholas Insurance Company a dividend of four
per cent, payable on the 10th inst; the United
States Trust Company Of New York dividend of
three and half per cent, payable the 10th inst:
the Lorillard Fire Insurance Company semi annual
dividend of eight per cent, payable on demand
The gold from Frazer river received by the Moses
Taylor. has been assayed and the following is the
result
Fret deposr-Gold, fneness SIC thouss ndtbs
Silver, " .......lbi
second deposit Gold. $500. s45L