The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-07-11
FINANCIAL AND COMMERCIAL,

SATURDAY, July lO-o L. M.
There was better market to-day for all kinds of
securities and for the first time for many weeks we
notice some buying speculation on the bull side.
There is not much of it, yet. The street is still
strongly inclined to the bear side All the smaller
operators are short of stocks, and hardly day
passes but ingenious story is set on foot among
that ingenious fraternity, and circulated to the
damage of stocks. By these means the public are
frightened out of the market. The bot weather. Also
which drives people out of the city is unfavorable
an immediate movement in stocks. But, notwith-
standing these difficulties, the market was
strong and healthy today. As compared
with the prices current yesterday afternoon, New
York Central rose !; Rock Island, IA; Galena, d
Erie, Z; Michigan Central, J; Michigan Southern, d
Michigan Southern preferred !; Panama, l; Read
ing, 4, &C., &c. Cleveland and Toledo was steady
with small sales. Gardiner Gold improved an eighth
Among the bonds the most active were the Mis-
souris, of which over 100000 changed hands, the
price finally rising to IS, with good demand for
speculative purposes La Crosse land grants
which were also active, continue to fall of in
price; there was sale, seller sixty, at nearly
two per cent under the cash price, iii
nois Central bonds declined 1, under the i'm
a supply from the other side. A large parcel of
virginms changed hands at onefourth above the
lately current price.
The market closed strong, and remained so till
the afternoon, when most of the prominent brokers
left the street. 1t resolved, in consequence of
the heat to adjourn over, without a second board,
10 Monday morning.
The causes of the present rise in stocks may be
easily traced. The growing certainty that, nowith
standing the hard times, the New York Cen
trail and Galena will pay their usual divi-
dends at the usual time, and that they
will be followed in due course by the Chi
cago and Rock Island and Michigan Central,
has impaired q more hopeful feeling to the holders
ofrailway stocks. There is suspicion, too, that at
least one prominent operator, who has been con-
spicuous on the bear side, has despaired of seeing
any further decline in stocks, has closed up his
tracts, and is operating for rise. Moreover, the
hope gains ground that in the ensuing week the
real proprietors of the New York Central and Erie
railroads will not suffer the enemies of those great
enterprises TO break them down merely in order to
make little money bears In the stock; and that
if the direction of the Erie be not weeded OF those
persons whose names and authority have been used
for years to the detrment of the property at least
that some pledge shall be obtained from them that
for the future so long as they remain in the drec-
tion they shall TO njure the property of their
associates for the sake Of their own private opera
tions. How far these causes may countervail the
dulness pervading the whole financial and CONNER
cial world, and tho nopportune season for bull
movements, the next few days may show.
The half yearly dividend Of the Bank Of Kentucky
is ten per cent which viii be paid TO the New York
stockholders, at the Bank Of America, July IL.
At meeting of the stockholders of the Hartford
County Savings Institution, held in Hartford yester-
day, Mr.. Dodd, the accountant, stated that he had
discovered that adopting six per cent rule Of inte
rest the last dividend declared by the bank had not
in fact been earned; this would make matters s. 900
worse for the stockholders, and proportionatey
better for the depositors. Some Of the loans were
nomnally drawing nine and ten per cent interest.
If the principal and interest could have been col
lected at those rates, the dividend would have been
legal but, inssmuch the rates were Illegal, and
the loans incolectabe, IL was suggested that the
stockholders remained liable TO that extent notwith
standing IL had been endorsed off the stock notes.
committee was appointed to investigate and TO
report at future call.