The New York herald., 1863-08-28
FINANCIAL AND COMMERCIAL.
THURSDAY, August q

l THURSDAY, August ZI--6 +. M.
Money was little more active to-day. Stocki
were unsettled, and thus gave rise to some chang
| ing of loans. The rate was no higher, six pei
cent being what lenders received, with the usual
| differences at and Z. There was no scarcity OF
money, and all wants were readily satisfied. Bust.
ness paper is without change, and currency Ger.
tifcates OF Indebtedness sold at 997S-an advance
Of Is on yesterday,
Gold was l24Z before the board, and sold up to
l247s at the board. In the course of the day it
declined to l241I. The opinion on the street is
partly that gold has been oversod, on expecta.
tions about the taking Of Charleston, and partly
that it is worth all that it is selling for-thst it
is not above its true par Exchange was unsettled,
and sold from 1867 to l3v.
II has been an exciting day in stocks: the de.
cline continued and was very sharp at the first
board. New York Central sold down to 1888, Erie
to ll6lS, Erie preferred to los, Harlem to l6l,
Reading to ll9, Illinois Central to l3l, Michigan
Central to l20, Southern old to 1927, Pittsburg to
l02 Fort Wayne to 81. The entire list was vio-
lently shaken, and bears had good opportunity
to take in their stocks sold short during the past
two days. 1t appears that many Of them did so,
and, although lower prices still were in some
instances reached after the closing of the CALL the
market soon began to rally. and the recovery this
afternoon, both at the one o'clock call and at the
regular board, was as rapid as has been seen in
Wall street. AT the second board New York Cen.
tral recovered to 1851, Erie to llsss, pre-
ferred to l09 Harlem to 1897, Reading to l2ll@
Michigan Central to l22s. Southern old to log, but
afterward sold at 1867; Illinois Central returned
to 1885, Pitmburg to los, and then fell to l0l; Rock
Ia a,A ,v,,,x~ II
had sold at 81, and as low as 90l4 seller 80, in the
morning, opened at 90, and rose to 95s.. On the
street, and at the four p. NJ. CALL the list advanced
generally to the extent of u or per cent: but AT
| the hour Of writing they had again shown signs
Of giving way. II remains a matter Of contest
and uncertainty what is the real character Of the
market for even II either side be correct they have
| not the means Of convincing their opponents now
Experienced men vary in their views as much as
the novices Of speculation; and, while one class
points TO the rapid rebound of the afternoon az
| clear proof Of the strength and elasticity
OF the market, the bears assert that the
prices attained are maximum, and tha,
| not the rebound but the decline, il the general
and normal tendency Of the market, varied only by
reactions, which are due to the covering OF short
sales, and purchases for an immediate profit. Still
money 10 cheap for use. and the bulls have made
| profits enough and have large enough margins on
their loans to endure good deal Of loss before
being convinced Of what as yet they do not believe
Brokers have for some time past gradually accrs.
toned their friends to increasing their margins, a
measure demanded alike by the increased margins
given to lenders and by the fluctuations Of the
market, so that shaking like that OF to-day does
not take them quite unawares. The news from
England continues favorable for American securi.
ties, latest dates by letter giving Erie a. 75l., m
nois Central Is rs discount, and New York Cen.
trail IS. Private teegraphic advces report higher
figures subsequently for Erie-7s 7sL. II was
almost impossible to get full list Of closing prices
to-day; but the following incomplete one is ap.
4 rcnded.-