The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-08
FINANCIAL AND COMMERCIAL.


WEDNESDAY Nov. TIP.
he European advices by the Arago reported be
favorabe financially by contemporar es hal just
contrary effect in Wall street and the Stock Exchange
The market has all tho symptoms Of further depreciation
The supply u stock for sale appears to be daily
creasing All the reading pcies oat in great force
to-day and the sellers put out contracts freely current
rates. We notice unusually large sales Of Nicaragua Tran
sit Ut the first board to-day The fall In this stock has
been equal to about thrtyve per cent within the past
four weeks and strikes that about the lowest level
has been reached At the present marie value of the
stock the entire property Of the company would be
duced to about million Of dollars This stock is now
low that any advance large per cent on the
Erie the great card to-day. Nearly four thousand
shares were sold. Reading brought out in large
lots, but pretty wen sustained At the first board
Indiana SIS declined y per cent; Virginia 6's Al Mis-
souri, 6s a Erie bonds 1875 Chicago and Rock island
bonds, u; Cumber and Coal u Chicago and Rock Island
Railroad n; Erie, y; Michigan Central, u. pennsylva-
mia Coal advanced per cent; Reading Railroad M Ga
lena and Chicago "; Cleveland and Toledo, u. Be ore
the close Erie rallied little and fraction better.
New York Central was quoted at IS per cent.
At the second board there o very decided improve
ment in Reading, but the sales only to
extent Erie also was BETTER There was not o large
business in any stock and attribute the advance
tirely to demand from the short interest Virginia
berland, Y; Reading Railroad, IN; Erie IN Michigan
Southern, n. Illinois Central stock fell off u per
cent Nicaragua closed without change Any per-
maDent improvement in stocks is utterly out Of the
question. We may have occasional reactions after
steady decline of some days. but the clements of specu
ton completely scatteTe ed that time must
elapse before the individuals who have been tho
roughly cleaned out by the latedeprecation will be in
condition to enter the market again buyers Hereto
fore the market has depended them for support AMI
must again. 1t is not easy matter to build up
class of spectators with sufficient capital carry
loads stock must be laid aside to get up any kind
imitation. The season. the times the future all de-
cidediy against any important permanent improve
ment in stocks.
The steamship Africa from Boston for Liverpool to-day
carried out 1915, 900 in Specie
The Boston Journal Of the 9th inst. says
The money pinch is severe and begins to tell upon the
mercantile classes to extent Notes OF prime quail
ty se in the street from 10 to IL per cent and all
fancy rates have been paid The banks have found the
of domestic exchange strongly against them
til within day two and have been obliged dis
count sparingy at best, while have closed their
sheets entirely The best feature Of Saturday and yes
tcrday s in the better supply of New York funds fact
which indicates gradual ming Of the tide. We
dersand that large amounts Of paper from New YORK
have been negotiated in this market quietly during The
last two three weeks, and the proceeds have been
drawn from mostly in specie. This accounts for
good part OF the sudden and specie losses OF
the banks.
Mr.. George E. Hoadly special assignee of Page, b.
Co., ofSan Francisco will pay ten per cent the
amount of drafts drawn by that house from the 9th April
to the I'd May, payable demand at the American Elk
change Bank. This makes total of 10 per cent The
assignee of Page Bacon, OF St. Louis Mr. ow, will
pay the balance and other dates by 20 per cent cash and
so per cent notes at 1s months.