The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-07

FINANCIAL AND CONNER GAL.
M On Il Y M A II X II II.

The stock market was not so buoyant this morning,
but sct than have noticed for days.
There we're agreat many sellers this morning. All the
leading operators DESTROYS OF selling, and
deferred only by the strong downward tendency OF
prices. At the first board Virginia os declined per
cent; illinois Central bonds, "a; N. Central Railroad, u;
Erie, III Reading, l. Michigan Central, q; Michigan
southern, Illinois Central Railroad, q; Cleveland and
Toledo, q La Crosse and Milwaukee 3. Gaena and
Chicago advanced q per cent. The dividend of this
company will be ohcially announced in . few
days, and the books will be closed the
2lst Infant. The dividend will be seventeen
per cent, and purchases made carry the dividend
Last year the stock touched 127K per cent just before
the books closed and the dividend at that time II
per This beyond all question the best paying
railroad stock In the country, and about the only
in which we have any faith. II is managed by
ious prudent The GALES Of Erie 10 day very
large. All the large holders tree sellers. Ceve
land and Toledo opened heavy, and there strong
indications Of important decline. Prices very To-
versh and unsettled. Michigan Southern and Michigan
Central Offer freely at lower prices The heaviest
fall to day La Crosse and Milwaukee opened at
. decline Of per cent but recovered Afterwards and
closed better. 1hs low prices brought in new buyers.
Al board there signs Of weakness among
holders Of the leading speculative Stocks New York Gen.
tral Railroad fell of Il per cent, and demand for the
stock; Reading, y; New York Central Railroad 6s q;
Michigan Southern, y; Erie, ~ Cleveland and Toledo
was up and down fraction The most curious feature
Of this stock m sudden fluctuations. glance ., the
uncertainty which experience teaches Us hangs over
these rarcad corporations their long Of unpara
eled fnancierng through a course Of years-in fact,
from the day Of their inception to the present moment
must make clear to the minds of thinking and prudent
men how little they entitled to the confidence
OF the community, and upon what IN insynihcant
basis the present price each and every Of the
named stocks rests The principal feature OF 70 days
operations the largo amount Of stock sold, and the
fact that the late buyers have realized a very large
quantity Of shares Tie shorts have been compelled
from the which has attended the move
nen Of buyers 70 close up their accounts the
is rapidly approaching condition where An important
action s certain to take place and will occur al time
when the usua Of consumption out OF the
ket. The bank loans indicate the usual spring demands
for business purposes and the pressing opportunities
stockholders Let them proceed for ow weeks on the
track and We shall experience one Of those disagree
bio changes for which these Institutions Proverbs
and responsible, when the public At large invariably
The sufferers. The contraction will be more rapid
han the expansion has been No day Of the has
shown . more ievere demand for money than TO day
and general poverty has not been evident. The
very highest prices hive been paid FOR money and the
We do not look for any LET up TO this money pressure
until after the spring trace Is over, In the meantime
the banks should their loans and discounts up to
ais oto,tco Tho growth Of the commerce OF
the county, unchecked by the ominou, signs Of the
times, both q, home and abroad, swelling the demand
for money Into stream OF immense power ami the IA
ciis to he Afforded by banks and othor Institutions
Of oisd not equal TO the enormous requirement.
The Governor Of the state Of New York In his message
to the Legislature Gives rather hHterng account OF
the public hnApoos The balance In the Treasury the
close OF the asca year ending Sept 30 1885, was 80 2
$40 A. which Silgo'o % moro than at the closo Of
the previous ear. Tho total canal debt OF the State,
Sept 30, 1855, WAS ,2s9 az. The surplus
o. the canals ast year was g. 962 800 which
added 10 the fund provided 10 accordance with the
constitution, for the redemption OF tho PRINCIPAL and In
ere,t Of the canal debt. Tho amount OF old debt
deemed and cancelled last Jer u, lse, soe 81 aud
the loans made account OF the canals in the
time was 81 500 800