The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-03
FINANCIAL AND COMMERCIA
n NEY N IA II X k r.


The stock market remains in a comparatively
quiet state. The transactions today were priuci-
pally for cash, and as general thing at higher
prices. At the irst board Cumberland Coal Can-
pany advanced 4 per cent; Delaware and Hudson,
I; New York Central Railroad, Il Erie, /; Hudson
Railroad, l.; Harlem, !; Reading, I; Michigan Cen
trai, L. Cleveland and Toledo, !. Ele bonds, 1871,
declined l per cent; Cleveland and Pittsburg, /.
Michigan Southern. old, opened at advance of
per cent but fell off and closed at yesterdays prices.
Chicago, Burlington and Quincy Railroad stock
closed at 63 per cent, which is decline
since last sale. This company has paid an
nual dividends of twenty per cent tor some
years, and has showed large surplus earnings. 1t IL
now reported that the company have large floating
debt, and that IL IL the intention of the Board Of
Management to pass the dividends until this debt
Ia paid OF from the net earnings. This Is the true
policy TO pursue. There is actual safety in such
system Of inanciering, and we wish there was more
al il. The movement in Ia Crosse and Milwaukee
Railroad stock to-day was strong, and prices were
well sustained. The reorganization Of the Board Of
Directors Of this company IL likely to lead to the
happiest results The bonded debt has been limited
TO an amount moderate for the property represent
cd aud the future will, beyond all doubt, deveope
results satisfactory to all parties interested At the
the second board the market was without much
change. The most active movement was in Cleye-
land and Toledo, and prices were well sustained up
to the close.
The Assistant Treasurer reports to-day as fol.
lows
Total receipts. sscee2 -
Total payments 1V.'sss %
Total balance. %
The steamship Niagara, from Boston for Liverpool
to-day, "wednesday carried out gill 500 in specie
Upwards Of half million of this sum went from
this city The steamship Atlantic, from this port for
Liverpool on Saturday, viii take out large amount
of specie and there will also be large shipment by
the Africa from this port next week.
The exchanges at the Clearing House this morning
were sl3 ISL 6sl 30, and the balances paid s9ll,
els 0G.
The steamship America, at Halifax from Liver.
pool, brings three days later news from Europe.
The financial intelligence l. interesting and impor
tant In The London money market there had been
no improvement. The pressure continued undi.
minished, and there was no diminution in the de.
mand Several heavy failures are reported. The
cotton market was very dull, and further decline
in prices to the extent OF half to threequarters
of penny a pound, is reported. Breadstufis were
lower and the markets inactive. From the manu-
featuring districts nothing new is given. They were
generally quiet. The closing quotations for consols
were 500 a 30 per cent. The rates Of interest re
NAMED without alteration. There eau be no pcrrna
nent relief to the London money market until most
OF the large borrowers are removed by failure.
Thc-slight improvement In consos is in consequence
Of this disrust and loss of confidence in commercial
paper. a similar state of things exists here. For
commercial purposes money is scarcer here than has
been known for years and II Is likely to continue
for several months. In London IL will be the same;
and in the face Of this expect TO see steady ad
vance in quotations for consols.
The financial adyices from England are not at all
favorable. The Bank Of England has been compelled
TO issue notes beyond the point fixed by the Bank
act, and Il has therefore forfeited It's charter. In
ls47, when an Order in Council, permitting the bank
to pass the legal point, made Cor the first time,
the bank did not avail itself Of the privilege and the
| charter was consequently preserved without any
special act OF Parliament, But now different state