The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-29
FINANCIAL AND COMMERCIAL.
HONEY n n XE1

TIE stock market opened and closed duh ard he's
Wy this morning. The cliques Of spectators for u
rise have kept up the show Of husiress about hong
as they can afford to. and have evidently concluded
to let the market take care of itself At the frs.
board today Tennessee State Gs declined per cent;
Pennsylvania Coal Company, !; New York Central
Railroad, 1; Panama, !; Galena and Chicago, :;
Cleveland and Toledo, =; Cleveland, Columbus ana
Cincinnati Railroad, l. La Crosse and Milwaukee
Railroad advanced per cent There was no move
ment OF consequence in any leading security, and at
the close prices were weak. At the second board
there was no business worth reporting New York
Central Railroad fell of per cent, and was after
wards offered at 73s cash. In Michigan Southern
old or preferred stock the transactions exceed
ngy limited. This company are still in wasn't Of mo-
ney, and ii must be raised at any and every sacrifice
In accordance with the example shown by the New
York Central Railroad Company in their cndeavor
to reissue the bonds reputed to have been redeemed
under the name of Funded Debt bonds" why
would 1t not be proper for the Michigan Southern
Railroad Company to advertise for sale the seven
thotsand shares Of their old common stock, for
uhith they have given their bonds at par, bearing
sever per cent interest? There being no doubt that
the New York Central Railroad Company have the
right, Dr. they would not attempt to make the ne
gotiatbn, and with this valuable precedent the
Michigan Southern Company ought not to be pre-
cludedthe like, the more especially as the motive of
the later is to preserve vitality while that of the
New York Central is the exhibition of
forced effort to make a dividend in the
face Of tn. most adverse business. The
Michigan Southrn Railroad Company in its recent
afia oLo ocb a
nal sum of 100000, the par value of their 1000
shares, for which taey have issued not less than
81 900 900 of bonds. The inducement for consum
mating this extraordinary negotiation can only be
justified by the prevalent system of financial schem
ing and the extremity to which the company has
been reduced showing itself in the necessity
which they were under to get suficiency OF means
to redeem a large amont of stock which had been
bypothecated by the company to prevent immediate
explosion. At the present value of the stock the re-
issue of the 1000 share, would raise $i40 0O0 which
il obtained would be almost sufficient to prevent the
proposed issue of the seond million of bonds for
100000 in cash and 5000 shares of the guaranteed
stock the only difference between the two negotia-
tions being but 100000 This suggestion is evidently
so wise and proper that not momeat should be lost
in announcing the withdrawal Of the proposal now
pending, unless il should be deemed more expedient
to secure the guaranteed stock, with eye to its
reissue at some future time, IL an additional
of revenue. As the receipts of the company are
rapidly falling of, there would seem to be ust6ca
ton for the movement we have suggested with the
full conviction, on our part that when the two mil
lions of seven per cent bonds have been issued and
the stock sold, there will still exist necessity for
o41n Gran al frrn Tbar 4hav
be able to make an interchange OF liabilities with
neighboring company, whose rottenness has not yet
become apparent
The Assistant Treasurer Of the port reports today
as follows:-
Ioai fecepts. Ss39li 90
Total payments l4l 0g. Oh
lctai oaiahte- 40 81
The receipts to-day include SAL 900 from customs,
and the payments include $4,000 on California
drafts.
The bank returns to-day show the following vari.
atoms in the aggregate compared with those of the
week previous:-
Increase in loans and discounts $500 3a5
n ,ncnoas" 70 n spece 90 ss
Decrease in deposits actual ............. o,sS6
Since the resumption OF specie payments there has
been more variety in the movement of our banking
institutions. The line Of discounts has gradually
increased, while the deposits have diminished BY
last weeks returns it will be that the specie
reserve has at last turned, and is on the decrease.
The California arrival Of yesterday will add to the
bank supply, but the shipments abroad must cont.
nue large The steady increase in loans looks a.
though il was the intention of bank managers to
run up their line aglia high possible with the
present scarcity of good.business paper.
The Continental Bank has declared semiannual
dividend Of three per cent, payable on the 9Th Of
January. The Worcester and Nashua Railroad a
semannual dividend Of two dollars per share paya-
BILE on the 18th OF January. The North American
Insurance Company five, and the Franklin Insu.
rance Company six per ccnt-both Of Boston, and
payable January I. The Naumkeag Steam Cotton
Company, Of Massachusetts, a semiannua dividend
of four per cent payable on the 3lst inst.
The receivers of the State Bank Of Morris New
jersey have given notice Of the final dividend TO the
creditors of that institution who are to prove their
claims within forty days from Dec TO- or be deprived
Of their privilege.
The notes Of the Charter Oak Bank of Hartford,
Connecticut are now received on deposit at the Me
tropolitan Bank on the same terms as the notes Of
other Eastern banks.
The exchanges at the Bank Clearing House this
morning were sl3 497 $50 &c, and the balances paid
were s750,952 IL.
The demand for exchange for the Boston packet
has tlus far been limited. The quotations for the
best sterling bills range from "a TO ~ per cent pre-
MUM. On Paris we quote ST. 27s a 81. 20.
The Western Bank Of Scotland have made gene.
raj assignment Of their property in America, for the
benefit Of creditors to Messrs. j. G. Bancroft Davis
and James Thomson.
The interest coupons Of the bonds OF Belmont
county, Ohio, issued TO the Central Ohio Railroad,
due LIST January, will be paid at the Nassau Bank.
The coupons due 1st January, 1858, on the mort
gage bonds Of the Long Island Railroad. will be paid
on and after the I'd proximo, at the City Bank Of
Brooklyn.
Stock Exchange.
MONDAY, Dec. %, 1857.
$4,000 Ohio o., 20 org loo 30 abs fiud RR.... 10
1900 Ohoss 81. p&c 1o1 100 Reading RR. boo b3a
1905 oohios's, go. ell p7k 40 do......... 53h |