The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-02
FINANCIAL AND COMMERCIAL.
d O N Il Y M A II X r r.

TUESDAY, Dec. l-6 T.. NJ.
The stock market continues in very unsettled
condition. There was less activity today, and in
some stocks the fluctuations were of an important
character. The sudden upward movement in the
lower class of railroad securities had basis. II
entirely spasmodc, and likely to be but temporary.
Speculation is likely to run for time upon the low
$priced stocks The per centagc profit is greater on
rise than where more money is required to move
the same number of shares and class ofspeculators
may be attracted who would not touch stocks more
inflated in market value. Thirteen hundred dollars
will buy say 100 shares Of In Crosse and Milwaukee
Railroad stock. An advance TO Is per cent gives
two hundred dollars profit which is equal to sixteen
per cent. To buy 100 shares New York Central
Railroad would require 81 400, and advance
of two per cent on the par value would give
500, which is only "a per cent on the amount
of money used. Small stocks are always favor
ties with small spectators. The movement in
Michigan Southern and la Crosse and Mil.
wauke today has no other foundation than the
purchases OF spectators who are disposed to take
such risks, with the prospect Of great profits The
stock market has no real strength. Most Of the
large holders are spectators. who are anxiously
looking for an outside demand that viii reduce the
amount of stocks on the market. We do not see the
slightest probability of any such aid coming to the
support Of these inside spectators, and the proba-
bility is That they will founder along for time
longer and then let the market take its course.
At the first board today, Delaware and Hudson de-
clined I per cent; Pacific Steamship Company, 4:
Harlem, 1: Galena and Chicago, /. Tennessee skies
advanced l. per Ger cent; North Carolina skies, 2;
Illinois Central bonds. |; Michigan Southern old,
n o.
Crosse and Milwaukee, ID. Cleveland and Toledo
was without change, and one small lot of New York
Central was sold at "a per cent, for the opening
The loss of the New York Central Railroad Compa
ny by freshets the great falling of in earnings, with
the prospect Of very slim business until late in the
spring, make the next dividend very doubtful, aud
create desire among small holders to sell.
At the second board the market was inactive but
in several instances better prices ruled. The mp
ward movement appears to be confined to the small
stocks-thosc which rule at comparatively low prices
Eric advanced this afternoon per cent ; Michigan
Southern, 2; Cleveland and Toledo, la Crosse
and Milwaukee, Michigan Southern, preferred, 3.
Hudson River Railroad fell of \ per cent Galena
and Chicago !. The imitation Of Michigan Southern
originates with the old clique Of fnanciers in that
company They hold large amount Of stock on
hypothecation, under the old board Of management
which they are anxious to get rid Of at high prices
The company cannot raise the money to take up the
stock and the probability is that before the lapse Of
many days we shall have new batch Of Michigan
Southern old stock upon the market.
The Assistant Treasurer reports today a. fol
lows -
Total receipts. szJsVs! "
1 To,a payments a,osst
lotA paance.......... ...........s..s. 4zisooo ~
OF the receipts today $4,000 were from customs.
The actual deposits OF the banks Of this city last
week show a decrease Of sGlO,5si, instead Of in
crease Of al e22 057, reported in statement.
In calculations lost sight of the fact that the
aggregate ccarances for five days instead Of six
The occurrence Of Thanksgiving reduced the bank
ing business Of the week TO FIVE days. me total
tual deposits on Saturday, the 2sth Of November,
were s64 3O7 $50, against s6l OH 0ei at the close Of
the previous week
The steamship Fulton, at this port from Hayrc and
southampton brings s2le $40 In specie. The Cunard
steamer from Boston tomorrow "wednesday for
Liverpool will, IL is reported, take out about six
hundred thousand dollars in specie. The closing
quotations f9 sterling exchange by this packet
were 81 a u per cent premium.
The Ia Crosse and Milwaukee Railroad Company
have paid the November coupons on their first mort
cage bonds and placed the finances Of the concern