The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-24
FINANCIAL AND CONNER CiAL-.


The STOCK market opened WIN dcNnWaru ten
dency this morning, and before the close an impor
tant decline in some descriptions was realized The
transactions quite large, and the activity full as
great at any time during the present speculative
movement. At the first board Pacific Steamship
Company fell of ! per cent; Pennsylvania Coal
Company, /; Cumberland, l; New York Central
Railroad IL; Erie, /; La Crosse and Milwaukee, 4;
Michigan Southern old IL; do, preferred, IL; Pana-
ma ]; Illinois Central Railroad 4; Cleveland and To-
lcdo 4; Harlem preferred L. Cleveland and Pttsburg,
/. Chicago, Burlington and Quincy Railroad advanced
per cent, which is the only stock the list that
shows any improvement In State stocks and rail
road bonds there was but a moderate amount of
business without any material change in prices.
The movement in La Crosse and Milwaukee for
some days past has been quite active. The new
road is completed to within seven miles of Mauston
and il rapidly progressing. The October receipts
reported at s5l 000 which is exceedingly favor
able under existing circumstances. We understand
that the Milwaukee and Mississippi Railroad Com
pany has resumed the payment Of interest on its
bonded debt, and will provide at once for the
amount due on bonds issued by the city of Mil
wauke for the benefit of the road. The action of
the City Comptroller of Milwaukee and the City
Council in this matter is deserving of mach COM
mcfnAtlOu, ds ~ SHOWS u uttcImuatlVu W piottCt
the city creditors at any sacrifice and to preserve in
violate the city credit. At the second board the
market was firm, but not at all active. In some in
stances slight advance was realized. New York
Central Railroad sold at so per cent buyer 80 days
Reading closed at per cent, cash. Galeua and Chi
cago advanced per cent Chicago and Rock Island,
Il Chicago, Burlington aud Quincy, 2; Eric, I; Mich
gan Southern, preferred, /; Pennsylvania Coal, \;
North Carolina 6's, !. There was a very moderate de-
mand for the leading speculative stocks, but holders
are firm and look for much higher prices. 80 far as the
money market for tho moment IL concerned, every
thing ~ In their favor; but one but regular and
professional speculator should trust the uncertainties
Of financial affairs. Money is easy enough in the
street now but II would not IL strikes u.s. be safe to
enter into contracts upon the probability Of the
ease and abundance continuing thirty days.
The Assistant Treasurer reports to-day as fol-
lows -
Total receipts w
.Tota payments lee,.as -
Total balance ,59l ~
of the receipts to-day 81 900 was from customs
Several failures were reported in the street today
the effects partially Of the Atlancs advces. Those
most current are Richard Irwin. William Hoge & Co.,
Babcock q Brother, Wainwright a Co. All these
houses have been exchange drawers, and have boon
carried down by the failures on the otttl .4o Tue
branch Of the house Of Dennistoun, W9od S CO.. 81
this city, has made an assignment 10 III. yctu
Hone Orders from the other side are to the effect
that nc more exchange lie RENTED except Of GER
tain class drawn Mt sight. This must urge forward
specie was reported in the street today that the
81 900 0co now on deposit in the Merchants Bank
4, the vt o. THO CREDITORS n tho ~ North Amcr
ca Trust and Banking Company would go forward
10 specie in the Arabia from ehis port on Wednesday
4 40 the,e will be a very large shipment.
IT, returns from the Clearing House this morning
denote little more activity in business. The clear
snces amounted to eli, 3l7 5l4 %, and the balance
raid 10 81 GAG 0l2 IS.
The bank statement for the past week, compared
with that for the week previous, shows the following
variations in the aggregate Of the leading depart
mcnts -
Increase in loans and discounts slaois5
increase N specie, "
Increase IN circulation. 4tOJ
Increase in deposits, actual Jl64os
In the specie reserve and deposits there has been
very great increase and the aggregates have reached
very important points. The specie reserve is so
much dead weight and must be troublesome; but
the deposits running up so rapidly. give the banks
facilities FOR loaning money, and they arc using IL
pretty literally in the stock market. At present
there does not appear T. be any other way Of en-
ploying capital where II can he made available on
CALL and as the banks fairly running over with
money IL is not at all surprising that they should
turn their attention TO the Stock Exchange for relief
The party Of bull spectators have got the steam
up pretty well, and they must not let the water in
the boiler get too low, or explosion will follow.
The banks are free lenders and the brokers free Dor
,overa 30 long as the banks do not call "a long
spectators for rise viii have pretty comfortable
time bu, when they do call, lock out FOR stampede.
| The first on, will seve their heads.
The trustees of the Hornesve section OF the
Buffalo and New York City Railroad extending from
Hornelsville to Attsca under instructions Of the
bondhoders will invoke the aid Of our courts 80 az
10 test the right Of the other section between Buff
falo ard Attica TO disunite itself trou the Buffalo