The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-25
FINANCIAL AND COMMERCIAL.


FRIDAY, July z&-o L. ~
Stocks &c neraly lower today At the first board
there good deal OF activity but sellers out in
greater numbers and put forth contracts freely.
Pennsylvania Coal declined l per cent; New York
Central, y; Erie, q; Michigan Southern, u; do. prefer
red IL Galena and Chicago, /; Cleveland Columbus and
Cincinnati, "a Chicago and Rock Island Milwaukee and
Mississippi, "a; La Crosse and Milwaukee, IL. The de-
cline was universal Nothing the list improved. The
in Michigan Southern has reached its eliminating
point. has to dead stand still. Thousands Of
shares have been taken up the clique and hypotnecaed
with brokers and bankers One house In the street has
loaned between three four hundred thousand dollars
on the old deferred stock Of that company. We
hope they have proper margins and sufficient security
This stock has been piled up In this under the
lions CT cornering continuation and holders nud Y
market for IL Nobody wants it, and nobody will touch
IT, sootg the bob holds the may keep together
but one Of these days 1t will break, and let every
thing loose This the last chance for outside h,ders
for stockholders residing in the country to realize While
this inside clique OF SPECTATORS sustaining the
ke price is the time 10 get rid OF the stock better op
portupity will, in opin7n occur again. The
country holders OF railroad stocks generally, should get
rid Of them just fast possible. The money will fe
weeks hence be found much desirable aud much
more available In their pockets than those inflated secur
ties The fret turn in the money market will send
Of these stocks down three and I've per cent That turn
is far distant, The sh pment OF specie has again
menced In earnest and this time may look for long
and steady drain. The subreasury is gradually acccu-
ulAng On accoun, Of the heavy payments the lrger re
cep,s from customs drburssd but the govern
mcn be nearly through with It's heavy drafts while
the duties must increase as the business season ap
proaches For several months wo have had an
easy money market. We have drawn our balance,
from every city, town sud village in the Union, and In
every place but this money s scarce AL over Europe
money has been for long time In demand, high rates
Of interest New York city has thus far been the most
favored place of all the money centres but have about
reached the end Of ether In the usual coarse Of
trade the current Of specie muk boon ,e again towards
other cite, and siber points, and then shall feel what
We have inflicted upon others In less than ninety days
we shall be In the midst Of usual fail srugeucy in
money matters, and u s our impression tha, when
comes IT will BE- and serious than has been
known for years 10 ant opstou OF such OF things
would be enough 10 get rid Of all fancy stock secu.
rites 10 the midst Of panic It is impossible reaizs,
except sacces and those who get the start
Of such wild excemess relieve ,hemselvcs from a vast
deal Of anxiety, say nsthing about serious losse,
Al the second board there quite spirited upward
movement. on a very small buiiness New York Central
advanced Z PER cent; Reading, Michigan Southern, Y;
Cleveland and Toledo, " Erie, y Cleveland and Pitts
burg l. Ia Crosse and Milwaukee fell on per from
the highest point OF the frat board; GAena aud Chi
cago, y.
The A,sistsn, Treasurer reports Today follows
Total rece5ts s2I7s3T l6
Total pay mems. lltetb -
Total DaRnre
Sterling exchsnse closed TO day firm at 9s seI per
cent premium One large drawer asking e,s per
premium. There were sales Al that rate, but II viii
rule that point The sub;reasury gained day
sl6S,ooo.
Monroe Hodges Journal Of Finance says
large quantity or dollar bills The John Hancock
Dsnk, Springfield, Msss, have been put "a circulation
In the West within short time They fac iniss OF
the genuine notes. and well calculated 10 deceive Trey
prined inferior quality OF paper, and the i'm.
preston is light and the large eagle In the ef hand lower
quarter Of the bill Is roughly engraved.
The gross earnings Of the Michigan Southern Railroad
Company in each OF the rs, six mon hs OF the present
and past years were as follo~s;-