The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-04
FINANCIAL AND COMMERCIAL.

THURSDAY, Dec. So I

=
The stock market opened and closed heavy this
morning. At the first board the tendency
downward throughout Ohio 6s declined per cent;
Erie bonds 1871, d Illinois Central bonds, /; Ameri-
can Exchange Bank, J; Erie Railroad, d; Michigan
Southern preferred Il Galena and Chicago, IA; Hi
nois Central Railroad, 4; Cleveland and Pttsburg, /;
Reading, Z. Michigan Central Railroad advanced 4
per cent; Cleveland and Toledo, !; La Crosse land
grant bonds, l. New York Central Railroad
was little more active to-day. II sold as low 70
PER cent, seller 60 days. The resumption of naviga-
ton on the Erie canal will take away great deal of
freight which otherwise would have been turned
upon the Central road. Navigation on the lakes is
about over for the season, and there are but few
careoes afoat. The canal will therefore bring
forward nearly all that arrives The bust
less Of the railroad this month will be
very small. The February dividend of this road
does not depend so much upon earnings as is gene
rally supposed. For several years past the divi-
dcnds have been borrowed, and we do not see why
loan should not be made for that purpose this
year. When traffic is active and the road is doing
good business, the actual net earnings of the COM
pany Just about suffice to keep the road and roll
ing stock in good working order. The loans made
for the dividends enable the company to keep its
property up to proper points for operating safely out
Of net earnings. This year there will be net
earnings Of consequence, and the road and ma
chinery are likely to down. that at some future
time heavy expenditures will be required to restore
the line 10 a state of efficiency for business 1t will
therefore he seen that with the usual loan for divi
dends the company will this year run largely in
arrears. At the second board the market
(nv htnOa Pa
ciic Steamship Company advanced ] per cent;
Erie bonds, 1871 !; Erie, d Reading, /; Michigan
Southern preferred, L. Chicago and Rock Island, !.
nlnoi. Central Railroad fell of per cent; La Crosse
and Milwaukee, l. The stock market attracts very
little attention Just now. Outside holders merely
pos, themselves 20 as to make available the best OPP
portunity TO realize The clique of bulls have no
confidence in the real or market value of the securi
tie. they are operating in, and doubt wish them
selves well out Of the combination in which they
concerned A few weeks since these bulls were the
most desperate bears in the street and IL they could
saddle upon outside spectators the loads Of stocks
they are now carrying. IL would not be many days
before the same individuals would be rampant bears
agan The clique is not large, and il not likely to
h. any larger. The most sensible portion of the old
bear party i quietly looking on, waiting for the
coming 81 that good time the bulls feel sanguine
about The outsider who does not sell his stock ut
current rates, simply makes a mstake-thats all.
The Assistant Treasurer reports today rs fol
lows:-
Total receipts. soIIso -
Total pay menis. ~. oos ..
Total balance 1857 sos 50
or the receipts today si3 600 was from customs
The exchanges nj the Bank Clearing House today
were ti3 2sG g2G CO. and the balances paid al 1885,
i2i 10.
The North American Fire Insurance Company
has declared dividend Of eight per cent payable
the "a inst: the East River Insurance Company has
declared a dividend Of five per cent payable on de
nand: the Citizens Fire Insurance Company q d.
,ldcnd 81 ten per cent. payable on demand.
The bills 81 the Bank Of Hamburg have been re-
fu.cd by the banks Of Augusta. Ca. The cause of
thls i Disagreement upon the terms Of their week
~ settlements.
The closing rates for sterling exchange today for
Saturday, Steamer we're "A pcr cent for first class
bills. on Ps-is &C. 90 r. IS. The Atlantic. from
this port Cor Liverpool on Saturday. will take out
sboui ere million d dollars In specie. The Africa
from IA. pors On Wednesday. viii take oat still
lar.,s sum. The position Il financial affairs on the
Other ~ l. such a. n force from our hands every
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