The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-12-22
AND COMMERCIAL.

TUESDAY, Dec. 2l-5 T. III.
Exchange Europe for the Persia TO
firmly held by bankers at 1921 y for sterling, and
6.l2h SIS francs; commercial bills scarce;
very good bills done at 100 The Persia will take
some bullion omorrow; perhaps rather than half
million There is no change in money to report We
hear Of Institutions offering money State funds at
ga call; but the general tendency OF the market is
rather toward higher than toward lower rates
The dull steadness which has marked the stock market
since the month Of October last showed signs today Of
giving place to active movement and decided de-
cline in market values AT least Of the operators
who for the past sixty days have sustained prices partly
by purchasing and hypothecatng stocks, and partly by
selling for fall short options 70 have discover
cd that the business not particularly lucra-
tive, and have for the timc abandoned 1t. The
market receded in consequence. Many circumstances
combine the present time to darken the prospects Of
fancy stocks The Western railroads doing Little or
business and, whatever may be said about the pros
pect q revival in the spring, Is clear that there can
substantial revival until after the crop and
further that there viii be revival then, unless that
crop be much larger and better in quality than the last
one OF the leading roadshe Illinois Centrals peculiarly
embarrassed and though Is confidently asserted that
in the course OF few months this concern will be in a
sounder and healthier condition than ever the effect Of its
troubles present very hurtfui to the railroad market
the Western reads than those Of other sections Of
The country bot clear thai the railroad system Of the
North is integral whole, and that part of it
cannot suffer without involving corresponding in
jury all the roads which II feeds. de-
cline Of business on the Illinois roads tells
the roads Of Ohio and Michigan, and diminished traffic
these involves drninshed traffic on the great lines OF
Pennsyvana and New York. respect Of dividends,
the prospect Of shareholders very unsatisfactory in
deed. Two or three years ago the Galena the Rock
Island the Cleveland and Toledo the Michigan roads the
Reading, the Central and the Erie were classed as dvi
dend paying concerns OF all these there are but two
the Gaona and the New York Conia-which are expect
cd by the most sangulne persons TO pay anything
this spring and the Gslena cannot pay dividend unless
ts business should mraculousy revive. the New
York Central, il borrowed the dividend last year al
ninety cents on the dollar, and will probably do
thing Of the same kind In February next. We have It
Official authority that is the "settled policy" o. the d.
iectos pay eight per cent per annum, what
they earn. Add 30 all this the doubts which overhang
the money market; the probability that the govern
loan and the revival Of mercantile business In the
spring will have the effect Of disseminating throughout
the country the immense accumulation Of gold idle
Wall street. and the chapter Of accidents generally
and reason will be found for dstrust Of
fancy stocks which has been the of the duIness
that has lasted Tor several months and which
destined 70 cause q general decline.
The business done In State stocks this morning
very light with the exception Of Mssours, which
lower. Among the bonds, the Illinois attracted at.
cnton having touched S. Ia Crosse land grants
lower; Erics mortgage bonds, in fax request at
email decline
Tho most active among the railroad stocks were Rock
Island and Gaens--the former Of which, after some uc.
,uaons closed at decline Of X for the day. while the
Southern preferred declined X but Michigan Central
\ per cent. Reading and Central neglected. the
former declined n the latter \ per cent Panama and
Pacific Mail were tolcrably steady; 80 also Hudson
River. All other stocks declined less The closing
prices were:--Mssours, sek a y; Central, s3& a X;
Erie, II u; Hudson, 33k ts; Reading, 5ix a y;
Michigan Central, 491s " Southern preferred AK NJ
Panama, iIsH 100; Illinois Central, e8 Y; Gaena, 10
u; Rock Island, 5sx u; Toledo, 314 n. The
market closed very heavy.
The following was the business Of The SUB Treasury
day
Total receipts. s2l4,37s II
prom customs ..........s. ............. bs,Wo 20
rota, paymeh~ '''''.'''''''''''.s.ss... zso,Vs.
lotal pahncc 6,lZ5,bso VIZ
The exchanges the Bank Clearing House this morning
amounted 70 $40 ST. g. and the balances 54
ass
The following dividends have been declared The Bank
Of New York, dividend q three and half per pay.
able the % Of January next Bank q America divi
dond Of three and half per cent payable the Sd Of
January next the rradcsmcns Bank dividend Of -four
per cent able the % Of January next the Old Co
lony and Fali River Railroad, semi annual dividend o.
three per cent payable January 10 holders o. stock 18th
Instant the Ftchburg Railroad, dividend Of three pcr
cent
We given 10 understand that The Cairo and Fulton
Railroad rapidly progressing and that trains viii shortly
run from Birds Point TO Charleston Missouri The open
ing q this road Of the importance the