The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-11-06
COMMERCIAL AND FINANCIAL.

FRIDAY, Nov. 5-oP Il. NJ
The from the Stock Exchange day 90 to show
that the late furry in stocks for the part
work of Wall street operators and that the outside public
have had far less 10 do with than generally sup
posed. Stocks plentiful the present moment
in Wall than they have ever been; whence iu
ference that the outsiders who the street on
the late RISE there rather sellers than buyers
In fact 1t is pretty generally known that large bots Of
New York Central aud other stocks which bought
just after the furry Of March last and carried all
summer, have been sold out during the past days.
The example, II is oonjecured, has been followed by
others who, without being stock SPECTATORS happened
TO own stock; they have taken advantage OF the
late rise 10 realize. la word, il appears
that the imitation OF which tho premonltory
symptoms we're so apparent few days since was smu
lated rather than real and that the participation OF
sders instead Of helping the market has in fact prccp
tatod the contest
There many circumstances, too, the present time
which tend to discourage people from buying stocks
The decline in the receipts OF the Western roads with the
single exception Of Michigan Southern, which, having been
the nrst 10 suffer the first TO economist, and
rcapng the benefit Of reformed administration and
ing nearly much money il did last year, far
passes the antcipatons OF their friends. The decline
the receipts Of the Galcna for the past quarter
coods a quarter OF a million Of dollars: and the
November viii be sin greater. The Rock Island Is
dong as badly, and other Western roads This
decline based the shortness and poor quality Of the
crops and recovery be expected till year,
when possibly bountiful crop and trainc
may stimulate business. Meanwhile, the earnings not
only Of the Western roads proper but Of the Eastern lines
which they feed, must undergo heavy diminuon New
York Central suffer this winter proportion 10 Ga
lena and Chicago With regard 10 Central, other causes
arc inducing many parties sell the Of
the republican ticket this state Apprehension has
been felt lest the republican policy Of ,ong the railroads
favor q the canals should be carried into effect II will
be remembered that last year the bill toll the railroads
passed the Assembly and only defeated the senate
by two three votes. Politicians write from
Albany that this winter the measure viii become
n law. M course, possible that these
ancipations may be fulfilled, and that the re.
pubhcans may abandon their former policy. But the
contingency is sufficiently imminent alarm Wall street
operators, and would be natural 10 expect free sales OF
Central for time Altogether the poor bust
ness OF the roads, tho critical position of the New York
Ccntral-which tho leading speculative stock on our
markct-and the fears which bank officers trying
arouse reference the money market sufficiently
plain the downward tendency Of prices.
Tho in State stocks today very small, and
| prices we're unchanged Tho decline in railway bonds
was general Illinois fell on 4 per cent, Ia Crosse land
grants a. aud other descriptions proportion. In bank
shares very little was done Commerce shares advanced
A. New York Central took the lead among the srccua
tive stocks opening decline % z from yesterday =
| price: IL was freely offered and sold down 20 s3a
| after which rallied 10 s3& and finally closed
| weak AT about s3t{. Gacna opened al dc
i cline or a, fell on besides, and closed
/ 4 better than the lowest prices. All the Western
stocks were similarly affected As compared with yes
lerday's closing price Michigan Central declined today
~ southern, preferred =. Illinois Central, L. Galena
/ III Rock Island, "a Toledo, y, &c. Reading declined
today. II has been upheld or days by the par
chascs II tho rhadclphans who have made money
in lately, they will do well again if they can induce
people here to overscl IL, they did weeks
There IS no whisper Of any dividend Panama and Pacific
Mail both lower As We stated some time since The
dividend the latter stock will he IA per cent. The
| closing prices we're Mssours, 50 u; New York Cen
trail, s3h y; Erie, l6is ri Hudson, S1sS 81, Read
ing, 5ih "a Michigan, 5l4 55 Southern, guaranteed
% 52is Panama, lis 1ie; Illinois Central s3Jk 81
Galepa, T5t4 AZ Toledo SO a a; Rock Island s. !.
Il u; Pacific Mail, log 4. The market closed tame
The sub-Treasury balance declines rapidly The bust
4 ness Of 10 day as follows
Total recei s5eT73 %
4 az which from Customs ................. $1,000 q
| Total payments ..s...t.*..*.t.s.. 1905 =.
Total balance. .st.....+.+.s..ss S,321,T6S y.
Tho exchanges AZ the Bank Clearing House this morn
ING were slos3 1876 o. and The balances 81 4ss IS
Foreign exchange = inactive, holders arc asking IN,
last reported rates, loe1s = England, but buyers
are holding "A Cor lower prices Many bills have beer
held over since Tuesday Specie continues TO flow 10 Tbs
SOUTH and the rates exchange uoaliered Thcr,s
no change IN The rates for nvaoy.