The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-09-17
FINANCIAL AND COMMERCIAL.


mercantile paper ct bank are large, and this eadsto
some chGagng Of loans Hence there is more IN
quiry fer money among the brokers, and loans are
made % high az five per cent reaction from the
highest rates Of to-day may be expected. but We do
not look for three per cent market again for some
time. Foreign exchange is quiet; little or nothing
doing.
The stock market was very dull, and prices were
lower today Nocause be assigned for the duness:
the receipts of the roads fully equal to public
ticpation and the news, both at home and abroad is
favorable to recovery in business. But it is be.
coming evident that the public will not buy railroad
stocks for investment; at least until new system
OF management Is inaugurated, and railroad
property is placed upon q new footing.
1t is needless to add that the unadjustesi
quarrel between the Central and the Erie contri-
butes largely to capitalists out Of the railway
share market. The business in New York Ger trial
was large to-day. Over 1000 shares chg nged
hands. The stock opened at an advance of over
the closing price yesterday but the nd call
the price gave way and the advance was lost, and
further decline Of an eighth followed Bet ween the
boards the decline continued, and at the se:ond
board there was almost stampede. A thousand
shares changed hands at decline OF ! from the
opening prices of the morning. Erie opened as It
closed yesterday, declined an eighth, and main
tanned itself at the decline, with small sales. We
believe that nothing has yet been done toward the
settleT.ent upon which, as have already stated,
the result of the Philadelphia Convention depends.
Hudson River WAS dull, but unchanged in price.
Reading was very active; it opened at yes
ter6ay's price, but declined on the
second call at the morning board This afternoon
further decline of took place. with sales Of over
| 900 shares. We publish below the August receipts
of the Reading, which show falling off Of about
$50 eco as compared with August 1857. The state
ment of the Reading Company shows a net profit
for the past nine months Of $4,000. IL is under
Stood however, that the floating debt of the conpa-
n.y. which at the time of the last annual statement
| was s2,s00000, is now nearly s3,250,000. Is the
cost OF working the road charged to floating debt
| account? Rock Island has been active throughout
the day, and has declined q per cent opened at
yesterdays price, but broke down with the rest OF
the market In the afternoon it pressed for sale
at further decline of a i per cent from the
morning. Galena suffered less; the total decline
| was only ! per cent but the bears press
| ed their options on the board at wide diff
| ferences. Michigan Southern, common stock was /
lower; the guaranteed l per cent Michigan Cen
trial. J. Illinois Central was per cent better. We
note q sale of New Jersey at 1885, and Stonngton at
AZ. Pacific Mail was steady; Panama was per
4 cent lower. The business in Missouri Skies was
| large: the price unchanged, but we hear con.
| tracts can be made considerably below the market
| rate. A sale of the New Government Elves was
made at yesterdays price. Tennessees are better
| Illinois Central Bonds declined 1. The business in
bank stocks was light; we note an advance Of per
cent in American Exchange, and a sale Of Republic
az the high figure Of 100 The marke. closed, after
the second board, steady. The following were the
latest quotations in the street:-New York Central,
7sa{; Erie, III a 4; Hudson, 81 a 4; Reading Az
Il; Michigan Central, 54a So; Michigan Southern
23a a; Galena, S21 4; Toledo, 32l !; Rock
Island 674 /; Pacific Mail, 92l !, &c. &c.
The business of the Sub Treasury today was a.
follows -
TOTAL receipts Sse.p1 90
OF which rom customs Observation-Disclosures. 10000 90
Payments .......... ltelS. y
Baance. ..lIoloiioo -
The exchanges o. the Bank Clearing House this
morning were large, amounting 10 s20,025,l90 II,
and the balances to 81 300 ,7Gl 81. The Metropoli
| tan certificates are 90 900.
BY the arrival of the Persia at this port, have
three days later intelligence from Europe. In a
commercial point Of view the news is not very i'm.
poItant Conso,s closed On the 4th instant at 96i
96g; the French Three per cents closed at III 60c
If soc. Cotton was dull at de,line, with sales
OF a ESQ bales for the week. Rreadstnffs were ac
tive. Messrs n. Bell Son & Co, of London, report
as follows:--The market for American State sto,ks
continues very quiet; and the only change in rail-
road securities Is Improvement Of 81 in the price
OF Illinois Central shares.
United s,a IS per cent, lgs.-cs .........los lo5