The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-09
FINANCIAL AND COMMERCIAL.


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FRIDAY, Feb. SIP. M.
The stock market was all In favor Of holders and
purchasers for rise this morning There were very
large transactions in all the leading securities, and
speculative spirit Of considerable force appa-
rent from the opening. At the drst board Illinois
Central bonds advanced per cent; Nicaragua
Transit, 1; New York Central Rliroad, l; Ere, !;
Reading. D; Hudson Railroad, /; Michigan Central,
Il; Michigan Southern, II; Cleveland and Toledo, !;
Chicago and Rock Island, IL; Milwaukee and Mis-
ssippi,l Gslena and Chicago fell of Per cent;
J Missonri SIS, l. Erie, Reading and Michigan South
en- were the leading cards. particularly the latter
Michigan Southern has not been so. active f6 many
years if ever before. The sales at the first board to-
day sum up two thousand shares. The rise in this
stock within the past ten days, is considered by
bAar spectators very great but the current price is
nothing compared with that which has ruled within
the past twelve mouths. Last August and Sep
TENDER Me current market value was 104
los per cent and we see no reason
why it should not touch these points
again. Then it Yves but ten per cent stock. Now
tits at least twelve per cent investment at par.
During the present fiscal year this company will de-
rive revenue from sources which, six months ago,
were almost unknown The opening Of the line OF
road through Pennsylvania, connecting this city
with the West via Harrisburg, Pitsburg, Cleveland,
Toledo, 6o., makes the Michigan Southern link in
the great chain of roads from the Atlantic to the
Western lakes. The great Southern route avoiding
Che high attitudes OF the New York Central, must,
durng the winter months, command the bulk Of
travel and traffic particularly the transportation OF
cattle. The dangers and delays experienced the
present winter must turn the attention of travellers
and shippers to the Southern route and attract for
portion of the year at least, urge portion OF the
through business. These movements all point to
great increase Of traffic on the Michigan Southern
road, and 10 very large increase in its reve-
nue.. Travel and trade passing East or West
must be drawn to this road as sort
OF trunk line, the divergng points from
which will be Toledo and Detroit at the east,
and Chicago at the west end Of the ine II is these
advantages Of position that have attracted the at
tention of some of our strongest and shrewdest
capitalists, and induced them to purchase to the ex
tent exhibited by the daily sales at the stock board
Erie was quite active to-day. II closed firm at our
quotations. Reading is gradually working up to
the old point, dividend on. Galena and Chicago
fiuctuated considerably to-day. very large guam
Gty Of stock was forced upon the market, both at
and between the boards. New York Central Raj
road sold freely this morning. We understand that
sales of this stock have been made to some extent
within the past few days for the purpose of invest
ing the proceeds in Michigan Southern, and that
the proceeds of dividends in New York Central have
been invested in the same way. This looks as
though the right kind c men were buying Mich
gan Southern.
AT the second board the market was all up.
Speculation has become quite active, and there is
strong movement in all the leading securi les.
Cumberland went up per cent; Nicaragua, !; New
York Central, 4; Michigan Southern, l; Gaena and
Chicago I; Illinois Central bonds, !. Erie closed
steady. The market closed firm, with an upward
+ tendency. The bears will find it uphill work to
stem the current setting towards higher prices.
Money is abundant and likely to continue So The
country is full Of capital and look for the absorp
ton of vast amount Of sto ks and their withdraw
oil from market.
The earnings OF the Illinois Central Railroad Com
pany for January, 1856, amounted to sl35 900,
against $57 600 for the month last year, show
ing an increase of $4,000, equal to one hundred
and thirty per cent. The land a!es figure up 49,,
OOo, averaging upwards Of SIS per acre. The Pre-
sidentsof the company has introduced q new syv
tenn In the sales of land, which must be attended
with the hest results. Its advantages win soon he
seen in the land sales Of the company aud In the
revenue Of the road. The road is ia the hands Of
class Of meu vastly superior to those who managed
its affairs in its early history and the final result Of
its land operations will astonish the fnauciers Of
both the Old ana New World.
The Assistan. Treasurer reports to-day a. fol-
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