The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-03-27
FINANCIAL AND COMMERCIAL.


WEDNESDAY, March 26-6 p. n.
The stock market opposed active and buoyant this
morning, and continued 90 to the close Erie, Read
ing, and Cleveland and Toledo were the most active.
The demand for the latter greater than we have
Known for some months. The sales at the first
board figure Nd about three thousand shares, open
in1 at 793 and closing at 500 per cent There was
sac at 81 Der cent. buyer sixty days. All the West
ern rsrssd stocks were in better demand to-day at
better prices. Gaena and Chicago sold It ll44 per
cent md only few shares could be obtained at that
price. Michigan Southern closed firm at So per
cent, and the offers to sell were not large at that
prce. Milwaukee and Mississippi Railroad closed
At se4 per cent, seller three days. There are
large orders in the street for this stock but it
cannot be obtained in any quantity. A few days
since some small lots were sold at s3A per cent, but
hundred or two shares could not now be obtained
under SO to 80 per cent. 1t is worth to-day every
cent Of par. II is source of satisfaction to us to
know that we have been instrumental in turning
public attention to investments in the stocks of rail
roads located in States bordering the Mississippi
line. Railroads Of that section far preferable to
those Of the East both for security and productive
mess. Cheaply constructed, as general thing well
managed, with large earnings, remunerating prices
sheir favor compared with the extravagantly con-
structed, miserably managed, expensive, nonpro-
ductive roads of the East. There were large sales
Of Erie this morning, at slight improve
nent. We understand that a report is about being
put forth reviewing the company's operations for
the past year. and setting forth the future policy of
the management. 1t is pretty well known that
large expenditures are about being made on the
Jersey shore, between Jersey city and Hoboken, for
the Erie Railroad Company. 1t is proposed to tun-
mel Bergen Hill, and straighten the line of track
from the interior to tidewater. This, with the pur
chase of land for depots and docks, will require
vast expenditure, all of which must be directly or
indirectly assumed by the Erie Railroad Company.
u would not be high estimatel to put down this
outlay at two millions Of dollars Lower estimates
may be made, but this will ultimately be nearer
the figure than any other. Some time ago it was re-
ported in the street that large expeditures
of construction would have to come out of this
years net earnings. If the construction account is
actually closed there is other alternative. Con-
struction on line of railroad never stops, and IT
must be provided for in some way either by an in
crease of capital or debt, or by appropriations from
net earnings We shall be pleased to see this sub
ject properly treated by the intelligent superin-
tendent Of the Erie Railroad. That company is, we
believe, the only one in the country where the con-
struction account is known to be actually closed,
and if it can be shown that such extensive road
can be operated at fifty per cent Of its gross income
and the roadway, equpage, &c, kept in proper con-
tion, without an increase Of capital stock debt
we shall not hesitate moment to acknowledge that
Mr.. McCallum has solved problem which has long
puzzled railroad stockholders in this country.
At the second board there was an active demand
At improving prices for all the leading stocks. Mil
waukie and Mississippi Railroad advanced 1 per
cent. New York Central, /; Hudson Railroad, J;
Michigan Southern Railroad, /; Chicago and Rock
Island, 1. After the board prices were very firm.
Galena and Chicago, ll4a bid, lis asked Milwaukee
and Mississippi Railroad, s62 bid, 81 asked; Cleve
land and Toledo, 79l bid, so asked; Wisconsin
Lake Shore Railroad, 70 bid 733 asked. Erie closed
firm at at 56s per cent. The report will be out in day
or two and if information in relation to its char
acter correct the stock will be unavoraby affected
969 per cent. The tendency of Western railroad
stocks is upward. There is q margin for improve
ment in most of them, but great discrimination
should be exercised by Spectators. We have more
confidence in the prominent railroads of Illinois and
Wisconsin than in any others, and believe that in
vestments in them will pay better, Immediately or
remotely than stocks Of that class in any other
ton Of the country We have closely and carefully
watched the rise and progress of the railroads Of
the extreme West, and know that in their consruc-
tion and operation they have avoided those evils
which have proved 80 fatal to Eastern companies.
We do not believe there is railroad east of Lake
Erie that actually earns dividend
The Assistant Treasurer reports to-day as fol
Iows.-