The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-07
FINANCIAL AND COMMERCIAL.



MOHEY MAR X NJ.
WEDNESDAY,, Feb, &c p. m.
The stock market was active this morning, bat
We tendency Of prices was downward. There was
no important variation in quotations. At the first
board Virginia s's declined per cents Missouri S.
4; Nicaragua Transit, !; Reading Railroad ]; "a
mama Railroad. I. New York Central Railroad Z;
Hartford and New Haven, !. Michigan Sousnern
opened At 81 and closed at 9li per cent The act-
witty In this stock is much talked OF. we cannot
learn that any broker in the street Is buying for his
own account The orders all from the outside,
and from parties able to take every share purchased
The transactions to-day in this stock larger than
we have known for many years Very important oon-
nections are about being made by the company,
aud those who were early posted were the first In
the field as purchasers This is no Wall street bulb
ble but Of those phases In the history of pro-
minent railroad companies, which parties occupying
favorable positions avail themselves Of to
great advantage. The Detroit connection Is
considered by those who know most about
these matters, q movement of the highest
importance, and a. that appears to be the
basis Of the heavy purchases OF the stock, it must
be admitted that it is something more than proba
bility. There were sales of Milwaukee and Missis-
sippi to-day at So s31 per cent The aggregate
was made up Of small lots. The great trouble with
this stock Is its scarcity. Holders have desire 10
sell, and orders in the hands of brokers remain for
weeks unsatisfed Galena and Chicago was sold
to-day more freely than usual, without change in
prices. 1t closed at llO4 per cent, buyer go days.
This stock is well known that parties wishing to
purchase do not stand about one or two per cent.
Erie not so strong to-day, but the fluctuations
do not alarm holders spectators for rise. 1t Is
destined to touch much higher points before the
lapse of many days. 1t is firm belief that at
rent rates Erie Is about the cheapest railroad stock
On the list We notice the sale of small lot of
Chiriqui Coal Company stock to-day at rs per cent
A small lot was sold yesterday at the same figure.
This Is the company we alluded to few days SINCE
Its coal resources said 70 be inexhaustible but
the mining of an immense quantity of coal Is not at
all necessary. We have shown that the sale of
l00, 900 tons per annum will give the stockholders
dividend of thirty three per cent Its coal lands
could not be more favorably located. Occupying
position midway between San Juan del Norte, Mica
ragua and Aspinwail, the supply OF those ports
could be made at once almost without any outlay of
capital. Contiguous to Jamaica and Havana those
ports would look to this company for supplies. The
Importance of this coal deposit to steam marine
if it be extensive represented, cannot be over
estimated Its vaiue must be equal to all the other
mineral resources of the country, for it will lead to
their developement 1t is not only important that
proper supply Of coal should be found in that locali
IT, bat that should be accessible. 1t lies directly
on the banks Of the lagoon, and on large island in
the lagoon and can be cheaply and expeditiously
mined. 1t is the only coal it for fuel which has
ever been discovered in that region and the Chiriqu
lagoon is represented to be the only safe harbor on
the coast between Nicaragua and Aspinwan.
At the second board the market was altogether
better. Erie was firm at 532 per cent. Michigan
Southern advanced to 9l2; Nicaragua Transit went
up per cent; Reading Railroad, l. Chicago and
Rock fsland, 1; Cleveland and Toledo, 1. The abb
sence Of the steamer serves to dApress the market
Notwithstanding the favorable complexion Of the
last sdvices, people who are afraid of their own
shadow cannot be expected to have confidence
enough to operate when later news is so near at
hand. II the steamer should not arrive until Satur
day, this class OF spectators will work themselves
up into q regular panic. We should not be sur
prised to zee consols 81 per cent by the steamers
now due.
After the board, $50 was bid for Erie; Reading,
s7i bid, s7s asked Galens and Chicago, 10ss bid,
1092 asked. Michigan Southern sold 10 the street
at 924, buyer 80 days
The Assistant Treasurer reports to-day as fol-