The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-22
FINANCIAL AND COMMERCIAL.
MONEY M ARK EFT.

THURSDAY, FeD. Zl-6 L. M.
The market was active this morning, with an up.
ward tendency in prices. Western railroad stocks
are attracting attention, and must, during the pre-.
sent year, absorb great deal Of capital. The new
roads favorably located, are preferred as general
thing to those which have been in operation long,
the stocks Of which have become inflated. An early
investment in the most prominent Western roads
cannot fail to pay handsome returns. Within the
past five or six months several new roads, favorably
located in Illinois and Wisconsin, have come upon
the market at prices which have attracted new
class of purchasers and the effect has been Of the
most favorable character It has for years appeared
most extraordinary to us that capitalists remained
satisfied with their investments in the old railroads
Of the Eastern States, while those at the West pre-
scented such Inducements Illinois and Wisconsin
are peculiarly adapted to the construction Of rail-
roads. The immense prairies Of that region afford
great facilities for preparing the superstructure.
The right at way costs but trife, depot grounds Of
unlimited extent are obtained at low prices, and
commencing, as they all have, with q new
country around them, and amidst sparse popula-
ton, it follows that as they develope the resources
Of the section through which they pass their produc
tiveness must at no distant day fiom completion be
sufficient to satisfy the most sanguine stakeholder
u
gon north and west Of Chicago but is destined to
pay enormous dividends and command high pre-
miums in the market. A glance at the map is
sufficient to satisfy any shrewd observer Of the des
tiny Of that country. The western shore Of Lake
Michigan is anatuzal barrier, which railroad
overcome. The tendency Of travel and traffic is to
the south, for the purpose Of passing round the
southern end Of the lake. and the bulk of transporta
ton from the West to lake ports north Of Chicago will
pass the lake shore lines to Chicago its way
to the Atlantic. This will throw an immense bust
ness over the lake shore roads and make them good
Investments All lines running east and west be-
tween ports on Lake Michigan and the Mississippi
must be immensely productive. The tide travel
East and West and is only by roads running West
that VIC penetrate the unlimited regions beyond
the Mississippi Railroads located in the Eastern
States have had their day. All of them cost per mile
double and treble the roads Of the West, and their
earniI gs per mile much less Eastern railroads.
as general thing, are operated much more expen-
svely, subject to more ruinous competition, and in
the receipt Of less income on the same business,
than Western roads Eastern railroads, in the a.
gregate, have reached about the maximum Of MT
revenue, while those Of the West are yet in their in.
fancy. The former are old, diseased, and nearly
worn out, while the latter are new healthy vigor-
Gus, and but in the beginning Of productiveness
As permanent investments the Eastern railroads are
no more to be compared with those of the West
than the moon is to the sun for light The construc
ton account Of all completed roads at the West is
cloeed and in most of them it rests at small figure
compared with the roads Of this State or New Eng.
land. strict adherence on the part of Western
railroad managers TO this principle will be attended
with results more extraordinary than have yet been
realized in railroad investments in any part of the
world.
At the first board to-day Illinois Central Bonds
advanced per cent; New York Central 6's, ]; New
York Central U.s. 1; Reading Railroad, 1; Cleveland
and Pittsburg, 4; Galena and Chicago, Z; Cleveland
and Toledo, 3; Wisconsin and Lake Shore, 1. There
was considerable activity in all the leading stocks
The advance in Cumberland this morning was caused
by the privilege obtained by the company from the Le-
gisature Of Maryland, to purchase portion Of the
capital stock. All the Western railroad stocks were
in demand at the Improvement.
At the second board Galena and Chicago and
Cleveland and Pittsburg were about half per cent
better Most Of the other stocks sold were at lower
prices Erie fell of per cent Michigan Central, 1;
Panama, J.; Canton Company, l. Galena and Chica-
so has been picked up during the past few days to
some extent There are parties in the market with
unlimited orders, but they only get hold of 1t in
small lots as offered, without putting prices up on
themselves There is too much capital aAoat to suf
fer this stock to remain much longer below 100 to
l25 per cent.
After the adjournment of the board the following
sales of bonds and stocks were made at auction by