The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-02-28

FINANCIAL AND COMMERCIAL.
MON EY M A Il X e T.

FRIDAY, Fe,. 2T-oP. NJ.
There wss quite On important reaction in the s.oeb
market 10 day The speculative operations In New York
Central Railroad appear 70 be daily Increasing With a
he ors Of the Albany clique 10 sustain H. lover pvoes
rule ard the quantity Of stock the market sea lily
accumulating. TIE principal managers very smAli
stookhoaer and n 10 prett, clearly that the
London market will not absorb half the stock sent there
for sLe The Illustrations OF the sock In this market
sufficient to deter foreign capitalists nom touching
The recent collapse In Michigan Southern must open
the eyes Of the moneyed men Of Europe 10 the
roaenneas Of our huge railroad corporations The
ports Just made IN relation 10 the financial operations
the Michigan Southern Company Of the past year, have
not restored confidence In the least notwithstanding tn
efforts made TO show favorable result possible
When the financial hstory Of this road msde public
the feet must be very disastrous 10 the olaI Of small
stockholders In the company Erie opened and closed
heavy TO- day, with limited transactions than
have noticed for days. The earnngs for February
this year, will be much more than half those for b.
tame month last year. Reading was little weak, and
closed dull Cleveland and Toledo holes up we'll, bu
IL upon the shoulders Of clique which dare not let It
down. They arc fu Of II, and are OBJ ,ged 20 carry q
any escrince. Outsiders do not touch h 10
any other way than 10 90 short OF
and leave the result 10 time. II 10 merely matter Of
few months. La Crosse and Miwsuhie up rapidly
not brought out much stock yet bu, II WAS the impre,
sion In the street that holders would realize 10
tent ut the advance. Galena and Rock Island fell on
fraction, with small sales
Michigan Southern sinking fund bonds sold this
Ing at ~ tx and were offered this afternoon 49,
seller six months without takers. would DO difficult
to place large quau.ity Of them M anything IKE even
this low Bxure the financial requirements Of the
pany known 70 be ge, and there ID little confidence
let In the Management. The stock sold u 76k-a high
nsure, eouared TO the price Of The bonds. II only
sustained BY the desperate EFFORTS Of the official hnau
ce Of the company, who stop ct no sacrifice to meet I'm
mediate wants.
At the second board there WAS rather Q duh market
Prices ruled about the same In the morning. New
York Central closed heavy, Nt decline Of Il per cent.
The two most speculative railroad stocks the lnt
Michigan Southern and Cleveland and Toledo-are COW
the neglected securities the market There 10
outside demand for either one OF them, and the
cquos that sustain them not disposed purchase
single share than actually necessary for thas pur
pose. Chicago and Rock Island little lower this af
ternoon. The movement In this stock is q6te limited
and there appears 70 30 very little in the market Gale
and Chicago sold this Afernoon s loa per cash
There parties who appear disposed TO sell ,ais stock
short, 10 some extent.
The stcamship Illinois, ri this port from AspinwAI
brings seventy seven bces Of California gold. The
steamship Sonora, st Panama from San Francisco is
reported 10 have brought down about si7oooo in gold
but what portion brought by the Illinois this port
ID not given in the copy OF tho msaifest received 81
this ooe This system Of eporting the arrivals OF
gold has doubt been adopted for the purpose OF cover
Ing up the deficiency compared with last year. Judging
from The amount brought down the other sids and
from the extent Of the previous direo. shipments from
Aspinwal on foreign account, We shall put down the
value Of the remittance by the nos n about 81 600
There certainly sone important cause for Tho change
and lhs probability 10 that has beou made u the sug
gcaton OF the banks Tho receipts BY tho arrival II
corresponding date last year amountsd 10 81, 7Ia
We publhhed Q few days since the nrst statement OF
earn nss Of the Milwaukee and Horizon Railroad, bu
emitted TO call attention 10 tho fsct that the road had
carried freight westward than esstward-an extra
ordinary feature In Hs buaiaess, aud which adds
very materially 10 the Intrinsic value Of a securities
in estimate, made some time since, OF what Ne
business would probably amount TO- nade 90 little
allowance FOR III outward receipts brss our cacu
ation Of profit favorable ~ WAS, far below tho result
h. h. ~YiaAsf ,xst