The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-06
FINANCIAL AND CONNER GAL.
N ON EY MARKET.
THURSDAY, Nov. SIS II,

the operations continue for cash, and the time
transactions are principally at short dates At the
first board to-day Tennessee State Cs advanced |
per cent Virginia 6s, l. Missouri 6's, 3; Hudson
River Railroad LIST mortgage bonds /; Bank of
Commerce, 3; Delaware and Hudson, l; Pacific
Steamship Company 4; Cumberland Company, 1;
New York Central Railroad /; Galena and Chicago,
3; Michigan Southern, old l; do, preferred, L. ILL
nois Central Railroad, q Cleveland, Columbus and
Cincinnati, 2; Cleveland and Toledo, 4; Chicago and
Rock Island, IA; La Crosse and Milwaukee, 4.
Michigan Central Railroad opened at "A, and closed
with very moderate sales ut So per cent cash. This
shows an advance Of per cent on the opening
price, movement somewhat rare in these
times. The tendency of the market Is de-
cidedly upward. Most of the prominent rail
road companies have certainly improved their con.
dtion, and the process of liquidation and economy
is still going on. Those which have passed their
dividends have been actually strengthened by SO
doing, and they have been enabled, by general ne
cessty for contracting to place their floating debts
in much more favorable position. The spirit of
compromise rules the times, and arrangements of a
satisfactory character can now be made which would
not have been entertained few months since. 1t
is well that railroad companies have come to
this, and also well that the public have so literally
and generally responded. The cause that has
brought about this improvement in the finances of
our railroads is one that sooner or later nevta
bic. These companies were running riot upon their
floating debts. There appeared to be no limit to
them, and they increased with the most runous ra-
pdity. Everything that went into construction ac-
count wits represented by 50 much floating debt, and
as it the most expensive item ofindcbtedness to
carry, it absorbed the great bulk of net earnings
We glad to see that in nearly every case where
large floating debt exists the matter has been taken
hold Of in the most determined and decided manner.
In many instances the most favorable results have fol-
lowed. In the Cleveland and Toledo Railroad Company
the floating debt has been almost entirely removed
and the finances of the company placed in good
order. The road is now in good hands and is well
managed. The Michigan Central Railroad Com
pany is making great progress with its financial
arrangements. The Michigan Southern have more
difficult matter in hand and it must be long time yet
before its finances can be placed in proper shape The
Chicago and Rock Island Company is We believe, in
a very strong position. With no floating debt and
very small funded debt the stockholders will get the
whole of the net earnings whatever they may be. The
Galena and Chicago is not at all embarrassed, and
of large through traffic its connections extend
across the Mississippi river.
AT the second board there was a pretty general
Improvement in prices without much activity in
operations Cumberland Coal advanced per cent;
Cleveland and Toledo, 4; New York Central, 4: Rea-
ding, II; Chicago and Rock Island, Z. Michigan
Central Railroad, after touching SO per cent this
morning settled back to so per cent cash. this after
noon; sale was made at 40, seller GO days; Mis-
souii State 6s closed steady at 72s per cent cash.
Panama Railroad sold at rs 75i ut this after
moons board; the previous sale at ~ per cent.
Cleveland and Toledo closed firm at 80 per cent,
cash. The new managers of this road feel confident
of making it fine property. Suits for large
amount, we understand, have been commenced
against the Reading Railroad Company. If there be
no defence-and none IL known except the plea of
usury, which by the law of Pennsylvania cannot
be pleaded by railroad orponton-jadgment
must be obtained on all in course of the present
month. The company must then either pay or give
security for a stay of execution, which the law re-
quires should be given by some party who holds un-
incumbered real estate TO the full amount OF the
suits. If the security be obtained for present suits
il must be likely to avail the company, the giving
of security will be great inducement for other ere
di,ors to commence suits. II paid, the inducements
to other creditors will be still greater. If neither
course Is adopted, the only alternative is to make
assignment, or TO put all the property Of the com
paay in the bands of trtistees-etler of which is
fatal to the interests Of the stockholders.
The Assistant Treasurer reports to-day ~ fol.
lows:-
Total pavfnerts ......... III 3O4 81
srot al balance 3 Ssg3l2 SO
The receipts include s33 900 from Customs, and
the payments include s67 900 on California draft.
The land sales of the Illinois Central Railroad
Company Tor the month of October amounted to
s2e5, 1857 %.
Some Of the Chicago papers are urging upon the
State Treasurer the proprety of paying the interest
on the State debt and discussing the proceeds Of the
two mills tax" tsomc oO,ooo), for the purpose
of relieving the commercial world far possible,
ny Supplying it with that amount Of currency.
Our atyices from the West report greater activity
in the movements of grain The probability is that
NIL the leading lines of railroads at the West will do
very heavy frcightng business this coming winter.
In most of them important reductions have been
made in the operating expenses, and their gross
earnings will give larger per centage of net income.
The longer the produce OF the West il delayed the
greater the gam 10 tue IdliIOdus Inc Ncst IN iairy
running over with produce, and there are markets
for the whole Of il. The insurance companies do
not insure on lake navigation after the 10th Of No
,cmber and from that date the railroads must show
increased business in freightng. The roads running
east and west through Illinois and Wisconsin must
do ali the carrying trade OF those regions, and the
most moderate activity in the movements Of grain
will give their full capacity fair trial
The Morris Canal Company has given notice to
holders cf scrip certificates for fractional parts Of
81 co., that they will be received in exchange for re
sular coupon bonds when presented in sums Of
OIL 600. II offered before January 4 the coupon Of
October will inure TO the benefit OF the holder Of
the scrip; after that date the coupon will be dc
,achcd, ard the holder Of tho scrip wd lose the in
tcrest.
reorganization of the la Crosse and Milwaukee
v.iIr0od Comfgny Ia announcsd under the following