The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-28
FINANCIAL AND COMMERCIAL.
MO ~ u \ ma gTs H. IT,

THURSDAY, Oct. II o =. 81.
There was quite a buoyant stock market this
morning. In some of the leading speculative rail-
road stocks the movement was active and decided.
At the first board Michigan State advanced per
cent; Virginia Gs, q; Missouri State 6s IL; Illinois
Central bonds, I: Delaware and Hudson, l. New
York Central Railroad, 3; Erie, !; Reading, IL:
Michigan Southern, preferred, 4; Illinois Central
Railroad, 6; Galena and Chicago, 81 Cleveland and
Toledo, (; Chicago ard Rock Isand,2 1t will be
seen that an advance was realized in ea ii stock
sold In New York Central the operations were
particularly large, and prices were well sustained TO
the close. Reading was active, and closed firm at
the improvement. In State stocks there was ali &C.
tive demand, at full rates Missouri 6s AID yirpi ua
6's particularly buoyant The market at the close
was buoyant, and buyers took hGlG with good deal
Of spirit. We do look for any grea: speculative
movement, but decided improvement ia the market
value OF cur best stock securities is pretty ceiaia to-
be realized There ia no doubt bus that nave
given all of our speculative sto ,hs good pruning
and sifad out the good !rom tue bad, that caol-
tais's end Others can hereafter make proper dis
tinction. This wil tend materially to restrict ope-
rations at the board in the most fancy cass az secu
rites and confne the transactions of men q means
to tie highest classes Of stocks. There y on in
mepse amount Of foatipg capital looking about for
safe employment. Our State stocks offer good
chances for inye. tment There can be 40 question
Of the security aud purchased at tue present prices
that will pay large rates OF interest. Every o.
them will pay the full interest ths very day ia
due. There IL no future event more certain than
tais. With this fact before VS. Il il hardly possible
for the 20 stocks 10 remain much longer much de
pItcia cd. At current prices State stocks pay q
better rate of interest than any Of city banks
ever paid 10 their stockholders and 20 fas a. per.
manence AID SAFETY go, he banks are comparative
" very poor investments. The three prominent. eud
mcst productive raiIoad stocks the market will,
beyond oil doabt, advance in market value a. the
specie reserve Of our banks increases. We allude to
the New York Central, the Galena and Chicago. and
the Chicago and Rock Island. They are all selling
nov at about the same price and have throughout
the present Revision been pretty well sustained.
The February dividend Of the New York Central
will, we understand be paid promptly and to the
FIJI rate. We have heard nothing about the Febru
AIRY dividend Of the Galena and Chicago Company
but presume 4 will be paid, and vii! be the usua'
five per cent. The Chicago and Rock Island having
passed their October dividend, viii pay notnilg
til April next.
Al the second board the market was little
lover. The sales we're quite limited
The Assistant Treasurer reports today "A fol-
lows
1oAl Fsoeips .,........s....,.... $500 $3.50 ~
fossi psy i26 e54 50
fo,i balance b,oSs S& 81
An acjourned meeting Of the sock anS bond.
holders ana friends OF the Erie Railroad will De held
at the Mercantile Library. Astor place, t, morrcs
evening at o'clock.
A. Fl. Muller's regular auction sale of stocks and
bonds Will take place tomorrow, "Wednesday u
haf-past twelve O'Clock, at the Merchants Ex.
change.
S. Draper will held special sale OF stocks and
bonds at the Merchants Exchange Tomorrow, at
halfpss. twelve o'clock.
A. Nlcolsy will hold . social sale q stocks
and bonds tomorrow "Wednesday at half PES. twelve
O'Clock, at the Merchants Exchange.
Comparative statement Of the exports (sxelusi7e
Of specie) from New York TO ioteig4 po,ts for The
week aba slace January / -
TOTAL for ,ss y~s. s,osIsS 1sso.irs 10, $50
Previously rel orseo. se,VS2sOs ess,s,2s6 ss.s7,.i5
ruee Jarua,y sS2 iiases ety72.soi 90, $50, 1pe
very general inquiry at prcsent Il, What viii be
the effect Of tie panic on or cotton interests and
will it materially depress the price Of cotton. per
manently or temporarily At this perioi Of the
year the cotton grower has no friends. Al the
opening Of the season fer the deliveries Of the newly
grown crop its extent is maenihed-trade ia always
depressed goods are abundant and rom the tenor Of
articles on this subject, dsinteresied party would
find their reasons all 70 plausible that large over
stock at the cotton dcpots at the end OF the year
would appear certain, and fall In value to about
one half or twothirds Of TIE current prices OF the
day appear to be as fixed feet as anything in the
iatufe can be; and yet, let the crop be what Ii
may, il all disappears- In the OF the pas. two
seasons, terminates al twenty FIVE TO forty per cent
over the supposed extravagantly high prices at the
commencement. The cause of this is a very simple
oDe-it Is the course Of nature; and combinations
Of banks, capitalists manufs combined
withstand IT, for il arises from the inability of the pro
duction TO supply the consumption. The spndles Of
all Europe, and the prosperity or ruin Of thousands
&c may say truly, Of hundreds OF thousancs or mil
lions Of people, depend upon the culture Of this
annual plaLt, in small part of the United states;
ffos's. worms, and hundred Of accidents INFER.
ycnirg 81 adiy between sowing the seed and picking
the crcr, whica With all ire cGe bestowed urea ia