The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-18
FINANCIAL AND coMMeRc lAL
EY n A II X II +.

The excitement, activity and imitation in the stock
market to-day exceeded anything of the kind we
have seen for many months. Spectators for rise
appeared to be perfectly wild and bought stocks right
and left as they were offered without the least re-
gard to prices They run up the market in the most
desperate reckless manner, and sellers had no
trouble in getting just what they wanted In several
instances this morning the advance realized was
four and five per cent, without any intermediate
step. The transactions up tens of thousands of
shares, a large portion of which were cash sales.
The few time operations, either buyers sellers OPP
ton. are rather an unfavorable feature in the
market. There are shorts of consequence, and
we are a little curious TO see where the loads
of stock that have already been piled upon
the market arc going to settle down. The only out
side response to the present movement thus far is
steady increase in the outside orders to sell cash
stock and they are coming in from the most remote
quarters At the first board today Virginia 6's adj
yanced u per cent; Missouri 6's, So New York Gen.
trail 7's, 4; Illinois Central bonds, ~; Metropolitan
Bank, 2; Canton Company, l; Delaware and Hudson,
2; Pennsylvania Coal Company, 81 Cumberland. /;
Pacific Steamship Company, L; New York Central
Railroad, 2; Erie Hudson Railroad 4; Harlem, "a;
Reading, s; Michigan Central. l.; Michigan Southern,
old 4; do. preferred, 4; Panama q; Illinois Central
Railroad 2; Cleveland and Pittsburg, 2; Galena and
Chicago, 2; Cleveland and Toledo, a.; Chicago and
Rockand, 4; la Crosse and Milwaukee, A; Milwaukee
and Mississippi, S. These variations show an i'm
provement since the close of the market yesterday
equal to anything that has been realised in the same
space of time for years The movement at the Stock
Exchange is not confined to two, three or four lead
inc securities but covers the entire list the fancy
L1.I Il and hapL atn Ia
no changes Of consequence are noticed The greatest
improvement thus far appears to have been In the
stocks Of those companies which have passed their
dividends made assignments, and are now IN the
market begging the smallest subscriptions to relieve
the roads and save them from going into liquidation
At the second board there pretty strong move
mcnt In some stocks little lower prices ruled, while
in Others there further Improvement California
State rs advanced per cent; Pacific Steamship
Company, 2; Hsslem preferred, 2; Milwaukee and
Mississippi l. La Crosse and Milwaukee fell of I
per cent; Michigan Southern, old, 4; Reading. 4;
Erie. 4; Cumberland Coal, 4; Illinois Central bonds,
l. There was not so much activity this afternoon,
but on the whole prices were well sustained.
| Outside holders Of railroad stocks should by
no means lose the present opportunity for reaz-
ing at high prices. At the same time we do not
\ deem Il prudent for spectators for fan to sell
largely short at current rates. Holders Of cash stock
cannot make much Of a mistake by selling, particu-
larly when they can make a profit, and those who
have held through the recent depression should avail
themselves Of the first opening TO get out with a
whole skin This imitation is purely OF local char
ac,er, and sooner or later must collapse, with force
that will send the fancy railroad stocks down pretty
near starting points.
| The steamship Hammonia at this port from Ham
burg brings t63 800 in specie, consigned as follows
A. Schumacher 4 Co s31 500 r seq. 81 so
l. Am.insh: 10000 = ,.olS.~bmidt loo
sky 4 COM. 5000 VIM. Mchahelles. 800
Wolf 4 Gincken..... 5000 .e5 90
Total.
The Court has granted the receiver Of the Me
chanics Banking Association q further period Of
sixty days to close up the Affairs OF that institution
The subscription books for the proposed new loan
Of the Illinois Central Railroad Company are now
open at its Office, No. so Wall street.
The valuation Of property in Milwaukee Is
s6l 235. and the amount Of taxes TO be raised Tor
city purposes IL $500, I94 81, being about ~ per
cent. In addition to this, the county and State
taxes amount to slls 26s a., making the grand
aggregate s4l9,o63 80.
We learn that Gov Pollock, Of Pennsylvania, has
| appointed Hon. James IL maze, VI oehhe CVu''y
Hon. Eli Slifer, of Union county and Jacob c. Bonn
berger, Of Dauphn county, to be commissioners tc
investigate the condition Of the Bank of Pennsyya
MIA This proceeding is under the suspension Law o.
the late special session Of the Legislature the pres
dent and majority Of the board of directors Of thc
Philadelphia Bank having certified to the Governor
under the oath Of the President, their Apprehension
and belief that the Bank Of Pennsylvania Is in al
unsafe condition.
Among our revenue laws the warehousing system
exercises a vast influence in promoting excessive
importstions. and II modified 30 as TO exclude from
its provisions the storage Of foreign fabrics an
-..s...uu~a "a ,n;ght check irnnovt ationa 10 som