The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-10
FINANCIAL AND CONNER GAL.
MONEY MARKET.
TUESDAY, Feb. &c ]


There was in reality bully market to-day Buy
ers are abundant, full Of confidence, and take hold
with great deal Of spirit. The transactions to-day
wee unusually large, at advancing prices through
out. The easy money market is telling with much
effect on quotations for stocks and speculation is
perfectly rampant. II does not seem TO matter much
what kind Of securities purchased, as profit
can be realized almost the next day. At the first
board to-day Indiana State fives improved per
cent: Missouri state skies, q; Erie third mortgage
bonds ]; Michigan Central bonds, l. Ia Crosse land
grant bonds. I; Delaware and Hudson !; Pennsyl-
yania Coal q; Cumberland Coal, !; Pacific Steam
ship Company, Z: New York Central Railroad !;
Erie, Harlem, old, DO. preferred, 2 +; Mchi
gan Southern, old, ! Panama, 2; Galena and
Chicago, u; Cleveland and Toledo, !; Sixth Ave
nue. Railroad. 2. At the second board the market
was even more buoyant, with active demand
for the letter class Of stocks. Missouri State 6s ad
vanced I; Cumberland Coal, }; Erie I; Harlem, };
Ia Crosse, Z; Michigan Central, 3: Michigan South
err 4; Chicago and Rock Island I. Reading was
the only heavy stock on the list to-day, and that
closed per cent lower. In all the leading specula
tive securities there avery large business, good
portion Of which was for cash. OF the railroad
stocks Panama and Galena and Chicago take the
lead and command the highest prices. They are be-
yond all question the best on the market The most
rigid economy has been introduced into every de.
partment Of the management Of the Galena and
Chicago Railroad Company and Ia the face Of con
siderable decline in the gross receipts the expenses
have likewise been reduced in a corresponding ratio
thus demonstrating problem in railroad manage
ment-tha the expenses can be made TO bear near the
came relative per centage reduced volume Of bu
sipess Owing 10 this economy the net carvings OF
81. Il. 1.,
come gain over the corresponding months of last
year notwithstanding the falling off in work done.
The Panama Railroad Company is doing better
business than ever. The steamship Northern Light
L. advertised 10 leave this port for Aspinwal the
10th inst. TO connect with the orizaba at Panama.
These two steamers belong 10 opposition lines. The
new or bogus Transit Company, got up by White,
Morgan n Co, will, il Is understood start boat
from this port on the 9th or 10th Of March, 20 meet
Che Orizaba. which is continuation OF their line
for the present the Pacific side. This company will
probably start the Quaker City at the appointed time
and the competition on this side will, il il supposed
ie between that steamer and the Northern Light
This is one Of the theories Of the street regarding
The new line. No one supposes for q moment that
q coalition has been formed between the Vanderbilt
and Morgan forces. but We know enough about
these fnancer and spectators 90 not be surprised
az anything that may turn up. The Vanderbilt aud
Morgan parties arc apparently coDtesting for the
Transit route through Nicaragua, but should not
De al all astonished TO see them combine and Du.
tually share the plumber II the public will only
leave them alone. and avoid the new stock in what
ever shape IL may appear, they will avoid the fate
that attended the stockholders in o. old Transit
COMPANY. Until all these plans ahd trap.
ranged the steamers Of all the lines connected with
the California trade will centre at Aspinwall and
Panama and throw a vast amount Of travel and
traffic over the Panama Railroad. The move.
inent in Cumberland goes ON vigorously. New York
Central has been without change for some days,
with rather moderate sales Erie is improving,
nnde the favorable prospects for the new loan. 1t Is
reported that Mr. Moran has been offered In London
abe whole amount required al 20 per cent for the
sonds, but refused. Harlem is advancing under the
influence Of the fact that the new loan has about all
been taken.
There has been but a moderate business in ex-
change Tor remittance by the steamer from Boston
for Liverpool tomorrow, Wednesday. The closing
rates were for banker bills on London, 81 10 per
cent premium: commercial bills 81 per
cent premium: on Paris, ST. l7a o. l2a; Amster-
dam ii5 81; Bremen. 79t so; Hamburg, 37i
37s. The steamship Atlantic is advertised to leave
thi. port on saturday Tor Liverpool.
Aswe have heretofore remarked, the responsibility
Of the direction Of the Michigan Southern Railroad
u beyond question; still entertain the belief that
thc official organization might be very much i'm.