The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-12
FINANCIAL AND COMMERCIAL
n o N e Y m A n X r. r.
THURSDAY. March If p.

THURSDAY, March ll-6 p. M.
The tone of the stock market was altogether diff
ferent today. The tendency of prices s upward,
and in of the leading speculative stocks there
was very active Business. at the first board Erie
Railroad Sd mortgage bonds advanced per ceat
La Crosse land grand bonds /; New York Central
Railroad, l; Erie 3; Hudson River Railroad l. Har-
len, /; Reading, Ii; Michigan Central Railroad, ls
Michigan Southern, common, /; do. preferred, }, Ga
lena aud Chicago, Ii; Cleveland and Pittsburg, l.
Chicago and Rock Island, I. Hudson River Rail
road lst mortgage bonds declined | per cent; Paaa
ma, 4; Illinois Central Railroad, u. There were
good many cash buyers in the market, and prices
left of better than at the opening. New York Cen
tral Railroad and Erie Railroad are undoubtedly IA
vcrbly affected in market value by foreign orders.
1t appears that New York Central Railroad shares
were, at the latest dates quoted in London at So 81
per cent, and Erie Railroad shares at 26 a IS per
cent This is equal TO about 80 80 per cent for
New York Central shares and about % 30 for Erie
Railroad shares. The latest advices received in
London this market were to the 18th February,
and at that time quotations ruling for both of these
stocks were considerably under those current.
AT that time Erie was selling at 2S4 q 20 per cent
cash, and New York Central at sc s63 per cent
cash Every steamer from this side, from the mid
die of February up to Saturday last, period of
three weeks. has taken out accounts Of a rising mar
ket. We have yet to receive the response from Eng
land and from the Continent, and the probability is
that the rapid restoration of values i'll most pro-
minebt securities will create speculative movement
in London and an active demand tor American
stocks generally. We have no doubt that the next
steamer from Europe will bring quotations for our
securities considerably above this market and Or
ders for large amounts literally limited as to
permit their immediate fulhment. The recent decline
in market has enabled parties holding foreign
orders limited to figures corresponding with the last
quotations in London to fill them. This absorption
must have favorable effect upon prices here. Such
operations permanently relieve holders this side as
il is the withdrawal of much stock from the market
The effect of this demand is likely to be seen sooner
in New York Central Erie Michigan Central and
Illinois Central from the tact that foreign capitalists
have already large Investments in them, and prefer
them to any others. State stocks must continue to
absorb large amounts OF foreign capital. They all
pay comparatively high rates of interest and as for
real bona d. security there nothing better in the
world. Any political disturbance in Europe must
force an immense amount OF foreign capital into our
public securities and, in any event, with peace or
war the investment in our stocks from abroad is
likely to largely increase There is no coun-
try in the world where such high rates
of interest are paid, or where the future
is free from disastrous contingencies The small
amount of State stocks daily sold in this market
shows with what frmness the great bulk is held,
and 70 what extent they have been Withdrawn for
permanent investment.
At the second board the market was particularly
bueyant and active. The advance Of the morning
was not only confirmed, but further improvement
was realized California State rs advanced per
cent; Tennessee State 6's, /; Canton Company, I;
Pacific Steamship Company, Z; New York Central,
Ii; Erie, l. Harlem. 4; Reading, 4; Michigan Gen.
trial, 4; Galena and Chicago, 4; Panama, 1; Cleve-
land ard Toledo 4; Chicago and Rock Island, "a.
Michigan Southern, preferred, declined 2 per cent;
Illinois Central, 4. New York Central closed this
afternoon firm at 92l per cent After the board 80
per cent bid for any quantity. After the board
quotations for some stocks ruled higher, and the
market generally closed with decided upward
tendency.
The Assistant Treasurer reports to- day as fol