The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-31
FINANCIAL AND COMMERCIAL.
N ONE NJ A II X EFT.
SATrRDAY.Ja

SATURDAY, Jan. 30-6 L. NJ.
There was very active market this morning, and
the business was well distributed. Nearly every
stock on the market was moved to some extent, and
generally at better prices. At the first board New
York Central SIS advanced 4 per cent; do. Is,
Il Michigan Central bonds, 3; Illinois Central bonds,
I; Galena and Chicago second mortgage bonds |;
National Bank, I; Pacific Steamship Company, !;
New York CentrsIRairoad l; Cleveland and Toledo,
Ii; Erie, &; Hudson Railroad l; Harlem, a; do. pre-
ferred 3; Reading, 4; Michigan Central Railroad |;
Panama, d Illinois Central Railroad u; Cleveland
Columbus and Cincinnati, I; Galena and Chi
cago, /; Chicago and Rock Island, |; La Crosse
and Milwaukee, g. Missouri 6s fell of 4 per
cent; La Crosse and Milwaukee land grant bonds
4. 1t will be seen by this that the movement
was pretty generally upward. This rapid inaa-
ton is bringing securities up to high points,
which must exert its influence in inducing outsiders
TO realize. There usually sellers Of stocks upon
rising market among many outside holders, and
where cost can be realized very few small holders
will hesitate long about closing up such investments
There are so many anxious TO get out. and so many
engaged in mercantile pursuits in want of money
that continuance Of the imitation will relieve
large number OF holders. At the second board the
gular and unsettled. California rs declined per
cent; La Crosse land grant bonds IL; Cumberland
Coal, /; Pacific Steamship Company, Z; La Crosse
and Milwaukee, /. New York Central Railroad
advanced | per cent; Harlem, !; Hudson Rail
road, l. Michigan Southern, A. Panama, l.
Chicago and Rock Island, /. The la Crosse
and Milwaukee land grant bonds auctuated
considerably to day, but there were none pressing
for sale The entire sales at both boards less
than forty thousand dollars. The bears or shorts in
vent all sorts Of stories and give them circulation in
the street, to serve private purposes The company
have concluded all their financial arrangements.
Many of the coupons due on the lat OF February
were paid today and the rest will he paid on pre-
sentation al the Bank of the Republic For the fest
time the history of the company the completion OF
the read il now clearly seen. The stock is widely
distributed, and a large number of people in all
parts of the country interested in early
stucton of the rest OF the line through to La Crosse
Another year will bring the Western terminus 10 the
Mississippi river, and then the road will command
the entire Northwestern travel and traffic.
The Assistant Treasurer reports to-day as fol-
lows
Total receipts s2si go 20
Ionl rsynens''.'' '''.'''.'''''..'..'''. aseSd so
The receipts to-day include t64,726 OF from Gus
toms.
The bank currency certificates held by the banks
to-day amount to s2,Sil 900, being reduction of
s3T 900 since yesterday, The exchanges at the Bank
Clearing House to-day were OIL 665 $50 ST. and the
balances amounted to ,lo6 So.
The daily clearings for the week were asfoilows:-
January IS sl4 7s1 III 20 January 2s s 2s7 5e7 IS
a.. i3,sGs,eso " 30. IL $50 81
The interest coupons on the bonds of the New
Jersey Railroad and Transportation Company, due
on the LIT Of February will b. paid ri the Bank of
Commerce.
The capital Of the American Coal Company il
$500 COO, and not 100000 IS tsed. II il all paid
up In cash. The company sayns 200 acres Of
land most Of WHICH contains the fourteen feet vein
Of coal. The lands cost the company $4,000. pur.
chased at mortgage sale. The company has no
debt, and mined last year 10000 tons Of coal. 1t is
prepared tn do an active business next season.
The Ienox Fire Insurance Company have declared
a -emisnnual dividend Of FIVE per cent, payable ON
the LIST of February.
The Atlantic and St. Lawrence Railroad Company
have declared semannual dividend of three dollars
per share, payable February
In the Senate of Rhode Island. on Wednesday a
bill was introduced requiring the banks 20 keep in
their vaults at least five per cent Of their capital
stock in specie and prohibiting all bills OF less de-
nomination than five dollars. In the House bin il
to be introduced proposing TO restrict the amount Of
bank issues, requiring the banks 10 make weekly
turns and TO abolish the usury laws.
The City Bank Of New Haven has obtained a YER
dict Of sJ6 900 against the Bank Of Akron, Ohio in
the Superior Court of New York city the suit being
brought to enforce payment four bills Of exchange
Of that amount in the American Exchange Bank,
which the cashier of the Akron Bank had pledged rs
security for loan Of $50 900 in small bills. in ISL.
The Legislature ID Wisconsin have under con.
sderation very feasible plan for the relief of the
various cities town. and counties which have loaned
their credit To the different railroad companies Of
the State Most OF the Northern and Western states
of the Union have loaned their credit directly 10
railroad companies; but in Wisconsin the burden
has devolyed upon the counties, cities and towns.
As these corporate bodies have no right 10 tax rail
roads except within their special limits, the popAa.
ton of each city, town and county are in many
instances, taxed to meet the obligations incurred,
while the entire population of the State Is benefited
by the construction of these works of internal i'm
proyement. The relief proposed cannot be too
highly commended, and the movement is a Legal
mate one in every sense and must sooner or later be
adopted
The plan 10 obtain the passage Of bill BY thssegs
laturp nov IN session. authorizing the State tO
these loans and consolidate them by exchanging there
for per cent state stock at par value, the time
making provision, by moderate tar upon the income
OF the railways aided for sinking fund which shall
eventually exvnguish the entire debt N h accumula-
ton. As preliminary measure, will be necessary
10 am nd the constitution, which nQy limits the amount
cf state debt 10 sl00Oo0 and this amendment IL IL
proposed 10 submit 10 vote Of the people soon
a. the Legislature makes the necessary provison there
for n the result Is favor Of the amcndme
session Of the Legislature may be called Ia order 10
complete the movement speedily possible. The
total smoun, q loans Of tbs sharac,er now oasstsnd