The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-26
FINANCIAL AND COMMERCIAL.


ihtkSDAY, req. 40 4. nj.
The stock market experienced this morning one
of those reactions which naturally follow period of
rapid imitation. II has been pretty evident for the
past two or three days that there would be pause
and perhaps Q decline in prices Most of the street
spectators have for some time past been filling up
with stocks, and their resources have been pretty
well used up IN margins. A good many had plenty
of stocks and very little money, and there was
relief except in realizing. After putting of as long
possible the alternative, it was generally adopted
this morning, and those who were the hardest
pressed have made great reduction in their supply
of securities The transactions at the first board were
quite heavy and Of stocks for cash to great
tent The probability that some of the shorts avaed
themselves of this opportunity to make good their
deliveries upon better terms. The decline today
was the greatest in stocks which have advanced
more rapidly than others. At the first board Ten
nessee State 6's improved per cent; Illinois Cen
trail bonds, Il Illinois Central Railroad, l. La Crosse
and Milwaukee, 1. Missouri State 6s declined per
cent? Harlem LIST mortgage bonds, !; do. Sd mort
gage bonds, I; Pennsylvania Coal Company, 1;
Cumberland, /; New York Central Railroad, 1;
Erie, "a Harlem, /; do preferred, Il; Reading, IA;
Michigan Central Railroad, 50; Michigan Southern.
q; do preferred, 3; Panama, q; Cleveland and
Pittsburg, l. Galena and Chicago, Il; Cleveland
and Toledo, Q; Chicago and Rock Island, 2. Between
the boards the market was lower, but holders were
firm, and very little stock pressed for sale. The
decline doubtless relieved many who overloaded
with stocks, but the realizing was confined princ
pally to the brokers. Outsiders were firm
in their faith, and were not easily
alarmed or short of money as the
curbstone spectators of the street. At the second
board the market rallied and prices closed very
firm. Illinois Central bonds advanced per cent;
Pacific Steamship Company, l; Cumberland Coal 4;
New York Central Railroad, J. Erie, I; Hudson River
Railroad, J; Reading, i; Michigan Southern, Z;
Michigan preferred, 4; Illinois Central Railroad, 1;
Cleveland and Toledo, !; Chicago and Rock Island,
]; Galena and Chicago, l. Erie closed weaker this
afternoon 1t opened at $50 and left off at IS per
cent, cash. There was comparatively q moderate
business at the second board II would not be at all
strange to see a quiet market for few days We
look for pause rather than an important change in
prices. There are many operators who realize
handsome profit on the purchases of the past week,
that it is highly probable they will do In this
event must give time for stocks to settle down in
new hands, when we may look for another imitation
and for renewed excitement among spectators.
The Assistant Treasurer reports to-day as fol
lows:-
Total receipts sle5 800 90
Total balance. 49, Dol 81
hereceipts include 500 900 from customs. This
is a larger sum than has before been reported for
months.
The operations of the Clearing House to-day were
as follows:-
Total balance. ... ~ 900 ,3o9 60
Ht Nh
duced to 81 sos 900, being decrease of $4,000
since yesterday.
The Bank of Louisiana has declared semi-annual
dividend of five per cent payable to New York stock
holders on the lst inst. at the Merchants Bank,
less exchange
The Stark county tOhio) coupons issued to the
Ohio and Pennsylvania Railroad, due on the lst of
March next in course of payment at the banking
house of Messrs winslow, Lanier & Co.
To the recent troubles in the financial
world we are indebted for the great i'm
proyement which has been introduced in the
management of the railroad companies, the d.
rectors and the stockholders having found il expedi
ent to look little closely into their respective
concerns; and thus il has been discovered that vast
amount Of economy might be introduced without inn
pairing the efficiency of their usefulness In the in
slduCt VI tue TOdu, IL mas Dec0 d~Cer-
tanned that monthly reduction of the expenses will
not fall short of $4,000. while at the same time
there is a very large addition to the income which
will ensure to the company-even supposing the
increase not TO exceed five per cent on the
last years business net profit of not
less than ten per cent; and should the contem-
plated project Of the combined efforts of the New
York Central and this company be carried out, of
g. ...-t.
the Hudson river then 1t is fair to anticipate that
the income Of both companies will be very saterially
improved. In this general spirit of economical
management there are many other companies fully
participating. In one instance-the Galena and
Chicago Railroad Company-there has been reduc-
ton in the employees from 900 to 700; and here
again the amount Of business has much increased,
and the work much better done-it being found that
with proper selections and judicous encouragement,
the changes have proved most satisfactory.
The future of the stock market must bring an
advance on present prices-an opinion fully jus
tilted from the fact that the current rate Of interest
il rapidly declining. while the plethora of money is
~ much beyond the demand that the banks cannot
find employment for their enormous surplus; and in
addition 10 this evidence in favor Of rise we have
the demonstrabe fact that Notwithstanding the
great quantity OF STOCK which has been sold % re-
alize, the general market is not only maintained
bU materially improved. The public have come to
the conclusion that idle money makes no profit, and
the clouds Of dependency appear to lie d-persng
investments he made with more safety and great
or advantage; Il being horne In mind that with the
successful negotiations happily drawing 10
completion in Europe, and in the absence Of large
mportations from abroad. there l. every reason 10
anticipate an increase Of specie In our banks far
exceeding the most sanguine expectation.
If, we all hope. and DO not doubt. the
course recommended by the President shall be spec
Oily carried out by Congress In the settlement Of the
Kansas difficulties, there viii h. an almost inS,anta.
neous improvement In every description Of credit
and business; confidence viii he restored which will