The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-20
FINANCIAL AND COMMERCIAL.
N>~~~-~~~--~~N~~<
MONEY M n X Il r.

There was renewed buoysncy IN the stock market
this morning, with increased activity among opera
tors. The tendency was upward throughout. At
the first board Michigan State 6's advanced per
cent Missouri SIS l. California Re l. Illinois Central
bonds, I; Canton Company, Z; Delaware and Hud
son, Ii New York Central Railroad, z; Erie, L. Hud-
son River Railroad, Il; Harlem, 1; La Crosse and
Milwaukee, !; Reading, 3; Michigan Central, "a;
Michigan Southern preferred, L; Panama, 1; Galeua
and Chicago, L; Chicago and Rock Island 1. La
Crosse land grant bonds fell off per cent; Cleve-
land and Toledo, !. Cumberland opened and closed
wishout material alteration in prices, with moderate
sales. Hudson River Railroad was active this morn
ing, and advanced to 2sA per cent, cash. There
Is no speculative movement that we can
learn In this stock as yet, but it APP
pears to be quietly but steadily advancing.
Chicago and Rock Island opened at an improvement
and closed firm at our quotations Gaena and Chi
cago has for some days advanced rapidly, and
! raj large holders have realized. The market does
not seem TO be unfavorably affected by the supply.
These prices must bring out great deal of stock
from parties DESTROYS of going into lower priced seeu
rites, which as yet have not moved much. In
this way one after another stock is taken up and
carried forward in turn. At the second board the
| market for some stocks was lower but an active
business not realized. Canton Company advanced
per cent; Michigan Central Railroad, /; Cleveland
and Pittsburg, a. New York Central Railroad de-
clned per cent; Harlem preferred, 4; Reading, L;
Chicago and Rock Island, Z; Michigan Southern,
old, Il Panama, 8; Galena and Chicago, !; La Crosse
and Milwaukee, 4. Most of the transactions at the
board this afternoon were for cash, which looks
very much as though money holders were securing
their profits If this movement should be carried to
any extent the market - have to wait for new
buyers before another upward of prices would
be realized. n G1oB abundance of money is the
basis of confidence among spectators, and until
there evidences 6 a demand for the legitimate
purposes of trade the Upward movement in stocks
is not likely TO be anything than temporarily
checked After rapid rise reactions are natural
and will frequently occur; but they will only give
better opportunities for the most sangune operators
TO come in upon more favorable terms, and help to
give greater impetus TO the market. Money is now
almost drug, and the banks anticipate greater diff
Guilty in loaning their surplus upon favorable terms
The Assistant Treasurer reports today as fol-
lows
Io.a, resepts .''.......'...... s!35 100 10
lotai payments l47 6S9 10
Ioul balance 1874 752 %
The receipts today include s26 900 from customs.
The operations at the ClcsEng House to-day were
as follows
Ioai exchanl lbs 70
lNt1i pasnCes. IOi, oSz 10
The Finance Committee of Milwaukee, TO whom |
referred the subject in view of the fast that city
bonds 20 tie amount of s2l 500 issued in 1885, will
mature on the 3lst Of March next also 1000 on the
st OF May next recommend in their report the issue
of s55 600 bonds, for the purpose of redeeming
the above bonds, providing, however, the new bonds
shall not be sold at less price than IS cents on the
dollar.
The Albany argus of this morning says in rela-
ton to tho Country Banks Convention, now being
held in that city,
The object Of the gathering was to consult in relation TO
the redemption Of country bank notes, consider
whether advisable establish Clearing House for
4e country banks. committee was raised, which was
in consultation yesterday afternoon but did learn
whether any plan OF action was contaminated
Tie Cleveland Herald of the 18th inst states that
intelligence was received at Columbus on the pre-
yqpS day that the fund in the State Treasury, in.
tended ior the redemption of Canal Bank notes. had
been exhausted; consequently, for all notes of that
bank now afoat there is no provision in the trea'
sury. The Cleveland banks on the 18th threw out
the notes of that bank; and also the notes of the
Union Bank sandusky; City Bank, Columbus, and
Seneca County Bank, Tifin.
Conn, for the year ending June 30, 1857, were as
follows
Domestic, free. ............ SOFA soI sls,ssl
Feregu. duabe ............ +,soo lOjo'oss
Total. .s7ol ,sl2 s1,o52 $50
The total value Of the exports OF Connecticut for
the year was 81 COS 4O2; of imports, sl,ll6,sOl.
The New Orleans Picayme of the 10th instant
contains the following in relation TO the Southern
Pacific Railroad
We have already mentioned the assurances received
from Marshal that the first twenty mile section of the
Southern Pacific Railroad would certainly be completed IN
full time 70 comply with the conditions OF the Texas
q next week. We haze the great qualification OF
announcing that the work done, and the cars running
over the whole line " the section. Official intelligence
received 90 this effect by the officers OF the
pany here. The condition which this work complies with
II found the 10th section o the charter approved Feb
10 1882 which that 90" said railway shall not be
commenced within i've years from the passage of this
act and least twenty miles thereof not completed
within six years charter shall be null and void"
Besides this result Of securing and perfectng the title 70
the charter and ~ privilege TINS event orns WITHIN tne
poranco 70 this enterprise. by the land grants OF the
State whenever twenty five miles OF the road shall have
been completed and put In running order the company
becomes entitled sixteen sections Of land per mile,
25o 600 for the twenty i've mes, and 70 loan OF
g. 600 mile az the school moneys Of the state The
company therefore, in strong position FOR making is
arrangements for the future The road has surmounte
the frst second trial. and Is safely invested wi IT,
charter rights and privileges, and may frankly ask
for public confidence and public support ns future
movements.
The annexed statement exhibits the value Of
foreign dry goods imported at this port during the
week and since Jan l, in each of the past three
| years -
MOVEMENTS FoREGN DRY GOoDs.
Tor ne tccek. 1855. 1857. 1858
FOtered at the por, . s2,.e4seO 2,ls.,IIs l2eeise
/ Thrown 90 market. 2,62Ty 352 2,25S,sb lss5bSo
Stncc Jan. 1.
Entered at the port sic 9i3 2o,e27 SOS 7,216li6
/ Thrown market l6bbb,ols 2O,ei0,S6l si309,256
The dry goods trade the present week has made
but little advance on the current business of lat
week, and we Do MOI expect any decided move
ment until about the first week in March. After
unusually mild winter weather the cold the present
week has been the most Of the season, which,
at the West and in other places, has interrupted