The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-28

DAY, fEBEU ARY rs, 10
ke and Mississippi, Z. Tennessee State 6's declined
per cent; Harlem, preferred, Z. The business to-
day was confined more to several Of the leading
speculative stocks and was not so well distributed
| a. for some days previous. New York Central
opened and closed very firm at the advance, and,
after the board up to SCI per cent cash. Hudson
River Railroad was in demand, and buyers took hold
with much spirit. II opened at 3o4, and left of at
3l-buyer ten days.
At the second board the market was perfectly ram
pant The excitement at thee Stock Exchange was
intense, and very large amount of business was
transacted. The advance was quite rapid from the
opening, and at the close the tendency was still up
ward. Illinois Central bonds improved per cent;
La Crosse land grant bonds, l; Cary Improvement
Company, 1; New York Central Railroad, Q; Erie
1; Hudson River Railroad, Il; Harlem, 4; Reading
I; Michigan Southern, 3; do. preferred, q; Galena
and Chicago, ID; Cleveland and Toledo, 1; Chicago
and Rock Island, q Milwaukee and Mississippi l.
This sudden start upward after day or two of de-
preston has not, we fear, sufficient strength to re-
alize the anticipations formed. Prices for many
things have reached points calculated to make pru
dent operators pause and induce many holders to
realize the profits within their grasp. It must be
borne in mind by outside spectators that the mar
ket becomes weaker as it becomes inflated, and the
danger of sudden collapse greater That the rise
in most stock securities is solely speculative
for moment doubts; but the question d, who are
to be saddled with the fsncies at the highest
prices?
The steamship Moses Taylor, at this port from
Aspnwall, brings two weeks later intelligence from
California and 81 SAC, 429 in gold
The operations at the Clearing House to-day were
az follows:-
Total exchanges. ,9s6 "a
Total beance.. loZo,lZ' W
The Metropolitan certificates held by the banks
$l73 900 during the week, and Of s22lO,O0O since
the LIST of January.
The Assistant Treasurer reports to-day as fol-
lows -
Total receipts. s53054 AZ
Total balance. $500 COL 81
The receipts to-day include from customs
s42, 900 62.
We understand that, commencing with the lst
March, the Metropolitan Bank will reduce the dis
count at which New England bank notes
taken from its present rate Of Onequarter to one
eighth Of one per cent.
The Boston Post contains the following in rea-
ton to the stock market of that city,
A good demand for manufacturing stocks. Dwight
mills sold at $50; Lyman mills was in demand at 60, and
hddlesex ITO. The Board have resolved 70 have
dealing Bay state until the receivers appointed
by the Court decide whether 70 make transfers not
Copper stocks buoyant Minnesota advanced 10 1876,
and closed in demand-l40 asked at the closes Ptsourg
not offered under 275-260 bid. The market WAS
cleared Of Rcckland at 40 70 bid for National Supe
rior advanced to o. Pewsbc sold T. and ~ was Did
Me close Isle Royale was very firm at "A bid Totec
was steady att and even Flint see waked up and was
in demand at - Cary Improvement stock quite &C
tive and advancing early the week. but the rise too
sudden and the production of small lots OF stock depess
ed quotations somewhat Tue market is now bare OF
shares, however, at sboutS The street rumor Is that
strong party In New York has taken hold OF Gary with
determination N put IL where ought 20 be in the
ket. As the stock somewhat prominent Just now we
have taken pains TO obtain the exact figures Of the cond
ton Of the company Jan 1865, stood as follows
cost, 49, notes receivable secured by stock and
mortgages, $40 500 IS. Total, 1851 ,s2s IS.
Lidbiluiss.-BalaD OF original mortgage OF SIS 600
tal, s2bl e2s 6s.
In addition To these Of sao61.3 the re are $40
Of land worth 81 900 10 per foot The
total land sales since the formation OF this company give
az average Of about 10 cent? per foot The land sales
80 OF nearly 20 cents per foot The horse
railroad now under contract and only awaiting location,
length.
The London Bankers Circular Of the 10th inst, in
relation 10 the money market says
Another reduction OF onehalf per cent made In the
minimum rate Of discount q. the Bank OF England ON
Thursday, and the return Published in this evenings
Gas shows that the position Of the national establish
ment fully warranted the alteration. The accumulation
OF noes and gold remarkable FOR It's rapidly and regu
lsrty, while the em OF other securities at the time
declining 10 more moderate point than any attained
for many months The supply OF money increasing IN
al directions while the demand for has further dmi
nshod. II true tina: some indications OF Improvement
visible certain departments Of trade but the ope
ra,ions, up To the present time have not been OF
upon the money market, which consequently presents
very easy appearance Dunine The spring there will pro
al advces from India Australia and America report
change for the better in the import markets. but in the
meantime the terms OF discount will continue low and
many o. opinion that another decline Of or y per
cent will take place in the official quotation. This
opinion strengthened by the fact that there is free
dom from speculation either in Mncing lane or the
stock Exchange; and tho promoters OF Joint stock under
tskngs are no, encouragco supply the public with new
channels for Investment Those which have been brought
during the last few weeks not In favor and
difficulty will be experienced IN launching others unless
they present peculiar advantages. The utmost caution
observed in al quarters and while the prudence
ooservcd there viii be danger Of speculative excite
ment or undue imitation of values Terrorarly the pro-
vision made for the bills which became due Thurs
day the 9TH Of the month caused rather activity
the dscount market but renewed not greater esssess
is apparent The engagements upon the whole
vel me-. and the features 81 upimportant des
crpon although the aggregate amount of paper which
arrived At maturity considerable. Notwithstanding
the N MIN I'm has been fixed per cent, fails
hiot the real value OF money. the competition prevailing
out OF doors having ensured sui lower terms
No difficulty whatever is experienced in getting
good bills negotiated at ~ per cent end the brokers
and others complain Of the limited commissions they
ceive. Looking at the situation OF the bank and the
turc Of concurrent circumstances. Is not improbable
that another * per cent may be taken OF next week,
although the charge 10 now lower than Il has been since
1858 On reference 10 The Fyndnosdl R>gsr, find that
the last time the minimum was a, per cent in Sep
tember OF that year when the bullion stood at f4q30
COO ard the al fs 2f3 600 The influx 81 spcce
ndosed by the bank returns, exhibits symroms of
abatement and the sdvices from Australia mention that
considerable remittaDces coming forward there IL
impression that the stock of the precious metals will fur
Their increase particularly the receipts o. the United
states now important Meanwhile, however the
ports Of specie limited both q the Continent and 10
the East The steamer pers, which left Sou hampton
Thursday, for India and China, took out f2is<22