The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-19
AND CONNER CisI.
MON Ey NJ A II X y II.

THURSDAY, Feb lS-G y. ".
The stock market was irregular and very much
unsettled this morning With very active business
some of the leading speculative securities show an
improvement, while Others show decline. At the
first board Virginia State 6s fell Off per cents
Michigan Central bonds, Illinois Central bonds,
\. Pennsylvania Coal Company, I; Cumberland
Coal 2; Pacific Steamship Company, 2; Michigan
Central Railroad, Il Panama Railroad !. California
State 7's advanced } per cent: Erie Railroad, i;
Hudson River, J; Reading, IL; Michigan Southern,
old ]; Galena and Chicago. &; Cleveland and TOle-
do, IL; Chicago and Rock Island, d; La Crosse and
Milwaukee, 4 At the second board the market
throughout better, with quite a large business.
Canton Company advanced 4 per cent; New York
Central Railroad, l.; Harlem I, Erie Railroad, Il;
Hudson River, 1; Reading Railroad, ?; Michigan
Southern Railroad, ]; Ia Crosse and Milwaukee, 4;
Panama, 4; Galena and Chicago, 4; Cleveland and
Toledo, 4; Chicago and Rock Island, 4; Mil
waukie and Mississippi 1. After the board
Erie Railroad sold at 80 per cent Cumbeland 1913
Harlem. l3i and the market generally was strong,
and closed with upward tendency. We under.
stand that the Erie Railroad Company have received
most satisfactory accounts from Mr.. Moran. The
success Of his mission is beyond doubt AL the
yorable terms Our own money market is daily be.
coming more abundanty supplied with capital.
The banks find it daily more difficult 10 make loans,
and all the bank managers agree that money will
soon he cheaper than ever before known in this
country. We see that in London IL j. difficult to
lend all the money offering at even one per cent ON
government securities. In few weeks we shall
without doubt have accounts from London of specu-
latve movement in stocks in that market far beyond
anything yet realized this side of the Atlantic.
All authorities agree that there is for the moment
no other outlet for money, and no other way
for its employment, with any guarantee Of pro-
ductveness. Spectators generally in this mar.
ket, look for much higher prices. Buyers
are abundant and they take hold With a great deal
of spirit. The losers will be those who came in at
the very top Of the market. Everybody means 10
get out first, and seems TO suppose for a mo-
ment that he will get caught by the recedng tide.
When all buyers there can be but one course for
the market. One Of these fine days all will be sellers
and then we may look for stampede. The re
suit of this imitation will show outsiders loaded down
with stocks at high prices.
The operations Of the Clearing House today we're
as follows
Total exchanges ,71o,65l 90
Total baisnces SECS 20
The exchanges today were the largest reported at
any time since the bank suspension. The increased
activity in banking operations h, unfortunately,
caused more by speculation than by legitimate
business transactions. The currency certificates
now held by the banks amount to 81 6s2 yOOo and an
instalment Of ten per cent upon them il due TO-
morrow the 18th INST.
The Assistant Treasurer reports today as fol-
lows
S5l SA'
IOta 1b,tH w
Iota pasnce. 3yj46,6tl II
The receipts include $4,000 from customs.