The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-04
FINANCIAL AND COMMERCIAL.
M Ev MA X E r.

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MONEY! MAR X EFT.
WEDNESDAY, Mprch Sc p. N.
About the same activity continues in the stock
oArkeS The operations of insiders and outsaders
appear 10 be carried with great deal OF spirit
and holders are full of confidence in future vaaes'
NE tendency Of prices was upward this morning.
and an advance was realized on nearly every oe-
scription. The most important Improvement TINS
morning was in Chicago and Rock Island. fAs
stock opened at SEA per cent, and closed al S7s per
cent. cash and SO per cent buyer 10 days oai!'or
MIA State seyens advanced 1 per cent closing frn
at So per cent cash. II is not generally known
Mat the California bonds now on the market have
nearly nine per cent annual interest which goes to
che buyer New bond are to be issued on the lst
sf January for all The bonds now aaoat, with tive
wears interest added. Al that time, for any
one thousand dollar old bond the holder will get
eleven hundred and forty dollars III per
cent bonds The six per cent bonds OF several Of
cur old States with large debts and heavy taxation
are selling from 80 to 100 per cent while California
Stste seven per cents, with small debt and the
most stringent restrictions against any increase are
selling at IS s5l including all arrears. We alude
b these facts so that men of moderate means may
turn their attention to this security before prices get
Central Railroad 6s advanced per cent; Canton
Company, 4; Cumberland /; New York Central, /;
Hudson River Railroad, &; Harlem, /; Michigan
Central, /; Galena and Chicago, /; Cleveland and
Toledo, L; Chicago and Rock Island, Il. Michigan
Central bonds declined per cent; Milwaukee and
Mississippi I'd mortgage bonds, !. Hudson River
opened at $751; and left off firm at $50, cash. with
quite moderate sales. New York Central closed at
little advance on the opening, but Erie was heavy
and closed weak Throughout the whole of the present
movement in the market buyers of stocks have exer-
cised much more discrimination than usual under
ordinary circumstances The greatest advance has
been in the best securities either regards actual
value or prospective improvements It is true that
speculation has carried up q good many worthless
things, but TO a much less extent than during pre-
vious mutations. There is advantage at all times
in taking hold of good dividend paying stocks for
speculative movement in an upward direction. In
the first place, il would be better to hold them in
she event of temporary decline and in the second
place any improvement in market value is not likely
70 be eaten up by interest for dividends will at least
Offset that item of cost. Where spectators take
bold of the fancies they have merely the shadow and
cannot fall back upon the substance. The high
priced stocks are even now much the best much
the safest, and mnch the surest TO advance. Any
sound security, giving six and seven per cent inte
rest, capitalists will by and by be glad to get at
much higher prices than those now ruling Money
must for long time continue very cheap. Our
rates must assimilate more closely with those of
European money markets, and as our securities
draw high rates of interest they must command
comparatively high premiums 1t viii soon become
question Of most vital importance to what uses
We apply our enormous accumulation OF capital.
This may seem extraordinary in country ike this,
where so many and such vast resources lie undeve-
bped but it is nevertheless true; and the inge-
Auty of our shrewdest capitalists will be severely
taxed 70 find ways for using money al anything like
the present legal standard
At the second board the market was buoyant and
active. California State rs advance per cent;
Canton Company, Z; New York Central Railroad,
/; Michigan Central, 1; Cleveland and Toledo l.
There appears TO be a movement Of some impor
tance in Canton Company. AT both boards to-day
the transactions were unusually large, at improving
prices. New York Central and Hudson River Rail-
read have evidently about substantial class Of
purchasers a. any other stocks in the market They
appear TO move together, with about equal strength
The future of these companies Is destined TO be more
closely allied than Is at present generally anticipat-
ed. There were no sales Of Panama this afternoon.
The stock il held above the last quotations,
and very little il on the market The move
nents Of steamships connected with this road
are calculated 70 cause the withdrawal of
o good portion Of the small quantity Of
stock now offered. Chicago and Rock Island was
about the frmest stock the list to-day. The Mis-
rissippi and Missouri Railroad Company extending
from Rock Island directly the State of Iowa.
has about completed its negotiation for the s,e Of
large amount OF bonds, which ensures early COM
pletion of that line. This IL already an immense
Feeder TO the Chicago and Rock Island road, and
IL II extended towards the Missouri river must bring
q very great through traffic. After the board
the market was better and all the speculative stocks
were in active demand. The closing prices show
great strength and the probability is that greater
advance than has yet been realised Is at hand.
TIE Assistant Treasurer reports to-day az follows:
1eAl receipts sSeoss ~
1uAi pay nenb
Tctal balance l5l ISL 10
The receipts TO day include sie 600 from customs.
The steamship Africa, from this port for Liverpool
today, carried out s70,357 Al in specie. Sterling
exchange bankers bills closed at 50 81 per cent
premium.
The steamship Moses Taylor from this port for
Aspinwall on the 5th inst will take out about 400
passengers. The St. Louis, on Friday for the same
port, has nearly as many more; and the Northern
Light, which leaves the 10th inst, goes out, We
believe, fall The total number Of passengers by
.these steamers will be about 500. This will throw
avery large travel over the Panama Railroad, and
largely swell the companys receipts.
The Grocer Fire Insurance Company has dc.
elsred a semiAnnual dividend Of six per cent. pay
able on demand.
The receiver Of the Bowery Bank will pay
second dividend of forty per cent on the ascertained
cAms against that institution at the banking house
No. l53 Bowery.
The transactions at the Clearing House today