The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-08
FINANCIAL AND CONNER GAL
NONE MARK K T +.

MONEY MARK EFT.
SUNDAY, March 7-6 P. N.
The stock market closed yesterday with strong
upward tendency. At the afternoon board an ad-
vance was realized, but after the board the views of
holders took a higher range. The most important
improvement reported yesterday was in Pacific Mail
Steamship Company stock, in Panama and Hudson
River. There rumors current in the street that
the opposition line of steamers on the Panama route
had been withdrawn or satisfactorily arranged. The
rapid advance in the stock gives credit to such re-
port. The rise in Panama is a natural movement,
and solely upon its merits as an investment. The
road will do very profitable business this year.
and every year must permanently develope the ad
vantages Of its position. We understand that ar
Engagements have been made to put upon this route
at an early day line Of iron propelers to run in
nestion with the road, between New York and San
Francisco. The time consumed in the voyage between
the two ports will be only about two days longer
than the passages now made, while the reduction
in prices. both for travel aud freight, will be less
than one half the present rates. The great saving in
money will more than Offset the additional time
and this line of steamers will control the bulk of bu
siness between the Two oceans. AS the commerce
of the Pacific becomes developed more routes
across the lsthmus may be constructed, but none
can interfere with injure in any way the Panama
road. The bulk Of the Australian business must
eventually be carried the Isthmus OF Panama
Hudson River Railroad has been operated in for
some days past quite actively. IL has become ia
vorite with several of our largest capitalists, who
have taken large lots not so much for speculative
purposes as from confidence in the management
and in the future productiveness Of the company
The report for the fiscal year ending Sept. 30 show
ed surplus over all expenditures Of forty thousand
dollars. Since that time there has been increase
we believe, in earnings TO moderate extent, and
decrease in expenses Of more than twenty thousand
dollars month. If this reduction in ex-
penses continues throughout the year, the
aggregate saving will be two hundred and
fifty thousand dollars This surplus will appear
without any increase in the gross receipts. The
great reform in the management Of our railroad com
panies is exhibited in the great economy Of expendi
ture in operating the different lines. Some Of them
will earn dividend this year simply by saving.
The number of employees on our great trunk lines
of road has been cut down about one half, and
penses reduced in many other ways. The introduce
ton of coal in the locomotives on the Hudson River
Railroad will save nearly fifty per cent Of previous
expenditure for fuel. We have not the full report
Of this company Mt hand, but under the impress
sion that the item Of fuel was about oneffth Of the
total operating expenditures. The use Of coal must
therefore prove a source of great saving, and tend
materially TO the prodnctiyeness Of the road. The
advance in the market value of Hudson River
Railroad stock is not considered by the largest hold
ers purely speculative but are based upon the Inn
proyed condition and actual merits Of the road.
Chicago and Rock Island closed firm yesterday at
our quotations The dividend day Of this company IL
| near at hand. and we see no reason why II should
| not be promptly paid. The company have availa-
HE funds but will doubtless view the matter simply
| a. one Of policy. II strikes US that the wisest
course would be to pay tho dividend punctualy, and
reserve contemplated expenditures for construction
| for later period With no floating debt and very
| little funded debt, the company occupies a very
strong position one which its managers may well be
satisfied with. New York Central Railroad has
steadily advanced for some weeks past, and closed
after yesterdays board at 93l o3l per cent. This
stock il becoming distributed again in small lots,
| and the brokers have now In hand less than Tor
long time past. II Ia estimated that there are not
over fifteen thousand shares in the hands Of and con-
trolled by brokers' Large orders for this stock
loofed for from the other side and there Is very little
doubt but that very active foreign absorption
1
after the board at % bid 23l asked. The sudden
advance yesterday was in consequence Of the large
purchases of the broker Of the clique forming the
| combination for corner. lie bid up the stock from
| 2l1 TO 23t, and about the only buyer Reports
were current in the street that the Legislature of
Maryland had reported favorably a bill per-
| hitting the Cumberland Coal Company 10 exchange
its old stock for preferred issue upon payment
of five dollars per share. II this bill passes holders
of the old stock will be obliged TO pay up Is per
share and take the new or forfeit their old. The
$3.50 900 which it is supposed this financial dodge
will produce, will II Is said, suffice to pay OF the
boating debt, and provide 800 600 working capital
The effect Of this Wall street scheme remains to be
seen Holders Of the old stock will be very likely to
get rid OF before the assessment Is made, and the
wisest among them viii not wait for the passage Of
the BILL Cumberland Coal stock as Il stands, is not
worth much, and we take IL that very few will send
ve dollars of good money each share, after that
which In 10 many instances has turned out bad. The
company almost every day protested on its accept
snopS and 10 Is absolutely necessary that sQpI apg