The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-11
~ OvF MAR REr.
WEDNESDAY. Feb. LOG

WEDNESDAY, Feb. LOG p "
Quotations for stocks to-day show further in
provemeni. The tendency was upward this morn
ing from the opening 70 the closing of the board
Tie sales were very active, and in the aggregate
very large. Al the first board Missouri State skies
advanced per cent; Illinois Central bonds. 4: Ia
Crosse land grant /; Cumberland Coal II: New
York Central Railroad, /; Erie, 4; Hudson Rail
road 1; Harlem Railroad, IA; Michigan Central
Railroad l; Michigan Southern toll) /; do. tpre-
fened) II; Panama, 2; Galena and Chicago %;
Cleveland and Toledo, !; Chicago and Rock Island,
3. Pacific Steamship Company declined per cent;
Milwaukee and Mississippi, T. There was more
activity to-day in Ia Crosse land grant bonds There
are very few pressing for sale and holders appear to
he fully impressed with the great resources Of the
company from its enormous landed estate. Cum
berand advanced rapidly this morning, and closed
at 20 per cent, buyer ten days. New York Cen
trail was in active demand from the opening. The
Western railroad stocks generally were bettes and
sold freely at the advance. The most important ad
vance this morning was in Chicago and Rock Island.
Galena and Chicago quite buoyant This stock
is. beyond question at present prices the best pur-
chase in the market. II opened at So and closed AZ
SCI per cent AT the recent meeting of the board OF
directors report was read. in which il was shown
that the company il entirely clear of floating debt.
have placed the road in complete order and will be
in condition 10 pay larger cash dividend in
August than heretofore. A new financial programme
has been laid out by this company. and the leading
point In Il is the declaration Of regular semiannual
dividends Of five per cent in cash with an occasional
extra cash dividend. as the surplus may permit-no
more stock dividends under any circumstances:
and the surplus cash net earnings viii be
applied 10 the purchase of the company $
funded Indebtedness. The company own one mil.
lion six hundred thousand dollars of real estate in
Chicago, purchased at low prices some time since.
The whole Of which can he well spared, and is in.
tended 10 he sold 20 apply 10 the liquidation Of
bonded Indebtedness. Between this and August, the
next dividend day this stock will without doubt 20
above par. II is in reality worth more now than
when il was selling al rs per cent. This company
has proii'ed much by the recent revulsion. The
February dividend was passed because the company
could use the money so much more simultaneously
under the pressure and reduced prices for labor and
material, and il is estimated that the work done and
materials purchased would have cost full twice as
much al any other time. The old and permanent
stockholders have in this way been benefited to the
extent Of two three times the amount Of dividen
passed AT the second board the market was still
better. With avery active business Missouri State s
advanced per cent; Cumberland Coal. !: La Crosse
and Milwaukee, 4; Hudson Railroad 4; Harlem, 2; Pa
mama. I; Illinois Central Railroad, !; Galena and
Chicago, /; Cleveland and Toledo, D; Milwaukee and
Mississippi, q Cleveland, Columbus and Cincinnati
Railroad I. The raid rise in Cumberland gave rise
% some realizing, which, taken in connection with
the desired object Of the leading operators 10 obtain
larger amounts Of stock at the lowest prices is but
indicative Of very heavy purchases for an animated
Improvement and it is not at oil questioned tina, the
stock will soon he current betwees thirty and forty
per cent. This may be considered heavy advance,
but inside parties feel confident of realizing t. The
subscription to the Harlem Railroad loan was filed
up today. We learn that the payments for the
bonds will be required in equal instruments on the
18th and 10th February Isl March and Isl Of April,