The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-27
FINANCIAL AND COMMERCIAL


FRIDAY, feb. 26-6 p. n.
The iull in the tide Of expansion which was noticed
yesterday continued to affect the market through
ont the first board today. Almost all the specula-
tive securities were lower at the first board. Erie
sold as low as s2A, but recovered TO 80; Hudson
River sold at 500, but closed at 81. As compared
with yesterday morning, New York Central declined
&; Erie, q; Hudson River, I; Harlem, I; Reading,
"A, Cleveland and Toledo, {; Michigan Southern,
preferred, Il; Panama, Illinois, Central, Chicago
and Rock Island and one or two others remained
firm At yesterdays quotations. The amount Of bu-
siness done was smaller than yesterday, though pre-
vious 70 the recent rise it would have been consi
dereda very fair days work. The BUSINESS done in
State stocks and bonds was small, with the excep-
ton Of Missouri Of which several parcels we're sod
there is no change Of price to report.
The general impression throughout the street is
that the prevailing decline and approach to duiness
are destined to be only temporary; and that after
few days of this quiet the bulls will renew their Ell
forts and stocks will rise several per cent higher
Everything tends to this result. During the past
fortnight the outside public have been purchasers of
stocks to an unexampled extent. Some of the old
est brokers in the street declare that they have
never known 80 many outside orders or such gene
is at present There is no reasonable prospect that
the present abundance Of money viii soon cease
On the contrary, considering the steady yield of
gold from California, the dulness Of exchange
On London, which makes it improbable to
ship gold to England, and the absence of any de-
mand for money from the commercial, industrial or
agricultural interests, 1t seems quite likely that
shall before the summer is over, see our banks with
over forty millions of specie in their vaults. This
prospect is regarded by the brokers as tantamount
to a certainty that the imitation will continue.
At the second board Erie sold freely at decline
from the closing market price of the morning, and
closed at 323 cash. The general market was dull,
and but little stock was offered; prices ruled as in
the morning. The closing prices were, for Cumber-
land 20a tor Central, s7}; for Hudson River, 500;
for Harlem, l4l; for Galena, sl5; Chicago and Rock
Island, 79l. The sales much smaller in amount
than has been usual for the past few days
Hudson River was the subject of much inquiry in
the street to-day 1t appears that the economies in
the working expenses of the road will amount to not
ess than 10000 per month; fund amply sufficient
for dividends
Il is stated that the Cumberland Coal and Iron
Company propose to retire the floating debt of the
concern by the conversion of the whole or portion
Of its stock into a preferred stock on payment Of
five doia-s per share. This will not only pay the
debt but S furnish 100000 for the transaction of
tie company s business.
The exchanges at the Bank Clearing House this
morning were slA 4sl 349 ST. and the balances paid
were 1894 ,O76 0s. The Metropolitan currency Ger
tifcates are reduced to sl.s43,Ooo, a decrease of
s62 900 since yesterday.
The Assistant Treasurer Of the United States re-