The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-03
FINANCIAL AND CONNER GAL.
MONEY NIARKE
TUESDAY. March Q

tuesday March 2-6 P. NJ.
We see no signs of weakness in the stock market
but on the contrary every indication of permanent
and increasing strength. The transactions this
morning were large and prices were wonderfully
sustained after the rapid advance of yesterday At
the first board to-day California State rs ad-
vanced per cent; New York Central rs, 4; Har-
lem second mortgage bonds J; Cary Improvement
Company 4; Harlem preferred, 1; Chicago aud Rock
Island, H. Hudson River Railroad third mortgage
bonds declined per cent; Milwaukee and Mississippi
second mortgage bonds, 81 Pacific Steamship Com
pany, /; Reading Railroad, J; Michigan Central, 1;
Michigan Southern preferred, /; Panama, \; Illinois
Central, 4; Cleveland, Columbus and Cincinnati !;
Cleveland and Pittsburg, l Galena and Chicago !;
Cleveland and Toledo, 4. New York Central opened
a. "a per cent, but left off at 93A the closing price
yesterday. At the second board the sales were only
TO a moderate extent. The stocks offered were
principally from street operators. Outsiders ap-
pear 10 have no stock for sale, and all
the efforts OF the brokers cannot fetch il out. A
decline Is only an incentive to take hold stronger.
This afternoon New York Central "a advanced
per cent; Cumberland &; Cleveland and Pittsburg,
/; Cleveland and Toledo, 4. New York Central
Railroad fell off per cent; Erie, L; Hudson River
Railroad, ]; Michigan Southern Railroad /; Galena
and Chicago 2; Illinois Central !. After the board
the market rapidly recovered and closed very firm.
Hudson River was in demand at $50 sc per cent
Erie at 34i 3il, Chicago and Rock Island at Sc a
s6t. 1t appears impossible to keep the market at
all depressed. Holders of first class stocks will not
sell them, because they DO not know how TO other.
wise employ the money, and new buyers coming
in every day because they have no other way Of
h.ir hou npcb
prices advance, this difficulty is likely to continue
Money is a complete drug in the market, and secu-
rites which promise to pay six, eight and
ten per cent per annum, must az distant
day range far ahead of present quotations.
The value Of money in Great Britain il
merely nominal The Bank of Englands Official
rate is per cent but outside the highest point is
q per cent, and on the Stock Exchange az low as
/ and Ia per cent. The rates In this market range
from 70 per cent, and any amount Of money can
be raised al the shortest notice. We zee posi-
bty of any change in this state of things for some
months to come. The supply of capital seeking
investment is more likely TO increase than diminish
and securities paying even the ordinary rates Of in
terest will be sought for at improving prices. The
steamer now nearly due at this port from Liverpool
will, without doubt. bring response 20 this ex
p8nson in our stock market. The Europa carried
out very favorable adyices from this side and large
remittances account Of dividends. The few de-
faults reported, after such sweeping financial
rcvslsion must be satisfactory 70 holders abroad
and We think we can look with confidence for large
orders for further investment. Several Of our most
prominent railroad stocks are largely held In Eng
land, and unlimited orders will In all probability
come out our market has been properly
can, assed. The gross earnings Of the Chicago and
Rock Island Railroad Company for February are re-
ported az being about twenty thousand doais in
advance Of those Tor the same month la year and
III, receipts Of the Hudson River Railroad Company
in February this year will foot up full double those
for the corresponding period in 1857 While the
Hudson line will show great Increase in gross in.
come il will also show a very great reduction in the
operating expenses. The saving ia expenses on the
Hudson River Railroad this year II estimated 20 be
equal 10 q seven Ter cent dividend. 10 say nothing
abut increased receipts All the indications point
20 a very heavy traffic on all our Western roads.
The extenrm of lines west of the Mississippi river
will add largely 10 the through business Of the trunk
lines this side, particularly the Chicago and Rock
Island and the Galena and Chicago. These roads
prepared with extraordinary facilities in the way
Of rolling stock for travel traffic. and the probs-
bty l. that before the close Of another harvest the
whole power Of each will be called into requsition
The Assistant Treasurer reports today as fol
lows
-vsi pe..s.sss.ss...s....... tIstp ~
Iotsl yhenHs 'ss..s....s.........s.....s $3.50 ~
tOtA S,lz3,pcS %
The receipts 20 day include $50 900 from customs.
The transactions at the Clearing House to-day
were az follows
Total exchanges az bel lea 16
foA pasn0es. .''s's''s...''s. Z2'Vs'5' 10
The Metropolitan Bank certificates are reduced H.
~ ,2S7 000 being decrease Of esq 900 since yester
day.
The Iowa state seven per cent loan Of s2O0,O01
was awarded TO Cook & Sargent, Of Davenport.
Iowa, atpar. The State debt Il limited by the con
stituton TO s25OOOO.
The Bank Of England returns for the week ending
February 10 show an increase in bullion Of ESQ 1851
and in unemployed notes of 81 2i7 3l5. The Lon.
don Bankers' Circular, o. February Q, says. -
The in1ux Of gold iDto the Bank OF England continues
uusbsted aDd owing 30 the immense supplies coming for
ward from susuas ia generally mag ned that 81 b
in In the fhrea6Bcedle street vaults will attain
higher rort tnsn has becn known FOR s1me yesrs Al
.ady II must exceed $4,000 ,OCU, and upwards OF
can and Mexican 'str''tances, whlyb form A. 10.
p1rtaut Item In ~ st a impOrt The this seek
include The Austria. from Austrian, with f4i ua ,
Ehioue from Africa with fi2,224 and tie No. Der
laod from Australia with Ger h24 Atp- r' OH. ear
ca,uns u an iucrss demand n ~ IA 2"
consgt Uents ~ tn CONT ut c-el nrri.e .ts
DO De per week, mace - . sn.' II.' % b
r. ~ Ute 90 f1r the Iasi. ..f " l.'a