The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-29
FINANCIAL AND CONNER GAL.
M ON Y M A n X f II.

the street. Notwithstanding the abundance OF
money, people prefer letting it lie idle to placing it,
for the shortest period. in the inflated railroad
stocks of the day. At the first board Tennessee
State 6s advanced per cent; La Crosse Land Grant
bonds, l. Pacific Steamship Company, l; Gaena
| and Chicago /; Harlem, Il Sixth Avenue Railroad,
g. Reading Railroad, !; Michigan Central Railroad,
IL; Cleveland and Pftsburg, !. Missouri 6's de-
clined l. per cent; Illinois Central bonds, l. Cum
berland !; Erie, /; Michigan Southern, old,
/; do, preferred, ]; Chicago and Rock
Island, J. The movement in La Crosse land
grant bonds this morning was strongly upward, and
most of the decline of yesterday recovered. 1t
appears that sometime since parties holding large
amount of these bonds obtained an injunction upon
| the company for the purpose of preventing fur
Their issue. This injunction has rested quietly, and
| the company have not been in the least troubled
about it, for the that occasion had arisen
for further issue, the progress of the road towards
| completion going rapidly, and upon resources
| still in hand. Arrangements having been made to
extend the road from the junction TO La Crosse,
distance of forty miles payment for which was
ranged for in bonds il became important that the
injunction should be removed to not interfere
with the interests of the stockholders or in fact of
any of the parties concerned. Forreasons which have
not yet appeared dissolution of the injunction IL OPP
posed, and notwithstanding the many agreements to
withdraw and release the company, nothing has yet
been accomplished. The company have the funds in
hand 10 pay the February coupons punctuslly, but
whether il does or not depends upon the result Of
the negotiations pending regarding the Injunction.
Illinois Central bonds were not active today.
Cumberland Coal was heavy at the first board. The
combination engaged in the corner are striving TO
get the street short of the stock, with very little
prospect of success The bears are little too
| ming to be caught in such transparent plot The
| clique have, we understand, nearly twenty-five
thousand shares Of Cumberland Coal stock, and are
likely 10 get more before they have less Outsiders
will not touch IT, and certificates dated five and six
years back have lately been in the street show
ing that some of the oldest holders realizing.
meeting of the board of directors of the New York
Central Railroad Company has been called at
Albany for Tuesday The supposed object is the
declaration Of the regular semi-annusl dividend.
There j. no doubt the regular payment will be made,
but whether the usual rate or not we shall know
more about next week. The payment Of any div.
dend by the company just now is like drawing away
its very life blood and every dollar will come like
drawing teeth. We, however, see no help forit. The
very existence Of the company depends for the time
upon doing il at any and every sacrifice At the
second board the market throughout was better
California State rs advanced per cent; Ia Crosse
land grant bonds, 2; Cumberland Coal, 4; New York
Central Railroad {; Mic, h Michigan Central Rail
road, !; Panama, IL La Crosse and Milwaukee Rail
road, 4. At the close the tendency was upward.
The Assistant Treasurerreports today as follows:--
Total receipts *5z ~ 10
lomi paymebN'..''s''''' '-.s...'s... VIZ ~
The receipts to-day include sTj 900 from customs.
Tie payment Of duties for some days past has been
much larger than usual, but they have been princi
pally upon goods withdrawn from warehouse. The
| direct importations continue small.
The exchanges at the Bank Clearing House today
were ELI 237 SCI Is, and the balances amounted To
1902 $40 OF.
The steamship Canada, at Halifax from Liverpool,
brings adyices three days later than by the Fulton
and kangaroo. The news is not at all important.
The Bank Of England had reduced the rate Of inte
rest 10 FIVE per cent In the face of this fact consos
declined, closing at eii a eii per cent Money was
easy in all the continental markets. decline in
cotton Of oneeighth is reported, and the markets
for breadstufs were heavy, with downward ten.
dency Provisions quiet. This is about the gist of
! the financial and commercial accounts
The following remarks on the trade and money
market during the year are from the monthly circu
lar Of Messrs Littledale & Co., Liverpool
The recurring cycle OF ten years will henceforth be
watched with great interest by the merchant the
periodical return of the CONT by Indeed
commercial pancs appear % have assumed regularity Of
movement and certainty Of return little interior 20
those errao bedes and even the laws by which they arc
governed are pov closely read-but here the sime N
such n be called ends-the one being governed by
unerrng truth the oiho formed error perfected
fraud assuming ON each return rcsh phase 10 de-
| their
The panic Of 1926 from excoss Of speculation in
foreign mines and resulted Tie failure Of 10 country
banks, and large number Of others.
That II 1887 termed the American panic 40 u
originated and was CHIEFLY coahned 10 houses connected
With toe United states the chief failures being the three
That ri 1sa7 caused by bad harvest and the rail
way mania, In which all the ready money Of the
nifty was absorbed, ana liabilities incurred far beyond
What The income Of the entire MASON could grapple with
The past one Of 1857 has been the result rapidly in
e placed IN ne hands 81 man .ss, oy anu yn Tos
capital OF their and by the fraudulent creation of
capital by others destitute Of everything but daring dis
| honesty.
The old cry Of overtrsding Of course comes in for
large share Of the blame yet this overtradDg has not been
the part Of the legitimate merchant but by The classes
just described who, having everything TO and nothing
10 lose almost drove the honest trader market
The importer taking as bis guide the simple principle Of
supply and demand, saw during the last two years that
ouch the eagcrncs Of buyers OF all descriptions OF
produce, that nearly everything sold "S arrive"
weeks and even mouths before The vessels due; n
vicious syt no doubt yet the demand for consumption
seemed 70 Justify H. and stocks Of ali kinds gradually d.
mnished I'LL the very time the panic began they we're
lighter than at any period for years pssnot in
ticle alope but In an the leading inports-and though
price, high and felt to be dangerously by many
prudent men, ye the deliveries for consumption went
UNDECIDED and thtreby deceived the most cautious.
worse evil than ovortradng, fear has been over.
living and ovcr ndirg, by which the gold ~ tho
try tas been distracted and false appearance Of pros
perity created.
The London Bankers C,rcplar Of the 9th instant
contains the following remarks relative b. The pre-