New-York daily tribune., 1858-03-08

Preferred S>och however, was cih.'e"'J
advancing TO 81 with q strong deinAai' ""' wv"
bucyal.'y a. toe quotation Rock ls'-l' opeIe1 a
81 tu' Was Lot sustained through Ie cal4, lH]I5h
sea " at the cosnc p.ce. Tie question IN FcI"fl 20
the Apr! dividend has not yet been acted upon by
1le coIvers On Of available assets, We uniels'ano
that the Company could essily make the t:ua1
dividend and nssmdch g. i las ben iGry
earned, there seems 20 be 20 reeon1oIe
ground 20 postponpg Il. There are Us Shareholders
who can la. lily afford TO DC deprived Q! regular d'
d,nd4, dependent a. they are partly uron the pro-
ducyeness Of their scanty savings investeI n ms
road; and II L is practicable to make the mdcl nesd9d
d,tIibuou OF net earnings without creating uoG'.ns
debt. there certainly seems % be great Proprety 10
edopt.rg such a measure. Any policy wh;h cPLt'ni'
plates the boarding Of net earnings Ter aD unnecessary
len. tn OF time, fOr dyGntsges whlch TIE mHldAus
class o stockhoders cannot wait for, Is pra cauy u
benefit the rich q; the expense OF TIE poor oT during
the tedious interval OF delay The needy share
holder cells out al low points TO supply la WAITS
end the wealthy man not only holds his former
investment, but buys more g, the reduced hSures'
The Rock Island Co. was justified IN passiog It's oc-
tober dividend 10 discharge atrOubesome hoa,mG deoI
but th.- having been accomplished The first opportunity
fr rresuIn;nc regular payment should be avalel Of.
] he tIaI GcIlOtf n DdI fHl hti' hbt "a AtN '''
.focl ,oseG 3. slight decline from opening tEansac-
toue Panama was in demand and advanced ~ lO' !.
The largest advance during the day in Pacific Mail
Steamship Co.,. which, from t3, went uP 10 6is aud IN
the afternoon took q further Jump, and -od up To- G94,
a gain Of Il e cent. This RAPID Improvements owing
f. the withdrawal Of the competing steamers on both
sides of the sthmus after .he prsct Trip undcl an az
rapgement which was, We understand, completed On
Ul.1 Cff fba Air+ +IgrU
sals i,on THE port on the 10th inst will Underhe rev
programme be taken flom Panama by the boat OF the
regular line-the O.zaba opposition boat returning
light to San Frarcisco. Canton was steady and little
better but not active. Carey improvement is gaining
in popularity, and seems destined to become quite
favorte for speculation. semi-aunuG dividend o. ~
cents per arnum has, We understand, been resolved
upon by the Directors although not officially aunoun-
ced The Company at present in available assets
exclusive Of real estate, anou sufficient to pay ITS
small debt and regular dividends OF 81 per share FOR
three years to come.
In the afternoon the market became more
buoyant and larger business was transact
ed Cumberland was in demand at deci-
ded advance touching 23s during the call though
a fraction lower at the close. The Improvement vas
the result of the passage of the bill through the
MARYLAND legislature which allows the Company -
convert the common stock into preferred on payment
Of 50 per share. Under this arrangement 1t is pro-
posed to furnish to pay off the fostins debt
and TO provide working capital of 100000. The
parties interested in the movement have satisfied
themselves of the practicabity of a profitable work
ing OF the mines owned by the Company, and state II
to be their intention 10 give the fair trial un
der its improved circumstances. Erie aud Hudson
River were both slightly better. Michigan Southern Pre-
eIred took another deciG ed start and Toledo 10 fair
request ct 53i. Panama went up TO lOS, and was firm.
Rock leland was up TO IS again, aud in demand.
The business - Bonds cCstues steady at improving
prices. In State securities notice further advance
to 90 in California 7s which getting quite popular
for investment and improving market also for Ms
sour Gs. The Iowa new loan sold to the amount OF
100000 at l02. After the Second Board there was
further advance in leading stocks, and later IN the
dsy when the steamers news became im2eriec'ly
known there was q much stronger disposition to buy.
The closing bids were for New-Iofk Central, 93t;
Elie 343; Reading G3l; Hudson River 36l Michi-
gan southern, 81 !: Panama los; Galens, 81; Rock
Island, s. I; Toledo, 81; Cumberland 23!, sc.
The EuIopss news is il all points of a highly iavora-
bic character, far as its bearing upon stock and
money matters is considered The prominent items OF
intelligence are rise iu Consols to 81 a reduction in
the rate of interest by the Bank of France from a to
2 cent and further advance in Cotton of ID. IA. y
h. The money glut was more s'liklngly apparent,
and had begun to exercise stimulating influence on
the Stock market. Included in this movement are the
various descriptions of American stocks current in the
English market. The Stock Circulars all speak of an
active and increasing demand, and quote material al
vances over prices rungut the date of the departure
of the previous steamer. The inquiry good for
Erie and Michigan Central bonds, and for New-lork
Central shares which had risen to - under the news
of per cent dividend, and the satisfactory statement
of the years business. The Bank Of England had in
creased its stock of coin and bullion in both depart
ments TO the amount of jG jOi. In London, o. Fri
dav Money was very abundant in the open market at
from to 9 per cent, and in cases transactions
are reported for the discount houses at !, ard even
Ii per cent The Bank Of England, it anticipated,
would make further reduction in its minimum rate OF
discount to - per cent, in the week following the sail
inc of the Europa. Tie demand ior gold for
export to the continent larger aud considerable
proportion of recent arrivals had been sent in that
direction. The same reluctance to use capital fOr
commercial purposes which has been so prominent
feature here during the last four months Is displayed in
the money markets Of Europe and the result of this
unnatural diversion of money from It's legitimate pur-
poses i, Just developing itself in ieversh spetu!aon3
in the Stock market, embracing il It's circle American
Securities which before had been comparatively stag
nant. but which now, catching the upward movement
on this side of the water advancing with rapid
steps, though still considerably behind quotations
ruling here. The London Tmaes which but recently
saw DO reason to expect the growth of speculation in
that part Of the world, has now doubtless,
had csusa 10 come 10 a different conclusion