The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-10-21
new YORK HERALD THURSDAY, OCTOBER q, 1858

Do 500 shares ...... "a 70
Erie 81 mortgage bonds, SIS g %
Pennsylvania Central. es, Is. mortgage, 1850. 90 %
Do. do. ID mortgage stg...x. 50 81
The London Juiy N1o makes the following remark on
the recent Cancelled bond scrip Of the Illinois Central
The e about TO be pursued by the Illinois Central
Railroad Company, in making distribution Of certificates
representing cancelled bonds, involves novelty in all
finance The idea is that the proprietors ought to
have tangible voucher for the proportion Of capital
extngulshed by the sale Of the company's enormous
landed property. The distribution Of .canceed bond
scrip about to be made will be equivalent IA S. per
share aud the paper as representing portion Of
the company capital, Will probably command value N
the market.
The latest advces per Europa viii be found under the
teegraphe head.
The movement in the stock market continues to gain
strength Al early hour this morning the market was
absolutely rampant and though AFTER the morning orders
had been flied there reaction, and prices fell OIL
the indications of steady speculative movement FOR the
rise were the less apparent After stagnaton Of
six months the unprecedented abundance OF
money driving of the stock market That
large class OF persons who in the habit Of deriving
income from dscounLng mercantile paper have been dig
appointed by the smalness Of the fall trade they, like
most Of the merchants discern that they have aterna
tive but either to live their capital 10 take
the chance Of operation in stocks. That many
Of them deciding in favor of the latter is, how
ever, it may be regretted, simply natural, so long
as money remains at per cent The possessor of thou
sand dollars who, at the present moment, purchases
hundred shares of any leading stock will make handsome
thing if he holds it six months for two per cent al
OF course, Of the persons who thus purchase
stocks speculation not in twenty will make his
small profit and Nineteen Of the
will their purchases beyond the bounds Of pru
dence, and lose their money to the operators in Wall
street But the fascination Of gambling in stocks the
ample Of sudden gains, the absolute mpossibty Of find
ing profitable employment for money, are with the
rage Of small means, too powerful 10 be resisted by
abstract principles deductions from experience and
should the present gradual upward movement continue
but few days longer people must not be surprised the
scenes Of February last renewed; Wall street is
again hrongcd with eager spectators from every class
and every grade OF society hear OF sudden fortunes
and extraordinary strokes of luck and it, last the
hindmos in the blind after cheap wealth
taken by the reaction and instead of winning other peo
pies money, lose their
State stocks the first feel the effect of the orders
for investment this morning Mssours improved y per
cent with large sales; Vrgnias per cent Tennessees
NJ CALIFORNIA; (new issue), IL; Indiana fves were
steady, North Carolina skies improved the government
fves of 1874 steady at last quotations There
be better investment for money the present
than such undoubed California, Virginia,
Tennessee and the other State securities the
market. The railroad bond market active. The
Michigan Fights which selling at Sc in London 10
% here day, being per cent yesterdays price,
illinois Central rose v Harlem arsts u; Michigan South
ern sinking fund bonds per cent while other descrp
tons steady. The business in bank stocks
well distributed, but no advance in price
took place; indeed, shares in Ocean Bank
and Bank Of America quoted lower than
few days II is certain that banks not making
money enough at present to justify exorbtnt prices for
the shares but they have this advantage railroads.
they not apt either to cook their reports hard
times to be caught with unsupported floating debts The
coal stocks generally quiet to-day Pennsylvania
u per cent higher
Among the railroad stocks Rock Island was the most
active day. leading bear is understood have just
taken hm shorts the bulls took advantage of the fact
demand for stock which put the price 70 60
advance 81 A-beore the first board. touched co
but subsequently, reacted TO es at which price
firm. New York Central opened very strong at ad
Of nearly per but aner some 5000 shares
had changed hands at the advance reacted and closed
y lower. The Michigan shares were quieter today
Central rose per cent, but reacted, closing y
per cent higher than yesterday. southern pre-
fcrred opened y higher than yesterday, but
fell Of shis afternoon duh X below yesterdays
price. II seems that the guarantee this stock
makes sort OF bond on which the company are bound
to pay ten per cent whher they or no. and that
the holders may sell the company out II the whole
be not paid This will be a pleasant discovery for the
holders Of the common stock. Reading very duh
to-day and about per lower. According 10 tn
semi Official reports published by the company, the
earnings Of the road for the past months have
Add estimated earnings for two other months al
same ..,......................... 10000
Stated earnings of the year ..........sl0 sl ,oai
Deduct interest on bonded debt about. SEQ 900
DO. on floating debt. ................ 5000
- 10000
Leaving balance of..................... s,f 6gi
meet contingencies accidents and 10 pay dividends
millions Of stock II is however, gravcly doubt
I'd by many in Wall street whether the earnings
really and fairly large as they are above stated
Panama per cent higher to-day; Pacific Mail rose
u but fell back There talk Of a weekly lns