The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-12-01
FINANCIAL AND CONNER CIAL

HNANNsAl ANO NOWtWGseNs"I
-----~~~-~------~--,--->--<.s
WEDsEsDAy Nov. 80, 1859,
was announced this morning that The negotiations be
Commodore Vanderbilt and the PacSc Mail Steam,
khip Company were broken OIL the point mentioned ii
this mornings HERALD The Commodore desired gnaran
sees from the individual directors Of the Pacific Mai
S,eamshp COMPANY against the renewal Of competition
aha Mr. Aspinwaii and his associates refused 10 give
Another application by the Commodore for discriminating
charges In his favor the Panama Railroad in the event
OF an opposition line being established was likewise re-
fused On this Mr.. vanderblts representatives with
drew the 70 purchase thus for the present. the
negotiaton ends seems singular, TO use tho ildes
term, that the directors Of the Pacific Mail Steamship Com
pany should have expected TO close the bargain with Mr.
Vanderbilt without giving him guarantees against oppos
ton He guaranteed them against opposition under the
old arrangement, and guarantee clause Of the kind
usual 10 deeds wherea limo Of steamers vessels pur
chased Without such guarantee in fact, Mr. Wander
bit would have made tho worst Of bargains in giving
for seven old steamships, not worth, at most
ever million. In ordinary cases. IL is the vendor who
guarantees h purchaser against opposition in this
the vendor the Pacific Mail Company which was going
INTO liquidation and out Of existence the consumma-
non Of the bargain the guarantee therefore, natu.
rally sought from the individual directors from whom
alone opposition be expected In refusing to grant
shs, the leading directors Of the Pacific Mail Company
have laid themselves 0pen 70 the charge OF having
nothing serious in the late negotiations We should be
glad 10 know that this charge UNJUST but the face
Of rs plausible, and 1t 70 likely 10 be generally enter
tanned by the public, especially by that unfortunate part
or them who bought Pacific Mail stock at 90 o. on the
strength OF by tho highly respectable Pacific
Mall directors 70 the effect that the difficulty with
Vanderbilt adjusted. The stock opened this
ing At g. declined 10 s0x At the close Of the first board
rallied 70 Sax between the boards in the afternoon fell
on again. and closed at 80 bid. The recovery in the mid
die Of the day due TO rumor that the negotiation
would be renewed.
Business the Stock Exchange continues active espe
cialy in the Western stocks. Rock Island was very
buoyant this morning, advancing 70 ee and closing At
6sk bid; Galena lower IL closed at tax bid tho
Michigan shares steady; Illinois Central declined
az per cent, on the news q fall Of per cent in Eng
nd The business OF the Company does not justify this
decline which due 10 the fears Of early assessment
next year. Panama was rather lower. There quite
active movement in bonds; in the event Of general
recovery Of the Western country, some railway bonds
now very low, viii advance rapidly and largely The Erie
securities queter the business OF the road is said to
be good In the afternoon oday the market was rather
bower, and stocks closed weak, ct the following quota.
uons-hissouri skies, Sax a X; Canton Company, II
Is Cumberland Coal Company preferred, 49, Pacific Mail
Steamship Company, 90 X New York Central Railroad,
ukaX; Erie Railroad, sk a "; Hudson River Rail-
road, \ox Il Harlem Railroad, ox 10; Harlem Rail-
read preferred, % n; Reading Railroad, sax 10;
Michigan Central Railroad Ak "; Michigan Southern
and Northern Indiana Railroad, ~ III Michigan South
era and Northern Indiana Railroad guaranteed, lsX a
10 Panama Railroad, 1874 u; Illinois Central, IS
scH; Gaena and Chicago Railroad, 72as X Cleveland
and Toledo Railroad, 2ox q; Chicago and Rock Island
Railroad, esx ao6.
We understand that negotiations foot between
Commodore Vanderbilt the government Of Nicaragua and
government and that rests with the latter TO
say when the transit route Nicaragua shall be
reopened The Commodore Offers to open IL, and 70 pay
Nicaragua handsome sum for the privilege Of navigating
her waters, he shall obtain security for the
lives OF his passengers and tho property placed within
the grasp Of the Ncarauans He does not seek and will
accept exclusive grant, but desires only permission
from Nicaragua 70 navigate her waters ooncurrenty with
many others may wish do the like. Thus far,
Nicaragua has shown disposition accede 10 his de-
nands indeed the government Of that country seems TO
in the hands Of individuals Who like the Japanese OBJ
ject and commercial Intercourse. Whether
the government Of the United states will submit 10
Japan within few hundred miles Of borders, and
the highway between Atlantic and Pacific possessions
remains be ID In the highest degree 70 be
GREETED that excellent transit route that
Nicaragua should have long remained closed and the
commercial community hope that NO exertons will be
spared 70 reopen il at early day as possible
The money market Is active, with however, but little
change in Some Of the discount brokers report an
advance per cent on short paper, and fair demand
for money on call at per cent Other houses again
port the easy yesterday. would be graft
fyme TO may be Inferred from many Indications
sha. the banks pursuing conservative course.
There was nothing done in foreign exchange to-day
The steamer from Boston took ont specie.
The following table will show the price of sight bills
New York at the cities mentioned