The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-03
FINANCIAL AND CONNER GAL

"WEDNESDAY, March 2-6P NJ
Money offered today in Wall street at four per cent ALI
trace Of the recent furry have disappeared and
II looks though money again going to be the drug
II was all last year At most of the banks there evil
dent unwingness to lend under the highest rate but
some banks, and those by any least nfuen
ta or wealthy, again offering their at rates
much above the minimum of the street. Their managers
justify their by the argument that revive bu
siness may, cannot before fall at the earliest
ate Demand for money equal TO the supply They look
For five per cent money market till midsummer, and
they are acting upon their convictions Exchange did
close quite high ruled yesterday the bulk of the
business was done at l09a, with few bankers holding
NJ 1929 ITO for sterling bills, and 5.l2,s for
francs. The amount Of gold sent out IN the Africa
S6e3, 2l6 81.
Stocks were rather lower this morning. some of the
speculative cbbers having resolved realize their pro-
Hts large saies were made Of New York Central and
enc or two Of the Western Stocks and prices declined II
u per cent in consequence. The prevailing impression
however appears to be that while the bulk of the railway
secss are Ueyoh1 Starvation, going to witness
gradual Improvement in the best of the Western roads
does rot lock though the movement would be prec
plate or violent On the contrary, If the premises
which the parsans OF q rise acting be sound the up
ward movement will necessarily be slow and gradual,
with occasional spasmodc action one way aud the other,
caused by the operations Of the street obbers In this
view OF the market and the future the excitement of yes
erdsy morning and the decline of this morning were both
equally natural events 1t noticed by persons interested
b such matters that the soundest the Western roads
rs, for instance the Michigan roads, the Gaena and the
Rock Islandare selling about fifteen per cent lower
lhan they selling at this time last year. Their
prospects OF business are, however, better now
than they were then. Then they had hardly
consummsted their schemes Of curtament and economy
They had hardly got the effect OF the crisis and were
generally struggling 10 keep out Of bankruptcy They
had year Of absolute stagnaton and paralysis before
them Now, all the good Western roads are reorgauzed
% new and economical basis. Many Of them have re-
soverd their credit All Of them look forward to year.
not of such activity they have known least far
more active and prosperous than the last Should our
crop this year be plentiful and that OF Europe short land
must be remembered that they have had three good
harvesH in Europe in successon), the Western roads
would undoubtedly do large business their re-
would permit Four Western roads, under favora
BILE circumstances, will pay dividends this year. These
the Michigan southernand Central the Gaena and the
Rock Island. OF these, the which most completely
illustrates the present condition and prospects OF the
portion Of the Western railway interest is the Michigan
Southern. little over year ago this road nsol
vent. II had been paying uncarned dividends and Dor
rowing money at usurious rates Of interest, and,
In fact, though well built road, raversing fine sec
tion Of country, with excellent business had been
nearly hnancered to death To itself the company
created three millions Of ten per rredeemabe bonds
which very singulary baptized by the name Of 'gua
xanteed stock" The funds realized from this
enabled the managers To carry the remainder Of the float
ing debt and 10 undertake radical reorganization Of the
company The past year has been devoted 10 the work.
During the past twelve months over million and a
quarter Of floating debt has been paid of funded AT
heast twenty per has been saved In the working
pepses OF the road Under the administration the
business departments Of the company have been
ganzed, leaks stopped and efficiency introduced into
every department Of the service The road it's rolling
stock said 10 be- at the present time in better con-
dition than ever and the business already quite large
The least revival in the West would give company
quite much TO do as il could accomplish II
has been the policy Of the directors and manage
ment 10 check speculation in the stock and rather
TO give unfavorabe reports Of the business in order
70 settle advan!ageously with the holders the floating
debt But the facts above stated generally believed
70 be unquestonable is upon them and upon the
lief that the directors while carefully abstanng from
pressing opinion 70 the payment OF the due
On the guaranteed stock quietly becoming the holder
Of most OF 1t, that the present advance In the price
based The history of the in the other West
ern stocks rs very analogous few weeks will test it
soundness.
The most active stock Of this mornings board New
York Central Of which 1000 shares changed hands
On this large quantity had been previously bought OF
speculation, and sold this morning TO realize III,
profit The decline, however, was very moderate Ga
lena was also very active at decline OF x per cent
and Rock Island at like decline The leading operators
for rise in these stocks appear quite willing 10 see price,
recede They made effort this morning 10 sustain tho
Market intending probably to in at lower prices
Michigan Southern guaranteed opened this morning
sdeclne Of x from yesterdays closing price, but spec
Oily rallied, closing in the afternoon higher than yes
terday Pacific Mail fell of this morning. but rallied
again in the afternoon. Among the State stocks ant
bonds the business done well distributed, but small
10 amount. No change in prices is noticeable. Missour
were neglected today; in the afternoon sales mad
nj a slfht concession buyers The transactions N