The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-04-15
FINANCIAL AND COMMERCIAL

Ihe unavora0Ie weather operated 70 cheek ea5 TO-
day the money and stock markets both very quiet
There appears TO be pause in the movements Of opera
tors the Stock Exchange The bears have for the past
month"; been operating on the strength Of unavorabe
traffic returns from the roads, The bulls, the
other hand have been buying Of the prospect Off
revival Of business and Of general speculation. The
former have relied the public remaining aloof from tho
stock market; the latter the public coming in Thus
far tho bears have had the advantage they have caused
prices to decline from to 10 per cent and though they
have not succeeded in frightening many stockholders
selling their shares they have many outside CAPT.
slsts from becoming purchasers Of stocks They have
used tho facts sklully, and-where facts
irg-have invented and caused to be published many
ingenious falehoods that thus far the honors Of the
test rest with them. The question at present s;-How
long will they be successful
If it be admitted that Will buy railroad stocks
until the roads have actually earned dividends then
the bear side must continue For no study
TO discover that far the Western roads con-
cerred their earnings cannot show much increase before
the crop ia harvested. IT, therefore, the revival of
speculation cannot be expected before roads have &C.
tu earned dividends then the bears right cop
tnung 10 sell stocks, the very prices which
now current IT, the contrary, be natural to ex-
pect that this highly speculative community will antic
pate the actual earnings of the roads, and seeing every
of that crop on the Western railroads. and buy for the
rise long before the crop 70 actually harvested or the
traffic Oh the roads actually increasing then the bears
who, 1t ia evident, will not selling until sudden
rise cuts short their operations have sorry prospect
fore them.
Within the past few days there has been decided in
in the business of the commission brokers' Several
brokers have had orders for from the South
Orders have from Boston, and several lots OF Mchi
gan Central and other shares have been taken out of the
market The Of several of leading city inan.
cers mentioned buyers of stocks at the board
Some money has been transmitted from Europe to a lead.
ing stock and exchange brokers' tho purchase
low priced railway shares and bonds. On every side
there indications that people beginning to think
that Is about time there should be movement in the
stock market and looking round to take advantage Of
1t. What only the first indication the pre-
moritory nutier which usually precedes period Of cx-
ctement How long the present hesitancy will last
what day stocks may suddenly take start and every
rush in to buy, tell but the late movements in
Pacific Mail Panama show how rapid and over yhel
ing the movement will be when it comes
Stocks were steady at this mornings board and
though at FIRST the bears anxious sell at conces
from the current rates. before the board closed an
advance realized in many descriptions and the bid
ding was active and spirited Much interest still attaches
The stock opened today at ss,l, was offered by the
bears al s6a seller sixty TO 80 cash and closed
at $50 New York Central freely sold before the
opening and the first board 76s sellers option
il advanced to 77iS, and closed at that bid. Nego
tiatons are foot which IT is hoped will result
in new arrangement among the leading roads
10 the West Michigan Central hammered down by
the 5e at which figure several hundred shares
were sold FOR future delivery; the closing price was 53
Michigan Southern guaranteed, pressed for sale by
the bears at S94; all the stock they offered was taken
and the price closed at 10 bid 30 with all the spe
culatvc stocks The outsiders who had given orders to
buy enabled to purchase cheapy In consequence OF
the hammerpg process. As as the bears had sold
as much they wanted, the price rose on them
and those who bad sold on short options
were compelled to purchase at a loss to effect
their deliveries The business State stocks and bonds
was small but prices well sustained The weather
operated to check all kinds of business stocks suffered
as well other commodities After the second board
the market was quite steady the following being tho
prices -Tcnressee 6s, e3% * Missouri 6s, ss1 q;
virginia 6's, 9s1s 90; Canton Company, 1917 20;
Cumberland preferred, 2iIs 22t<; New York Central
Railroad 77Sa =; Erie Railroad 9sl u; Harlem Rail
road 10 "a; Hudson River Railroad, S31s 81; Road.
inc Railroad, so y; Michigan Central Railroad, 5slS
4. Mich gan Southern and Northern Indiana Railroad
liza l3f; 90 Neielreu W sVtai Panans Railroad, |
12oss Y; Illinois Central Railroad 0sK SO; Galcua /
and Chicago Railroad, 6s1S ak Cleveland and Toledo |
Railroad 25yS &C. Chicago aud Rock Island Railroad
SKA n illinois Central per cent bonds 1876, IS So.
Pacific Mail Steamship Company, ssI assx
The business Of the Sub Treasury TO day was as fol-
lows
Total receipts. SlS4 1906 %
For cuatonk lSf,5OO 90
Total pay mcn,s. 49, os o.
Va
The exchanges at the Clearing House this morning were
s27 ,6ll,7i1 IS, and the balances 81, 243,ss7 H.
Tho following dividends have been declared Tho Gal
latin Fire Insurance Company semAnnual dividend Of
Owe per cent payable and after the Goth inst the
Mechanics Banking Association dividend Of three and
half per cent payable on and after ID OF May next
meeting Of the Board Of Directors Of this institution
held Goth ult, was resolved 10 Increase the CAPT
tai stock 10 the OF $500 oOo being an addition Of