The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-10
FINANCIAL AND COMMERCIAL.

WEDNESDAY, March &c P NJ
Stocks rallied this morning from the extreme depression
nf yesterday. There in descriptions an advance
Of = per cent from yesterday US lowest prices Erie
however, and two other stocks, drag on the
market Cleaveland and Toledo again declined heavily
selling the middle of the day at "a and closing after the
second board at 254. 1t that the company, which
ss really in a very sound condition, honestly managed
and successfully engaged the liquidation Of its liabilities
trouble with the residents along one OF its lines OF
road 1t s known that after the crisis the company
ceased to run cars both lines and only used the line
which had the most business The residents along the
other ne said, protest against being neglected, and
claim that they paid their money for the construction
the line they entitled to compel the company, by in
junction. run It, The true way to compromise
the matter would appear to be for the company to
required to charge fares that would be reu
neraiive. 1t can have composition TO fear. As pro
pery the Cleveland and Toledo is worth than
was years ago, though il has large floating debt
yet unsettled dividends its stock
time TO come The question for all these West
roads is the game. we have this year good crop,
then they will all recover, and most Of them will pay
dividends. If have again poor crop, those companies
which embarrassed circumstances will need to be
re0rganzed, and the sound will be compelled TO
withhold dividends This is the position wed from the
stand point of the investor. To Wall sprcuiator
precision of stocks and the absence of speculation for
period of eighteen months, is it not likely that,
some time before the crop question is settled
say in April May-a number OF specull
tive persons will satisfy themselves that the crop
going 10 be abundant and will buy the most promising
Western stocks in order to anticipate the rise that must
follow the first authentic intelligence OF good harves
This question answered by of the members
Of the Board in the Affirmative and though the upward
movement which began few days since did not elicit
sufficient outside support 70 enable the market to with
the ralzaons Of few large operators, must not
be assumed tina, the contest is abandoned. The very
confidence with which the bears selling must pro-
duce reaction before long; and if the theory above men
toned should prove sound, very active movement may
not be far distant Thus far the outside business not
worth mentioning; il cannot well, under any circum-
stances be large as it used TO be; bu, continued and
sustained rise period Of fortnight would certainly
develope it 10 some extent
The business OF the board this morning rather larger
than usual of late New York Central was usual the
ost active several thousand shares changed hands and
advance of about y per cent was realized Nothing
further las transpred with regard the compact but
gems generally understood that few days each road
will work independently Of its rivals 1t will cost the
grea, roads, according to their estimate, about
500 eco "a month each. Michigan southern also
tive a shade better prices than yesterday The bears
are selling the guaranteed stock with some freedom. 1t
understood that the March earnings thus far
good indeed 6aena and Rock Island sold at about yes
terdays prices. Illinois Central is lower again There
was no change in Hudson River or Harlem In bonds
there was fair amount Of business without change 10
prices. After the board there was slight rally, aud
prices somewhat higher. Al the second board there
were very few transactions and change in prices Ia
Crosse bonds sold down to 10. The following the
closing prices Of the day:-Missouris, S5A q
Canton, le7s 2o4 Cumberland, 2SH "a; Pa
clic Mail, 766 Il; New York Central 79a e;
Erie, ga 10; Hudson, 3l& al Harlem, 1914
a; Reading, 4sss x Michigan Central, 5lss "a;
Michigan Southern, tx a. Southern guaranteed, Az
a Y; Panama, III u; Illinois Central, 6SX 60; Ga
lena and Chicago, 69si TO- Cleveland and Toledo 25s
20; Rock Island, sos a H.
Money offered to the brokers today at three per
cent houses paying off the loans they contract
four Though business is increasing steadily there
appears to be fair prospect of cheap money market
throughout the There is change in the dig
count market refer TO last quotations Exchange
Europe inactive, this not being packet day The
Canada sailed from Boston day with $500 600 in specie
on freight.
Tho hue of tha S,tT roar IN day