The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-19
From a Wall Street Correspondent.

WALL STREET FRIDAY EVENING, Feb 49, 1859.
The amount of specie engaged for to morrows steam
er-the New York; for Southampton and Bremen--s
about 600, in gold bars
Money has proved easier obtain at per cent to-day
many quarters but the range to per cent for call
loans One two Of the banks supplied their friends
per cent
In discounts the street rates steady at per cent
for good endorsed paper and prime single names econ
dairy grades, Z to per cent.
In foreign exchange there was but little doing, as few
letters sent by steamers The quotations
1925 109I for sterling bankers bills, 1o9h 1899 for
commercial do, and $40 SIS for francs.
Bills of the Bank of St. Paul. Minnesota, have appeared
in the street, and purchased by currency house at
per cent discount. persistent effort, we learn, has
been made Chicago bankers and others to prevent the
Of Minnesota banks from acquiring currency. We
informed that these banks well secured those
Of any Western State-the securities Of the Bank Of st.
Paul, Minnesota, being Ohio per cent stocks those Of
the Bank Of the State Of Minnesota Farmers Bank and
Nicolet County ank being the per cent bonds Of Min
nesota worth 107 at present in New York. These banks
have met with considerable opposition, which has
emanated principally from the private bankers, whose
business they will interfere with.
The America steamers mail, by private letter. brings
us advice that project under discussion in London for
making preference shares in the Illinois Central Railroad
Company, to be issued to the holders of the existing
shares who Will pay up the remaining $40 per share
in Freeland bonds The project is understood TO be ad
vocated by the London Committee.
The vote the postponemen Of the Homestead bill in
the Senate yesterday is not looked upon with favor in the
street. The dealers in land warrants TO think that
tie vote rather close shaving when the matter threatens
to destroy the value of large numbers Of warrants now
finally passing the bill the President will veto it, and that
land warrants VII. nut decline.
The extraordinary character Of the Peoples Loan and
Relief Company before the Senate Of New York
legislature attracting attention. 1t is proposed to
change the title to the Peoples Loan and Trust Company
We have copy Of the new bill, from which II appears
that has banking well trust powers. 1t autho
rized TO do commission business 1t is not required
like other banks to deposit any securities at Albany. It
is not required the capital in State stocks
bonds or mortgage but may invest the in CONNER.
cia securities at its own discretion. II may lend its
credit for any stock speculation cornerng operation,
and If unsuccessful the stockholders not liable for
debts, in the Gaze Of the bank and trust companies
II has power to loan money In any sums personal
propertyso that is essentially pawnbrokers assoca
ton. The scheme seems monstrous inquy. Tue name
of one least, Of the directors mentioned In the bill
used without authority but among the list OF directors
we are surprised that Of the superintendent Of Bank
ing who the control Of all the banks Of the State aud
who is thus TO administer TO bank organized on very
different principle that Of the General Banking law
In the seventh section is enacted that the company
may employ its funds in the purchase or sale OF United
States and state securities and other commercial secur
ties. 1t may therefore, buy any worthless stock on the
Market galvanized for such purpose by is own bonds.
1t may buy Cumberland Coal Erie, La Crosse, or Mlwau
ke, or Mississippi.
We learn that companies OF emgrans will be formed
carly in the spring go 70 Pixies Peak Cherry Greek
and other gold producing localities of Kansas Express
companies are preparing 10 thher. From st. Louis
10 st. Joseph there Is railroad route and from st.
Joseph southward there will be route easy 10 travel In
he spring, by which the gold mines can be reached;
labor attracted by the gold Of Kansas, which is more
easily reached than far distant California
The stock market proved steady today, prices being
sustained by the inside action Of the Board The William
street Clique or combination bought Chicago and Rock