The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-26
FINANCIAL AND CONNER ClAL.

two Michigan Southern stocks-common and guaranteed.
The bear clique, which has been operating for e
against all the Western stocks assaed these this morning
with peculiar vgor, and forced decline of 4 u per
cent, which, however, than recovered in the
afternoon. The board of the Michigan Southern Company
has been in informal session for day two; the annual
report 1865 has drawn up but viii not be ratified
and published for week or fortnight. We mean
while enabled to state, advance of the report that it
will exhibit state of affairs satisfactory than is ge
morally expected The traffic Of ls5S-the year
known for Western roads-was large enough to
able the company to pay its working expenses, heavy
outays for ties and other Of construction and
the interest its funded and floating debt together with
The $4,000 for the sinking fund and balance left
over, applicable to dividend the guaranteed stock.
The earnings Of the road larger than those
Of the Michigan Central The condition OF the com.
pany at present is sounder than it has been for
years The funded debt is believed to be in
the neghbmhood of 100000. The floating liabi-
tes estimated at about 5000 00O but, the present
direction OF the company comprises under the head of
floating debt ali current expenses which unpaid this
amount swelled TO about Million from which must be
deducted bills receivable, and other assets amount
ranging from three to four hundred thousand dollars To
meet this the company have hand nearly million Of
second mortgage bonds The of guaranteed stock
issued exceeds 81 OOo No decision has been arrived
at with regard to the payment of dividend the qua
ranteed 1t is, believe, the policy Of the President to
cay nothing about q dividend until the floating debt is
still further reduced. Should the crops promise well,
however it is likely that the holders of the guaranteed
viii press for dividend, either in money scrip bonds
before the close OF the summer and it is not easy per-
ceve how their claims be resisted
The bears at the board, however, disbelevers in
the recovery of the West; and while commerce
is vsbly reviving every eide, and the ex-
cessve speculation that is going in cotton
proves how many persons are ready to speou-
late, if they bu. moderate chance of profit, they
continue to sell stocks just they did twelve and eighteen
months ago. Zach decline of or two per cent in
creases the short line. movement is brewing among
the regular commission brokers' whose business has been
destroyed by the operations Of the bears take adyan
tage Of the scarcity Of most of the Western stocks
check these excessive short sales Whether anything will
come Of it remains TO be SEEM
Government and State stocks continue TO be strong and
prices are generally higher. Government vcs will pro
badly not rise above 104H until the remaining
81 paid up. 1t generally supposed that the
stock to 104 the bidders who were so lucky as TO
obtain delay from the Treasury Department would hasten
10 pay up and put their stock the market The inquiry
for Hudson and Harlem bonds continues be active. lii
nois bonds also firm, and rather higher Among
was New York Central, which n shade better than
the lowest prices of yesterday. The March traffic
ported in excess of that of March, 1885, Reading was
firm. The Western stocks lees active to-day, with
the exception Of Toledo which continues be SUCCESS
fully hammered by the bears Rock Island and Galena
both rather lower The coal stocks were quiet.
There sales Of Panama. and only sale of twenty
shares OF Pacific Nail.
In the afternoon the business done rathes larger
than usual and prices were generally shade better.
Michigan Southern held higher, the last bid being
4i7S while IS ID asked. The market closed steady
but inactive, the following being the last prces:ss-
souris SO 4; Canton, 1914 20h; Cumberland, 23x
}l Pacific Mail, rs y; New York Central, 79I6 =;
Erie, 1o14 Is; Hudson, 317s 80; Harlem, II e;
Reading, 49X "a; Michigan Central, 81 q; Michigan
Southern, 1914 81 Southern guaranteed 447s 451S
Panama, 1l5si u.s. Illinois Central, 81 4 q; Galena
6s Il; Toledo, 24ai 25; Rock Island, 5s1S II Nil
waukie and Mississippi, 7as Ia Crosse and Milwaukee,
Ia1.
Money without change; the brokers are offered more
than they take at per In the discount market
hear OF transactions under per cent but this is
the rate for all good short accepances, and some six
months paper has atterly been done 5s the rate for
such paper may be quoted at 6l 81. Exchange is
lower IN consequence Of The prospect Of large cotton
and 5121s 1874 for francs The business done for 10.
morrow steamer has been light, and the specie ship
ment will be small
The dry goods movement Of the week has been unusu
ally large being than doubc that of either of the
two last years The import entries at toe port for the
year thus far foot up s3l 600 Co., against 900 in
1858, and s29 600 COO in 1867.
The business Of the subTreasury to-day was as fol
lows:-
Total receipts ..........,..... SCI ia az
r for cuslons. '.......'''............ 1000 90
loei payments oIs,33i OF
'ouii pahce. S,0O943 20
The exchanges at the Bank Clearing House this morning
were 81 1884, OH So and the balances 81 l0o254 81
The Central Railroad Company of New Jersey declared
to day dividend, out Of the earnings OF the year. Of
ten per cent, payable April 2.
The following the London quotations for American
sticks March S.
Illinois Central per cent, 1875 ia 70
Do do. per cent, 1SI5................ 7ga 81
DO. do. : per cent freelands, 1890 .... STA Sc
To- do. 500 shares SEQ paid ..... dis 81 a 90
Miehigan Central first mortgage con- per cent
........................ soa IS
DO. do. 1862 ...........................S 80 a So
Do. DO. sinking fund, 1882. s7a 8
10: 40. sloo shares. .............:..... AZ q As
Michigan SOU Il Nor. Ind. per cent tsinking
Ss 10 York Dc Central sSS i ps4 cent aEaqsad s
10. do. per cent convertbles, 1894. 93 %
10 do. ! per cex (sinking fund.-, 1870. 90 %
Do. do. 800 shares. ex. div. IS 20
New York Eric Sd mt9e., per cent, 1885,. CO 60
10. do. (sinkng fund, Z per cent, 1876. - AZ
Do. do. bonds, per cent cow, &c.,. IS az
DO, do. bonds, per cent, 1871. =. ...... SO a AZ
DO. do. 800 shares. .................. 12a ia
cent. Goa ~
No. do. I'd mort, per cent, sterling ..... 90 %
DO do. sJ0 shares ......................3 sa 40
Philadelphia and Reading bonds, per cent 1850 So ~
10. do. 6per cent, 1870. ................ yea IS
DO do. $50 shares. .....................2 20 q ~
In relation TO copper stocks the Boston Coursv re-
ports
Mining stocks active, with a general improving
tendency, and in quis marked Rational Opened at