The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-08-27
FINANCIAL AND CONNER GAL.
FRIDAY August 26-6p.

The accounts from Chicago continue to report
large receipts and large shipments of grain and
in consequence, further Improvement in railway
traffic. We mentioned yesterday the increase in
the traffic on the Galena: to-day the news comes to
hand that the Rock Island receipts FOR the first
three weeks Of August 81 800 in excess OF the
receipts for the corresponding period Of last year.
The shipments from Chicago since Janusry have
been so small, to witt, 2fl 1908 bushels wheat
and 2, 577 &65 corn against 6l5 959 bushels wheat
and 4,540,660 corn to date last year-that the
quantity sent forward between this date and the
close of navigation must be very large indeed, and
In all probability the shipments of -four will be
large throughout the winter. We look for an ad-
vance in freights on the lakes and an active com
petition for vessels. Should the crops in Europe
prove considerably below the average, the rail
roads may be expected to compete successfully with
the lake craft. 1t will be noticed, in the news
sby the Etna, that there had been considerable ad-
vance in wheat at Havre, and that holders both in
London and Liverpool were demanding higher
prices.
The movement on the Stock Exchange continues
and developes as we had anticipated This morning
The market was vigorously attacked by the bears
whose offerings caused general decline of a per
cent all round. They did not succeed, however, in
drawing out any cash stock, and directly after the
board as soon as the bear sales ceased, prices
rallied, and continued strong throughout the day.
several commission houses report orders to buy
stocks from outside. Parties who sold out their in
terest at higher prices are now fastening to re-
place it, in the natural belief that, as soon as the
earnings of the roads have reached their old
figures, stocks viii rule too high to have much
margin for further advance We have reason to
believe that the operators who are generally sup
posed TO have initiated the present movement by
buying stocks at the lowest points have made no
new purchases within the past few days. The
market has sustained itself.
New York Central continues to be the most
active stock On the list. 1t was hammered down
this morning to 73} but rallied as soon as the bears
ceased TO offer their contracts, was in demand be-
tween the boards at "a and closed at 73 bid in the
afternoon The business on the road is said to
improve steadily. Michigan guaranteed sold down
as low as 24I cash. and 90 seller sixty, under the
hammering of the bears; it closed at 249 bid The
earnings of this road for the last weeks in August
will compare unfavorably with last year, when
they were unusually large; small decline in the
stock may perhaps be the result, and is rather
anxiously expected by parties who were too late
TO purchase when the late movement began. To-
ledo caused to recede to 22s; it was afterward
in demand at 22A, and closed at that bid. mis-
print in yesterdays article made US say that this
stock was selling now at s23 share against $50 a
$50 formerly; the shares are on the par of $50 each
and the pnce Is at the rate OF % per cent against
60 so per cent formerly. Rock Island con.
tinues very strong. The price throughout the
day was GAG !; it closed at 643 bid. A dividend
in the fall is fully expected by many holders.
These Western stocks, which have small debt
and are well managed, viii be the first on the list
to feel the returning wave Of prosperity The
New York stocks were steady but inactive. Erie
shares are fraction better; the bonds continue to
improve. we nave received communication in
tmsting that the end of the present imbroglio will
be the extinction of the stock and unsecured
bonds, and the purchase of the road by the latest
mortgage bondholders for their claims. We think
this result very likely, but it will be time enough
20 rail about it when the event approaches accom-
plishment Another correspondent asserts that
the trustee who applied for the receivership, the
counsel who prosecuted the application, and the
counsel who appeared on behalf of the com
pany, are all partners, doing business in the
same rooms and for their joint benefit he
thinks it would look better if the company
had an Independent counsel State stocks
and railway bonds steady at full prices In the
afternoon with the exception Of Pacific Mail which
rose to sl3, the market was unchanged, and stocks
closed steady at the following quotations:-Mis-
sonris, s2s !; Canton, III 49, Cumberland Coal,
14} ID; Pacific Mail, 80 Il New York Central,
73s /; Erie, 81 !; Hudson River. s2a 80;
Harlem, % "a lOi; Reading A a !; Michigan
central, 443 :; Michigan Southern 81 7: do.
guaranteed, 24s !; Panama, llG I; Illinois Cen.
trail. 64l q J; Galepa and Chicago, e7t 2, Creve.
lard aud Toledo, 223 {; Chicago a. Roc, rsapa
64i
Exchange on Europe is exceedingly Cat and dnIl
The leading drawers ask ITO and HOY; the agent.
of the RotbschAds Lie more. Bot first class BANK
ers bills are selling at 1904 &, and undoubted
commercial biils at 1925. There is very little de-