The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-03
FINANCIAL AND CONNER GAL.
THURSDAY, June 2-8 P. n.

with three days later news from Europe; but owing TO
the closing Of the Nova Scotia telegraph lines the
sages Of the Associated Press the did reach this
city till after the Of business this morning
The FUNDS fraction lower, being quoted At 9lx Nj
cotton is lower; breads,ufs also quoted easier
The money market is reported easier, which may check
the export Of specie from this side.
We notice 10 change in the money Market though the
banks becoming shary Of long paper and quiet
but steady contraction of going There never
was a time, perhaps, when there few borrowers
the market as at present At the Stock Exchange
one is borrowing money, and most Of the importers took
advantage Of the cheappess Of money to se their paper
the banks they got IT, that at present the
bank expansion represents pretty nearly the entire in
debtedness Of the commercial and financial community.
On call money continues abundant at g. Exchange is
quiet at previous rates; the demand for bills s not
active it has been. From present appearances the
Vanderbilt and City Of Baltimore will take out on Satur
day, something like 81 500 900 81 $50 600 in specie
though this amount may be materially increased or dmn
ished TO. morrow
There considerable activity 10 New York Central
this morning and, Notwithstanding the uufavo-ab!e
character Of the foreign ews there
in prices than yesterday Mr. Richmond ia again town,
and from the tone Of parties usually well informed II
inferred that the long delayed settlement between the four
roads is not very far distant is understood tina. the
directors OF the leading roads have been informed by
heavy stockholders that the puere contest going
has lasted long enough has already the New York
Central about 100000 independently Of contracts for
freight which have not yet EXPIRED and the other roIs
have suffered in proportion II has impaired the charac
ter of the Pepnsy Central dividend paying pro-
perty and has proved the of the Erie the las.
feather the cancels back. Considering everything
indeed it is aimost incredible that the OF
hundred millions OF property invested in these roads
should have long suffered their interests to be ied
with because the managers too proud and too o.
snate to meet each other half way in fair compromise.
II the present expectations OF settlement end, like
the previous hopes, in disappointment, public opinion
will look confidently for the resignation of Messrs.
Corning, Moran, Garrett, aud Thomson There are
Of railroad in the country who can
administer these great properties profit and not at
loss, and whose administration would crippled by
personal dskes and private prejudces; is due to the
suffering stockholders in the four great roads, the
whole railroad inerest of the country which sympahises
with them that the pending negotiations fail, the four
gentlemen have nent oned should vacate their
posts and give ne men chance to the half million
month which they squaudering in suicidal compe-
titi On. Central opened this morning at 73H, and ad
vanced, with heavy transactona to 10 after the board
the bears threw large amount Of stock the market
and the price receded to 73 in the afternoon sold at
72A, and closed at that bid Erie was a fraction
higher to day Rock Island per cent higher this
morning, and was in active demand at the advance We
DO net hear however, that the friends Of the stock are
buying It, Toledo was better though sharply attacked
by the bears; and Gaena was u Il higher. The bust
ness on these roads will shortly begin 10 show better
he amount OF grain in the extreme Yes,
will, if no accident happen, tax to the utmost
the capacity Of all the roads tn h-inS Z"
Aos Ane Michigan sharos are quiet, but staiiy.
Reading continues droo slowly down. so long The
New Workers were sellers Of the stock the prise vas
maintained at about SO by purchasers for Phiadel
phia account the contest ieems to have enied
like the old fight about Long Island and, as in
that case, tho VICTORIOUS PniadeIpaians find than.
selves owners Of the whole property. They VIII
hardly expect TO be congratulated such result Bonds
and State stocks rather higher TO day. With fair
demand. The government loan was done at 1885, Pa.
cfc Mail ia higher though without activity. In the after
stocks fraction xer and the market closed
dull at the following quotations Missours, 842s u;
Canton, 1sA 49, Cumberland Coal, IS ~ Pacific Nail,
72a u; New York Central, 72A z; Erie, so OK;
Hudson River, 81 3lK Harlem, lo4 a q; Reading,
42l4 u; Michigan Central, Az AZ; Michigan South
ern, ga 81; do. guaranteed, 3lK z; Panama, 1l7I
49, Ilinos Central, SIS a. Galena and Chicago 6iT
II Cleveland and Toledo, 2e9s q; Chicago and Rock
Island, 5sA SO; Milwaukee and Mississippi, 44a6.
The business Of the Suo.reeasury 10 dag was as fol
lows -
T r. Sust9ns. $500 90
R roia, Isl 6l6 81
oaianoe' ..'............... ,25Z ,O50 70
The exchanges at the Bank Clearing House this mornng
were s22 lao, lls 49, and the balances 81 OILS 3d.
The movement of the banks in the four principal cities
Of the Upon in which weekly reports maze 81 ahown
by their last statements, is as follows
ss;t ~ Z :';
E Ess v.;G ' si ss i EsSs ss ~ %
The Atlantic Gotten Mills have declared semi annual
dividend Of $50 per share payable June o.
The earrings CT the New York ani New Haven Railroad
fer May, 1859, were ns follows
roI sere...s... 81
=" 'sn''''''''''.' 1920 CO
Total .iol 1913 81
Less due other roads. 2i5i6 SO
Balance. 77,446 Is
SIS ,133 81
Our Illinois correspondent writes that the purchasers Of
the La Crosse and Milwaukee all-oad under the FORE
closure By the trustee Of the third mortgage have orya
nzed under the general law OF the State and have elected
Board composed Of good and reliable men Tbsv b,va
changed the name of the road from ola Crosse and Mil
waukee" TO milwaukee and Minnesota and are nos me-
gotatpg with the lessee MR. Cham5erain to place the
property on sound footing: The road is doing good
business The go called election of directors BY New
comp cleveland is OF course null and Of no
as the property had been sold before the election took
place.
The collections for lands by the Illinois Central Conp,
ny Tor May were $4,000 making $3.50 1856 since the 1st of