The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-07-30

marked upward movement has taken place in
stocks since our last weekly review. The inquiry
for State stocks is moderate and they have not ad
vanced materially for some weeks. PERHAPS the
pending Presidential contest, and the Southern
threats of dsunion, may have operated prejudici-
ally on Tennessees, yirginias and Missouris If
the Union is to be dissolved these securities, which
are used as a banking basis throughout the North,
will obviously decline in value. Railway bonds
have been more in demand. The issues of the
Erie, Hudson River, Harlem, Galena, Illinois Cen.
trail, Rock Island, &C., are taken up as soon as
they are offered, at steadily advancing prices;
while growing inquiry exists for cheaper bonds,
such as the issues Of the Michigan Southern, the
Cleveland and Toledo, the Toledo and Wabash.
the Chicago and Northwestern, &C., &c. Several
of these classes Of bonds are higher than they
were week ago. The purchasers argue
that the crop now matured insures ample business
for all the Western roads, and that the companies
which defaulted during the crisis and the last two
years are TO resume payment.
The stocks which appear to be most sought after
are the Hudson River, the Rock Island, the Read.
ing the Toledo, the Michigan Southern, and one or
two others. All Of these roads are doing and are
pretty likely TO do an increasing business. OF the
Hudson River we have spoken frequently IL is, so
TO speak, city road, under excellent manage.
ment, and II will, If no accident occurs commence
topay dividends next summer. The Rock Island
with its feeder, the Mississippi and Missouri. will
have more to do this fall than it can well manage:
the crop on the line of the road Is harvest.
ed and beyond the reach Of harm; the directors
may probably, If they choose, pay five per cen. this
fall and much no VI errinr ,borob - III.
ly to be conservative enough to be content with
four. The Reading business is on the increase; by
recent arrangement the freight tariff has been in.
creased so that the net profit will be considerably
increased On the strength Of this large purchases
are being made, II is said by parties from Phia
delpha and this city, and We presume that this
very mercuria stock will, ere long, once more pass
So II used TO be considered excellent property al
90. The Toledo company is doing well. As usual
in July. the business is light. But the crop on the
line Of the road is large, and the through traffic
must be highly remunerative. The arrangements
which arc being made at Saratoga for an advance
in freights, and for the abolition of draw.
backs and free passes, will make the dit.
ference Of dividend both to this stock
and to the Michigan Southern The Toledo
used to be in demand at co; II Is much more yalua
bic now than it ever was. Nothing further has
been developed with ard TO the plans Of the
new Michigan Southern board. If they have any,
they keep them secret. Rumor asserts that they
will ask the second mortgage bondholders to
fund their coupons; this done they expect to in.
cur no more defaults. The floating debt IL being
rapidly settled. We hear that an offer has been
made to the company, by a responsible party, to
take the Detroit and Toledo bonds, and some other
similar assets belonging to the company, on con-
sideraon Of settling with the holders of the float.
ing debt. The offer is believed TO have been de. |
rlined
The tide Of speculation has affected all
securities alike. Illinois Central has been
un up TO IS; there sprcar to be two
PARTIES in the stock-one buying il, and believing
hH u will sell Of par; the other selling out, and