The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-26

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Aswas natural, the liberal bank exp insion on
Friday was followed by an upward movemen. in
the stock market. Parties who have lost money
in stocks rushed In to buy at the prices then ruling;
shorts hastenei TO cover their contracts; commits
sion houses which had sold out their customers
stock in view Of the probability Of further fall,
lost no time in replacing Il. Thus we have to
report steady upward movement from the COM
mencement Of business on Friday till the close Of
the second board yesterday. After the second board
concessions were made by sellers many parties Who
had been buyers being anxious to realize profits;
but on the whole the tendency must be regarded,
Tor The present as more favorable to the bulls than
the bears. The prices touched last week were in
many instances lower than the lowest prices
OF the panic OF 1857; and as after ALL the general
business OF the countryis sound, nothing but money
appears to be wanting 10 provoke speculative
season. That ingredient was supplied by the banks
on Friday. The advance snce Wednesday Is equal
10 Z per cent on Central, on Galena, on Illinois
Central, 0 on Hudson River, . on Pacific Mail, on
Rock Island, 4! on Erie. State stocks are also
in demand ct a moderate advance over the prices
ruling las. week. Tie United States fves Of 1874
are offered at 81: the new loan is worth about %,
decline Of G. per cent since he award on 22d ult
Tie political agitaticns Of the day are producing
thor natural effect IL increasing he emigration TO
California. The steamers which run to Aspinwall
IRE sailing full Of passengers and the receipts of
the company are unusually large. The fact may
account for the recent inquiry for Pacific Mail
stock, which, unlike other stocks, is likely TO be
benefited not injured, By political agitations. We
understand that all the expenses Of the Pacific
Mail Company are paid by the receipts ct San
Francisco from the eastward bound traffic, aud
that their proportion Of the receipts from the traffic
from here 10 san Francisco i clear profit. Il is
understood that this proportion Is now about
$50 900 trip, which, a. there are three trips
month would amount, II the traffic keeps up, 10
81 leo 900 per annum This Is exclusive Of the mail
pay which the company viii receive from Congress,
and o. The net receipts Of the Oregon line which Is
said 70 be very profitable. According these figures
Il appears thatths Pacific Mail Company is actually
earning, al the present time, over forty per cent
per annum on is capital. This viii appear less
surprising when II Is remembered that few years
ago, when the trait, TO California only required
two 1ips D month instead OF three, as at presen..
The Pacific Man Company paid annual dividends Of
annual subsidy Of 5000 ,o01-say fifteen per cent on
the capital 70 Commodore Vanderbilt for not run.
ming his boats. All the steamboat interests on the
Pacific are now definitely consolidated. If rumor
Is - be believed the declaration Of quarterly iivi.
dends hereafter, probably at tine rate Of seven and
q half per cent every three mon.hs, has already
been mooted. In view Of the large surplus on
hand, and Of the fair prospect Of an increasing
TNmft a. a
spring, this step would not appear unwH rsnted.
The mos. important item in the recent news
from the Southern States IL the unanimois decision
Of the Congressman Of Mississippi TIA. Their State
must Join it's neghbors in seeding from the Union.
In financial point Of view this decision possesses
some importance. About o quarter OF century
since the State of Mississippi issued five millions Of
bonds, which were mostly bough, by Europeans.
About twenty years ago the State authorities saw
AZ 10 repudiate these bonds, and no interest has
been paid on them from that day to this. Several
suits have been brought from time 10 time 10 col.
lcct the interest; but the Mississippi Judges hav.
Ing generally been elected under pledge not to
recognise the Planters Bank bonis, the credi.
tors have always been discounted. The present
attitude OF the State win naturally phase this
old question IN a new light. Mississippi. like
her sister States, wiz require large sums Of
money 70 prosecute 70 a successful, ending the
revolution which she Is abou, 20 initiate: and
after LAT revelation shall have been satisfactorily
effected, more money win lie needed to carry on
the government Of the new Southern confeicraey.
and Of this Mississippi viii naturally be expected
% raise her share. Il IS possible that tic capital.
lists who hold the Planters Bank bonds may inter.
pose obstacles TO the negotiation Of new Nisss.
sippi loan while the old one remains dshonored.
II J. likely tha the acute legal inteects which H.
testcd 50 many flaws in the negotiation Of ne
Planters Bank bonds might bc equally successful
In discovering reasons FOL the reputation OF aay
now Issues; and, under The circumstances, tic mar
row sclilsiness Of capitalists night operate against
their speedy sale. Whether Mississippi as A mart
ncr in new conicdcsscy, would enjoy a higher
credit 10 the financial markets q the world than
she has won as Individual State. n i difficult 10
say. One. at least, of her proposed new asso.
cistes-F lofda-labors under the sane disadvan.
tage az herself; she, too, has snail unsettled ac
count with The conhing capitalists Of Europe. Bt
these trifes have doubtless been duly weighed lv
the statesmen who have tho guidance Of .ho
Sec ding States, and the difficulties which they An
pear TO present have, Of course, been aoronrhly
provided against.