The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-22


There was q reaction in the stock market to. day
caused mainly by the cessation Of purchases con
nected with the failure ofMessrs E. b. Little Co.
and The realization Of profits by successful opera
tors for the rise. The market opened with some
strength, but closed dull; was lower be
tween the boards, and closed in the after
noon dull. New York Central was done as
low as 74A at one period of the day, closing
Iii bid, against 7Sl at the close yesterday. The
House at Albany to-day refused to concur in the
sena,es amendments to the Toll bill. The reports
are still 10 the effect that the Clinton League and
the canal party In the House will succeed In com.
pelipg the Senate to submit TO their dictation aud
pass their bill. II is minated in some quarters
that the majority in the Assembly will refuse to
pass any appropriation bills, and let the faith
OF the State be dishonored, IL they are foed in
their schemes. This is not at all unlikely. There
is no measure so bighhanded so reckless or 80 IN
famous that II need despair Of the support of the
republican majority in the State Legislature, pro
vded always that the proper measures are taken to
secure that support 1t il almost a matter
Of surprise that the Assembly does not
refuse to pass the appropriation bills I'M
nous five city railroad bills. There was
quite reaction In the Western stocks to day. Ga
lena was done as low as Gil, closing that bid,
against e2s at the close yesterday; Rock Island
low AZ esd, closing e5l, against &C bid at the
close yesterday; illinois Central ga. closing g.
against 62i yesterday; and the other Western
shares at corresponding figures II was to be ex-
pected that many Of the parties who have been
buyers Of these stocks would realize their profits
after the late advance. The prospects OF the roads
and the general complexion Of affairs in the West
do not encourage the belief that any material de.
cline In prices can take place. Pacific Nail was
again higher to-day; IL sold at esi. and closed 9s{
bid against % yesterday. This stock In being taken
freely by parties who expect TO see II sell much
higher. Nssours were lower again, on the strength
Of the probable passage Of the bill issuing new
bonds; u the bin becomes law they viii proba-
bly decline considerably. The demand for State
stocks and bonds continues active. The market
this afternoon active, but stocks closed dull at
the following quotations: Virginia 6's 80 Z; Mis-
sourf IS, sot o 4; Canton, lsI 10; Cumberland
Coal preferred, IL o Is; Pacific Mail, ssia 4; New
York Central, Tai u; Erie. ~ 10; Hudson River.
Reading, All al; Michigan Central, asI a; Mic6i,
gan Southern and Northern Indiana. " \; do
guaranteed, 2ot q \; Panama, 15ti Q 4; Illinois
Central, CO l; Gsiena and Chicago, Ga Z;
Island, asa AZ.
The general recovery that is going on Ia the
Western country and the universal conviction that
the railroads Of that section have seen their worst
days and are now almost without exception i'm
proving In their business and prospects are leading
holders Of railway property here to set seriously to
work 10 assist the pending recovery by measures
Of financial and administrative reform. We have
ansded already 10 the plans Of the Illinois Central
which are being powerfully aided by the heavy
corn crop Of Southern Illinois; the managers Of the
road expect to see !, dividend paying property
before very long. The schemes Of the owners of
the Michigan Central have likewise been men.
toned We understand that q number Of In.
fuential men, heavy holders Of bonds
and stock In the Michigan Southern, are taking
measures 70 effect necessary changes in the admin
istration Of that property. The annual election
takes place on the 2Sth proximo; IL Is probable
that new set Of directors, composed Of men Of
character and standing, VIII on that occasion take
the place Of the present Board. We have very fire.
quenty pointed 10 the necessity for a change in
the administration Of this concern. Public runor
loudly accuses some Of the present directors Of hav
ing specuated for the fall In their own stock and Of
having used their Official influence to produce that fall
afterward. II IL, we believe fact that at the pre-
sent time. seven of the present directors only hold
among them one hundred and sixty-four shares Of
stock In the concern. These gentlemen cln hardly
object TO make way for others whose interest and
confidence in the property are larger than theirs;
nor can they wonder that their constituents should
begin to get tired Of seeing the stock and bondsof
road which once paid 10 and Is per cent annual
dividends selling at merely nominal prices. Another
property whose owners are becoming impatient at
the long continued depression In Its securities il
the Cleveland and Toledo. This road has always
even in the worst Of times, earned and paid the
whole interest On its debts has been for the past
year reducing its floating debt steadily; when the
Board meets the stockholders on the lst Of June
next the total floating debt viii probably not ex.
coed s25O,0O0. II this small sum we're disposed Of.
the road could commence paying dividends this
fan. We understand that the directors are
opposed--we think wisely-to the issue
Of bonds at discount, to pay of
this debt. II has been reduced, ont OF The earn.
ings, from $4,000 to $500 600; and the directors
think that, with the example Of the Hudson River
before them they ought not to submit to any shave
to dispose Of the remaining balance.
The agitation of these various schemes is o
symptom Of the recovery in railway property
which is in progress, and may be regarded o. a
precursor of more cheerful state Of things In the
railway market than we have witnessed for three
years. This country is rich enough, and industrious
and productive enough, 20 afford employment TO
all the channels Of travel which are judiciously
situate the mischiefs Of the past have been mainly
caused by the rash haste with which competing
lines have been built, and the recklessness and
frauds of railroad fnanciers
The following was the business Of the soeTrea
sury to-day
Total receipts Sci ,3s9 -
-for CubtoMe..... i.cNvv
Balance. O6s ,I51 80
The exchanges at the Bank Clearing House this
morning were s25.3s5,79l %, and the balances
$l,2sO,3s3 80.