The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-07-31

only 81 Sf5 ,3lT.
Tue long expected reaction in the stock market
has NOT made Is appearance; on the contrary, the
volume OF speculation seems to gather force from
dayto day in spite OF bear operators. returns Of
declining traffic unpleasant financial revelations
tightening money market, and heavy specie ship
ments. The favoIite Of TIC day to-day was Mchi-
gan Central which, after closing on Saturday at
573, opened tlls nlora.ng at 55l, and sold up to
6O4, closing IN the afternoon at 80 bid This gave
the tone to the rest OF the market. AT the first board
southern guaranteed advanced per cent; Galena.
l; Rock Island. IL Illinois Central l. Toledo, !;
Reading !; New York Central, Erie Hudson ani
Panama were steady; Harlem. old and preferred,
waslower. The businessin State stocks this ornng
was. large butprioe7 do notrespond to the movement
in other securities. Southern State stocks continue
heavy, and were offered for sale in excess of the
want, Of the market The demand for Western
railway bonds continues to increase, apparently
without much evidence of judgment in the selection
This afternoon the market was steady, and stocks
closed firm at the following quotations: Virginia
6's 9ol el; Missouri 6's, sig !; Pacific Mail, IS
/; New York Central 81 "a; Erie, 23l q;
Hudson River, 57i So; Harlem, 16l II; do. pre-
ferrei Al A; Reading, 49, a 4 Michigan Cen
tra!, SO |! Michigan Southern aud Northern Ind.
ana, l8! ]; do. guaranteed, al Is Panama, l26 a
l27; Illinois Central, 76i a Z; Galena and Chicago,
,35 a J; Cleveland and Toledo, 375 a 50; Chicago
aui Rock Island, 76I a II.
We are informed by the President Of the Michi.
gan southern tdat the interest due LIST August on
the following bonds viz:-The Northern Indiana
first mortgage, the Goshen Branch, the Jackson
Branch and the Detroit, Monroe and Toledo
beads, viii be paid on presentation of the coupons
at the Corr Exchange Bank. Negotiations are on
foot foE the funding of the two overdue coupons of
the second mortgage Of the Michigan Southern,
together with tie coupon to fall due lst November
next; and it seems likely that this course will
eventually be adopted. It would probably be the
best thing that could happen for the boniholders
and the company
The city Of Milwaukee, opposes the scheme for the
reorganization of the Milwaukee and Mississippi
Railroad Company. and at meeting of their Com
moa Council passed the following resolutions
whereas a, a meeting Of the bon inolders and others
interested IN the Milwaukee aud Mississippi Railroad Com
pan be.d II New York Nay last Cat which meeting
cc'Yed any notice or invaton) schone put forth
for the rerglnzaton o. said company aad the capiiaza
Ja OF It's debts, which scheme is n the yneut Of
THE Common Council OF the citizens OF milwaukee,,
very dadyantageous and UNJUST to this city, therefore,
Resolved, the -jOlrd OF Councillors lrrng,
this city will not acquesce ia said scheme bu. viii insist
that having mortgage a valuable section Of al rail-
road FOR $500 oo0 sublec. only to hrs mortgage Of less
Than $1,000 pei mile, the city orsat IN AZ? scheme to
be second 10 position only to the holders OF the first
second mortgage OF $500 900 ssued 1857 with
an. position Less favorable 1t ought u't to be ant will
Resolved fur her Tha this city by virtue OF iLa con-
tract with aid railroad company at the time OF ssuins
It's bonds in 1850 has become creditor OF SAIL company
the amount Of said bonds aad the interest unpaid that
in common Justice aud by invariable usage ali bona file
creditors OF an? company ought to be and are preferred
Council, any scheme FOR reorganiziag said company
principles OF equity and fairness ought to discriminate
betweea ccedtors aad common stockholders
Resolved That copy OF these resolutions be forwarded
b. the Cty Clerk o. the President Of the Milwaukee and
Mississippi Railroad Company, a, New York.
certify that the foregoing Is true copy, 6c adopted
by the Board 0! Aldermen Juy 10, 1880 and concarrsd
IN By .he Board Of Councillors, July 81, 1860
GEO. 6. D0USEMAN, City Clerk.
0uE Wisconsin correspondent writes US as fol-
lows regarding the schemes by which the people
Of that State propose to eyade payment of their
Just debts. The proceeding is Characteristic
Our supreme Court las Just rendered another decision
on the Farm mortgage question Will b. recoileciei
that the former decision only settled the question
whether the railroad had tie power 70 receive these
decided IN the Affirmative. IN the cases last
under consideration, The defence s., up was,
that IL fraud sted the mor;gagcrs coid not en-
teg Into fraudulent coatract whereby the rights Of in
noceut purchasers o. The mortgages could Affected
Thus have al the points that could be raise been a1iud
Gated, And there remains nothing oow for the farmers
to DO but to pay up le. the farms be sold Bet will.
they Do ip For more tlan year past, Ia fact ever
since 4 wa sl0wn that there vas prospect TIA, this
matter would take the ,lr1 Il has. there have been
formed all along tie lue % the IA Crosse and Milwaukee
Railroad organizations known a. " Farmers Leagues" |
The Grand League is located at Horicoa. ana iniairy
Of number who were a. the last meeting learned taAi
there upwards o. Ave hundred members present.
You will naturally inquire, "wna, does All THIS menu
II means simply That they have been deserm aed from
Their SIDE Of The this they entered into contract
VITA the company loan them the mortgages o. their
farms, which were ~ draw eight per Interest; in
turn tac Company t. pay the interest the mort
gage and also pay the "a ers two per cea per anuagm
Tor the olu o. the credit vhici, the cad OF tea yeas
cc reduce their stock to eighty the i).lar,
AID b. worth IN market at least 81 % AL these th!ags
well What Il tue result The whole thing has turned
OF, % be grand swi1dls May o. The farmers we're
70 anxious u make strike that they pat their firms
or al tcy we're wo-t ana Tour nihs Of them soli 40,
bring 10 Jay, under the hammer, what Ia due the
MORTGAGES The hrst thing they viii do Will De to give
the RAILROAD company 70 understand that unless they
sumo this Indebtedness, they Ia,
road. of course the company vii Hot Thea
VIII commence the arst series OF host!.es.
There are, probably, not less thaa from three
70 aye thousand men whose arms encambered
aous tAc Line q this road aud % large number make
up their inds TO com n der--iatoa OF hs kiai the
consequences that viii onsue VII be serious IA The ex
trene What be doae with them Jl.ls cannot hDa
then lnt dntcrcsted iuries caunot be found - try
them should the farms be soi, ani attempt made -
put the p.soha posses on blood viii be spei on
the thr shoI before they will yield up their hearthstoas
G. these whom they look POI knlves and sw.liiers
When reCoect the occurrences 10 your 1uray
the aat rcli excitement by ~ho were required 10
pay mere nominal sum annually 90 tac!r farms can {,
he rontre at that large gnlty who about to
have thct homes wrestci from then and many % tlcm
turned upon the world pennllcs should show
Of resistance II Is deporabc state Of things, be, Il IS
deeply % be dsporsd that the orgsaiors and per
Ie;fat3rs this wholesale svrde no, the rel sgs
ieFcrs instead Of the too concdiny farmers.
Tleexchanges through the Clearing House today
were t2J oGO,i 53 IL and the balances saj2 i2l ST.
The st Louis Deroca CT the 2-th (moasy arti.
c,c) says
For INC pa5t Two Weess no1c- has lot been 50 s5la
daat for time rseccdny yet this week oHerays have
been gut particularly At the savings Institutions that
beet enabled g meet thou and that have bees pre-
pared 70 take not only AL the bills offered bat Of the
accommodation paper weis class OF paper
particularly abou, meddllrg vh Indeed, SEINE o. these