The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-08-27

The stock market was sluggish last week, with Q
tendency TO lower prices until Friday, when the
demand for Western shares appeared to revive,
under the news of an increased demand for bread
stufs in England, and reports of largely increased
traffic on the roads, The most popular stocks
among spectators continue to be Illinois Central
which is doing largely increased business both
nor.hward and southwark; Galens, which, for the
first time for three years, has large wheat and is
likely to have large corn crop on its line Toledo,
which must do handsome business when grain
driven to the railroads for transportation, and on
which the resumption of dividends next year is pref
ty certain; Rock Island, which now, through the
Mississippi and Missouri road drains sixty or seventy
miles more Of country; Michigan Central and South
ern, which, in consequence Of the want Of tonnage
on the lakes, are likely to do very large business in
forwarding food eastward this fall and much better
winter business than they have had for years.
The bear party, which was confident and vigorous
few days since, has ceased to operate to any ex-
tent and content to see stocks advance still
further. State stocks do not participate in the up
ward movement; there has been little variation in
prices for some weeks. Railway bonds are in &C
tive demand, especially the issues of roads which
have defaulted on their iaterest-such as the Erie,
the Michigan Southern, the Toledo and Wabash,
and the Chicago and Northwestern. The idea of
the buyers is that this years crop will enable all
the roads TO pay their interest punctualy
Some returns of the third weeks traffic on the
Western roads have come to hand by telegraph
The Galena gains SIS 900; the Michigan Central,
50 600; the Toledo 81 400, and the Burlington,
as, 900.
1t is generally understood that project is on
foot in the State OF Mississippi for the acknow-
ledgment Of the famous bonds which are known
by the name of the Planters Bank bonds. These
bonds, amounting in the aggregate TO IS 900 900,
were issued in the year 1882 as the State subscrip.
ton 10 the Planters Bank Of Mississippi. They
were sent to Philadelphia for sale, and it has been
claimed by the state that they were illegally dis
posed Of. NJ any rate, in the year 1889 the State
ceased TO pay interest on them, and shortly after
wards refused TO acknowledge them in any way;
ever since which they have been unproduc.
tive property and have been offered vanly for
sale at 20 cents on the dollar, and even lower.
Within the past year or two an effort has been
made TO induce the State Of Mississippi TO redeem
her credit. Til recently, every Governor Of the
state, aud almost every representative in
the state Legislature, was compelled TO
pledge himself to the reputation Of the
Planters Bank bonds before he could obtain
popular surrages; this has so far changed of late
that the present Governor, Mr. Pettus, in his last
annual message, strongly recommended the Legis-
lature TO acknowledge the validity Of the bonds,
and TO provide means for the psymen, OF the in
teres. Ii is believed that the recommendation
will shortly be acted upon. large amount Of
these bonds are believed to have been bought mn
by spectators in this country who are using great
cxertions to bring the Mississppians to a sense OF
the importance Of retrieving their financial credit
and Il Is expected they will succeed. should for
tune crown their efforts, the operation viii be one
ofthe most magnificent Of the day. A few months
ago any quantity of the bonds could have been
bought at 20 cents on the dollar now there are
none in the market.