The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-05-18


The feature of the stock market to-day was
startling decline in Pacific Mail stock, which fell
from 9S 90 yesterday to 9OA after the first board
to- day. then rallied, sold at 49, and closed 93i bid.
All sorts of rurnors were aaoat with regard to the
cause of the decline. At the companys Office
nothing is known that can justify it, and
the two heaviest holders of the stock both \
affirm that the fall is mere brokers'
movement One story was that Commodore Van
derbilt had obtained contract for reopening the
Nicaragua route. We believe that the Commodore
has trunk full of contracts and transit grants;
but we don't think he classes them among his
assets. He can open the route whenever our GO
vernment agrees TO protect him; till then, transit
grants, either in his hands or in Others are
waste paper. II that protection has been Sc
cured-wAich we do not beeve--the route will be
opened, and the Pacific Mail Company will be the
largest gamer 10y the event, for the passengers and
freight will have TO be taken from San Juan del
Sur, or the Pacific terminus of the Nicaragua tran
sit route, to San Francisco, in their boats
They are sole, exclusive owners of the only
boats in existence on the Pacific which can
constitute O mail or passenger line along
the coast this continent. No one else has boats
or coal, or workshops, or any appliances for run
ming a line; with all the capital 10 the world it
would take rival concern year to provide itself
with these necessaries; so that for some time to
come, no fear of serious opposition need be enter
tanned. We presume the stock TO be good for an
nusl dividends Of 20 per cent for macy years-with
ordinary prudence and good fortune on the part Of
the managers. The heavy decline in Pacific Mail
may be said to have affected the whole market
The best bid for Panama this morning was l3s; II
closed in the afternoon 1879 bid, against
ll2 at the close yesterday. The West
ern shares were ipjuriously affected by
the traffic return for the second week Of
May on the Galena, which shows decline ofs4029;
that stock declined to ei closing sil bid against
e5i at the close yesterday. The May earnings of
the Galena last year $i22 oO7; it was in fact
the best month of the year till September. 1t is
not expected that May this year will show any
great Increase. Rock leland fell Of to 69l. closing
that bid against 69I at the close yesterday Other
Western shares were generally fraction lower
apparently from sympathy with GAlenA Erie stock
rose to 23i, then fell back with the rest Of the
ket closing ga bid, against ga yesterday after.
noon. The steady progress OF the recovery Of this
property, and the increasing confidence shown in
IL by foreign capitalists, whose orders now come
in our Railway world at the present time. A
foreigner, whose investments IN this country have
been large writes 10 say that he expects To Ere
stock dealt In at board before very long at the
ola prces--en 10 per cent Central fell Off to So
closing slI hid. There was large business done
in State stocks and railway bonds at full prices The
Erie issues are In demand at an advance. This
afternoon the mayket was active. hnt stocks closed
duh at the blowing Virginia S. 92a \;
ufi - n m CumbarllQd
Coal preferred. 1SA; PACING Mail. 93l . 4; New
York Central, sll a 50; Erie, ~ 1; Hsoson River
ass Harlem; ia preferred 800 20; Read
sou,hern snd N. Indiana l2t al; d.. euaran,eed.
2li Is: Panama, 139 40; Illinois Central. COZ
!; Gslens and Chicago. "a a a Cleveland AID To
iedo, 500 q q; Chicago and Rock Island. esi u.
The exchanges a. the Rank Clearing House this
morning were s25, 9s7 01g IS, and the balances ell
2i4.692 81.
The Mercastile Marine Insurance Company Of
Boston has declared a semi annual dividend OF
eight per cent, payable on demand.
We are Indebted to Messrs. W. T. Coleman A
Co for the following extract from their san Fran
cisco circular Of May Z. bsonght by pony express:
The naney mashst psom~ss 20 Dc asiss cay ios toe
collateral The rae oees no, srcssa i~o per ocss
pr month easy stale Of Inc msrucs cf 70, 70
i,rs 70 cs:iins'e business pspsr rh-re soof deal
-hirh The rates rasse upward 70 shaaessr DO
so,ised for. Tho country rc"'''soos hsvs much I'm
prov. reference. gold Dust ~hs
Their %, nent 0 oonsse on private ssnean',
orrrs N quito freely rnc s~seco q 'he yesr 70 sp
oseha s borever, when reoci - Of gold doss rsosly
rsaeh thsr highest point Cod bars Ia FOOD Sropy.
quotsbe ~ sSoa 500 Gus par No<ting h~s been
cone IN nexi oolsrs, and ve repeat norinA qrou
t ps snostbc clcse w April the OA-msis. iron Gisy
me- SrBgs SO 2i5 IS peary all Of which 10 IN nsxi5sn
dosrs $500 ssfrg Ao>oscsn eor. The cpsrst ore
a the Ursd ssss Branch Ntnt IN this city for the month
Of Apxl so4lowss-
Goa suboa oepassed vsigh, ass nsns ozs ~ 500 es
oo-sge-eold eeasls essss................ h'Sic,9o
eagles. ..........s...s..s... slpy
- pieces. II,Uo