The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-02

Southern has fallen back and Is inactive at -. Toe
earnings Of the latter increasing at the rate Of
80 per cent; The earnings of the former show but
little Improvement over last year, thus far. Nothing
further has been developed with regard 70 the APP
preaching election of directors of the Southern
1t il known that large purchases Of stock have
been made by parties who seek to obtain control
Of the property. A scheme of scaling the stock
and bonds has been talked of; but there is no
chance Of its being agreed to. The second mort
gage on the Michigan Southern is an admirable
security, drawn with the most elaborate care by
practised lawyers, and covering the whole
property. The nrst mortgages were made
at time when anything in the shape
Of o railway bond was eagerly taken,
however loosely it was drawn. 1t is not likely
therefore, that the holders of the first mortgages
on the Michigan Southern will be disposed to give
the company any trouble; while, ON the other hand
when railway property RECEIVERS from its present
depression-an event now not very far distant--the
Detroit, Monroe and Toledo bonds, held by the
Michigan Southern company, will suffice to pay of
the floating debt It is not likely that there can be
any dividends on the common stock for some years
to come but there is no necessity for any
scaling of stocks or bonds. The gross earnings Of
the Illinois Central continue TO increase large
ly; good deal Of curiosity continues to
be felt with regard to the expense Of working
the road It is known that the cotton, sugar, &C.,
carried North do not leave any profit; but the
corn, Of which Southern Illinois is full, must re
munerate the road handsomely. The report has
made decidedly unfavorable impression on the
public mind, though doubtless, the board are pur-
suing the wisest course in assessing their stock.
The demand for State stocks and bonds continues
to increase, and very choice securities are be.
coming exceedingly scarce. 1t is not easy to find
q perfectly safe security which will yield
over seven per cent interest to the holder.
As railroad business increases, railway bonds will
become more popular, and the consumption of
them more general. State stocks have been da-
mayed somewhat by the narrow escape which the
market has had from an avalanche of new Missouri
SKIES issued to the railroad schemers of that State
The law passed by the two houses was only vetoed
by the Governor at the last moment, and smulta-
neously another extra session was eonvoked. 1t
remains now to be seen whether the Missouri
legislators win waste more time at Jefferson City,
doing the work Of the railways
The New Orleans Crescent Of the Oath instant,
received by Adams Express, reports the exchange
market 90 follows
counter rate the banks for checks New York
was steady at u premium. Outside, though there was
very little done the rates for sight drafts on Boston ana
New York ranged Ut from par 70 = premium In time
bills there very little DONE from the fact that there
very few offerings We quote sixty days sight
ut from and per cent discount; good TO fair Ia
1h and y discount Sterling stfened to day. There
sales Of clear bills At los los the dealers buy
ing from 1eSL nos, and fraction tor
something Of the very incest order In bank bills there
faes Of some housands Of pounds a. loo quote
for clear from 108K up to 1854 In docu
ment bulls the transactions limited We quote 1917
1071 lo6 Very little done in francs to-day Bank
Paris direct 5.161< a51t. Outside rates range
from g. 2SA ab1Sx, and dull.
The Cincinnati Commercial says that there is a
strong disposition, if indeed there is not already
formal resolution to that effect, among the New
York associates who completed the Eastern Divi
sion Of the Ohio and Mississippi road, to allow the
mortgages on that road to be foreclosed. A re-
ceiver il talked Of and Henry Hanna and John
Durand have been named in that connection as fit