The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-05

Chicag0
st. Louis. ..........'.....''"%@ =.
CaDcinnat. .......................S :,
Philadelphia. ............."....'.PAs !-M =.
Boston ..."..........."....Aiv
baiumore. ...s-......'... ....'..ts
Charleston. "...........-.W AZ
Savannah ,.,,.,,.....,.,......,.L X /"
MOBILE. eneounA
new Oieans. ............. ..,...'...A
The money market continues TO depress stocks, and
prices again lower. As much as and per cent
allowed day for buyers option Of sixty days
New York Central uniavorably affected by the
Governors Message and sold down TO 49, closing 731s
bid. Other railway stocks likewise lower but there
marked disinclinaton to sell them time, show
ing general belief in the recovery Of tho market One
Of the stocks most severely affected Panama, which
fell TO 100. In the afternoon there general rally
the strength Of that the House Of Representatives
at Washington had elected Speaker; when the false
hood Of this discovered stocks fell of again.
and closed heavy at the following quotations virginia
e's, so1z; Missouri SIS, 79a1 ~ Pacific Mail Steamship
7ta y; New York Central, 73H y; Erie, q X; Hud
son River Il u; Harlem, So 8; do preferred, 33K
a "a; Reading, AZ Ii Michigan Central, SIX IS;
Michigan Southern and Northern Indiana, OK 4;
do. guaranteed, l6 n; Panama, l26 n Illinois Cen
trail, 81 III Gaiena aud Chicago, 63x 63X; Cleveland
and Toledo, 1917 30 Chicago and Rock Island, 81 s.
Governor Aorgan's Message to the Legislature proves
that man may be New York merchant and banker
without possessing enlarged views Of trade political
economy For the benefit Of those who have
document, we may observe that the Governor recon
mends that the trunk railroads Of the State be toed
the benefit Of the canals and that the canal tolls be
raised to what they prior the reductions of 1855
and 1859 In other words the Governor wants 10 raise
pay the debts Of the State by taxing traffic
TO the exclusion of property Of all kinds real and per
soDal need hardly be observed that If there be in
terest in the State which wise legislation should foster
and protect precisely that traffic between the wes,
and the seaboard which now ows through New York,
fertizing and enriching the State passes is the
traffic between the seaboard and the interior which
made New York what Is 10. is that traffic which has
built up city Of million inhabitants mouth Of the
Hudson, and sunk Philadelphia Baltimore and 10
the rank Of country towns. Is that traffic
which has peopled the great valleys Of the in.
terror Of the State, and studded that beautiful
section with thriving and happy towns. Without
that traffic, New York would be richer, I'm
portant no more popuous, than Jersey, Conneccut
Massachusetts, would depend in fact solely agricul
ture and and the Empire State Of the North
would be found elsewhere. This Ia the interest which
Governor Morgan proposes to select for especial TAXATION
to the exclusion Of real estate shipping manufactures
agriculture and personal property.
While the Governor Of the State Of New York thus tes
tes his appreciation Of the true Of her prosperity
tons Of intelligent and enterprsing men, rival States are
engaged In q very different manner. The Grand Trunk
Railway Of Canada which is IN reality the most gigantic
and powerful corporation this continent ID straniug
every nerve 70 carry on the trade Of the West Arrange
ments have lately been perfected by Of which
road carries produce from Chicago 70 Portland for
about half the actual transporting Next year,
when the st. Lawrence OPEN the rivalry will be stl
active. The Of the Grand Trunk road who
mostly Engishmen, their intention Of dspcns.
ing with dividends for years in order 70 build
up business, and in this enterprise they warmly
seconded by the intelligent Legislature Of Canada-sc
largely interested in the road On the other hand Penn
syvana preparing TO the contest for the Western
trade with vgor She has, in the Pennsylvania Central
and the Psburg, Fort Wayne and Chicago roads, amnch
shorter route to Chicago than have this State. The
Pennsylvania canals have been wisely sold, and IRE
likely to be administered efficiently. The Patsourg and
Chicago line has passed into the hands of receiver will
shortly be sold under the mortgages, and will
the field competitor with the New York roads, with
small capital and no pecuniary embarrassments.
Thus matters stand, the prospect pretty certain
that roads and canals will have, at any rate
very fight for business with these competitors this
It is with this prospect before him that
Morgan proposes to lay tolls upon roads, to
the charges for rauspor tation our canals
The recommendation would be subject of grave alarm
If there any chance Of its being carried But no
knows better than Governor Morgan that measure
tolng the Central and Erie roads likely to become
law -Four five times, OF late years the bill remposine
tolls has seemed likely pass at the moment how
ever, has always been killed There Ia no prospect
that the result will be otherwise this year.
The true solution for the presen, bankruptcy Of the
sta'e which the Governor proposes to meet unbusi
nessNke way, to sell the canals and tax the people
to Tho iptara Sahk To
Dewitt Clinton would advocate he were alive today
The sagaciy which led him TO inaugurae the canal sys
tenn at time when canals were the newest aud best
mode Of transportation would, in Ike manner teach him
to discard them in favor Of railroads to-day But Cover
nor Morgan and his republican friends do seem 10
have advanced, mentally beyond the pon. reached by
Cintons intellect more than quarter OF century since
The business Of the Sub Treasury about this time Is
very large The amount paid for Treasury notes was
a million. II foots up to-day as follows
Total receipts. 81 05a ss7 IS
For duties. OBSERVATION-DISCLOSURES, Is OO0 90
p noSa. pSy !oSnI AZ
n0iancc'. I4ei ,oZ6 %
Tho following dividends have been declased-The CHI.
zens Fire Insurance Company, semi annual dividend Of
fifteen per cent payable demand the National Fire In
surance Company, semi annual dividend Of ten per
cent, payable the Oh inst the Paterson and Hudson
River Railroad, dividend Of four and half Dor cent
payable the 9Th inst the East River Bank dividend
OF three and half per cent, payable the 18th inst
the Bank Of Jersey CITY, fsur per cent payable tho
9Th inst the Connecticut River Banking coupons three
and half per cent and the Connecticut City Fire In
surance companies, each Eve dollars shareai Of Hart
ford; the Newark Plank Road Company, . semi annual
dividend Of four per cent payable demand the MAssa
chusets Cotton Mills, dividend Of four per cent paya.
BILE on tho 10th inst the FiremenS Insurance Company
Of Boston, semi annual dividend Of ten per cent the
Hadey Falls Company, dividend Of 81 50 per share TO
stockholders on surrender Of their certificates.
The cotton Yeoeipts AMIN yerv largo for the ee