The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-17
FINANCIAL AND COMMERCIAL
THURSDAY, Feb. l6-6 P. NJ.

THURSDAY, Feb. l6-6 P. NJ
The most exciting event in Wall street con-
tinues to be the fluctuations in Pacific Mail stock.
1t opened this morning at SO, but cash stock being
freely pressed on the market the price fell to IS at
the close of the first board, and sig afterward at
the second board it rallied, sold high 80, and
closed at ss4 bid against SO at the close yesterday
These remarkable fluctuations are ascribed to the
changing aspects of the negotiation between Com
modOre Vanderbilt and the company. This morn
ing the prospect Of settlement was not as
promising as it seemed yesterday; this afternoon
it was said to be almost settled. Many friends of
the company seem to think that however injurious
the competition is now, it cannot last long in any
event, as they say that Vanderbilt is losing more
money than his opponents. They (the Pacific Mail
Company claim that they carry all or nearly all
the bullion and cabin passengers, on which bust.
ness there is profit; whereas Vanderbilt carries
large proportion Of the steerage passengers, on
which business there is . large loss. They lay
stress, too the fact that the Panama Railroad is
chiefly owned by the Pacific Mail stockholders, 30
that Vanderbilt actually pays to his opponents for
carrying his passengers across the Isthmus half of
what he receives from them for the whole voyage
from San Francisco to New York. And they say
battle out, now at whatever inconvenience, rather
than purchase at high figure vanderblts
boats, which they represent as old and almost
worthless. The Commodore, on the contrary,
says very little, and gives no reasons for his
course; he counted the cost when he began the
contest, and not having been in the habit Of get
ting beaten in such fights, he is, he Thinks too old
to learn 1t is proper to add that the bases of
negotiation published in some of the papers are
mostly mere guesswork though the basis of settle.
ment will probably be a division Of the business
between the Commodore and the company, the
former taking the Atlantic route.
The general stock market was rather better to-
day. There was more outside business an active
demand for State stocks and good railway bonds
and some inquiry for New York Central and
the Western stocks. The advices from Albany are
on the whole, favorable to the Flagler scheme
for breaking down the trade of this State
by toling and pro rata bills. Hopes are
expressed that the investigation ordered
yesterday will be thorough and that the com
mttee will make it its business to ascertain where
the Clinton league got their funds, and how much
the canal forwarders are giving for the support they
have secured in the House. Nobody is surprised
to hear that the great railroad companies were ex-
pected to deal in corruption; but Mr.. Speaker
Littlejohn's horror at the idea of sach thing is
considered very refreshing. Both Galena and
Rock Island were aal per cent higher than yes
terdsy morning. This afternoon the market was
quite active and stocks closed firm at the following
quotatons:-v Virginia 6's 92a Z; Missouri 6s, 79l
80; Canton Company, l6l II; Cur erland Coal
preferred, 10 !; Pacif, Mail, ISL . arNew York
Central, 7oi IL; Erie, 81 9; Hndson River, 4ol
a I; Harlem, a 4; do. prefeSxed, 80 ); Reading.
S9l I; Michigan Central, s7s /; Michigan
Southern and Northern Indiana 81 J; do. guaran
teed, "a. a :; Panama, lSs !; ilin2is Central,