The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-03-25

It will be seen from the above table that the
fluctuations in stocks since last week have been
extremely slight. Business has been very dull.
and while, on the one hand, there has been no
stock pressing On the market on the other, there
has been very little outside disposition to buy.
Neither bulls nor bears have made any money for
some time. The public are calmly waiting
the issue Of events. If trouble should arise
il collision should take place-we should
probably witness stampede in the stocks of the
border slave States, and the whole market would
sympathi1e to some extent. A settlement would
probably lead to general burst of speculation,
based on the restoration Of peace, the good traffic
on the railways, and the superabundance of
money. If matters remain as they are it Ia not
likely that the market will vary much; but the
cheapness Of money is likely to render the bull
side the fayorite one with operators. Within the
past day or two some large lots Of stock have
come over from England for sale here. They
have been absorbed without difficulty, and Illinois
Central has risen since then. New York Centrals
very dull, without variation in price. Pacific Mail
has been more active lately. We hear that the
condition Of the company's ships on the Pacific Is
such that the next semannual dividend will either
be passed altogether or reduced to five per cent,
and the money employed in necessary repairs.
The Western shares continue dull. The roads are
doing good business; but the non payment of
dividends by so many roads which this year were
to have given their owners fair income Is
dscouragng to the public.
The Board of Directors of the Michigan Southern
and Northern Indiana Railroad Company adjourned
on Saturday, after spending several days over the
report to be published tomorrow or next day.
Ii is understood that the results of the year reflect
the greatest credit upon the management Of Mr..
President Gilbert, Mr.. Treasurer Keep, and their
associate directors 1t is rumored that during the
past year the road has earned something like
100000 over and above expenses and interest.
The company has floating debt Of over half a
mllionof dollars, and does not pay the interest on
its second mortgage bonds. In November next IL
is hoped, thh interest will be duly paid, and by
that time, perhaps, the bondholders who have
thus far declined to accede to the company's pro.
posals for funding their coupons may find 1t
to their interest to do SO. These bondholders
are understood to represent less than
onchalf the entire second mortgage. We
are not precisely informed with regard to the ar
rangement which II Is proposed to make with the
holders Of the first mortgage, which matured last
year, and which has been nearly foreclosed They
are offered, we believe, sinking fund bonds, SC.
cured by mortgage on the whole road, In exs
change for their bonds, which are q mortgage on
part Of the road only. Whether the offer il
likely to be accepted, we have no means of know.
ing. The first mortgage bonds sell at SO, the sink.
ing funds at IS. II is expected, however, that the
latter, being the more valuable security, will soon
command the higher price Of the two. Tomorrow
the report for publication. II, as we are led to
believe, IL shows that there Is ray Of light in the
future for this much abused property, Messrs.
Gilbert Keep and their associates will be entitled
to the gratitude Of stockholders, and to a high
rank among railway managers. When they took
charge Of the road, its prospect seemed utterly
hnneIesa.