The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-01
..nrc,AL AND COMMERCIAL.


munrCsAL AND COMMERCIAL.
.~--~-~~---~-~>-~~s~->-~
WEDNESDAY, April 500 p. NJ
The feature of the day in Wall street continues
% be general feeling Of buoyancy, IN consesuene.
q the progress Of our arms ana Of the susoero VI
ear financial policy. Money was rather Iofe acN'e
to-day than for the past day or two IN consequences
Of the increased activity on the STOCK Exchanges
bot good borrowers experienced very ht'ie uiicu
" in supplying themselves at per cent. hi'er
Saturday the Sub Treasury will allow no more IAN
for deposits on cs! after ten days, to t,e banks
and 70 the public alike. We presume. that the out
aide rate will soon fall TO per cent There is lit
Tie or no mercantile paper making, and the large
amount of paper curre.cy which ia coming into
eur market, both from the government and the
banks, can hardly fail to create an unprecedented
accumulation Of money here. The banks are seek
ing TO lend money al low rates for fixed periods Of
time; many Of the managers seem to think that
money may fan as low as 3 per cent per annum
before midsummer. Such money market would
probably lead TO active speculation in something
or other TIE deposits at the Sub Treasury 70 day
were 81 ,9%s 900.
Exchange ON London is held firmly at ll2A for
bankers, without much demand. Opinions are d.
vided with regard to the course of the exchange
market. Some bankers and most foreign OBJ
servers predict that exchange will sell at 40 per
cent and gold at 40 before the summer ends.
Others take quite opposite view, and argue that,
- exchange cannot rise unless our imports in
crease, and, IS our imports cannot increase very
largely until peace is established, the pro.
liabilities are, on the contrary, that exchange
viii fall this summer. They say that, with the
restoration Of peace, o whole cotton crop, the
bulk of which remains on the plantations for want
81 bsggiag, and because no effort has been made
- send it to shipping port, will come to market,
and WA supply from one to two hundred million
dollars worth Of exchange. Besides this, with the
restoration of pesce, the foreign demand for Ame
mean securities will rise, and foreign money will
seme over here in large amounts. They argue
that these exports of cotton and stocks will coun
terbalance any increase in our imports, and, in
stead Of our exporting coin, the current may even
oct in the opposite direction. 1t is certain that the
restoration OF peace-which foreigners will begin
20 anticipate very confidently soon as they hear
81 the capture OF New Orleans-wll be the signal
Cor spirit Of trade, both outwards and inwards
such as the country has seldom witnessed.
The excitement in government securities and
he general stock list continues undated. Money
kfowing into Wall street for employment, and
sarge amounts are seeking income on the Stock
Exchange. Every day the commission houses re-
port On increase in the inquiries after good diyi
-dend paying securities. Government skies rose
to-day TO 9s-H per cent above yesterday closing
price; the 730 notes sold at l02 3l6 and the GER
dfcates OF Indebtedness were much wanted at 90.
The morning session Of the board was one of the
most active on record. Between the boards there
was some realizing; but prices we're fully sus-
tanned. At the second board some securities
advanced still further, closing firm. Comparing
the closing prices Of the day with those Of yester-
DAY, we note an advance of IL in Panama, ~ in
Illinois Central and Burlington and Quincy ~ in
Pacific Mail and Michigan Southern; ~ in Michi-
ran Central, in Central guaranteed and Rock
Island, u in Reading, q in Missouris. "a in Prairie
On Chen and Toledo, "a in Erie, Erie
preferred, Hudson and Galena, and "a in
Harlem. The market closed very arm,
Che following being the last quotations. United
etsses SIS, registered, 1881, 977I a ss1S; do. 6's
coupon, 1881, $50 "a; do. 5's, coupon ls74, s9s.
*; Indiana 6's, IS so; Tennessee 6's, 57L "a:
North Carolina 6's, IS &c; Missouri e's, 81 "a;
Pacific Mail. Ill x; New York Central, $50 a
s<; Erie, 37H "a; do. preferred, S21H q a;
Hudson River, 36A Q "a; Harlem Is a q; do. pre-.
y
Central, S61% q; Michigan Southern and North.
ssn Indiana. 1929 z; do. guaranteed, AZ o
g; Panama, 1851 l27; Illinois Central, 6ll1 q
*; Galsna and Chicago, 66 IS; Cleveland and
eelsdo, 43X Q A; Chicago and Rock Island, So.
AZ; Chicago, Burlington and Quincy, e314 So;
milwaukee and Prairie du Chen, 2s5s a ~; Erie
third mortgage bonds, 951z Il; Illinois Cen
6al bonds, 7s, SO q = gold 1929 q 4.
mt Ie0ia fon nv tho Gfata ~ W;soo,o;,,
b reference to the Milwaukee and Prairie du Chen
Railroad confirms the act and proceedings Of re.
organization Of the new company, authorizes it
% pay it's surplus earnings upon the common stock,
Ind Authorizes the company to retire the farm
mortgage bonds by applying 70 the same annually,
n per cent OF their amount, scaled down to 80
20 on their original amounts The last act is purely
optional with the company. Any stock or bond
holder can nterpose an insurmouutable objection
by an injunction as the company are under no
more obligation to pay OF the farm mortgage than
they are to retire third Of the common stock
selected by lot. The company the ps4 year
earned probably fully four per cent on the common
stock, and would have undoubtedly made hun
bred but for the legal provision then existing
against it. The earnings for the present wear
mp to the lst Of March are $4,000 more than
for the same period ia 1861. An increase OF
$3.50, 900 in 1861 would give six per cent divi-
asnd on the common stock; but it Is probable
that the expenses Of the road will be much less
for the present year than for the past, when the
company, in commencing its existence naturally
found its propertya good deal run down, requir.
ing not only large repairs, but new and expen.
awe works, to meet an unusually large traffic, all
Of which had to be charged to construclon--the
company being prohibited from contracting debts.
These repairs have been made; so that ,here is
reason TO suppose that the ratio Of net to gross
earnings the present year will be much greater
chan for the past Taking into consideration. con.
ssqsently, the favorable position Of the COMPANY
with the law allowing the surplus earnings over