The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-04-01
FINANCIAL AND COMMERCIAL



The stock market opened this morning very fat.
The report issued by the Erie Railroad Company
did not affect the stock much ss anticipated The
transactions in Erie not large, and the closing
prices show slight advance those current at the
opening. Reading closed heavy, after moderate
sales. Cleveland and Toledo was steady. The open
ing of the Lake Erie, Wabash and St. Louis Rail-
road will undoubtedly add largely to the business
and receipts of the Cleveland and Toledo Company.
On the LIST of May about two hundred and thirty
shree miles of the Wabash and Erie road will be
open, and the point on Lake Erie to which the trade
and travel of the entire sections ntersected by this
road viii tend is Toledo. This gives that place
greater importance, and makes it the centre Of n
large railroad business. The Cleveland and Toledo
Railroad by the opening of this route, becomes
avery important link in the line between the Atlantic
ports and st. Louis. The most direct route now
from New York to st. Louis is via Cleveland, To
ledo, Fort Wayne, Peru, Indianapolis, &c. The
demand for Western Railroad stocks to-day was
limited The stock market is unusually quiet
and we have no doubt it will remain SO for
some weeks. Outsiders have enough to do just now
IN attending to their regular business. Their minds
are too much occupied with buying and selling
goods to give any attention to the stock market. So
long as this lasts, shall not see much improve
ment or much change in prices at the Stock Elk
change. After awhile outside business must, in the
natural course gradually drop off, and the mercantile
classes will be less engaged when they will be very
likely to try flyer two in Wall street. They will
then not only have money for speculation, but, we
hope for permanent investment in the best securities
on the market. Then we may expect some activity
among the brokers, and not before. Wall street
speculation is excited almost entirely by outsiders,
and the outsiders the most active portion Of the
mercantile community. 1t will therefore be seen
that stock speculation is sustained by the CONNER
cal classses-that the stock brokers accumulate for
tunes from the profits Of legitimate trade and that
all the ey lost stocks in Wall street is drawn
from the channels of commerce. The supply OF
capital is therefore unlimited, and the amount that
flows through the Stock Exchange is as inexhaust
BILE as that flowing into the most legitimate pursuit
known in the country
At the first board today Virginia SIS declined
per cent; Nicaragua Transit, D; New York Central
Railroad, |; Michigan Southern, Il Reading Railroad,
4. Illinois Central Bonds advanced per cent; Erie
Railroad, /; Michigan Central Railroad, /. At the
second board the market was shade or two better.
Erie advanced per cent; Michigan Southern, /;
Cleveland and Toledo, /. Chicago and Rock Island
was lower. There has been within the past day or
two more active demand for Milwaukee and Mis-
sisspp Railroad stock. Since the negotiation Of the
est loan necessary to the completion Of the
whole line, the stock has advanced It is now in de-
mand at S6 81 per cent. Galena and chicago closed
firm this afternoon, at ll33 cash, and ia buyer 60
days. After the board Erie firm, at 574 per cent
Michigan Transit was dull at l3s per cent. The
prolonged absence of the Star Of the West and the
Daniel Webster, steamers Of the Transit Company
should not be the cause Of any uneasiness. The
steamship Brother Jonathan, the vessel coming
down on the Pacific, is very slow, and may not make
the run in less than twenty days. and as she left San
Francisco on the 9Th Of March, she probably did
mot arrive at San Juan del Sur until about the 18th.
This viii not make the Daniel Webster due at New
Orleans until the I'd or Sd Of April the Star of the
West at this port until about the 4th of April.
There is no cause for apprehension that Walker has
seized either Of them. They sail under the Amer
can flag, and Walker is shrewd enough, notwith
standing the stupid blunder be made in breaking up
he Transit line not 70 give the government o. the
United States cause to commence hostiliLies against
him. He knows very well that Marcy is Shocking out
sharp for casus bei and he will be careful not to
crafty him, if it can be avoided.
After the adjournment Of the board, the following
sales Of bonds and stocks were made at auction 10y
A. H. Nicolay -