The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-03-31

WIN E Sheffield, Dixon, Lee County, Ill.
VIM. n. Pend ston, Norfolk, Va
FINANCIAL AND COMMERCIAL
MOREY MAx x ~.
SUNDAY, March 30-6PM.
During the past week the stock market has been
comparatively quiet Quotations closed yesterday
without much variation from those current at the
close of the previous week, and see no more indi-
cations of speculative movement than appeared in
the middle of winter. We are not disappointed in
his. 1t has for sometime past been opinion that
there would be no speculation in stocks of any i'm.
porance before the month of May. During the early
part Of the spring there is usually active
demand for money outside of Wall street. The
mercantile classes at that time have heavy payments
to make, and find active employment for all their
capital. During that time they cannot engage in
stock speculations, but on the contrary are gene
rally forced to sell stocks previously purchased This
is calculated to depress prices in Wall street, and
concentrate stocks in the hands of brokers. March
and April are the two worst months in the early
part of the year for the stock market. As soon as
May opens and business begins to fall of, capital
accumuates in the hands of outsiders and the dispo
stion to speculate in the street daily increases. As
more activity, until the number of outside purchas
ers becomes large enough to absorb stock rapidly
Then the speculative movement commences, and the
brokers, relieved of the burden which rested upon
them, at put all the machinery for an imitation
in motion, and an expansion rapidly follows. We
cannot look for much activity in the stock market
until all these influences have commenced operating
Until the merchants are relieved from the pressure
NJ hpcip nd of
be no outside demand for stocks Of sufficient impor
lance to put up prices. We cannot expect that be-
fore May, but then it will without doubt come upon
US with force equal to anything of the kind ex-
perienced for years. The money market is in "a
vorable position. We have not had pinch during
the whole of the present month"; and the supply now
is SO great that the rates gradually settling down.
and there is growing demand for first class bust
ness paper. The Park Bank commences operations
on the first of April, with capital Of $4,000, 90 I
and we must expect after that date to see rapid
increase in bank loans. Several old banks contem-
plate an increase Of capital. We shall, beyond
doubt, have an important expansion Of bank credit
within the next six months.
The expectation Of specie from this port last week
was quite small. The Ericsson took out none.
SHIPAKSJs SPECIE PORT OF NEW York.
Ship Hai6ee, Hong Kong Mexican dollars $l63 423 90
Brig Laurstta, Para, American gold ....... 5,2S3 90
Total fer the week 15S 7O6 %
lfe'ioufy reported. ~
AotaI, AoOo. ,oOZ,oI6 ~
The steamship Fulton, at this port from Havre,
brought $50 900 in specie The California steamer
arrived early in the week with one and a quarter
million of dollars. The banks will not show much
increase in the specie department in the returns for
the last week. There has been drain upon this
point in other directions than across the Atlantic
We give in another part of this days (Monday)
paper a portion Of the annual report of the Erie
Railroad Company The whole Of the report forms
pamphlet of one hundred pages, and will not be
eady for general distribution before the latter part
of the week. We have not space to-day for more
than the synopsis of the President, two or three
tables exhibiting the operations Of the most impor-
tant departments, some extracts from the Super.
ntendents report relative to future expenditures
on construction and past expenses of the opera
ting department. This report has been anxiously
looked for by stockholders and others. will be seen
that Mr.. M'Cullam, the Superintendent proposes
an expenditure, during the present fiscal year, of
about s270 Coo but says that it is not absolutely
cessary that the whole of that amount be expended
at once. 1t is required, but the company can get
along without the whole Of it. Mr.. McCallum is a
very careful, cautious man, and what he says he
1t will be for the interest Of the company to
give him all he asks for construction The efficiency
of the road will be best secured by such course
We have only hastily glanced over the report, but
we have seen enough to convince us that it Is
one of the most thorough, comprehensive docu-
ments ever issued by any railroad company in
this country. This report viii he starting
point for all time in the history OF this road. The
past is disposed of effectuay and the sooner it is
forgotten the better. The 30th of September, 1855
Is the time from which all future estimates OF its
productveness, &c. must date. The ten years pre-
vious should, il possible, be botted out from the
public mind. The company is now we believe, free
from all these difficulties which hung like mill
stone about it during the whole Of that period aud
the report just made is the first wherein it was
possible to show that the road was dividend earn
ing property.
A. H. Nicolay's regular semi-weekly auction sale
of stocks and bonds will take place on Monday,
at II o'clock, at the Merchants Exchange.
1t has been reported that the steamships of the Nj
caragua Transit Company would soon run regularly
to Aspinwall this SIDE, and Panama on the other,
thus forming rev line by that route between San
Francisco and Ne. York. There is no truth in this
report whatever By an agreement between the Pa
cifc Mail Steamship Company and the Nicaragua
Transit Company, the former pays the latter 100000
per month, whether the latter company runs its
steamers or not. The interruption in the operations
Of the Transit line, enables that company to lay its
steamers up and make money in so doing. With
its steamers doing nothing, the company will receive
$3.50 900 per annum, equal to six per cent on
its entire capital stock, equal to about fifty per
cent on its present market value or about twenty
per cent on the stock at $50 per share the price at
which it was issued 70 Mr.. Vanderbilt in payment
for the steamers purchased by the COMPANY Of him