The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-01

The semi annual interest on the convertible bonds
Of the Panama Railroad, due. on the lat of January.
will be paid presentation of the coupons at the
Office Of the company. after Saturday next.
The earnings OF the New York Central Railroad
Company for November. in each OF the past tive
years, were as follows
Earrtsss.
s6lO7a5 .:
''o"2o Nv
II will be seen, by an advertisement in another col
umn. that the firm Of Travers 4 Jerome have dis
solved This is the celebrated 'bear house Of WI
liam street who, in connection with "an unsoru-
pulous press" according to bull contemporaries.
pitched into the railroads so effectively during the
past year. We are happy to see, amid the general
wreck that there is firm at least, able to retire
the last years profits-and particularly as that
firm is accused of having operated IN accordance
with the suggestions of this journal.
At the close of the year 1856 there an active
demand for money. Quotations for stocks generally
ruled high and large amount OF business was daily
transacted at the Stock Exchange. Still there was
no speculation. The year 1857 opened with a very
buoyant stock market. Money was in good demand
and moderate sringcncy existed throughout the
month of January. Prices for stocks were sustained.
and large business almost daily reported.
The advces from Europe continued favorable. To-
wards the close OF the month advices were received
that the Bank of England had advanced the rate Of
interest TO six and half per cent. This produced
no effect on this side and the month closed with
easy money market and an active demand for mo-
ney ut the usual rates of interest. Business for the
season was to about the ordinary extent, and prices
for all our great staple products maintained.
The banking movement was at the most contracted
point for the season.
The month Of February opened with every ndica-
ton Of long period of prosperity. Quotations foe
stocks showed steady, strong market. The de-
manl for money was q little more active generally
for commercial purposes. Towards the middle Of
the month the stock market became slightly de
pressed, with less activity among spectators. Al
the close there was full supplyof money Offering on
easy terms and stock securities of all kinds wera
fully sustained. With March came more actKespe-
culatiye movement in the stock market. An advances
in prices soon followed, and quite imitation waS
realized before the reaction occurred Public con-
fdencc in railroad securities az that time AT its
height, and spectators appeared not to dream Of
the future. Investments went without interrupt
ton and the productivcnc>s Of all our works OF in
the cl~c of the month there WIS u dulncs' in tbs
stock market, with more active demand ior money.
Quotations ruled at lower points. The expectation
Of specie fOr the up ~ this time had only
been to . moderate amount. and internal fnan
cia affairs were to all appearance in very satisfac-
tory comfortable condition. All the evidences of
active and profitable seasons business were good.
and confidence in continuance OF the existing pros
perty was undated.
April opened with heavy stock market. IN tho
early part prices tended downward, and slight cvi-
donces Of panic among spectators appeared. Tho
outward movement Of specie continued quite mode
rate. The money market was abundantly supplied
with capital The banks gradually increased their
discount lines upon an increasing specie basis and q
larger deposit account. About the middle Of the
month the bank loans had reached n point higher
than before known Towards the close there was
AN ad,anc in foreign exchange, consequent upon
immense Importation Of foreign merchandise. The
stock market continued active with = spirited spe-
cuatvc movement, in which the bulls maintained
the ascendency IN spite Of al the Efforts of their OPP
poncnts. Up to this time there had been no large
shipments u specie 70 Europe. The arrivals OF gold
from California had not since the first Of January
been equal 10 those Of the previous year. This
attributed TO the reduction ia the trade between the
Atlantic states and California but il was partially
owing TO the fact that gold shipments from SAn
Francisco 20 london. which had previously been
made through hscity. were made direct from Aspin-
wall by The line IT British steamers. The decrease
IN receipts 81 California gold 81 this port was ust
sbout equal 20 the direct movement from San Frss
cisco 90 London. The month OF April closed with q
reduced bank discount line, but with well sustained
specie reserve.
The money market throughout the month Of Mag
WIS very easy, and the banks maintained very uni
form movement in the discount and specie depart
mcnts IN the stock market there were no sudden
or violent fluctuations. Spectators for q rise had q
very comfortable and easy time, and most Of tho
financial programmes of railroad companies wero
carried 20 successful termination. The most i'm
portant movement Of this kind at the time was tho
plan proposed by the Michigan Southern Railroad To
arrange its coating debt which had become very
troublesome. ~ this time the preferred stock was
issued and portion Of the old stock called in. Ths
easy state ct the money market. the speculation go
ing on in The stock mark generally tho uumpsired
condition II public confidence, and withal the hope
on the part Of the stockholders that the company
would. by the proposed arrangement. be placed in .
permanently productive and prosperous condition,
gave an incentive to al parties ond the subscrin-
tious wcc more than sufficient 10 meet all the com-
panvs wants. Tho result, unfortunately. was much
dih, rent from that anticipated and before the close
uf the month il became evident g. many that tho
company was stu deeply enough involved with an
uncomfortable floating debt 20 bankrupt the eutiIs
stockholding interest. About the middle OF ths
month OF May unfayorable financial inteh-
upucc was received from Europe AMI within oux
own limits unmi~takosbe evidences uf commercial
difhculy appeared. In the HERALD Of May u. we
expressed the following opinion regarding the future.
Its correciuc IS no one can now dispute:
Cqr specie shipments lcr the neN ave mcalha al ava