The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-28
MONEY MARKET.

little better business done at the Stock Broad, IN
point OF sales but prices generally worse. Ohio 6s
ell !. This stock seems to be giving way under the IN
uence OF the late election the party in power being In
avor OF the BILL funding $500 900 OF the debts due the con
10 per cent stock This is not new debit but
Increases the quantity of stock the market and there
ore lowers the price. New York State six per cents,
s62, sold at decline of Harlem Rail Road fell t.
The prices of this stock are altogether nomns actual
value being nothing In March last, it sold at s3t per
share At that time Mr. Watt and few brokers went into
he market and bought largely Their purchases
ased the price and it has been hitherto sustained be-
they have yet sold Nothing has been done to
improve the condition Of the road which is in most la
nentable state. The company are without to go
IN with their extension, even to repair that which is
operation. They pay interest their outstanding
obligations and the winter approaching when the re.
ept usually less than the expenses. The enormous
ost and debt the road is such that should the Albany
railroad ultimately succeed in constructing their work.
hey will come into the city by at an expense
ess than the debt of the Harlem Company 1t be
retted that rckety should stand IT the way
IA work of real Importance to the city.
Our remarks about the Erie Railroad management
pears have caused posponem of the election for
recors four days ahead and instead of the l4th, they
ave altered to Friday The eighteenth Of November next.
four small gun knocked them into the end of that week.
What will our Paxhan do when fire it 7 Meanwhile,
the stockholders throughout the interior and in this
ty, stand firm and go the polls Friday the
Eighteenth of November and that great work may yet
esusctated We notice that the bylaws othe Company
legislative Report page 5s3says "The polls to be open
ten O'Clock in the forenoon and continue open til!
o'clock in the afternoon, that the effort of the pre-.
ent officers to conne the election hour @ falls
the ground What of them stones for the great
ock ~
Our remarks have also had the effect of arousng the
onest stockholders in this city and observe that
hey have issued crc ular, being call for meeting on
he l7h with hints distant stockholders in relation to
HON they trust with their proxies, for the election of
18TH Trust travelling editors-trust Wall street
genttrust pipelayng director Hercules helps them
Tho help themselves.
To progress with that great work. the stockholders re-
uire men who are honest caring for the immediate
ompletion of the work than the advancement of their
rate Interest devoid oipotical scheming whose habits
nd business capacities enable them to manage their
iness prudently, well as that of a company, who
ave no local objects to conflict with the interests of the
arehoders and the public In many of these important
quisites those who control the affairs at present Ia
enaby deficient. Without these distinguishing traits
character in its managers not dollar will be obtained
this city, on the line of the road from the Legisa
re- to aid in constructing that work.
We have recently repeatedly remarked upon the pecu-
condition Of the exchanges between this country and
eat Britain and between this cty--the centre of
rcial operations-and New Orleans the great head Of
produce market. The immediate operating cause of
low rate ofbs undoubtedly the abundance of sup
and the absence Of almost all demand. The direct and
Mediate cause Of the latter circumstance faulty legis
on whereby the purchase of foreign goods is prohibit
by niqutous protective tariff which has been advo-
ed by the party papers almost without exception and
w. with childish folly they surprised a: the ruin
themselves have wrought out Shipbuilding ceases
he hands discharged-s to 600 hardy out Of
poy parade the streets to procure the pance of SIS
month. The bills drawn against the produce of the
mers sold abroad, sold heavy loss-that is to
good bills with city endorsement, drawn, say against
sold in Liverpool and shipped here at the low price
a % per bbl, will command but per cent nominal
MUM, or 81 81 per g. being 81 cents per E sterling
par being loss of 43 per cent, nearly % cts
bbl The value of flour Skipped to England in ls4O,
ss,337 ,33, which, at the present low rate of
nge loss of s67 would have been sustained. All
loss and ruin, amounting in distress to the carmen,
edores seamen shopkeepers merchants and the great
cultura interests many Millions has been wrought
by few eastern manufacturing politicians, comb
with few parasite newspapers in this city. When
results became too apparent the Courier and Enqui
with surprising naipete, expresses itself puzzled !"
when the simple practical operation of trade is point
ut to it, makes the following remarks -
here is no demand for specie about it, though it will
necessarily to the Importation of specie but the sup
pf bills drawn against produce shipped to Europe, is
net by demand for bills to pay debts make purcha-
broad.
what strikes us as singular is that our Banks and
alists hare aowed exchanges to fall ow-that they
the rate fell low, that the differ
between the actual par and the current rate of ex
ge, more than enough to the cost and risk
nsporting specie, at once go into the bill market
profitable or safer investment could not have been
]. III
ing proof OF the absence Of all capital or the prostra
Ptall mercantile energy there That il is not now
here, we presume arises from an apprehension of
demand for specie from the South, occurring before
. to meet it can be brought from Europe.
onfesses that there is demand to make purchases
abroad. What Banks what capitalists have it in
power to check the flow of specie when a prohibi.
Rrf prevents the import of goods in return for pro-
sold abroad The difficulty of the market is too
a supply of bills, and the Courier imagines that
or eight broken banks in New Orleans whose bills
a discount of to go per cent, can go into the
nd purchase up the surplus. They have not the
of paying their own debts then what have they to
the bills under the supposition that it would be
able to buy them for the import of specie The
in this city have been operating in the market ever
July. Specie has been flowing hence to New Or
and very large sum is now on the way, which, on
ival there, will change somewhat the face Of af-
In this market bills have not yet been offered in
mount so low to make it profitable buy them in
to import specie 1t is not safe to give more than
nt premium for that purpose. They may fall SO low
packet of the LIST proximo, as to create demand
Rt purpose Many of the banks of this city having
abroad, have some time since ordered the amount
in specie. OF this nature the recent arrival of
90 in the Vrgnian, to the City Bank. This is
operation of trade, and depends altogether upon the
OF the transaction. 1t is astonishing with what in
on and inconsiderae folly the idea of regulating
is adhered to by the advocates OF banking monopo-
t ARISES from the fact that and associations of
With little capital, pulled up with their own con-
Always fancy that they have the power of stemmng