The New York herald., 1844-10-23

Quotations for uncurrent money improving in this
market, particularly Ohio and Indiana bills, which are
now taken at per cent discount Specie quotations
continue without change We notice slight decline in
quotations in the London market.
The recent sale OF the Morris Canal under mortgage
seems to have had little effect the stock in this market
Sales todayswere only per cent below those made
terday This canal purchased. under the mortgage
for 81 00o and the sale cancels all the liabilities
the company far this property is concerned The
purchasers intend issuing stock for the old on pay
men Of twenty-five dollars per share and canceng the
old, for which those holding old stock receive full
stock, the par Of which is hundred dollars and no
stock is to be issued unless the old cancelled
for share The question that would naturally arise in
every mans mind whether it would be better to pay
up the twenty five dollars per share or sell the old stock
at the present prices The this question de-
pends entirely upon the amount Of confidence holders
the stock have in the ultimate productveness Of the
Canal The original cost OF this work about four
and half million Of dollars The present price to the
purchasers, is 81 900 600 not quite oneourlh Of the first
cost Tc place the canal in navgabe order will require
an expenditure OF at least three hundred thousand dollars
which would swell the cost to 81 100000, on which
dividend would be required-to do which and pay run
ming expenses would take income of at least two
hundred thousand dollars Those holding the old stock
OF this must be satisfied that there will be very
fair chance for dividend they will not advance
twenty five dollars each share The position of the
whole affair, at present. such that many holders do not
Know how to act and are undecided whether TO hold
or 10 sell out. The psrties who made the purchase
under the mortgage disposed to make the favor
able arrangements with the other and some
have come forward and gnifed determination TO pay
up the required their shares and carry the work
through il po sible SO far po siton gives
opportunity OF forming opinion, do not hesitate to
cc that Tho aIdo l..
ment now, as II was previous to the sale The Canal
loa miles long, running from Jersey City to E.son and
Is in the most wretched condition The stock has been
subject to very great fluctuations lately among specula
tors and never actually possessed the slightest value
On Wednesday, the 2,d instant the annual election for
Directors Of the New York and Erie Railroad Compan,
will he held Unless the stockholders elect men VII,
bring into the bosrd the requisite materal-capita
enterprise influence &c. TO put the work il
progress II will be failure. There many men il
this city who could do So bat they will serve in lhe
directi n Two years ago., good board was selected
possessing oil the combination of talent required but
they would not with one or two obnoxious men,
bers Last year there compromise ticket elected
and occasional bulletins issued reporting progress
They called public meeting, and under took to get
subscription OF six millions, but failed at the outset
They then tried to raise by dividing il into shares
failed again. and derner resource they endeayored TO
make twenty miles by pledgng the bonds but even In
This they failed There is project on foot to sen
the road, cutting of the debts, and the sockholser
must meve this winter, the State will refuse
to grant any further extension Of the charter
The road in the interior is fast going to ruin Tn,
people are cutting off the lies and ng timber Tn.
assgnees have osed Of most Of the raise none,
on the western division large amount of the stock il
now held In Wall street. and those interested have hopes
that there will be plan devised by the stockholders to
get the road into new hands