The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-06-19
MONEY MARKET.

tuesday, June 16-6 Il. Ne
Inc stock market today presents another decline AT
he old board Canton Co. fell off per cent? Long Island
40; Harlem, 3l Norwich & Worcester, s. Stonington
2s Reading Railroad a; vicksburg t; farmers Trust
/; Ohio 6s b Mohawk 2; Paterson IT, since last sales
AT the new hoard Long Island declined q per cent;
ton Co. 3; Harlem II; Norwich Worcester S; Vicks.
burg t; Illinois, Il North American Trust ?; Erie Rail
road, u since last SALE Reading Railroad advanced J.
very heavy stock operator in Wall street failed to
pay up his differences yesterday Many others in the
street are bankrupt but are getting Of their difficulties
by compromises as fast possible Wall street il in
very curious position The market unsettled
meeting of the stockholders of the Housatonic Rail
road is to be held at Bridgeport on the Goth instant for
the purpose OF considering the propriey of selling the
and forfeited stock Of the company such prices
as they may then and there determine. company en-.
gagged in active business has undoubed right dispose
OF its surplus and forfeited stock we cannot see that
the stockholders reap any benefit from the adoption
OF such course. The stockholders directly and i'm
mediaey benefited by reduction of capital larger
dividends can be declared and the affairs of the company
more prohaby administered Several incorporated COM
panes have lately thrown into the market large quantities
OF their forfeited stocks for the purpose of realizing pres
ent high prices Whereas had they reduced their capital
stock by canceng the stock in hand the ultimate pros
pery OF the companies would have been improved and
the stockholders realize greater the shape OF
dividends The Canton Company of Baltimore is one in
stance of the truth of this assertion The directors this
company threw into the market great quantities Of this
stock during the height Of the late speculatons realizing
very advanced prices short time after the disposal of
this stock dividend of dollar FER share was declared
since which the stock has fallen from Cd s6 per cent
down to SO cent The capital is nearly as large
as ever and dividend the whole capital very much
reduced, while by reduction of the capital dividend
may have BEEN little longer deferred but whenit came
would of course be larger than the one declared The
dividend of dollar per share undoubtedly forced
that is the sale of cancelled stock enabled the directors
to make immediate dividend, which they could not
have made without this additional resource for sometime
Another instance where cancelled and forfeited stock has
been thrown into the market speculation is in the
Morris Canal where nearly twelve
thousand shares have been used for speculation. This
stock in the hands of receivers who received in
liquidation OF the affairs OF the company and again issued
it as an asset believing they had full power to do So An
institution declared nsolvent placed in the hands of re.
cevers for the purpose Of having its affairs wound up;
they have legal right to extend transact the bust
ness OF the institution other way than in closing
up They are placed in charge receivers to keep or
dsburse the assets of the institution to its creditors and
not to reissue stock increase the indebtedness of the
company The of the receivers are at present
restricted by injunction from the Court until the sub
ject has been thoroughly investigated In the meantime
all contracts In the receivers issues lay The diff
cues that have occurred in this stock put an end
TO all operations, both in the old and new shares.
The American Insurance Company Of Baltimore have
declared dividend of S3s per share of its capital stock
The adjournment Of Congress without disturbing the
financial affairs of government by alteration Of the
tariff laws, allows to form estimate of the prob
able condition of the Treasury the expiration Of the
present fiscal year The annexed estimates are made from
the most reliable authority and made from references
to official documents.
RECEIPTS AND EXPENDITURES FISCAL YEAR
ENDING JUNE 80, 1874.
Receipts
Customs from July lS43 to June 1874 53I 90
30. estimated for June, 1874, 100000 90
Lands from July l943 to June J. S44, 100 SIG rs
Do. estimated Tor June lS44. 100000 90