The New York herald., 1844-10-29
MONEY MARKET.
Monday, Oct. 2s-t

''""'N''"
MONEY MARKET.
Monday, Oct. 2s-8 p. nj.
The stock market rather heavy to-day, and the
sales very limited. Long Island fell Of per cent;
Csnton, 1; Mohawk, I; Harlem. t; Erie Railroad, u;
Reading Railroad, Is Morris Canal stoninston, Nor
wich & Worcester. Indiana, Housatonc and Ohio 6s
closed firm at Saturdays prices
Sterling exchange rules very high Quotations are
very firm loi per premium, which at present
there is very little doing. There will not be much ds-
mand for bills until Thursday which il packet day. for
the Boston steamer. There has been decline in quota
tions fol Mexican dollars in London, which, with the
high premium here prevents very large shipments OF sill
ve should the present rates for exchange on London
continue advance the smallest fraction there must be
shipments Of gold The packet ship Garrick, for Liver
pool carried on 100000 in geld The exports Of the
precious metals last week amounted to $37O,s03.
There many silver coins Of the denomination ofths
ussian Thaler in circulation which pass fol the value
of an American dollar fraction less According to
the standard of the United States MINT the of the
Thaler should be s4376 grains, Troy, and is value
would be COL cents but the average scarcely exceeds
6s1 cents.
At the first session Of the old board Of brokers to-day,
nine hundred shares Of old stock in the Morris Canal
changed hands at 81 pcr cent, which is decline Of
per since Saturday. This looks though many
holders anxious get rid Of their stock
poss BILE at the best current prices day tive before
the sale of this work. the stock selling in the market
III i2 per cent; it now sells at 81 Tho posi-.
ton of the affairs of the company and the sppar-
ent impossibility of making the work productive,
even at the reduced cost, induces many to get cut
OF the concernas possible being afraid to in
vove themselves deeper with the very remote prospect
Of ever realizing dollar their It is not
surprising that many large holders of the oil stock are
disposed to pay up the instalmens required Those
intimately acquainted with the history OF the conpanys
conce ms have good for suspicious. On the ohe
hand the friends OF the enterprise as controlled
very sangune Of and making great Efforts
upon the public mind the value and ultimate
productveness Of this property ana their statements, to
great extent very plausible. Estimates of every
work of internal mproyement-except railroads-have
invariably tbecn much larger than realized This
work is well located to large carry ing trade Of
coal s terminations very favorable for the
transportation OF merchandise from the interior to the
seaboard point accessible all and by every
description Of vessel Coal from the Lehigh, or
Mauch-chunk, and Beaver Meadow mines, would
be transported through this canal 1t Is esti.
mated that vannual1ncrease the supply Of coal
about 80 per cent About and hall million tons OF
coal annually transported from the mines to the sea-
board by six different conveyances, viz. The Lehigh
Canal, Delaware Canal, Delaware and Raritan Canal
Schuylkl Canal Reading Railroad, and Delaware and
Hudson Canal each receiving sbort an equal dvYen Of
the quantity forwarded The annual increase must either
give each Of these works additional quantity ofregk,
route must be found receiving ta share OF
the quantity Offering There Is no line Of canal better
located its proportion Of coal going to the sea-
board, than the Morris anal but whether 1t will ever
fall into the hands able to carry ou. the enter
PRISE remains to be seen The purchasers under the
Dutch mortgage havecne msn Of dollars to raise to do
which they propose giving the present holders Of the 4o
900 shares the privilege Of subscribing twenty-five dolisrs
On each to the number in the company.
This amounts to nothing less than the creston
Of stock at twenty dollars per share giving the
old stockholders the first claim to secure the number they
happen to hold of the oa and Tor this purpose tie sce
Of company has been opened in Jersey City to remain
open until The st day Of November before which, those
wishing to exchange old stock for by paying twsn
yfve dollars per share have the privilege Of 10 doing
To what extent the old stockholders will forward
at present impossible to tell The very great decline in
the market price for the stock in Wall street. 10 fair indr
cation that very Of the old shares would be exchans
ed has been stated that the parties who purehaxed tho
canal paid up the instalnenSrequed on the TWEEN
yhousand shares the hands OF the receivers but we
are informed tho contrary they may before the exp
ration Of the time SET but yet they have not In the
estimates made of tho be raised to pay up the
Dutch mortgage &C., We nothing Of an amount me-
cessary to put the canal in navigable ORDER which, at
least win cost from two three hundred thousand dol
lars which, added to the cost swels the capital OF the
new company to 81 ,sse, zoo.
The semi-annusl interest the Ohio per CENTS
payae on the first Of November proximo at the Stock
agency in this city office OF the Ohio Life Insuranc
Co. The transfer books closed until the ID Novsm
ber proxmo
A Jew days since published extracts from the
laws Of this state in relation to the circulation Of small
bills issued by banks located in other stats within the
limits of this The penalties and foeitures contsned In
the act Of 1885 are very severe should be enforced
not only to protect citizens against the issues OF
banks which know nothing about but 70 protect
our own institutions jim their own banking epsrsuons
This evidently the intention of the law and II rhoud
not ,e suffered to remain dead letter In our revised
statutes The tax levied upen all classes IN inc
shane of discount the issues OF banks ocafed out OF
the state calls fer relief and that relief in the
power Of every man to provide The laws are perfect
unop this point they ssly require enforcement In
majority Of instances wonid DC dimcat 70 rscs 'ne
~, of giving the rst circulation to the party offending,
nut there are instances where the laws publicly
Ibroken where tho act is publicly announced. These
Ecases should be taken sf and this would act ss
cbeck upon others Another advantage to be derived
from rigid enforcement Of this law would be the re
strcons II would place upon the issues OF the banks OF
each state Many banks located in other States In the
immediate vicinity Of this, depend, in great measure,
upon the extent OF their circulation in this state Banks
doubtful credit at home trust tohe necessities many
circulation to their issues We have in
lis state banking capital amounting 70 Sas 4se 900, with
irculaion amcu ting to Sls Vo s}a, which, with the
IN ;e in circulation, is soicrnty large TO supply any
R>lnd that may arise from healthy, Legitimate course
In addition to this amount we shsnld efinsfe that
Of bills issued by banks out Of the state AND
r. q 49, ~ 80 mil "A