The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-06-07
MONEY MARKET.

The Stock market rather heavy to-day and prices
were quite feverish. Some went up, some down, and
closed firm at yesterdays prices Stonngton de-
clined per cent; Long Island Ii Harlem /; Farmers
Loan !; Penn SIS t; Norwich and Worcester advanced
per cent; Canton Il Ohio Erie Railroad II; Read
ing Railroad, Morris Canal, Illinois, Indiana and Mo-
hawk closed at yesterdays prices The sales of
ofthe ancies large and the market appears to be
dropping again.
The Merimack Manufacturing Company of Lowell
have declared semiannua dividend Of 10 per cent.
This total receipts of the Portland Railroad for the
year ending May 81 $l3l 404 H. The total expen
diurcs, excluding interest $5l 1922 g. The inter-
est paid $l7,4lO 6. The net profits $62l7l &c.
OF this $5,594 have been paid in dividends. The net
earnings have been 2lo per cent. Those of the pre-
ceding year were 6a-l00 per cent
The Commissioners Of the County of Philadelphia
have unanimously agreed to anticipate necessary the
collection Of the State taxes and place at the disposal of
the State Treasurer fifteen days before the LIST Of August
next equal to the amount ofthe probable net pro-
ceeds ofthe tax in the city and county about 100000
The report of the Bank of the Metropolis of Washing
ton D. Co. for May sOh 1884, shows the amount in the
leading departments to be annexed
BANK METROPOLIS.
Loans and DISCOUNTS sss2 oo7 Circulation sIss $40
Due t. s. treasurer sSs,ss Treasurer u. s. " ssOTi
Negotiations have been for time past pending be-
tween
kill Navigation Company, for the regulation of charges
for transporting COAL and for equal distribution
of business. The Railroad Company have refused all
svertnres from the Canal Company md have
their determination to make the business of the road in
dependent of any and every other work of public i'm
provement The increase in the quantity of coal trans
ported the railroad, and the increase in the
ceips Of the company sufficient to satisfy all that the
productivcness of the work will ultimately be much
1vI-
amount of money and the debt of the company large
but the receipts large enough already to provide
for the payment of the interest its liabilities and the
rate Of increase realized thus far this year. for the
remainder Of the will actually give the company
a surplus The weekly returns of this company since
the LIST Of Nov last show increase in the receipts
pared with the previous hundred per
cent The weekly receipts greater than any
other road in the country and the stock must if the in
crease continues to increase rapidly it has
rank equal to any in this market An increase in the
charge for transporting coal the Reading Railroad of
ten cents per ton will be made the LIST of July and
further increase of fifteen cents per ton will be made
the LIST Of August The business for upon this road
time since estimated at 600 tons but it is
supposed that this estimate will be the
actual transportation for the past two three months
has exceeded the estimates In the early stages of the
construction of this road it predicted would never
be able to compete successfully with the Schuy kill Ca
nal. The immense sum expended in completing the
road and in furnishing the appurenances induced many
to think that of the widest speculaons
day. These predictions very being verified,
and until the road fell into the hands of its present me-
nagers it bid fair of becoming dead weight. It's
controlled principally by eastern capitalists under
their administration, WILL without much doubt soon be
the profitable roads for its length in the coun
try it is already of the most productive. The
Of this road alongside of the Schuykil Canal
both bringing coal from the vicinity is one of the
strongest evidences in favor of railroad transportation
A great competition has existed from the commencement
between these two works, and the result an increase
in the receipts of the railroad company larger than in
any other company in the States falling of in the
receipts of the Canal Company Of the same per
cent. The Canal Company have for time past been
carrying coal for the most rifng toll and it is stated
have in some instances, opened the canal for the free
navigation of boats loaded with coal notwithstanding
which, a steady increase in the receipts the
Railroad Company and decline in business the Ca
nal The rapid Improvement in rail road transportation
must monopolzc the carrying trade Of the section of
country in which they located We have at least
two instances in New England whore canals have be-
perfectly useless after the construction Of railroads
in their vicinity-thc Middlcsex Canal running from
Boston to Lowell and the Hartford and Northampton
Canal These works nearly useless, and is by
means improbable that similar works in other States will
eventually, unless especially protected by legislative
enacments, become Improbable and useless Canals
cannot in this country compete successfully with rail-
roads, when both placed upon an equal level and
the experience of the few years must have been
sufficient to satisfy any close observer that il would be
folly to make anyncw expenditures upon the former with
the hope fcnablng them to draw business awav from
the latter Expedition being the life Of business mil
soads must secure the bulk Of the carrying rndo until
some more rapid mode Transportation invented On
some routes the transportation Of freight on railroads Is
preferred to steamboats, and the advantages Of railroad.
particularly in the transportation of coal where frequent
changes attended with loss much greater than
in any other mode Of conveyance.
The recent decision Of the Supreme Court of this State
in relation to the general banking law is anoth.
er evidence of the gro ignorance of the legs
laors of our assembly, and another instance of the
many errors committed through the desperate, hcadless
movements Of party leaders We find in nearly every
Legislative body in the country leading politicians gno
rant Of the effect Of nearly every law passed. and totally
unacquainted with the requirements OF the constitution
upon any question they may act upon. Laws
passed affecting the interests of thousands and in
volving in their operations millions upon millions of dol
lars without giving the first moments reflection 10 tho
legality Illegally without any reference to the Com
stuton Of the State and without the least rernrd IN tho
runous consequences that may result from the hasty Ia
gslaton general in oil our Legislative bodies Iaws
are sent into the world half made up with every mpor