The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-09-01
MONEY MARKET.
Monday, Aug. 3l-6,

MONDAY, aug oA-os e Ms
Stocks improved fraction to day. Morris Canal went
up u per cent, Harlem u, Norwich and Worcester ".
Reading fell of a. At thessecond board, Morris Canal
went up another quarter and closed hrm at the advance.
The sales small.
The demand for Sterling Exchange this morning was
rather active and the quotations closed at 81 per cent
premium. The demand for exchange has not been az
active as it would have been had mporations come
in the regular way but very large portion oil them 60
into bond and where they are owned abroad no re-
turns will be at present made upon them We have no
doubt but that very large cent Of the importaon
of foreign manufactured goods during the next three
months will be on foreign account.
The Office of the Morris Canal Company has been re-
moved from over the State Bank in Wall street, to Jer
sey city and the books Of the company will be removed
tomorrow from the Phenx Bank to the same place. This
company originated in New Jersey and the directors
aware Of approaching dissolution, wish to have it ex
pire upon the spot where received its existence This
company is in a rapid decline, and we know of no way
to prevent exploding Its finances are in deplora
BILE condition. and it requires so much money to keep
life in it, that it beyond the reach Of salvation There
8 no one connected with its management who has any
interest in it further than to make all they out of it,
in the way of salaries &C. II will require at least three
hundred and fifty thousand dollars to proong its exist
ence and that amount must be raised Immediately to
keep it from sudden collapse. Seventy thousand dol
lars are required pay off the debt due some Of the
brokers in Vail next month (Sepember) $4,000
to build rebuild the inclined planes, and SiOOo0o 10
purchase build boats. II they can raise tins sum At
once this debt be paid and the canal can be put in
condition to yield income sufficient to pay its ex
pences and a small dividend on the stock. This will
make the stock worth something, which is more than
can be said of it now. If this amount is mot orthcom-
ing Immediately the canal must inevitably fall into the
nd ha pres m
and the stock become entirely worthless it was some
time since rendered by similar operation The prnci
pal holders of Morris Canal two months since have since
sold out all their Stock at heavy loss having no conf
dencs in ito ultimate value the ability of the company
TO raise the loan under the present depressed state Of
the money market
The New Orleans money market of the 2lst inst was
very easy and the amount of paper offering for discount
was 90 limited and the banks have such abundant
at their command that they readily take every good
piece of paper rendered.
There had been slightly improved inquiry for Texas
funds during the previous week. and holders in
ouence manifested more frmness. Red backs were
ou ted Is to lac interest notes. l4s 1870 eight per
cent bonds II lsc ten per cent do, 90 2lc, the
dollar.
The Franklin Bank of Cincinnati has declared It's
fourteenth dividend Of five per cent payable to stock
holders in this city, at the Bank of America, on the LIST
Of September.
The Bank of Missouri has declared dividend of s1S
per cent.
The directors Of the Erie Railroad invite proposals
for the construction of 33 miles of the Erie railway,
extending from Port Jervs in Orange county to Bing
hampton in Broome county.
nstamen of five dollars is also called for each
share on which the payments already made DO not ex
coed twenty dollars.
We annex usual table Of quotations for the Prin
c;nsl state and other stocks used for investment -: