The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-13
Wednesday, AuRust 40 II,

MONEY MARKET.
Wednesday, August I2-0 r. M.
Stocks all down to-day. Harlem fell of X per
cent Norwich Worcester u; Morris Canal ~; Read
ing y +; Long Island u. The operations were small
The stock market continues in very depressed state,
and prices settling do fraction daily. We
hardly account for this Decline unless can be attributed
the absence Of large number Of operators from the
market the continued unsettled condition Of our af
fairs with Mexico to the state of financial matters both
as regards the and the commercial casses,
and the uncertainty relation to the operations Of ssvsl
Of the most important measures which have recently
passed Congress As the public mind becomes
more settled regard to these questions, we may look
for general and permanent improvement in the stock
market and until that time arrives prices will continue
very feverish and huctuats tribe from day to day.
Every thing connected with trade and commerce 10 in
very healthy state there real cause for tho existing
depression in ell kinds Of business and all We want il
something to give impetus something to set the wheel
in motion when evryhing will 90 along smoothly enough
There great want of confidence but reason
why there should be- The only thing likely to weigh
heavily upon and to retard prosperity il the Mex
lean war; and that is not of alarming nature
1t very that the expenditures of the government
extensive scale. but they are ell made within
ourselves they confined to own limits, and do
not therefore drain ofany moneys but on the contrary
they give circulation to funds which would otherwise re-
main idle in banks or be employed In Promoung
some speculative movement
We have received tho following communication from
the engineer of the Morris Canal in relation to some
statements made about that concern few days since
To THE EDIroR THE New Yohx HrRALD-
s,a.on my return from the line Of the Morr ; canal
in the Money Article" Of your paper q the Ion ins
ris Canal Company, request you to publish in your
+" Money Article Of tomorrow morning the following
The Morris Canal was opened on the 9th day Of April
last which time there has been constant and f.l
supply Of water on the entire length Of the canal Inc
feeder for the western division is Lake hopacong
Reservoir which cover: 700 acres and At u.s opening
Of canal contained II fee. x nShs, depth o. .vsaSis
in said reservoir and found eleven feet six inches
available being half inch of water than
The main feeder for the eastern divsio'A. is" Long
Pond ; which covers na Zoo h nd which
thus far Its depth Of available ate 10 fourteen
feet This canal which you call mere enlch" n now
the original Erie Canal Of New York although am
the engineer Of the Morris Canal 90 mot auDscr my
sioy and from my personal kn0wsdsy 81 rne apove
Jersey City, Engineers once. Aug II, ii4o.
This speaks for ITSELF and puts rest the satements
to the want of water The facts stated BY the en-
gneer are worth stack of Wall street stories sp-
pears that there is movement going in this stock
calculated to brighten tnid holders. and induce them
sell out Some time since, several extensive brokers in
Wall street loaned large amount Of money to several
parties taking Morris Canal stock at ten per cent
cury. About six thousand shares were hypothetical
in this way Shortly after the advance made this
stock the price up fifteen and sixteen psr cent
when brokers sold every share Of the stock held
security and then turned round and hammered down
prices with all their strength. They succeeded in get
ting down twelve per cent where stuck fast when
fearing the parties might forward pay the money
and demand their stock, another desperate effort
made to press down prices and sales have recently
been made prices blow that upon which the advance
made, but only to limited extent So long those
brokers keep prices down to that point there viii
be call for the hypohecstsd stock and they hope TO
bear the long enough to get back the full compile
ment Of shares at or below prices when they
will call in the loan and deliver the stock This win BE-
avery handsome and profitable operation they succeed
in carrying through it has been laid out but it u
our impression they will find it difficult Of execution
present holders do not feel disposed part with their
stock at any thing near the current prices.
We learn from official that the canal is doing
very handsome business. Early in the season, the
weekly receipts Of the Company amounted to sixteen
hundred dollars they amount to about wentyhrss
hundred dollars per week and there enough
to do the business offering it is estimated that the weekly
receipts for the remainder ofthe would nearly
double what they The Company require funds
for the purchase of these boats and for improvements in
the inclined plain, and there every probability of
aloan being made for these purposes Should they
coed in doing and carry out the objects in view the
canal will be of the profitable works Of the
kind in the country and pay handsome dividend on the
cost to the present stockholders.
The annexed table exhibits the quantity of certain ar
tcles imported into this district for the seven months
of the past three years So far this table goes gives
very correct idea of the movement in these articles
but BY means includes the aggregate importation
into the port: