The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-03-16


comparison Of quotations current Ct ~ close Of the
market yesterday, with those ruling at the close Of the
previous week, shows an advance in Long Island Of
per cent; Mohawk 1t; Harlem, ~; Canton 2; Farmsn
Loan, i; Illinois 6s II; Morris Canal I; East Boston,
Il. The movements recently noticed in Morris Canal
have had very good effect the stock, will be
by the advance There are, however, strong efforts be-.
ing made by the BEARS to keep down the market price o,
the stock.
The money market, for little time past has been
comparatively easy but it is steadily tightening a.
the demand for money for the purchase of foreign
change and for the payment Of duties at the Custom
House, has been quite large, and must increase the
advances The duties paid the past week
ed to nearly nine hundred and city thousand dollars
and for the present week will not fall far short Of the
same amount. This will probably be the heaviest
month for duties in the whole twelve and the
from customs cannot be much less than three millions of
dollars at this port alone for the month Thsamount d
drawn from the commercial classes, and, to certain
extent reduces their resources and ims their capital
1t goes into the deposit banks of this and other cities
and il used by these institutions in aording facilities to
that class of operators and specuatsrs requiring short
loans demand, which be called in at any moment
The deposit banks do not discount long, short
business paper on the strength of the dc
posts; transfers frequently made of the publ
money by the Secretary ofthe Treasury they might
pressed and embarrassed They therefore prefer making
loans to brokers and Others demand, stock secu
rty, subject to immediate call The money market Id
consequently frightened, when demand exists for the
payment of duties into the CUSTOM House. demand
for remittance to Europe has the most material effect
upon the money market, and that demand 10 likely
to be exceedingly large by the next steamer. The|
value Of merchandise = principally foreign manu-
facturea- imported into this port. within the past|
- - 1t
Of dollars according to estimate, about onesixt
Of the aggregate importation into this market for the
year. large portion of those goods have to be paid
for Immediately, whether imported foreign domss
tic account. Within the past two weeks there have
been very extensive sales of merchandise recently m
ported, and owned the other side by auction Adj
vances are required on these goods for purpose
making remittances, and very large amount il fire.
quently RENTED before the goods brought into IL
market
In anticipation of the demand for sterling exchange
the recent heavy importatons will create, the rate
have already advanced from 81 to per cent pre-
MUM, and firm at the improvement. An extensive de
mand for exchange, and tightness in the money mai
ket will carry the rate still higher and would not
prise to the premium close up to the specie
ping point At this time last year, prime bills Lor
don were selling at 81 per cent premium, and 500
after to 10 and above. This year, the rates ar
likely to be full as high a. the last All these things ID
checks upon the banks, which, in connection with III
restrictions they compelled to place upon them
selves consequence of the probable passage of the
Treasury, must produce AVERY contracted movement
the part Of these institutions to what they would undo
other circumstances, submit. II 10, perhaps, q YER
fortunate thing for the country generally, and for h
CONNIE classes particularly that these checks upo
the banks exist and that these institutions have
thing keep them from running riot in any speculatv
movement that might arise. The private deposits
being drawn from the banks, in consequence of the
mand for money and there is at present every prospect
Of very great scarcity ia the money market.
John P. Palmer and Zebedee Cook, Of New York, IN
D. Gregory of Jersey City, have been chosen trustee
Of the mortgage fund.- which the directors Of the Mor
Canal Company have concluded to raise to 500 900,
stead Of $500 000 the intention when the crcul
which we have heretofore noticed was issued.
Elihu Townsend, N. Perkins, Of the house OF Win
low and Perkins, and Samuel f. Morse have been cleo
cd directors OF the Long Island Railroad Company
fill vacancies.
meeting Of all those interested in the Western We
mont Railroad, will be held at Pits6eld ON wednesda
the 18th insta for the purpose Of receiving the repo
Of the engineers, who have examined the route fro
North Adams Rutland. We trust delegates from Ii
city will be present. as New York is deeply interests
in this and all the railroads Of New England, border
on the eastern boundary of this State.
We annex comparative statement Of the business
the Reading Railroad for the month OF February in ca
OF the past three years: =
pan .nr, ezra AND READING RAIL RoAp