The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-13
MONEY MARKET.

cent? feunsylvsDia SIS u; Norwich and Worcester, a
Farmers Loan, Canton, Long Island and Harlem Rail
road closed at prices curreat yesterday The
lions were only to moderate extent
AZ the second board, Treasury Notes declined y per
cent; Harlem, Al Reading, 81 Long Island e; and Far
mers' Loan, u.
1t is reported in the street that the Caledonia
Washn ton will take out large amount OF specie
say to the extent Of half million of dollars These
shipments of specie must have very influence
on the other sde and do good upon its receipt
in London, than In the vaults of banks. II 1t
tends to restoration Of confidence it will bs good
movement particularly spare q couple of mil
lions very easily
A failure has been announced in Boston, and two in
Philadelphia The suspension in Boston old and
extensive Jobbing house. which has enjoyed unlimited
credit but which recovered from the losses Of the
last revulsion Tho two suspensions in Philsdephia
were commission houses, involving large amount
Neither of these in any way connected
with houses in Europe, and the of their bank
ruptcy purely Of local character We fear this Is
but the beginning of the end fear that there are
more concerns present in the enjoyment of Unlimited
credit which for long time been brukrupts, and
must, long, end in explosion. The business of
the past year two has been productive ana all debts
contracted within that time have been pretty promptly
lquidsted but the profits have not been sufficient to
of credits has taken away the only support that sustain
ed these concerns As a general thing, new houses,
those which have commenced business within the past
two three years. most substantial they have
such burden Of old debts weighing upon them and
can therefore, sustain themselves better in the midst OF
revulsion Before the opening Of another spring bust
ness fear there will be times that will try the strength
of overy involved any extent in the commercial
movements of the day.
There has recently been heavy fall In the price of
Fast Boston stock. The principal operators In this
stock in Boston, and the quantity held here Is
limited The decline has been from twenty per cent
fifteen and there every probability Of further de-
cline SPECTATORS control of the market and
do pretty much they please with prices There is
doubt but that the stock is worth full much 1t Is
selling for investment; but it may go lower it
would be well for the outsiders to wait little longer
land dividend Of two hundred thousand dollars
declared subject to Of two thousand dol
lars for expenses in improving streets Sc This equal
ten dollars per share in land the twenty thousand
shares held by the stockholders. The land dividend
scrip will be issued the first of December next in
favor of stockholders the goth November and the
public sale of the lots Will take place the first of May
next II is stated that tunnel be built the
harbor to supply East Boston with Long Pond water for
the of hundred thousand dollars
Dividends have been declared by the annexed banks,
-ColumbiaBrdse and Bank, per cent; Pitts
burgh Bank, az do; Exchange Bank, Pittsburgh, 81 do
Merchants and Manufacturers Bank Pittsburgh, do;
Chambersburg Bank, do; Chaubersburg Insurance
Company do; Chester County Bank, 81 per share
Doyestown Bank, per cent: Farmers Bank, Bucks
County, do; Middletown Bank, do; Dauphin De-
posto Bank, do; Delaware County Bank do; Smyrna
Bank, Delaware do; Yardleyy vile (Del) Bridge Com.
pspy, 81 do.
snca tha las Stak
ed charter to company authorsng the construction
Of railroad from the village Of Rome to the vii
lsge of WATERFOWL and from thence to the river
st. Lawrence or Lake Ontario, or both, at such
points as the company might select Nothing has been
done with this charter the capital stock never having
been ed; and the people of that important section
the country have been deprived Of proper facilities
getting to the great markets Of the country The
ton people have the importance Of the which
railroad would draw from thi section of country and
have In the Ogdensburgh road extended line to
it, The friends of the Rome and Cape Vincent rar ad
have walked up, and efforts being made to fill the
capital stock of the company to the construction
Of the road carly practicable The central
ties of the State have railroad and canal running
through them; the southern tier Of counties will
have The Erie rairoai the eastern counties will have
the New York, Harlem and Albany road an outlet;
and portion of the northeastern counties will have
odensburg road leaving the counties the side
OF Lake OAtario and the mouth ofthe St Lawrence
river deficient in modes Of communication with the
board
The Ogdensburgh railroad is In the hands Of Boston
capitalists whose object to divert all the trade their
city From Ogteusburgh to Boston 1t Is 36s miles by
this railroad. When it goes into operation 1t WILL In
consequences Of its being winter well summer
route draw to Boston great share Of the trade Of Ca
NADIA West and the counties in this State at tho easter
ly end of Lake Ontario especially Jefferson county,
which, told, with even slight improvement in
the method of getting to market would be decidedly the
most productive Of our fifty nine counties.
So obigng eastern friends in these railroad
matters that party is somehow sprnging up in JeHer
county for plank road from Watertown to Ogdens
burgh aud the abandonment Of the rairo from Cspe
Vincent to Rome. This party say, "if are to
be left alone to make railroad out in south
erly direction to Rome, and cannot raise the
funds, why MT divert the money already sub.
scribed, ample for. the purpose, to making q plank
road from Watertown to Ogdensburgh, and other
roads of the description, concentrating Water
town." We confess there 10 suppose that the
business and owners Of real estate in WATERFOWL
and other villages in the central and northery parts
Jefferson and Lewis counties would be easily led into
of this kind. They would argue that although
the anst of manufactures and produce by railroad to
Rome, with the choice Of going to New York aad Bos
ton would be advantageous to the whole country
yet If they cannot at home and abroad raise the
III they must take up with plank rosd-it would be
better to north than south as Ogdensburgh, hay
Ing less commercial advantages than Rome, would be
less liable to compete with the local trade of jefferson
county, thsn the latter place
The distance from Kingstonthe old capital town Of
Upper Csnada-to New York by the way of q railroad
from Cape Vincent 10 Rome, Is one hundred and ten
miles less than to Boston by the way Of Ogdensburgh
yet perpetual communication with Boston would be
apt to dTag trade that way very slight advantage
In the mode of getting to and from market would soon
lead the interior to conform to the dictates Of interest
however contrary to inclination grown out Of previous
es abished habits.
We think the Canadians, and the inhabitants Of the
Black River country, should persevere for a while