The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-03-10
MONEY MARKET.
Tuesday. March o--6 p. NJ.

The stock market has life in it, and quotatieAs for
fancies steadily settling down. Harlem fell Of oi
day u per cent Norwich and Worcester, v; Formers
Loan, ~; Canton Company, ~; Illinois Bank Ii Read.
ing Railroad, "; Pennsylvan ss, n Morris Canal
went up H. Long Island closed at yeserday's prices
At the second board the sales small and prices
without any material alteration
Stock spectators begin to feel TIE effects Of ttght
money market, but the will get several mere
turns before we shall haveigood times Every thing
must down. and the gres.o imitation Of prices,
the greater must be the iau is but standard
under the independent treasury sYstem and there is
wide margin between that snd the present standard Of
value Fancy stocks particularly must be affected by
this increase in the value and volume of the currency.
aud it is impression that there will be, Of these
days. smash among Of them, that will astonish
many Of the holders These stocks have been sustained
entirely by inflated paper currency. and when this
support falls they must fall with it.
The Atlantic Bank, Brooklyn L. l., has declared
semannua dividend Of three and half per cent pay
able on the 18th inst
The Bank Of Louisiana a ssniannusl dividend Of four
per cent pa, able New York stockholders at the Mer
chants Bank, on demand.
The receipts of the StoDngton Railroad Company for
six months ending March ls 1916 and ls47 were ss an
nexed:-
SroNIpcroN RArLRoAp.
Gross receipts for six months ending March
Gros: receipt: Tor six months ending March -
Isl, 1917. ........ % SOL ~
increase this year. ................... $29.G5l 81
This increase omsuns to nearly fifty per cent There
has been increase in the expenses of the road This
will than pay the interest the whole dsbt
Of the company fer the year.
While the official returns Of the banks the
State present aggregate statement Of remarkable
equality with their previous reports those Of this city
exhibit most culpable extravsgance, from which the
community is destined 10 experience much en- barrass
ment From the lst of Move nber, ls4s to the list Of
February sA7 the loans and discounts Of city banks
expanded nearly Eve millions of dollars and mser
Of incidental consequence corresponding increase in
the value Of every kind of property took place. and
proportion to the quantity of business traasaoted,
under these circumstances the amount of sormsrciai
obligations have boon extended. Tbs mercasts in.
debtednsss being thus enlarged the basis Of its support
should correspond in magnitude but while the banks
have caused the expansion they have added dssr
to the quantity Of money they only ntsrpsssd their
credit, which being called upon to sustain, through
adverse influences result in contraction and suck
advsrsity, we fear cslamitous sntanalsment
The following table, exhibiting the position of our
foreign trade gives ua no ground to anticipate better
condition Of ohairs. Our commerce between this and
foreign ports proves that Notwithstanding our exports
have increased the imports have advanced in greater
degree -
IMrsnrs AND EXPORTS, PoRr OF Nsw YoRx
Value i%pted Jan and Feb s41 sis a.s asa
DO do do lsa6, 800 oO6
Excess, January and February, ls.7 SASS $50
Value Of merchandise exported January and
Value Of merchandise exported, January ond
February, 1915. .................... 4oss,is,
Excess in January and February, ls47 -. 81 SOS as4
The increase in the importation of foreign ershan.
disc for the Hrst two months Of ls4 compared with tho
corresponding months In 1896 amounts about and
half million Of dollars the balance Ct the being
in specie On ansy zirg the above, appears that the
balance Of trade in ls4o against S. $685. and
in s47 not less than So SIS ea; thus in the first two
months Of this year. there has been against
us Of $s32 $50.
The business of this port presents fair barometrch
standard Of the national II the imporations
here be excessive the II husncss will produce
responding excesacs elsewhere, and reciprocaly the
yaverse will be everywhere should there be de-
crease with us In this port we have always larger
amount Of imports than exports as the principe
foreign for the whole country and
therefore, from the character of our trade we form
criterion for commercial ion in fact the
only one acknowledged az the foundat on Of et
mates 10 this country According the various returns
we have no doubt that full six millions Of dollars in
specie have been received from Europe most Of which
has been brought here matter Of mercantile speouls
zion, being 10 no the result of the wants Of
general trade and shall hnd when reauired n nav
for the goods we shall hereafter import that The
current will agsin turn against us, when tho great
struggle between the banks and the Independent tres
sury will show itself In full force 1.-THE latter hold on to
more than Its legitimate portion specie the banks must
provide for the deficiency by curaiug their discounts
and cramping business and this event will begin to show
i'se soon after the arrival Of the millions of gold and
silver now expected Thsse specie operations have,
without doubt yielded large profits to the importers
they have also afforded the public treasury the mean,
sustaining the government amidst the embarrassment
growing out Of the Mexican war, and they have no
doubt by absorbing large amount Of exchange, had