The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-09-21
Navigation or ths ONO tsivsr.
MONEY MARKET,


This has been very blue day in Wall street. Mon
day Il usually o dull day, but things unusually
heavy to-day The ailur~ ofsn extensive operator In
Harlem had . very depressing influence upon the
kst and has put veto upon any mutations among
the fances for time It is reported in the
that this heavy bull specuator had in his posses
sion many Thousand shares Of Harlem Stock and could
have trosd the market and regulated prices had b.
been able to hold Most Of his purchases had been by
pothecsed and the calls for loans along faster
than he could dispose of them and the stock forced
upon the market sacrificed enormously The hgbes
point touched IA and the lowest far, SIX per
cent the immense quantity o. stock which has
viii continue to come upon the market, must carry
prices many per cent lower Nearly all the stock n.y.
pothscsted by individuals when prcss rapidly ad
vsncing must upon the market and be sold to the
highest bidder. There Is probably margin enough at
present prices to clear tho claims against the
and holders merely look to that having generally very
little sympathy for spectators in fancy stock Much Of
the stock hypothecaed will be forced upon the market
before the margin Is reduced by further decline Full
10000 shares held in this way, subject at any
moment be thrown into the market for sale. II is
very plain what would be the result Of such movement
particularly when there 50 900 shares this stock In
existence nearly the whole of which is floating about
the street. and hypothetical for call loans.
Al the first Board to-day, Harlem fell of az per cent
Long Island ~ Norwich and Worcester u, Morris Ca
nal 4 Canton l, Reading r. r. ~ Reading Bonds n
Indiana Bonds g. from last sae Treasury notes closed
firm ct Saturdays prices There large sales of all
the fsncies at the depreciation and the market between
the Boards was heavy
At the second Board Reading fell of q, Canton u,
while Morris Canal advanced u, Erie r. r. ~ Harlem
K and Long Island 4 per cent.
The resumption Of the payment of interest the state
debt Of Maryland, will, without doubt take place the
LIST Of January ls4s At the last session Of the Legs
ture the Committee Of Ways and Means made an ella
borats examination into the financial condition of the
State, what it's obligations what had been
provided to meet them, and whether the means
adequate to that end In able report by the chair
man Of the committee, 1t shown that with
dhcations In the laws relating revenue 1t certain
that the treasury would be in ample funds the LIST Of
January s4s to the cash payment Of interest
the debt and that thenceforth 1t would be able
pay not only that interest but also the interest the
funded arrssragss of interest and that there would be
handsome surplus left.
On the Recommendation Of the committee the Legis-
lature passed bill providing
ls That the receipt of coupons payment of taxes
should and after the LIST of October s4 next
month";
3D. That all the arrearages of interest then outsand
Ing should be funded in six per cent. stock.
ID That the quarters the State debt pro-
per- due the lst Of January lsis should be paid
that day In cash.
Ath That the interest the funded should
be paid out Of whatever surplus should remain In the
treasury after the interest the debt proper should
be discharged.
The calculations the committee went to establish
the entire ability Of the treasury to do this and the
Lsgisaturs passed the law requiring it to be done
Inc Following Is synopsis Of the law passed the lie.
gsAturs Of Maryland just previous adjournment for
the resumption Of payment Of the interest on the public
debt Of that State -
MARYLAND RESUMPTION Law
SEQ Directs the State treasurer to resume payment
Of the current interest on the public debt the LIST Of
SEQ j Authorizes and directs the commissioner Of
loans after October Is47 to issue six per cent bonds
the holders Of coupons csrtihostes OF interest The
interest the main debt to be hfst paid and then
After deayDg ths ordinary Of the state there
the full amount Of six cent interest the bonds
then what does remain shall be appropriated rata
among ssd bonds and certificates given for the balance
due.
Sec 3. Directs the commissioner Of loans TO keep
record OF the bonds their date and amount and whom
Issued and to furnish copy Of the record to the
nor ana state the LIST OF December Of each
yer. 70 % oy them transmitted TO the Legislature.
money "
SEQ 10 case Of temporary deficiency In the treasury
the treasurer authorized to borrow the hypoheca
ton Of the bank belonging TO the s,a,e ia
70 supply sucn dtncsncy ~ be repaid Of the first
procssds from revenue VIII may thereafter come into
the treasury
SEQ o Any surplus not required for the ordinary az
Of the state the oebt or interest
certificates given for unpaid interest of the later
shall be- applied first TO the payment Of such interest In
arrssr ~ may remain unfunded, and after sueh nm
funded interest entirely discharged either to the Lur
chase redemption Of the bonds issued arrears
interest under the secood section Of the act.
Soo 2cpesls all forner provisions inconsistent with
this act.
1t appears by recent repos that every estimate made
by the committee relative 70 revenue, &c. has been
Allied and that there not the slightest probability Of