The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-12-29
MONEY nlARKET.

fell of fraction 1t 10 the general impression in Wall
street. that after the LIST Of January, there will be an
Improvement In the money market and in quotations
:or stocks Money Ia now much easier than It was q
month ago, and the banks exhibit disposition to
make discounts The offerings very limited to what
they were few weeks SINCE and large amount Of the
paper held by the banks has mstursd They are there
fore better able to oan and they will be compelled to
discount pretty freely for some TIM, to squeeze out
their ordinary dividends.
At the first board, to-day Reading Railroad fell of u
per cent Farmers Loan, Canton Co, u; Harlem,
u Illinois SIS, Y; Reading Bond, q Treasury Notes
q Norwich and Worcester, aud Long Island closed at
prices current yesterday. NORTH American Trust nd.
vsnced u per cent At the second board, Treasury
Notes declined per cent Harlem, NJ Long Island u ;
Canton, y Reading Railroad u. The transactions at
the afternoon board were only to moderate extent
The susquehanns Bank Pennsylvania has collapsed
The rotten banks are exploding all around 1t would
be we'll to refuse anything but New York bank bills and
see that they are secured by New York State stocks
These bills good gold The trash that Is sent
into this city for circulation from New Jersey Penn,y
vania, and other States, should be avoided.
The Paterson and Hudson River Railroad Company
have declared dividend Of four per for the last
six months payable at the Manhattan Fire Insurance
Company the Sd January.
The organs of stock spectators already at work
striving to get up some movement among the banks
aunu the effects of the financial affairs In Europe upon
this country The slight lu in the panic In Europe is
taken advantage Of by these parties to convey the i'm
preston here that the crisis past and that apprehen
sion is longer necessary relative to the future The
they have adopted to restore confidence are
calculated more than any others to destroy the very
germs of returning prosperity They may create tenn
porary revival OF confidence, and temporary relief in
be Of artificial character, the measures taken to
produce them entirely Of artificial nature Iti
the most dangerous thing in the world in times like
these to induce spectators to believe that there Is no
longer danger that they expand their opera
ons with mpuuty that the only thing req ured to bring
prices back to the old expansion the part
ofthe banks, and an imitation credits There
is doubt but that such movements would produces the
result predictsd but it would be short lived 1t would be
like stimulus forced upon an invalid, creating tenn
porary excitement to be followed by prosraton en-
dangering existence relapse is guarded against in
medicine with the greatest care and much soctude
is necessary In relation to reapses in finances revo-
luton in commercial affairs cannot be alayed In week
month, and it is only by the cautious measures
that revival Of confidence can be established The
only sefs and method IL to leave the evils to repu
late themselves: they will In time work out their own
remedy and as general thing every movement made TO
anticipate their action Is attended with or less
danger. Every interference Of the government apv
change, however slight mads in the financial or CONNER
cal systems Of the country, when revusion exists
decidedly Injurious and Objectionable We look upon
them with alarm and oppose every inter-
ference of the kind particularly when the
In financial and commercial affairs have been produced
by speculation, overtading, by the alterations
In the financial and commercial systems Of the country
he cial Of
country labor under the instability of government
measures, affecting in any way the financial or com.
meroia movements Of the country. 1t is these con-
tinued changes, more than anything else, that cause
SO much difficulty and dersngement; many nuctua-
lions In prices, so many panics, SO many revusions
and SO much bankruptcy. II tho governments would
either let the people alone altogether or adhere for
greater length Of time to the systsms they do adopt
there would be more regularity In prices better foun
daon for individual credits, and permanency in
all our commercial relations. 1t Is the alteration
and modification of system, before q fair opportuni-
ty has been given for fair trial, that creates 80
much mischief Whatever difficulties follow any change
in any important law invariably attributed to these
changes and further changes made to do away with
the reputed evils resulting from the first change in this
way continual agitation kept up and no one knows
what to depend upon from ono year to another When
any important measure passed. there no guaranty
that 1t will continue for any length of time All that Is
necessary to bring about change is to get up panic,
delegate committees to wait upon the government,
threaten to compel the banks to suspend, by with.
drawing the deposits, and tho Objectionable part of
the law is repealed or temporarily annued The
recent interference Of tho British ministry in res.
ton to the Bank Act Of 1874 illustrates this system and
proves concusivoy the truth of remarks The in.
huence brought to bear upon the government of Eng
land In rrfgi Il suok.
that 1t cannot be resisted, and the impression In the
financial and commercial circles Of London is that n
there Is any immediate necessity for it, any law reeua
ting trade and commerce can DO altered 70
meet the exgencies of the moment
In this country 1t requires longer period To hiring
about change. There is more political machinery I,
put IN motion, more strings to pull before any required
result can be reached The fnancers Of this country
have not 30 much influence In our councils and the
people have, directly more to do with the laws than In
any other country the face of the earth Eves with
this the most ruinous changes from time to time
made In our systems OF finance and commerce and ea,
stors are continually nkeripg the currency PARTY 4,
more powerful here than in England, and party msa
sures undergo very little alteration long their sup
porters remain In power We opposed to all change,
in times Of difh,ulty and distrust
The Michigan Central Railroad COMPANY have de.
clared dividend Of eight per cent, on the earning,
Of the road up to the LIST OF December The apns.sa
account exhibits the condition Of the company on tn.
3oth Of November ls47 -
CENTRAL RAILROAD, MrcHiaAN
Inc company PAID the state for the road. In cash
ana STATE indeotedness. ..'....... 1000 900 90
Balance OF interest account. .......,. u sal IA
Deduct discount from the purchase re.
ceiSsd on state Indebtedness. .....,.. bOs,Ol6 80
~, -, Total cost OF the road ....... $3.50 3o5 10
TO this amount add subscription Of 1000
shares received. ...,......,.,... 100000 90
Ihe total cost oil the stock B. $50. Sl7la 305 10
This being divided by % 900 shares, makes the net
cost OF each share seventy eight dollar. and fifteen
cents.
The earnings Of the road from the asa of septeber
1910 to the FIRST Of November 1917 amount in gross
- $3.50. ...ttss,t, -. a21 ijt II
Estlmstsd earnings for November $40, 10000 90