The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-07-29

MONEY MARKE 4

The stock market opened very weak this morning and
prices appear to be very unsettled At the first board
United States g. 1862, Farmers Loan and Long Island
closed at prices current yesterday Morris Canal fell of
H per cent; Reading, a, and Harlem, VI Norwich and
Worcester advanced Y.
At the second board Harlem advanced u, while Far.
mers' Loan and Reading olused at mornings prices
There sales Of Harlem to some extent at both
boards but the transactions In all others
ingy limited.
The mails for the packet Of the lst proximo from Bos.
ton Britannia close Saturday the 3lst instant and
there will not be much activity In the Foreign Exchange
market until that day At present the market Ia very
heavy and quotations very fsverish Prime bills
London quote at 6S ~ per cent premium, On Pa-
rs 5f33A n 5f3Ik Amsterdam, 39H a 39H. Hamburg
35 85A; Bremen, rs Il 7sz
As we have always taken deep interest in the
Of the Harlem Railroad Company regardless Of
dislike Of the policy oformer administrations having dis
covered the system Of propensties pre-
viousy exhibited shall not thsrsfo-e its present
to the hope that stock
holders meeting will improve the prospect of things very
materially The road Is now at Somers, at which point
1t has arrived through series Of the most puerle and
irresponsible fscal appliances exhibited, and to
such extent Of extravaganza have they been carried
that the last twentyeght miles of road which ought
not to have cost S6OoO00 has, under the
crifee Of 1000 shares Of the capital Stock
100000 II the residue Of the work should proceed at
this rate the seventy eight miles, yet remaining to be
constructed will require at least 100000 and
discover to anticipate more favorable re.
suit The report we published day two since, pos
other characteristic than narrative OF
exaggerated dsresses destitute alike ofsympathy for the
interests Of the creditors and stockholders and utterly
devoid ofany suggestions promote the future prosperity
the company is almost impossible to discover the
motive which could have aotuated the direction TO send
forth this statement except we adopt the current
that most Of the directors have not only sold their
stock but that since have been engaged in selling
decline.
The efforts Of this company have from the commence
ment been embarrassed, but notwithstanding this the
road has gradually progressed, and the creditors,
although sometimes delayed, have uniformly been
satisfied. 1t Is not, therefore, to be wondered
at that the public should be taken by surprise
when they expose utterly and permanent
y destructive Of every hope for assistance to be de-
rived from credit based the expectation that the
road when finished would preve ample security for any
confidence. The suicidal course which has been pur
sued by the board must for the present annihate all
prospect Of out assistance unless the directors
and the ockholders shall make immediate advances
bankruptcy is inevitable.
1.-THE board had intended to abandon the company
the creditors, incapable Of floating under
the weight Of its heavy indie btedness, they ought to
have prepared their report for the special
of meeting of the stockholders in order tain
what their will, and whether they might not be in
duced to aid in relieving the company from its difficult
ties possessing knowledge of their distresses they
would not be willing to join in the surrender Of their
franchise hopelessly and inevitably shipwrecked
The which been put shoat ought
to create the greatest caution among mechanics
the by their own showing proving themselves
to be nsolvent and at the time, reducing their
by stating to the public that their road not
safe In proper condition for expeditions travelling
As the board have seen at to expose without qualf
cation and without the sanction Of the stockholders the
condolences OF the company, the public ought examine
their proceedings with the Jealous scrutiny espe-
cialy when take into consideration the notorious
fact that the condition Of the affairs Of the company
examined and well understood by the present drec
ton previous to the election and before they had
opportunity to initiate the speculative value Of the stock
make market for themselves while the public
conAding In their boastful pretensions.
The dividend class Of Eastern Railroads have fallen
of little In prices In the dividend Of railroad
stocks there less activity and have dropped
der the extraordinary rise Lowell has been sold
at 20 Worcester ak AJAX, Fitchburgh 80, Maine II
for old and for new, Eastern IL lK and Providence
81 per cent advance, since the stir in Blackstone
line Western fuctuated during last week from u
! 10, and back to It's standing point.
The line Of railroad from North Chelmsford to juno.
ton with Ftchburg to Groton-l3x miles been let
for about 500 600 The contractors 25 per
cent Of the amount Of their contract In stock.
The receipts, expenditures, net income and dividends
of the Nashua and Lowell Railroad Company. for the
past six years, were annexed.
:, NASHUA AID LowELL RaTnoAp
Year R.es,pts Erpen.ss Me- iseome. Dividend'