The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-03-06
MONEY MARK gT.
Friday, March 6-6 p. M,

FrI0oy, N10rCn DID Fs M.
Ths stock market opened this morning slightly buoy
ant, and of the fances advanced fraction but
prices rather feverh the first board Norwich
and Worcester fell of 4 per cent Erie, stock. vi
Illinois Bank, a; Canton Co closed at yesterdays prices
Harlem improved Vi Farmers Loan "; Reading i, and
Morris Canal, a.
Between the boards there a further improvement
in several of the fancies at the second board Nor
wich and Worcester went up u Harlem. x Illinois
State Bank Il; Farmers Loan, II !; Morris Canal, Z.
The sales small and made principally to the shorts
to fulfil contracts We have confidence in ad
in the face of the present state of things and be-
leve what improvement takes place, will only be
porary. The money market is tight and must remain
SO, long tho demand continues large and til,
banks along cautiously. slight reaction may
take place from time to time, the shorts in to
fll their contracts but there nothing to put up
prices Of fancy stocks permanently The good sound
solid stocks firm at quotations, and in demsnd,
and the prosperity of the country is increasing rapid
ly, and has become firmly established, that these
stocks daily improving In value.
That tn must be thing too unreal In the fancy
stocks to be held by presidents and bank directors we
should think the late fluctuations of prices ought to a
ford sufficient proof; yet, notwithstanding the prscar
business of the security discover tho of four
presidents and directors holding the Norxich
worcester Stock on hypo;ha alton II is 10 this
that stock gambling is encouraged, and will be,
when bank capital can be brought to it's ma int nance
looking the stock list Of this company
ixteen.tweneths of the stock is held
thus showing that there bonn file owners As it
my be source OF anusemsnt II not gaacation to the
community shall in the course of a few days pub
lish al'st of the In this way it will be discover
cd that ihere Investments in the stock except it
be the very few shares held by the directors and the
single in the Of the preSi lent.
In January l644 the debt OF the Norwich $776
since which II has been increased to 81 80 367 which
difference (ss3 6o2) has been in three years.
and without the slightest prospect Of any decrease bat
the contrary unless the company su cceed in the
purchase Of competitor beat with the Oregon at cost
Of $3.50 OoO the summer through business will be entire
y cut on equal three ssvenths of the entire ncome
The company is reduced to q state of the ost
pitablo Distress arising of the reckless specaons
which recently made to the stock market in
order promote which, tine old steamers of the Long
Island Railroad Company, formerly the property of Mr..
Vanderbilt, purchased for $3.50 GEO they also
built the Atlantic. at expense Of e0Omaking the
SUN Of $4,000.
The object in purchasing these boats was compete
successfully with the stonngton route, in connection
with the Long Island Company; but that the drec
tons Of both companies have heen changed, the Norwich
has to bear the buihen, while the Long Island stands
stes.
The largest and only offer which hes been made for
the Gle opara and Worcester is $50 O0o and from this
practical valuation easy to perceive that these bout
must other be speedily renewed or become useless II
said by that the company would be Ia better co.,
dion II they weie to sbandop their boat business en-
not at all improbable IL it not for the fact
that such an abandonment Of the composition would de-
prve tho company OF an appearance oil soivency'
through which alone they are enabled to keep their
credit going There would also be this dsadvanage-f
the freight brought the road could not reach New
York amounting to one half the receipts this Of
reyenue would also DO lost The dilemma Is most en-
but should it be solved by the sale Of the
old oats and the purchase of two ones, the in
creoss of debt would DO $3.50 600 making the aggregate
Indebtedness 81, 4l0 6oo
In our opinion, tho company should creep along, as
they going until they shall be enabled to as
certain the effect which may be produced by the COM
petion of the New Haven road, forming direct route
to Boston, cutting of all their through travel and such
of the freight is not Immediately in their line
The time Of probation will not last long the distance Of
road only sixty miles TO williams Bridge and, the
for grading have been made the money ready
and the enterprise in good hands, very few months
will tell the whole story.
The Norwich and Worcester company have no. is
sued legal bond except to tho State Of
and to the city of Norwich, and these only by
virtue Of special acts pased for tho express purpose
Every other bond is Illegal independent of tho charge
Of usury, and should the company fall would not be
cognsed by the mortgageos they would interfere
with their prior and exclusive rights.
The elegant steamer Oregon having been put In the
most beautiful order WILL Il is understooa, take her
place In the stonipgion line within month, aud
should Commodore Vanderbilt conclude 70 enter he lis