The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-06-13
COM MERCIAL AFFAIRS.
MONEY MARKET.

Monday, June 12-6 p. NJ.
At the opening of the market this morning the quo
tations exhibited an improvement upon those current
at the close Saturday. but before the close of the
first board prices dropped and closed at decline of
half and three-quarters per cent At the board Long
Island fell off u per cent; Harlem 1; Canton y; Nor
ris Canal AZ Farmers Loan u. After the b, ard ad-
journed the market rallied little, and most Of the
fancies sold at an advance Of fraction.
At the second board Treasury Notes declined 4 per
sent Long Island 4; Harlem closed at prices
in the morning
Sterling exchange continues in very moderate de-
mand The sales have been small for this packet and
the rates rule at 10'< Tx per cent premium.
On Saturday, the 18th inst, bids for the six per
cent loan of sixteen millions of dollars will be
ut Washington Bids for much larger sum than that
required have doubtless been made before this at
MUM varying from to two per cent; but nothing
of an official nature has yet TRANSFERRED and probably
will not before the appointed day.
The Planters Bank Of Savannah, has declared semi
annual dividend of four per cent.
The Washington Insurance Company, Of Cincinnati
have declared dividend of forty per cent to the
sured ten per cent to the stockholders, and six per
the scrip holders, out Of the profits of the past
years business.
company has recently been organized under the
general law, for the construction of railroad upon
the most direct and eligible route between Syracuse
and Rochester under the of the Direct Railroad
between Syracuse and Rochester. The directors met
at Lyons, Wayne county on the 7th instant, elected
the officers of the corporation and adopted the neces
sary measures to commence proceedings for making
the survey and procuring the titles of lands 1t is the
intention of this company to carefully and fully
vey and examine the several routes, with view to
lect the which shall be found most favorable for
the work The directors residents of the principal
towns along the limo and there is doubt but that
the road will be speedily located and completed
Along the line of tho Erie canal there q number
of large and growing towns which have at present
other outlet their travel freight &c but the canal
and 1t is full time railroad ntersected that important
section of the State That would pay good dividends
upon its cost if economically constructed there is not
the slightest doubt.
By act Of the legislature of Ohio, passed at the
last session. all banks incorporated companies, in
that State, doing n banking business, or exchange
broker money broker, private banker, other per-
who shall receive money on deposit or buy and
sell bills OF exchange or loan money or exchange one
kind of bank bills or money, for another with view
to profit prohibited from paying out, or giving in
exchange fol other money, to go into circulation
in that State, any circulating notes bills except
those issued by the banks of Ohio according to law,
under n penalty of one-haf Of the amount of notes
bills paid out. This act went into effect the 1t
of June The Ohio banks will not, of course receive
on deposit any bills but those issued in the State
foreign bank paper can only be received by them for
she purpose of being sent home for redemption. This
will purge the State Of vast deal Of trash which has
n. -stofore been palmed upon the people, sutjectng
than to serious Losses, and the most barefac ed
svndli, g by set Of fnanccrs Of the wild cat order
TIL. III ,os and Michigan canal connects Lake Michi
ran at Chicago, with the Illinois river at La Sale
This last named point is usually considered to be the
head of steamboat navigation the Illinois, although
boats do occasionally pass further up the stream in
times Of high water La Sale is 2l2 miles above the
mouth of the Illinois, $50 above st. Louis, and about
1900 above Now Orleans.
The ca nal is work Of tho first class both in point
q, capacty and in the character of its workmanship
Il will bear an advantageous comparison with any
ol ON this side the water not excepting tho
" enlarged Ere,n and will not suffer by comparison
with similar works the European side Of the Allan
tic II Is 60 wide at the surface 30 feet at bottom
feet deep slopes to 1, tow path 10 feet wide, and
berrn-bank feet do the locks IL in number are ITO
feet long and is feet wide in the clearconscquenty
of the same size as the locks Of the enlarged Eric
and designed for boats carrying from 100 to 12o tons
The whole amount Of lockage is less than $50 feet
The conjunction Of the canal was commenced in
the want of adequate funds TO prosecute the work
operatons were brought to close; at that period
about s5oooooo had been expended; the entire cost
upon the modified plan is about six and half millions
of dollars II was at this juucure that tho State o.
Illinois in order to secure loan of money sufficient to
cornplete the canal upon modified and less expensive
pnn of construction, offered to pledge the canal and
all its works together with go 900 acres of cana
lands to such Of her creditors would forward
and advance n sum sufficient TO complete the
work in the modified form, the estimated cost
Of which wa, set down at S16oo,Oo0 As an addi-
tiona nduccmen the creditors to come forward and
furnish this the State agreed to register bonds OF
<he subscribers TO the loan TO extent equal to twice
an half tho amount they might subscribe and
20 500 'urc 60 such subscribers priority of payment oil
said rco 'sered bonds both interest and principals and
Tor tho se 'ury thereof the canal lands &C. were by
the law authorizing this measure, to be placed in tho
hands Of three trustees two acting for tho bondholdcrs
or spbsorib.rs to the loan, and for the state.
I'm this proposition several of the large holders Of
,ons IN Europe caused tho canal and all its affairs
bo examined by agents appointed by them for that
unrpose and upon receiving from the agents thus mp
ponted satisfactory evidence that the property offered
ne security for the loan might be considered sufficient
10 reimburse the same principal and interest," they to-