The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-08-24
cCerren. Fight at F'Orrest's Castle. =
COMMERClAL APPAIRS.
MONEY MARKET.
Thursday, Aug. ass r. NJ.


and the bulls are getting completely discouraged
The transactions day to q very limited extent
and prices closed fraction below those yes
terday There buyers in the market but the
bearr they only purchase when they forced to-
for the fument Of contracts. Government and State
stocks rm at previous prices, but there Is 30 little
doing ia them that form idea relative to the
future regards prices Asfor the fanciss dare
touch them and have heard Of sales within the past
few days Of leading railroad stocks by parties who
have, until recently, had the greatest confidence
in them as Investments. There appears to be grow
ing disposition among holders Of fancy railroad stocks
to get rid Of them and get all the anxiety connected
with owning them OF the mind.
At the second board, there activity In some
Of the fancies, without any change in prices.
The United States ship Dale, from San Francisco
rived at this port, last evening Soon after she left
California her return home 1t announced that
she had board 81 900 Of California gold After
time, that had dwindled down to 5000, 900, and
now, the ship has arrived It appears she has only
Sos COO board, which belongs to the officers and
having been purchased with the specie paid them
by the government for their services. Thus the
100000 has become reduced TO oo0 and that
was received in exchange for American gold coin.
We learn that the Board Of Underwriters have
passed resolutions that in Of tho dessrton of
they will place his name the list Of suspended ship
masters and will not thereafter insure any vessel or
other property under his charge.
The Commissioners Of the Canal Fund advertise for
loan Of $4,000, at interest OF six per cent Pro-
possls may be made for the entire sum- any part not
less than 1000
The receipts at the once Of the Assistant Treasurer
OF this port today, amounted to seo,5s2 CO. Pay
ments $500 asa g. <dviees, $4,000. Balance, sa,-
o59e4l 80.
The semi-s annual ntersst-thrce and half per cent
ON the Erie Railroad second mortgage bonds, WILL
It appears by Official notice be paid ct the Office Of
the company the LIST Of September proximo. These
bonds selling in this market at OIL, nine per
cent below par and In eight days three and half per
cent interest will be paid them This reduces the
market price Of the bonds to s7s per cent This for
seven per cent security secured by o second mort.
gage the property Of the railroad company very
low price compared with lis per cent for
securities bearing but six per cent interest. It ap
pears, no doubt, strange TO many that these bonds
command such . low price In the market, but
when the nature Of the security Is taken into
consideration, 1t will no longer appear So
What 10 second mortgage the property Of rail-
road company or, to begin at the beginning, what Is
q FIRST MORTGAGE The Erie Railroad Company, soon
after It's revival and obtained subscrp
tons for three millions Of stock and then issued bonds
70 the amount o. three millions Of dollars secured BY
what the company calls the first mortgage ell the
property Of the concern, which means nothing more
than the irsn rails composing the track AID all the
movable property Of the corporation This mortgage
does not give the holders In the event OF foreclosure
the right to the road the rails they remain
on the track they have nothing to DO With the fran
shise and they let the rails remain the road be-
comes . highway, and any IT, and their
locomotive and train Of IL. The holders
Of the mortgage In the event Of foreclosure, must
take mp the rails, and the superaxscture, and sell
them much railroad iron ana 80 much timber. To
work and operate the road under the charter, they
must buy UP ct ssms price, o. obtain In some &C.,
majority Of the stock and upon that stock regularly
.sct ,v~s sf directors, and conform 70 ell the
quirsnsnts Of the charter. The mortgage does not
give the holders any control the right Of way
The stockholders retain possession of that In the face OF
nfty mortgages. The mortgage, therefore, merely
the movablcpropsrty Of the corporation, snd
will be very easy for the holders Of the seeend mort
gsse bends Of any railroad company to figure up their
chances Of obtaining payment ssr the nrst mortgage
has been satisfied.
IL IL the general imprsssion among capitalists
and others that the holders Of bonds secured BY The
nrst mortssse en- the property Of any railroad com
pany have In the event OF forsslosurs, emily 70 step
IN and take possession Of ths whole concern and
tnue its operation the though no change hst
taken pisee but such IL not The ease ana We mosA
before the lapse Of many years have the qcsst,on
settled The nrst mortgage Of the Erie Railroad Com
pany would sweep every rail from the track every
and engine from the aspote and up sonpletsy the
property Ct the corporation leaving the second mort
gage bonds minus ell security and the stockholders
merely The read bed and right Of way. To such
somplsIion must ths company, We fear, ssme at last
and then will be that the only vrtue In railroad
mortgage TO the property Of the stockholders
for set Of creditors to the exclusion Of all others In
this view Of the case, view which will be sustained
by every legal authority II will be seen that ths
tet price Of railroad mortgage bond. rules full high
the sesurity warrants and holders Of second mort
gage bcnds will that they have In fact security
tan that they in reality have not much security
% the stockholders for sfer road has been stripped
Gifts rails, its ears it's locomotives and real estate
there i nothing lsn but what the stockholders can
retain possession Of In spite Of Of mortgages
sbopla the Erie Railroad Company DO unsbls Va pay