The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-06-29

MONEY MARKET.
Thursday. juno 2B-O p. M.


Of the fAncies fell of largely, with very heavy sale
Harlem appears be the weakest stock the list At
the first board, Erie Railroad declined y per cent Har
lem, III Erie Bonds, y. Reading Railroad al; Morris
Canal, y.
At the sec.ond board the transactions were only to
limited extent without any change in prices.
dividend Of 1--WE dollars each 81 900 Bond Of the
State of illinois, will be paid the agency of the State
In this city, on the I'd of July.
The Boston and Worcester Railroad Company have
declared semi annual dividend Of three per The
dividends Of nearly all the New England railroads are
falling of and this kind of property rapidly acpre
catng in all parts Of the country. The time is not
far distant when railroads will be considered poor
est investments in the market Tho Worcester rail-
read used to be regular eight per stock; but the
capital has increased rapidly that its dividends have
become reduced to six per cent Competition
gance and the employment Of the property Of stock
holders for private purposes will soon bankrupt many
companies which are now solvent.
Later accounts from California look rather gloomy
as regards the preservation Of order There is no
doubt but that the reports relative to General Smith
and his troops, in the main correct Our previous
advices gave indications OF such movement. II such
state of things continues it win interfere materially
with the digging Of gold and tend very much to the
reduction of the supply The amount Of gold reported
to have arrived in Philadelphia from California, has
dwindled from 100000 down to $50 ooo
The appearance of things in Wall street Is by no
means favorable. Money ia plenty enough aud cheap
enough but 1t is impression that there must
be change that more active demand for money will
spring for the purposes Of trade and that many OF
securities, which command high prices, in
consequence Of the abundance Of capital and tempo
rary demand. will deprecate. Money is now worth
five per cent the best security but several of
,ct1,
heavy endorsements paying ten and twelve per
cent per annum for short loans. Business paper is
scarce. and the commercial classes generally at
present easy The enormous contraction which has
taken place in commercial affairs within the past few
months has released vast amount Of capital and
soon as trade becomes active again, there will be de-
mand for this capital In the channels Of commerce.
The unsettled state of European affairs, the pro-
gress Of the cholera, the absence Of confidence in
private<redits and the unusual degree of caution
bibed by all have arrested individual enterprise aud
checked in measure the operations of trade Instead
OF striving to who could do the most the object ap
pears to have been to how little they could get
along with Contraction has been the order Of the day.
state CT the money market
During the stripgcucy in the money Market two or
three months the banking of this and
other Eastern cities drained tho banks the West os
every fraction Of balances due and at this
point the whole Of their resources The effect Of this
was to turn the current Of specie this way III
overfowiDg tho vaults of banks. The result s,
that our banks arc glad to lend money at five per
cent good security; but such is the peculiarly
OF their position that they dare not expand, and
hold themselves in readiness to contract to any ex
tent at moments notice This anticipate and
the time Is not far distant when 1t will be realized.
When we consider what causes produced the present
easy money market, our conviction becomes strength
ened that they will be imperative. Such great
change In the supply and value Of money was not
brought about by moderate means The banks ana
individuals exerted every to the strin-
gency and in the accomplishment Of that they pro-
duced another exreme-s perfect plethora The spread
and increase OF the chslera have tended much to
check business operations anything else and has
therefore given greater impetus to the contraction
The receipts Of our railroad companies have been
somewhat reduced by the panic produced by the cho-
lers upon tas travelling community At all events,
1t Is attributed to that cause; but that alone not
sufficient to account satisfactorily for tho great
falling on In the income Of roads dverging from
this city. II does not account for a falling of
OF thirty-three per cent in the receipts Of the
Erie Railroad, compared with what considered
the most moderate estimates 1t the opinion
Of the management, upon the opening Of the road
to Bipghamton, that the income to that point,
for the year 1s4o would amount to 81 1000 0OO
The I'D has been opened to that point Binghamon,
nearly six months and to Owego thirty miles further
nearly month and the gross earnings for the six
months for tho whole business Of the company incud
ing the freighags Of its iron, &c., which in
cuded in the returns, will amount to but little
than three hundred housond dolors Here IL falling Of
Of two hundred Thousand dollars the first six months
and We have every to believe that the last six
months will present similar results This will be four
hundred thousand dollars for the year which, deducted
from the estimate leaves the gross earnings for 1872
100000 The aggregate may so little over this it
may reach 100000. This will not than pay
the interest tho companys debt aud issues of STOCK
leaving deficiency Of the running expenses aud
pairs which will amount to between four and Ave hun
dred thousand dollars-an item Of Importance to
be carried to construction account to be paid out Of
the issue of bonds The entire resources of the
company now lay in the balance of the four million
loan not negotiated and unssued. The disposal Of
those has been annexed -
NEw YoRK AND ERIE RATLRoAp-NEw TssuE or BoSDs.
Amount negotiated at Is cent discount $500 900
Amount issued to contractors. .. 1000 900
Amount Issued for purchase OF iron. 100000
To be issued to pay interest for the year 1849,
on debt and stock 500 900
Balance applicable to construction Of road 500 600
Total OBSERVATION-DISCLOSURES. "a 600 900
W this amouns, only about three millions In the aggre
gate after deducting discount So, will be applicable to
the extension Of the road from Bnghsmton west We
form idea Of how far that will go towards
completing the road by taking into tho
cost of the road this side Of Binghsmten The two
hundred miles from Piermont to Binghamten, single
track OF the most outrageous character far grades
and construction concerned cost about twelve mil
lions OF dollars at the Of sixty thousand dol.
lars per mile. From Binghsmton to Dunkirk the dis
lance is 204 miles, which, say at $50 oOo ony
the cost per mile of that this sde) will mako an ag-
gregate of $40 1000 to pay which the company had
TO commence the distance with, but three millions Of
dollars, leaving deficiency Of seven millions OF dol
AIRS. In making this estimate, we have put down the
cost of the road por mile west Of Bnghsmton only
$4,000 per mile, and have made Gale ulatlon Of the
annual deficiency in the receipts to meet the pay
ments Of interest, running expenses, and repairs