The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-03-24

HONEY mARKNT.
Friday, March 81

II
| mr HONEY mARKET.
Friday, March a3-S p. N.
The stock nsrket epened q little more baoysat to-
dsy,snd most Of the fAnoiss slightly improved Spsou
lstors for rise appear to BE- In better spirits than
have noticed for several days pest and bat for the ht
ness In the money market advance of several per
cent would soon be realised The fsncss are we'll held
and holders generally are able to carry them The
slight variations in II market from day to day sh,
how equally the bulls and bears are match d. nd hox
cloee the CONTEXT between h-m The bears ere very
cautious In their operations and do suffer them
selves to become short to any great extent aud pur.
chase ct decline OF half and three quarters per
to make good their contracts In this way thsy avoid
heavy losses sad realise small profits The nustua
tons In Erie Railroad stock during the past week
have been greater than In any other security
ON the list. The Of this 10 the dssps-
rate efforts Of . clique Of bears to dspress tho
market value by selling large lots short. In the
hope that the depreciation In prices will bring
out stock from tmid holders and by thro wing large
amounts upon the market in this way, produce panic,
that they may in and fill their contracts at re-
duoed prices This game has been tried several times
within tho past month, but 1t having worked to the
satisfsction Of the bear party they have been com.
PEELED to adopt another and more desperate msthod
Of flooding the market with stock.
They have adopted the only Alternative left as
derner resort which to borrow the ctook of holders
who are not disposed to SELL and suee bring 1t for
ward for sale The modusiopersndi 10 ahus: an opera
tor having this stock to holder say .hare
the market value Of which So 0OO and offers to
him the full market value the stock without into
rest This the holder considers good operation Is he
has tho Of the capital invested In the stock without
interest," with the privilege of calling for the shares
leaned ct any time but he loses eight of the pro-
babe depreciation In the value Of his property, and
the chances Of never getting his stock back again
When he takes into confederation that he Is losnnx
his property to individual who borrows solely for
the purpose of deprecang It's market value Is much
% possible and who may him the stock nd de-
mand his mensy, when the shares are selling at eght
and ten dollars each below prices current when tho
loan ia made and that bis act he has Injured him.
eeh and helped tho bear specustor to accomplish his
object, 1t appears to us he will pause before lends
himseifto such movement, however profitable 1t may
ct the first glance appear It would be much better for
the holder to sell his stock snd out at once than
to suffer himself to be made tool Of by set of speou
latoss, who leaving stone unturned t. iujure
him. but would DO still better to have nothing to do
with selling or disposing of the stock in any way We
speak to those who have purchased for mt In
vsstment. Keep stock, and by 80 doing you aid
ticular. Operations Of the bear spectators tend
to destroy public condolences in securities Of
al kinds, and, by so doing, place obstacles in
tho way Of the movements Of this and other
railroad companies, calculated to do much harm
These are important why stockholders should
not lend their stock to spectators Of any kind but
there another reason which alone IL sufficient to
deter them from 60 doing and that s the danger Of
losing the stock loaned In the event of the stock
vaAcng instead Of dspreoating the party oaning IL
has no security but the rsspsnsibty Of the broker
borrowing it, that 1t will be returned and then the
owner runs the risk Of losing the advance aud may
not ever be able to get his stock back again without
paying the advance out Of his own pocket.
Nearly every Individual loaning stock in this way is
ignorant entirely Of the object Of the party in borrow
Ing 1t, and the uses to which the stock IL put A
confirmation Of this statement it is only necessary to
refer to which place In Wall street
within the past day two One Of the original sub
scrbera to the stock issued by the New York and
Erie Railroad Company to tho extent Of ono hundred
shares who resides in the interior Of the State was
applied to by letter, by party residing in this CITY,
for the loan Of that stock, for which he would ad-
vance six thousand dollars (ths market, but not tho
par value) without interest. The offer was at
once aecspted-the idea Of receiving $eooo without
interest," with the privilege of calling for his Stock
again Whenever he pleased, absorbed all others-sud
the certificate Of stock forwarded few days after
this transcton the Of the stock happened into
the office OF the railroad company when one of the
directors remarked that he had sold his stock This
the gentleman denied whom the director showed him
bis certificate cancelled and the stock transferred to
tome ono else. This astonished tho gentleman and
he then gave account Of tho manner in which his
etock left his hands, which We have described above
When he informed that he was no longer stock
holder In the New York and Erie Railrs ad Company,
bis anger knew no bounds, and II the individual Who
had borrowed his stock and transferred It out Of his
name had heard him. he would have returned It at
the earliest moment In this way hundreds have been
deceived, and in the end may be dsfrsuded. The
gentleman referred to above, is Of the warmest
friends Of this important and gigantic enterprise
and would not for any consideration have been
guilty Of act calculated to lessen tho confidence
Of the public in the work. al
This game IL played every day with most Of
The fancy stocks, but with them il is q matter
Of NO consequence, e. they have 80 long besn
q football in the street, that no ono, or tn.
property they represent, injured by It; bu.
with such concern a. the Erie Railroad it is totally
different. In consequence Of the immense amour. Of
capital invested in this work. the necessity for It's
speedy completion and the great cost compared with
the original estimates, the public mind is exceedingy
senstive In relation to anything connected With the
securities Of the company and the operations the
road. We have repeatedly pointed out the many
abuses which have heretofore been praetse and have
had fears that the road would bs finished ualess
some great change was made In the management and
In the system Of expe nditure The enormous expen-
dturss have been accounted for, believe to the
tisfaction Of many; at all evente,the most dcut and
expensive parts of the line have been npeted and
by esteady and combined effort on the part Of the
friends Of the company the road will be finished by
the time proposed.
Stock Exchange
SnW S6s, 1867 opu l0SA IUO shs harlem RR b60 60Z