The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-10-09
c 0 Nj M ERClhL AFFAIRS.
MONEY MARKET


There was slight in provement in the stock market
to-day but with less activity in the fancies than We
noticed at the close of tbs week There larger
sales Of Harlem than any other in the list and the
operations for cash sellers option The stock
was freely offered but the purchasers principally
the bears who only took enough to fulfil contracts
immediately maturing. Canton advanced 9 fraction
at the second board with small sales but the stock
must soon come out in a,ge lots The depreciation in
the property Of this company apart for tAe payment
OF scrip Issued in payment Of dividend Of $40 per
share about three years since has very much weaken
ed the confidence Of holders In the the stock
Property valued at that time at and TWEEN
ty-fve thousand dollars, (upon the sysea practisod
by all stock ane has recently been sold at auc
ton for less than twenty thousand dollars; and the
holders Of scrip will only realize about 81 so per share
instead Of II holders Of Canton Company stock arc
keeping 1t out Of tAe market because they think its
own merits will run 1t up, they may find out their
mistake when it is too late 1t is however, fortunate
for these outsaers, who might have been induced to
purchase, if the stock bad been freely offered much
tor that bubble. IL is impression that people will
get their eyes open by and by.
At the first board to day, United States Sizes 1867
and IS, went up y per cent Farmers Loau Ri Hud
son River Railroad u; Reading Railroad n; New Ha-
Railroad fell off u; and Pennsylvauia Elves n At
the second board States Skies 1867 and Canton
Company improved = per cent each.
The receipts at the Office Of the Assistant Treasurer
e this port to- day, amount to Sl03 e04 40; payments
Sl05735 59-basnce $S sol Ss3 SO.
The amount OF United States stock issued from the
Treasury Department. Washington, to foreigners, from
the 10Th of September to the 9th Of October nssivs
Of which $40 SEQ Of the loan Of lssI,
aud $1,000 Of the loan of 1s4S.
There Is vast amount OF financial genius sonssntra
ted in Wall street. but 1t Of that peculiar kind THAI
is used very successfully for feahsrng the nest Of its
posfesscrs. Once In while the secret operations OF
Of the leading residents OF that section Of the
city ccme to light and open the eyes Of those who
have been made oels Of by certain parties the ad
vancement OF some movement Of great importsnss to
the re-puers The most recent financial operation
Of this kind that have heard or Is In relation 10 the
New Orleans Canal aud Backing Company. II appears
that majority of the capital stock OF this company Is
held in this city b. clique Of fnanciers the head and
front Of which is Matthew Morgan Esq., and the anArs
Of this institution managed by this clique little
back Of little ONCE In Wall street. The stock
holders In New Orleans, and the merchants in that
city doing business with the bank, have the nrst
word In the Of the concern voice In the
choice ofooers Heretofore this has rather an un
pleasant position to be placed I'M but the Wall street
clique are about maturing plan by which the New
Orleans Canal and Bsa king Company will be Transferred
body and soul to the breeehes pocket Of Matthew Nor
gan Esq., heneeforth and hereafter for ever Insorpo-
rated companies are, in all cases governed and CON
trolied by the majority OF stockholders and in most
cases. the majority act for the best interest Of the
whole; bat in this the oavcs and fishes mono
polined by clique, without giving the minority what
they ct least entitled to- viz voice In the local sd
mnistration Of the company's AFFAIRS They have no OBJ
lection to Matthew Morgan Esq retaining the agency
In this city, which ia worth from thirty fifty thou
sand dollars year, but they are opposed to the ap-
poiltment Of George Morgan, Esq brother Of Mat
thew President and the shipment cashier from
Wall street-one educated Ia the modern school Of
nance and thoroughly inbued with the Wall street sys
TEN. They in favor Of clean sweep Of the present
board Of directors, president, and cashier bat they
claim, and justly too, voice Ia the selection o
candidates for the board for the presidency and
cashier. The New Orleans and other Southern stock
holders propose that the officers OF this Institution be
selected from residents If New Orleans that men be
placed In that position who intimately Identified
with the commercial and financial classes Of that cty
and who have, by long experience, become Intimately
acquainted with the standing OF those who ere In tho
habit Of doing business with the bank. The Wall
Street clique who manage th, concern propose 10 send
a cashier from this city, and pay him . salary o.
$40 oco. This In the first place Is eIorbsnt salary
and In the second place, the object In making sueh
lOs,es and hshes much possible to the family In
nuencs. There 10 another object In view which does
not appear ard that L. change In the foreign agency
Of the bank. overend, Quincy 4 Co of London, one
Of the best house In Europe at present the agents
but II lie proposed to favor one Of the clique here
Belmont-by the appointment Of the RothsehiIas
This throws another large sum, annually paid
by the bank, in the shape Of commissions, into the
hands OF the Wall street coterie We satisfied that
the Northern ttocshoders who have given and those
who contemplate giving their proxies to the Morgan
party are ignorant Of the that will b. made Of The
power they are 90 blindly dispo.ing Of
Therei agent CT the Southern stockholders now
in this eity-Cuthbert Builitt Esq, Of New Orleans
who represents not only the shareholders Of that see-
tion Of sountry but the merchants Of that city and
would be veil for the stockholders here who have no.
disposed Of their proxies to consult that gentleman
He lie authorized 20 propose comprcmse, and there a.
doubt but that the real interests OF the
at large would be advanced by adopting the plan pro-
posed by the souhern minority portion Of the share
holders. The capital Of this bank IL $4,000 oOo aud
the market value Of the shares Sos go I'll thus
seen that under the Morgan standardization he shares
sell at go 81 per cent discount while u 10 ia. opinion
ofMr Bulltt and other leading merchants In New Or
leans that In less than year after the Institution
vas placed in proper hands st home the stock would
sell at par.
The annexed statement exhibits the quotations for
for,ln and domestic exchange for specie End for ur
current money
oo,rosSss Ersa..es.
q tSfi..::Ss..ss On On Shssisss'n
F Fs'tSs ss:sl,; q .s,'l $500
psi,ir-ors ;. -. para 4 ds North csr.iisa. as