The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-09-04
MONEY MARK ut.
TUESDAY, Sept. 3-0P.N.

which JENNY Lind takes 90 much pleasure In wearing.
MONEY MARK ut. ~
TUESDAY, Sept. 3-eP.N
There lie no animation in the stock market. Prissss
are slowly but steadily settling down, and Il win -
impossible to arrest the downward movement. Very
few Of the brokers at the board have any thing 70 DO
and there speculative operators in the street.
No has any orders to buy for account Of outdes
and holders have to wait the movements Of the bears
As contracts expire the bears compelled to enter
the market as purchasers, which creates demand
from time to time sna tends to sustain prices This
is probably the extent to which demand for fancy
stocks will be carried this fall unless holders let prices
down to point that will attract outside spssuators
As for starting speculation from current rates It 10
utterly out Of the question is Of those inpos-
sibilities 80 seldom met with in the stock market.
Prices must fall back at least ten per cent
rage before expect outsiders to take hold It 10
almost I'm possible to name q single stock that 10
not selling at prices ten fifteen per cent above
what 1t Is worth. Even the best and soundsst
securities too high. At present, they pay very
moderate rate Of interest The margin for deprscaon
SO great, in most Of them In the event Of dflcu
ties arising In the financial world that pru dent men
refuse touch them prsfering to wait the dsveope
ments few months will probably produce. There Is
not the slightest doubt, in mind but that shall
see different state Of things three months hence,
than exist at this moment 1t matters little how much
gold the banks may have piled up In their vaults
how abundant money may be in the principal mar
kets 1t cannot sustain and strengthen public esnh-
dencs without which 1t is impossible to pressrvs
healthy state of credit and to keep in motion al the
machinery Of commerce.
The present abundance Of money, and the reduced
rate of interest Of the results Of want Of
confidence in the commercial world 1t is impossible
L.. l,.- h -.N> 81 snt>
cept call, and upon the best securities in the
market Business paper cannot be negotiated with
out submitting to . shave varying from one to-
two per cent per month, a rate sufficiently high
to satisfy any one that the money market 10 not SO
easy as is represented. The banks have discounted
pretty literally at the legal rate of interest; but
their lines are much extended that they cam
take but small per cent Of the paper Offering This
compes holders to take into the street. and pay the
rates there demanded by the regularS note shsvsrs
The failures which have recently taken place have
had unfavorable influence upon the street rates for
paper, and have made the banks more esutous.
There many houses LEFT, which are shaking In
the wnd-so many hopelessly nsolvent and have been
so fer years-so many whe manage to Disguise tbs
actual state of their affairs so successfully that their
credit continues comparatively good to the moment
Of suspension that all who deal in commercial paper
may well be cautious and demand high rates Of in
tsrest for the risks incurred 1t s this absence Of
nfdence that is going to undermine and, to csr~
tain extent destroy individual credit and expose tho
rotenness Of who have for been able
to keep the secret to themselves. During the past
two years private credits have been rapidly ex-
tended. They have now reached such expanded
condition that IL requires an immense volume Of
currency to meet the demand This volume must be
maintained, OF the whole system becomes dsranged,
and dic ulties and endorsements follow In such
pd succession that the most deeply involved cannot
extcate themselves and suspension Is orlstsr
the result One failure at restricts the
and increases the liabilities Of perhaps, dozens Of
other houses and 30 until almost the entire COM
mercial community becomes involved In bankruptcy.
when credits become much extended, the msrcan-
tile classes dependent upon each other for sup
port, that when they commence going down, they GO
like pile Of brcks-aii into heap suoh u the
existing condition Of the commercial classes Of this
country and while so many Of them and IL dimcult
to sustain themselves from day to day IL Is not very
probable that speculative movement In fancy Stoke
or anything else, win take place
At the first board to-day Erie Income Bonds de clfn
ed u per cent Farmers Loan, "a; Erie Railroad u.
The transactions almost entirely confined to the
fanciss, and most Of the time sales sellers op-
ton.
The receipts at the Office Of the Assistant Treasurer
Of this port to day amounted to sloo5to; payments
ss2S2 e. balance, 81 15l,12e So. Several paekete
have lately arrived with full and valuable cargoes
and they entered the payment Of duties
will be large.
Treasury notes outstanding the LIST Of September
amounted to szss79 They will probably all be re-
deemed before the lapse OF another month.
The receipts Of the Erie Railroad Company TO. tho
month Of August amounted to sl2e,2o6 H. against
s7o,o2I Go for the corresponding msnth last year
showing an increase for the month, this year, OF
SIS Isl 90 TIE total gross income Of the company
nom January l. to August l. 1850, amounts to $685.
b57 20 same time last year, $4,000 4s-inorease.
this 500 b7 n The earnings for the remaining
I've mouths In the year must amount 500 423 OF.
average Of s122os4 per month reach the estimate
Of the company for 1850 An extension Of forty-tvo
miles Of road has just been opened from which, in
connection with the old line, tAe company viii draw
Its income during the remainder ofthe year.
There las not been very active demand for s,er.
ling exchange for rrnittsncs by the Boston packet to-
morrow Drawers, however, were Grr1, aud obtained.
rates previously eurren. We quote on London TO-
loh per cent prcmiumi on Paris, 81 22ls a ST. %;
Hamburg, '5i4 co. Bremen, 7sk a So Amsterdam,
40 4OI
The jefferson Insurance Company have declared 9
semi annual dividend Of two dosrs and seventy eep.s
per share
The Ph@pix Bank, Of Hartford has declared semi.
annual dividend e. Eve per cent.
The Champlain and sc. Lawreucs Railroad have
given out the contract for the extension Of their line
IL will join the Vermont line at Rousss Point Ths
contractor s TO b. psd BY 500 shares q $50 each be-.
ing f2sloO, and the balance fi6OOO he win receive
"a the shape Of bonds payable IN 1880; the sumo
amount to G7Sodo, for which he undertakes the work
The company pay for the lands which 70 l. estimated
will cost f5ooo The old portion Of the lac cost
100000. but owes a balance Of c23 900, leaving
az 600 the capital actually brought into the new