The New York herald., 1850-01-05
ConMBRCIAL APPAIRs.

NJ.
This has been another blue day In Wall street for
bull spectators The sales wers very large particu-
larly Of Farmers Loan At the frat board, United
States e's 1858 fell oil u per cent; s. os 1857, y;
Ohio 6's u; Pennsylvania SIS, al Harlem, 4; Canton
Co, 1S Farmers Loan, z; Erie Railroad, n Ports
mouth Dry Dock, "a; Erie bonds new, were advanced q
per cent At the second board declined ~
and Recalling Railroad u per cent. Farmers Loan APP
peared to be the great foot ball Of the to-day and
they kicked it about to pretty good advantage.
Harlem crowded of in large lots, notwithsand-
ing the reported receipts aud probable dividend No
shrewd speculatsr would hold Harlem Railroad stock
beyond the payment of forced dividend, aud nothng
would bring the stock upon the market rapidly,
than the declaration Of such dividend and It would,
doubtless, be highly gratifying to the bears The
bulls have for time past been selling this divi-
dend, and prices have rangedi from to
and q half per cent. The effect of such q
movement the market value Of the stock, would
be highly upfavorsble and the effect upon the real
value of the stock would be equally injurious We
have in the Erie Railroad illustration of the effect
Of paying dividends out of the capital Previous to the
closing Of the books of the Erie Company the stock
sold at 6s dividend of would reduce the price to 90;
but the reduction has been much greater sales having
since the opening been made ct So per cent Outside
operators Lderand perfectly we'll the object Of these
forced dividends and generally take the advantage Of
the hrst effect upon the public mind. There is
in giving good advice to the managers of these fancy
companies but holdere should, by all means realize
In anticipation Of q dividend.
The decline in Farmers Loan is the effect, doubtless
of the recent decision against IT, In the Supreme Court
and the decisions Of the Court Of Appeals in the Dry
Dock Bank ease, and that Of the North American
Trust Company. There is not the slightest doubt but
that the claim of the Farmers' Loan referred TO- is
cd vi he n ia md ynli.
that point the result of appeal to the highest
court would, undoubtedly, be equally unfavsrsbe to
the company.
The money market has, for some days past been
stringent than at any time within the previous sx
months and the strngency in the face of such large
supplies the harbipger hard times Oar banks have
stretched their discount line to the utmost and the
present demand for money is evidence that individual
credit has become enormously expanded. SO long as
the banA maintain their present amount Of loans
and supply Of money from other continues
large may not, ZOE time, experience any ser
embsrrassnents but in the event of q get
ting loose of he banks being compelled to contract
suddery to any extent there will be trouble among
those who bsve been carrying too much SAIL and doubt
less many will be dsmssted For the past eight nouhs
every has been going ahead rapidly his csp
tai and credit would carry him. and lately the impe-
tus has become great ths. many have got beyond
their own control and must soon bring on some lee
shore, perfect wrecks We cannot always expect fair
weather and smooth sailing and fear few pre-
pared for the storms and head winds they destined
to experience Large amounts Of paper daily
offered In the street FOR discount and the rates
from seven to nine per cent for the best.
The receipts at the Office Of the Assistant Treasurer
of this port day amounted to s23 49, Payments
secs 53; balance, $a,5e4,s74 54
The annexed statement exhibits the value Of msr-
chandise imported into and exported from this port,
in each month Of the past year.