The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-02-15
COMMERCIAL AFFAIRS.
HONEY MARKET.


There was reaction, to day, In the stock market,
and the sncies all fell OF At the rt board Erie Bonds
(new) declined y per cent; Erie Railroad. u; Harlem
x; Hudson River, u; Reading Railroad, -; Canton
Company u; Morris Canal, ~; and Illinois Bonds, u.
United States 0's 1857, advanced y per cent The
transactions to about the usual extent and the
largest purchasers bears taking in stock for de-
livery But for the demand for this purpose the fall
would have been much greater The ssles time,
buyers and sellers option show what confidence tue
bear party have in the market breaking down and
they doubt preparing themselves for the panic,
and avapg themselves of the present imitation to put
out contracts The feverish, fuctustipg condition Of
prices is the best evidence in the world Of the Difficult
ty with which the market Ia sustained aud
character Of most Of the fancy stocks daily sold In
Wall street, that If money worth only two per
cent per annum, and was Is plenty ~ in London
ct the last accounts they could not be
maintained at current rates. The idea Of any stock
that has, and probably will pay dividend
out Of its earnings being sustained at prices ranging
from twenty to fifty and sixty per cent its par
value is perfectly absurd and appears everywhere
and in every mans mind out Of Wall street.
The present and prospective abundance and cheap
ne,s Of money, will have influence upon financial
and speculative operations just the contrary Of that
generally anticipated. 1t is the opinion Of many
perfcisl observers, that the production Of gold In
California and the large sent to this part Of
the country and oil parts Of the world will give
greater impetus to speculation than before expe
enced that prices for every species Of property and
for all kinds OF stock securities, must become
mousy inflated and that those who purchase at pre-
sent prices must certainly realize enormous profits
and immense fortunes All this Is very aus for the
imagination but the reality will be found far dis-
rent The legitimate operations Of trade and COM
llv nd full fnakaa
duct prosperously; and far this California
movement IL concerned many Will End to their sorrow
that It Is far In advance Of the receipts of gold from
that country and that upon the most reasonable os
culstion II will be years before there will be balance
In our favor trade with that part Of the world
In our commercial intercourse with other parts Of the
world, large expectation Is very desirable thing, as
any balance and above our imports IL usually paid
In bullion; but with California the Is different.
She has nothing pay for large shipments of mer
ehandss but gold and must wait for that gold to be
mined; and In the meantime must keep up ship
ments, and supply any demand that may exist for
our manufactures, products, sc. The large sums Of
gold therefore that receive BY nearly every steamer
are not 90 much wealth added pre- viousy existing
In the country but In payment for property consumed
In California shipped months and months ago from the
ports on the Atlantic.
The innux Of gold will doubt give an impetus to
business generally, and doubt tend to the rapid
developement Of agricultural and mineral re-
sources- may tend to the increase Of works Of In
ternsi Improvement and consequently to the Increase
Of competition between those now In operation and
those that may be hereafter constructed The deve-
opemsst Of our internal resources and increase In
the means Of comm uncstion with the interior, will
probably cheaper prices for staple products and
the cost of transportation. We have felt the
absence Of working capital In this country, snd IL IL
impression that the production Of gold Ia Cali
forpia will not In It's most prolific period.
than keep pace with the demand for additional capital
to carry the commerce Of the New World and the
OLD 10 must be borne In mind that the settlement Of
California has opened deid for commerce.
that has opened commercial intercourse with popu-
lation ten times greater than that bordering the
Atlantic; and before the lapse Of many ears shall
fnd that gold mines California In the
Of the product continuing ct the rate already realized
win not more than sufics to supply the capital and
currency necessary to carry the commerce Of the
Pacific
AT the second board there we're large sales Of Harlem
at an advance Of 2. per cent; Erie Railroad Eris
Bonds, a.
The amount on deposit In the oace Of the Assistant
Tresursr at the close Of business to-day - 2oe
1ee IL.
There is moderate demand for land warrants, and
We quote sl2T $780,
The New England Mutual Marine Insurance. Compa-
ny have declared dividend for the past year 81 ie
cent iusble in scrip and per cent cash Interest on
issued scrip payable on demand
The annexed statement exhibits the details Of earn
'nss and expenses Of the Long Island Railroad Comps
ny, for the year ending December 81, 1s49 -
Lore IsLsSp RsILRoap.
Receipts rom passsngsrs' '.'.''''''''.h ossg
DO hsisht. 1851 ~
Do mail and express ........ 76l0 90