The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-04-03
GOMmERCIAL BFFAIRS.
MONEY! MARKET.

and prices of the fsncies reoeded fraction.
The transactions were large, and principally on tine.
The bears exhibit disposition TO put out CON-
tracts Within the past day or two the money market
bss sepsbly frightened and the probability is that for
the next month two the demand for money will Boz
In Of the supply Loans call cannot be made
at lees than Elk per cent and the best business paper
cannot be Negotiated less than eight and nine per
cent Our predictions upon the eve Of being fully
verified At tbs first board TO- day, Norwich and wor-
cstter fell of per cent Erie Railroad a. Long Island
n Reading Railroad y. Harlem q. United States o's,
1867 advanced u per cent and North American Trust
n At the second board the market was better Erie
Bonde, second mortgage. went up per cent, Morrts
Canal y, and North American Trust X.
The balance Of the Mexican indemnify, 81 900,
due In June s in Of payment, In antieipa'
ton maturity the agent Of the Rothschilds Tho
viii reduce the deposits In the hands ofths Assistant
Tressursrs but the effect upon the money market viii
be unfsvor.bie This amount is transferred BY the
Of Mexico to the British holders Of Mexican
bonds in accordance with the arrangements made By
the agent Of the creditors Of that government
The receipts ut the ONCE Of the Assistant Treasurer
Of this port day. to $4,000 49, payments,
81 $40 so balance. S4,6l7 9o4 Is.
The Reaching Railroad Company paid one and half
per cent on their bonds Of 1870 yesterday. They
v consequently be sold rstesaly below the old bonds
OF 1850. Hereafter the bonds pay three per cent
the frat Of October and April. A
The Illinois and Michigan Canal wss opened on the
22d Of March, and business opened very actively The
favorable for asrge trae during the season
The total value Of Canadian imports, In 1s4e, was
s12olo4oo. The gross received from customs,
ior the same period was si,7o2o a4-showins IN In
cr-ase Of revenue, over ls4s, Of s4o5 So7.
The Legislature Of Virginia At Its last sessou, appro-
prst.d 81 SIS to the various internal
in progress throughout the State or this amount,
SPA eco Was placed to the State account, o24 AIS
placed the joint stock principle, and $sss,Soo 10
guaranteed bonds.
The capital stock NJ the Alton and Springfield Rail-
road Company lie 81 100000. The charter required the
Of ono half this stock before the construo
tiop the road should be undertaken. This $4,000
has been taken followss $500 900 BY Eastern espi.
tats S1o0 eco by the Corp rston Of Alton; $027oo
BY Springfield; and the remaining ST. 200 By psrsons
the line Five per cent Of this stock has been paid
INTO the treasury and notice has been issued for the
payment Of IN additional i've per cent. The read
when oomplsted will be seventytwo miles In length.
Wslesrn that the company hes contrseted With New
York company the entire completion Of everything
surveying grading track cars, So for tho
sum OF $3.50 900. us rrf trat ga
III. DOCUMENT lately put forth BY the Hudson River
Railroad Company 10 good illustration Of the strength
Of contrasts Of iueorporatsd companies. The spsss
yeading exhibited in the argument where a. attempt
vss made 20 show that the stockholders merely made
With themselves and therefore he'd perfect
right repuds,s n at pressure s unworthy the Cha
rsossr of thoes whe have taken IL ssspesabssy ~
does not accord veil With the promises made pre-.
vious to the subscription TO the three million stock,
and coonrms everything SAID relative to The eo1-
psny before II formed After the eonstrasson Il
thsrs,irosd had eommsnssd, It wsud have bean more
ssssfsetory TO have had predotons REVERSED
. work Of great Importance to this city. Il would
have been Distraction TO priis Of opinion had it
progressed prosperousy and the company been able to
have fu6Ilsd I'll Its obligations and agreements In the
face Of truths than have expressed rslssivs
to any other railroad company In this eouotry,
except the Erie, the three millions Of stock subscrp
ton filed mp, and the result satiepsssd has
s'rssay been realized. The additional cost has BEEN
more than we estimated. the construction OF the
rosd hes progressed full fast anticpsted u o
amount Of trxse large cseulssed upon, and the
sequel precisely predicted II would have ben
much credi,sbls TO the management he'd the
pension OF cash payments Of interest been put upon
tirsrept ground thsa that assunsd Ths sauss 10
cheer necessity; sod In scksovlsasisg the ertstsa
obligation to have been made In good faith, Il vsul4
have been better 70 have esilsd ms<tsg Of ssesk-
holders and thrown this responsibility upon thsn- In
stead Of adopting that prudent and proper shs
tnoo0
Who might IN convention have voted for suspsasios
opportunity nn5 fault and complain Of ths sosss
pursued. We must novisok to the dirs-t,rs and ssa.
not lose sight Of the fac, that the very sho en-
tered into the contract to psy interest have the
rspudistorr. They ssy there h violation Of eoa
tract bscsuse there eontrsoag parties Bsf,rs
the subscription to ths STOCK the
panyi Who the Individuals ssusdin the ehartsrf
Who we're the Commissioners, They the con-
traoting parties. and the psblie we're vhss1led aaa
soaxd into sobserpsion TO the stick upoa the promise
that intersst all instanents would b. psid rsgz-
iay and that when any portion Of the road shosld
applied 10 the payment Of Interest not this CO.,
tract Asd -hsn these s;ipostioas are not soapnsa
With, 10 IL not violsiou Of thu contract, Out upoD
sueh auibblipe would have been wpoh hosors-
BILE TO have admitted the full force soatssst sse
openly sekpcsi-sa.d lie foi1inens An imycsssbility
The very extract the address msds 10 public
under date Of January sts, 1871, s.ys-.r bsy
tthe ccmpsnies) have however. sssisssd thsosslvss
that Il perfectly sopsssens With the ast Of abe Lss-
sturs TO DO lpsy inssset SAD ssscrdiaxy thsy e.
not herissse Va nsh- 10 Of The terms ssd
ditoss OF sub.erivsios.r How IL possisss " seq, In
The face Of this sossrsssiss psss.s
We have always mslussined thst " vss unsound 20
leg TO take mcs-y out Of one pocket Of stoskhad~s
TO Put m-mnu ne . hsavy ssavs-ssto the osbsr ssa,
no small amount Of Evaporation hes ssen bespsd upon
ne for % fequsssy and - boldly expre.siss eur
opinion ssssrasssiy We have time and sxsia pre-
dsssed What would BE the result and vb-rs s.ch policy
must md. In the es-s Of the Er1s Ne have Sess-
TOLD this vstA the s~rsaiusy, from ssssss ne
inmebee shsves vhieh have been submitted w. FOX
The purpcse Of paying scekhoidsr six per ssat m
tsst and jet many stockholders pocket sush snsspsse
With ~ nssh satisfaction n had been earned. sna
not borrowed At sueh ruinoas rates. The Hudssa
River Ra'irusd Company is the arst that hes ben
compelled 70 sc~s 10 ssna stiil sud ve hope the
board % msnss'msns -il cone cut in manly nam
nsr, and frankly ADMIT shst they have been rstahsn
In their policy ara that experiences has proved "A. al.
LACY. tits high time that some ssud should 10 tahsu
By the eonesrvstive portion u this and I'll other oon
nuniss 70 put ssop 70 the s injusss thst ere
becoming % rife among us; prsssppcsss vsry lee