The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-02-16
COMMERCIAL AFFAIRS.
MONEY MARKET.
Friday, Feb. 1

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The stock market very unsettled this morning,
and prices appear to be In very fsvsrish state At
the board to-day Of the fancies were up and
down, and most Of them evidently sha-
king in the wind. After few days, whom the bulls
find that they cannot attract outsiders and relieve
themselves Of . portion Of the stocks they have
hand, they must suffer things to take their way.
Prices sustained with the greatest difRoulty
for other purpose than to draw In outsiders but
from the fluctuations from day to day. should judge
that spectators for rise engaged in hopeless
task. As a. 1t is that their efforts i'm
vain many Of them will turn round and sell most Of
the fanciss short for q fall There Is nothing like
keeping with the tide, far speculation is con-
cerned, as many rich operators have been swamped
In trying to stem the current 1t may appear to many
that the tide setting up but " they will look below
the surfee they will find powerful under current that
viii carry every thing before 1t. 1t is high
tide, and would advise outsiders TO never 90
claiming at high water.n Outsiders have become
thoroughly Disguised with fancy stock operations
the reading public have with cheap literature; and
will be just about dificult to overcome as the
other. At the first board to-day, Ohio 6's advanced
q per cent; United States 81, 1885, coupon, 4; Har-
lem preferred, u; Long Island, NJ Reading Railroad.
y; Harlem fell of, u; Farmers Trust, q; Erie Rail-
road ten shares Of Panama Railroad stock sold to-
day ct 66nfteen per cent below par This Is the first
public sale OF this stock at the board.
At the second board prices shade better with
larger Of Harlem and Morris Canal than In the
morning the former principally time, sellers OPP
ton.
The amount deposit In the ONCE Of the Assistant
Treasurer Of this port at the close Of business day.
was S3,2lo,o7s 81.
majority Of the stockholders in the late Bank Of
Ithaca, oonnection with parties residing In this
city have associated themselves for the purposes OF
banking, with enlarged capital, changing their
name to the Mercantile Bank and their lccstiou
to the city Of New York The bills banks through
out this State will be received In deposit ct discount
About four weeks since, there was . specu lativs
movement to some extent In the stock Of the North
American Trust and Banking Company. In the course
of few days quotations for the stock advanced from
seven to fifteen per cent In anticipation Of decision
in the Court Of Appeals In favor Of the stockholders.
IL generally believed at the time, that the decision
expected would completely annhsts the claims of the
bond holders and give the stockholders the control d
the assets In the hands Of the receiver ct The
most absurd and ridiculous reports put In eircu
lation ct the time by those engaged In Initiating prices
- to enable them to get out and their organs pub
shed ell kinds Of statements calculated to promote
specuations and induce eutsiders to purchase I'm
fortunately, many Of these reports believed and
large purchases Of the stock made at nom twelve
10 nueen Per cent. AT those prices most OF the old
holders sold out, and the stock In hands
at high rates IL 10 stated that most OF the present
holders lawyers who purchased before the decision
was announced, probably, however, with full know
ledge Of the uncertainties Of law. and the chances
their favor Is stockholders SO far very good for
have little sympathy with those who speculate upon
The uncertainty Of law particularly when that class
10 composed principally Of lawyers.
In anticipation Of decision IN the Court Of Appeals
In favor Of the stockholders the stock advanced from
to fifteen and In less than four weeks after the
decision In their favor announced the stock fell
five per cent. The day the decision published the
stock fell three per cent This IL good illustration Of
the folly Of purchasing any Of these fancy stocks for
rise. The decision referred to- which according to
Of the bull organs TO carry the stock up
ty eve amounted to just nothing ct all It was neither
thing another and the parties Interested both
sides Of the house fnsl settlement than
they were eight years ago snd they will probably be 81
near ten years hence they We have never
full and fair exposition Of the Affairs Of this
Germ, but II s our impression, that . correct report
Gould be obtained OF the present position Of the
pany is assets 10, and sound legal opinion relative
TO all the points Issue between the bondhodsrs and
stockholders obtained u would be thst the stock
was not worth . rush, aud that the creditors would
have to walt years and years before reasng cent