The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-06


carry, and frequently swamps those who have 1t in
hand The first eject Of any speculative movsmsntin
ncy stocks u to disrbuts them to attract outsders
sndnerease the number Of operators This continues
for time As prices advance many outsiders realise
and retire from the msrket As stock comes into the
street. those who have started the movement by large
purchases compelled to take all offered BY those
who determined to realise, to prevent any
depreciation in prices The object il to show risnfs
market to attract set Of spsculators 20 that IL
one class OF outsiders realize another class may bo
induced to take hold and relieve Wall street OF the
stock Street operators only waAt to get rid OF tho
stock In way at pront and care little who tho
purchasers are. After . speculative movement has
continued some time outsiders get fully supplied and
the demand in the street becomes much reduced
1t then becomes dcult to sustain prices, sad large
hedes forced to keep out Of the market - sellers
II compelled to realize, suffer serious decline. Ic
money IL cheap and abundant stocks are easily hypo
thecated at moderate margins, and the movement
progresses apparently prosperously, Towards tho
close Of the imitation, after prices have expanded
enormously, the disposition to realize increases small
holders here have the advantage and slip out without
much trouble, while the large holders arc suspicious
of each other afraid to sell and afraid to hod-snc
between the two get pretty well burnt
The present speculative movement has continueG.
nearly twelve months With several triing resctone
in the market prices have steadily advanced, until
higher prices have been reached than ever before
known in Of the fsncies. During the whole Of
this long PERIOD operations have been more confined
to brokers and cQues In Wall street. than in any pre-
vous speculation within recollection. Outsderc
not participated the extent realized In
years and is impression that with thrss
exceptions fancy stocks at this time held In larger
lots among the brokers than before. How they
get rid of them is question that must be frs
quenty asked. 1t is the easiest thing in the world
when money is plenty, to buy fancy stocks, or any
thing else Of which there is an abundance and the
same class Of epeculstors can, merely by operating
among themselves put prices up fve ten and ff-
teen per cent All this artificial imitation does not
lead to many t0ne fde operations as Is generally
supposed, and the transactions more limited
than one would judge from the extent OF the
sales reported Whom prices have been much in
fated as Is possible, and there is the anxiety
to sell there previously to bay, the whole
complexion Of the market Is changed. All az
there is demand Tor stoke in the market
The largest holders have bsen the largest purchasers
and when they turn from buyers to sellers the market
has no support, and the result is complete break
down The progress to such crisis, in all speeula-
tons, sometimes rspid than at others. Ii is
however, in all cases, equally sure.
During the past week Erie Railroad has advanced
cold within six per of par, in the face Of div
dend of three per cent just paid out Of the capital
Farmers Loan has reached prices full ten Per cent
above those current two weeks tince. Canton Com.
psny il selling at premium of about two per cent
or tive cent above par, fact which must satisfy
holders that they stand upon very precarous ground
non dividend paying stock, selling at premium, IL
something extraordinary even during the height OF
speculation. Harlem not, at present worth what it
is selling at. The company pays bus two per cent
dividend semi annually and if it that the stock
is not worth over sixty Per cent. II is, however.
altogether Kely that prices will touch higher points.
Norwich and Worcester has since the payment of the
last dividend improved very rapidly, and do not
look tor any reaction 1t 10 well established FIVE per
cent stock which pays high rate OF interest the
present market value But q short time since thie
,tock selling at thirty. Ave per cent 1t Is
selling at iixty eight, and Is better worth present
prices than 1t twenty per cent two years since
stoninston is steadily working upwards whout muck
activity in the stock Morris Canal has taken start
within day or two, and the probability is that the
attention Of spectators will be drawn from other
stoehs and turned to this The prospective value OF
Illinois canal stock is very great The earning. Of thu
canal, last year QSi9 have been unprecedented
amounting to about thirty thousand dollars more
tina the estimate, notwithstanding the freshsts by
which Elk weeks of coal navigation were lost makaS
. difference Of nearly thirty thousand dollars more.
But for this feshet and disasters to the Lshigh canal
the earnings Of the Morris would have been sixty
thousand dollars greater than the estimate surplur
equal to the total working expenses OF the canal
year The improvements which rapidly progressing
towards completion, will than double the oapa-
city Of the canal, and open 1t for transportation
business such II has heretofore been unable
msnd. By doubling the capacity Of the canal, boats
navigating the Lehish could pass through to Jersey
City, and thence to any part Of this city, without
breaking bulk 1t is estm that the tolls for the
year 1850 will amount to fall three hundred thousand
dollars which win give net revenue, after paying in
terest and expenses Of at least hundred and fifty
thousand dollars equal to dividend Of nearly ave
dollars share. sixteen per the invsst-
ment at twenty-five dollars per share. 1t will there
fore be that there is wider margin for an in
provement in this stock than there ha. been In any
other and 1t Ia impression that 1t will not left
long uncovered All who have recently Investigated
the affairs Of the Morris Canal Company have become
satisfied that IL be mad. Of the most produo-
tive works Of the Kind In the country IL 10 In gooe
hands and those interested may assured that tr
affairs will be administered judciously and economi-
cslly. 1t pretty certain that whatever rsvuson.
may in the large leading fanciss Morris Canal
and those stscks which have moved upward faster
than their merits warranted, viii escape the genera
ciash.
Tie total amount Of specie exported from this port
for the 1850, 80 $40; from Is. to 9Th Of
January, 1851 s2s4 o22 Of which $3.50 SIS In silver
went to Liverpool.
The annexed statement exhibits the yalu. Of mer
ehandse imported into and ex ported from thi. port
in each of the past two years.
CsnsnsRcs Poar or srw YoRE-lssg Avn l,,0
Dui1ble. Free Sp,r,. Ta,gI
1850. elU6gGg59 xSst6 240 s22qs2s4l sl9sXgtstg
iog.,.. ei@ab8 1sL5,sA 5,dA67J H65-, Isl
Increase. t2l,szes25 I2ss ZIG Iy45777g ,0s5S 9t
Donest,c. foreign. Specie. TsetL
lsso.... Ss3,gb7,Oi2 6iTg,t8 e.gn2gts entiggtt
loV..... DsA2,Uv f,fS1D s,H3S0 D7sAG