The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-09-22
Nj ON EY M A IL X Il T..

SUNDAY, Sept. Tt Nj.
The stock Spectators Of Wall appear be In
dense fog. They know not which way to what
to DO The future Is TO them sealed book and they
operate from day day without remotetidea Of the
probable result Of their movement Since the recent
breakdown In the stock market there has been great
want Of confidence among outsiders and very little dis
position has been exhibited to purchase any Of the fan
cles The bulls large holders OF stocks and find no
demand for them. The bears have sold pretty freely but
they do not enter the srket with much spirit for
merry az not free from apprehensiobs relative &c
the future Of prices The steadness with which
prices have been maintained the very serou,
stIugency in the money market induces many to BE-
lieve that favorable change will be realized This
depends entirely upon the policy pursued by the banks
and the movements Of specie. IL II the prevailing Inn
preston that shipments Of precious metals will in
about thirty days that the receipts Of California gold
will for the remain Ter Of the year be unusually large
that exchange England will be abundant that the
rates will rule considerably below specie points that
exports will rapidly increase and that ell the clement
Of prosperity will again be In active healthy operation
In the event of these snticipstons bcng realized We
may expect improvement in the stock market On the
other hand should the drain Of specie continue, our
imrdtaons net fall OF and prices for our products
steadily deprcoiae in market value the ,ptarassments
ofthe commercial classes remain unabl,,d. the banks
contract their lines Of discount the rates Of interest
rule at present ronts prices for stock securities q all
kinds, must steadily Sil Oh aid holder suffer ruinous
losses.
1t is our impression that there will be some excitement
in the stock market this week particularly IN Eric Rail
read stock The statement. we made a fsw day. since
relative "a the hypothecaton Of etc ~ has opened
the eyes Of som. Of the old sockhodcrs aud may lead g.
good results We learn that large portion of the stock
purchased TO rsplace the issue hypohecstei will b.
called In this week ard the psrtes concerned arr In
hopes that the demand thus created will have favor
able effect prices and enable those who been opo
rating for rise TO realize handsome rrofts They may
be disappointed in their calculations Spectators il
Erie Railroad stock who have control the share
Of the company. possess immense power. and car
therefore operate surely and ngly than
those who outside aud have connection with such
an influence. IL Is admitted by the company that tive
thousand shares Of new stock have been issue since last
soptsmber,to pay for equiprgc, SC This more than
expected they would admit in the face Of tho onisah
announcement hat the convertible bombs wer. Issued to
complete the road equip the ne Throughout: and pay Of
every cent Of the floating debt
In consequence Of the want Of water the canal boats
have been compelled desert the Morris canal aud com.
TO New York by The way Of the Delaware and Raritau
thus showing as has always be, prediced that what
ever Is expended this concern must terminate in o
sacrifice Of capital. In less than two years nearly
stOOCCO have been wasted and notwithstanding THE
large SIM there will b. required heavy outlay TO
new the inclined planes the eastern section Of the
canal which much Of condition that the boats
never make trip without such serious detention as to
compel the bostmen to freight with light loads which
does not repsy them for their expense slime and annoy
anoes The water has been low that boats have,
been Unable for several weeks, to enter the canal at
Eaton and those that have previously gotten in have.
been detained in The mud lying together ia dozens
ct1t where they have had opportunity to discharge
h,ir csrgoes It easy to perceive what be the
practical fate Ct the Morris canal which tie boatmep
icy very little more than III race, when reflect
hat The navigation is mainly dependent such supply
q water ~ is afforded " pond tho summit level IT.
self DEPENDENT the clouds for without rain IT affords
nc contribution 70 .he ana five possessc account