The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-06-20
MON EY MAR X k T.


to-day, the bulk Of the operations was for cash
Prices were pretty we'll maintained, aud holders of
stocks generally were disposed to submit to any de-
probation; but a few operators being compelled to
realize accepted rates fraction lower than those
current cloee yesterday Railroad bonds were in
demand to- day. and the transactions larger than
usual At the first board Erie Bonds 1871, declined
Per cent Canton Company, per cent; Erie Railroad
~; Harlem, q; Reading Railroad, "a; and Norwich a.
The heavy depreciation Of Canton from It's
weight and local from any external influence.
We have repeatedly remarked that great and sudden uc
tuatons in this stock would take place. and the
ments of the past few days have confirmed the truth Of
cur assertions. Erie bonds and stock dull and de-
pressed and likely to continue The amount
presst upon the market is immense and it wonder
TO us how prices well sustained Harlem has
Been tending downward during the past Ivy two but
the decline, 70 far does not uis to much. 1t is
matter of establishment that every share the Is
mot taken cut of the market at present prices Parties
anxious 10 buy largely making great efforts to get
Gown. Reading Railroad has fallen enough yet to
attract the combination for another cornerns
II they let it alone it will reach their level and
then the bears may look out for another imitation Nor
wich and Worcester Railroad is little depressed it
viii come up again in good time 1t Is extraordinary
tbat regular dividend paying railroad stocks should fall
IN when their earnings show such great increase and
the prospects are Of such favorable character.
At the second board, the market very heavy and
all the fancies sold fell off considerably.
The receipts at the Office of the Assistant Treasurer Of
this port to day. amounted to S145,35s So payments
$40 S47 49-balsnce, 81 645,977 81.
The demand for foreign exchange this morning was
active, and the rates unchanged quote on London
lo4 slo94 per cent premium; Paris, ST. 81 ST. 7gs
Amsterdam, Az a4la; Bremen, 70 a 1914; Hamburg,
So, 81. The steamship Pacific for Liverpool will take
out about 81 100000 In specie principally American gold
The steamship Crescent City, from Chayres brou,h
$4,000 in gold dust freight and it is estimated as
mush more in the hands of passengers.
The melancholy intelligence from California has cast
gloom over the business classes of this city, and all is
doubt and uncertainty relative the ultimate effect of
he disaster N is estimated that thirds Of the loss
will fail upon the merchants of New York. We fear
that win fatal to many houses engaged in the
California trade. An immense amount of money has
been lost onmerchandse shipped to San Francisco which
bankruped scores of houses long before this last unfor
tunate event. and fear that many beyond all hope
OF redemption 1t may before the full effects Of
this fire in San Francisco realized Desperate efforts
viii without doubt be made h to up the amount
losses and to disguise the fact that rnous
been experienced, much possible; but it must
cut sooner later. Large amounts of gold have zen
received from California; but compared with the
Of property sent that country it trng California
Is probably at this moment, deeply indebted
this and other Atlantic ctes than any section the
old States composing the Union, and previous to this fire
the payments were limited, and millions upon millions
In Up to this time many houses in this city
have been sustained BY the with which money
be obtained by the hope that something favorable would
turn up-that something might transprc that would
place them again in solvent state aud enable them to
keep their heads above water but now every hope has
fed vhnts.
the face As we befo,e remarked, 1t may be weeks and
months before the effect becomes visible It Is striking
feature in the character of merchants to not only
;rice the last dollar Of their means but enlarge
their Indebtedness to tie fullest their credit will
permit upon the principle that while there is life there Is
bope, and like drowning catch at strsws TO keep
their heads above the surface little while longer There
lie spirit Of obstinacy desperation among the
csnt classes Of this country calculated lead them
down the deepest depths Of bankruptcy extrcatc
them from difficulties which, TO the merchants Of any
other country the face OF the earth would have sp
peared nsurmou ntabe.
1t will be reoolected by those who actively
gagged in trade at the time that the great fire Of Decem
Der, 1896 considered by many traing matter that
the immen destruction Of
estimated at the time TO be full fifteen million of dol
lars not considered national calamity, It ulti-
matey proved to be; and the activity enterprise
warehouses and places for business considered
the evidence in the world OF the little injury inflicted
upon the commercial classes, by the total anni-
hiation Of such immense amount Of property
tn. burnt district was, after the fire, estimated
20 b. worth more than 1t was six months previous
when all the buildings untouched by the destroying
elements and in few months nearly the whole space
covered with splendid stores filed with and valua-
bic stocks Of goods Individual losses disguised and
private credit therefore unframed; but before six
months had elapsed the fact ranspired that hundreds had
been runed-hopelessly irretricyably runed-by that
disaster and that the efforts prolong their msr-
ssnte existence had only involved them but others
Who otherwise might have escaped in common fate
The commercial reyulsion which developed itself IN
May 1857 fastened aud strengthened by the great
IRE Il December 1885, and II is impression that the
position hundreds Of houses In this and other Atlantic
cities which have for long time been exceedingly preca
ricu in consequence q losses heretofore realized on
their with California will be made still doubt
iu and dangerous by the stop2age Of rcmtances
San Trar cisco which have been depended and abso
hteiy necessary, to keep the wheels Of in
ticn when the crisis arrives. It viii be admitted by
shosc who Frustrated BY IT, that California the
rock upon which they 'pn and that their losses have
been enormous
The earnings II the Boston and Maine Railroad Com
rany for the six months ending May 81 ISL amounted
70 s2ado79 ~ against s27s7o 70 the corresponding
months the previous year showing increase Of S23
SOS 43 equal to about nine per cent
Tho Commissioner u Loans Of the state Of Maryland
gives notice that under instructions from the state Trea
he will pay the first Of July next the balance
e the outstanding funded stock Issued for arrear Interest
This stock u will Be reoolccted issued interest In
srear during the suspension q the state 1872 to
1873 On the first Of July the state win have paid
stock iesued arrpar interest au,ountin0 "a
ss7s797 As The first payment In redemption Of this
stock made in October 1sio and the whole will have
been paid with interest in less than two years Having
thus disposed Of the funded interest the sur
plus Of the state will hereafter be exclusively
devoted 70 the reduction q the funded debt proper
New Hampshire exhibits favorable condition Of it,
finances The Governor in his message Of the present