The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-23
n o n u Y n A = x E II.

A0NEY n u x EFT.
"WEDNESDAY, January 22-6 n.
Whether 1t Was the disagrsssble weather, or the.
growing tghtness in the money market, We hardly
know but stock spectators not active to-day
and prices for Of the fancies fell o-some sona
dsrsbly A very large portion Of the transactions
were for cash, and sellers appear unwilling to make
time contracts with any one 1t is very dangerous &c
sell ON time ct present One of these days there WILL
be q crash, and quarter Of tho purchases
time viii be good for anything. Holders Of stocks
wishing to sell should make clean sweep at once, fer
Dash At the FIRST board to day, Ohio os declined n
per cent; Long Islsnd "; Norwich and Worcester
Ia; stonington, u; Farmers Loan q; Merits Canal,
u; Reading Railroad, u; Hris Railroad, Is; Harlan.
u Hudson River Bonds, u; Canton Company. g. The
ups and downs in Canton curious. They do not
appear to attract much attention In Wall street Very
few operators connected with the movement that
stock and those not immediately connected care very
little about it, The stock at present prices hnds very
few purchasers this market and these merely for
delivery matured contracts 1t is necessary for a
fancy stock go away from home to be appreciated
and Boston speculatsrs appear to have much higher
opinion Of Canton than people in Baltimore have, who
know all about it. Long Island is similarly situated
Philadelphia spectators appear to have higher opn
ion of it than SPECTATORS in this city and the purcha
lately have been principally on Philadelphia &C
count. Boston and Philadelphia have relieved this
market very much by taking much Long Island and
Canton, and we have more of the same Sort which
they would oblge US by taking 1t has been stated 4
that arrangements about being made to tako.the
road out Of the hands Of the receivers There Is
truth in this story When suits frst commenced
against the company, the stockholders could have
arranged all the difficulties by the paymen. Of $260O0,
and have funded sll the remaining liabilities for
twenty years New, it will require payment Of.
600 at least to get the road out Of the receivers
hands and arrange satisfactorily with the bondholdere
Purchasers of the stock do not contemplate anything
of this kind but what they do intend to do with the
stock, Is probably more than they know themselves
As an evidence Of how little SPECTATORS In fancy
stocks know what they about 1t Is only necessary
to point to the transactions in Morris Canal stock
This stock has actually sold above par within the past
two weeks. We do not believe that purchaser Of
Morris Canal in hundred knows that the par value
OF that stock is twenty dollars per share instese
of one hundred dollars. The certificates of stock now
in circulation represent par value of 500 per share
there Al ooo shares in existence, representing a.
capital of $41o0o00. Added to this, the amount O.
debt outstanding and preferred stock to be ssue and
the present Of the work will stand annexed
NORRIS CANAL COMPANY.
n5So ;a't &c Esssa At oo 1865 1865
annum ...... $4,000
Total. s5g75Ooc ssl3,o62
According to this the OF the work is nearly sir
millions Of dollars, requiring annual income o.
more than Eve hundred thousand dollars to pay cur
rent expenses and fair dividend on the old stock
at the present par value. To earn that income
it would require transportation of more than iwepe
hundred thousand tons Of merchandise under the present
tariff of charges Last year 234 900 tons Of merchan
disc were transported, for which 500 were re-
ceived-equa to about forty three cents per ton By
consolidation of the stock, the capital would be
duced to 000 and the costs Of the work
600 requiring income of $32s,o00 instead of
s5i3 to pay six per cent the consolidated stock
the dividend on the preferred stock and interest
the debt. The supplement to the charter, which !
passed the Legislature of New Jerseyn February ls4o
and which was accepted by the company, reeds az
follows
Whereas, the Morris Canal and Banking Company
as now constituted, under the sale made in scsord-
anee with the decree Of the Court Of chancery dated
tenth day Of July Gig hteen hundred and
the canal, works waters privileges, appendagss, ap-
pur'epancss and chartered rights Of the company in
corporated under the act to which this il further
supplement have a nominal capital stock consisting
Of forty one thousand shares of the par value Of
the said company so constituted four millions one
hundred thousand dollars which amount Of capita
,aid company and whereas, the said company are Dc.
sirius Of reducing the pumber OF shares Of their
stock and OF issuing preferred stock and Of
ing the navigation OF their canal with that OF the
State d Pennsylvania; and for the more convenient
exercise Of the chartered rights with which, under the
said sale they are Invested are DESTROYS Of rsducus
the number OF directors necessary to the transaction
Sec. 1. Be It enacted by the Senate and General
Assembly Of the State OF New jersey, That the sale
company are hereby authorized and empowered to
duce the number OF shares OF their capital to ter
thousand two hundred and Atty shares, which sharec
shall have the same nominal value as heretofore
Sec. And be IL enacted That IL shall be lawful
for the esid company to issue eleven thousand seven
hundred and fifty thares OF stock TO be issued az
preferred stock and to bear such rates of dividends ~
the board OF directors may prescribe to enable said
company to perfect their canal
1t appears by this that the OF capital IN ooe
shares at 500 per share far exceeds the value of the
property owned by the company. Why the old stock
has not been consolidated before this extraordinary
1t must be done sooner later and the quicker IL
done the better for all parties concerned There it
the law, and II must be complied with. That section
authorizing the issue OF preferred stock the company
avaed itself OF at but for known &c
the board Of directors the first section has thus far
been Q dead letter
Money was more in demand to-day and the bulls
have had TO shin pretty hard make their accounts
good at the banks Some Of the strongest houses liz
the street had nothing to-day just before the
closing Of the banks The banks have given notice
that cheeks of brokers will not be paid or certified
unless the money Is deposit The banks have beer
compelled to adopt this rule for their own preser-
walton The wild speculation In fancy stocks and the
enormous imitation Of prices have alarmed the banks
and forced them to take such will insure
them against loss from any sudden collapse in tbs
stock market 1t would be we'll for the banks to look
to the margins the fancy stocks they have made
loans on. An immense amount OF these securities have
beeu hypothecasd and wbsn the collapse takes place
prices will down rapidly that Il will be din
cult to keep up with them. All can say to the
bears lie, be patient. SO far sellers concerned