The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-03-15

MONEY MARKET


The stock market closed the board yesterday
quite buoyant. Erie and Reading stin maintain their
superiority and the daily transactions continue exceed
iugly large The upward movement in the former IL full
extraordinary in the latter Eric may DC worth
little than Reading but there is not much choice
between them. Both are immensely inflated, and both
will before the lap'c Of many days find their proper ev
1t is fortunate that the present speculation in fancy
stocks has been confined to Wall street for when the COL
lapse it will have effect of an unycrablc eharac
ter the money market upon any outside affairs
Most of the leading fancy stocks appear to have reached
their maximum, and there they stick Holders manage
to sustain them at those points without the power to
carry them beyond This cannot last long They must
either 60 up down. If the excitement suffered TO
flag in the cast prices must give way Everything de-
Ponds upon keep ping up the steam.
The stories put forth by the individuals who have
Gently controlled the movements In Reading Railroad
ockthe statements induStrousy circulated concerning
the future prospects Of the company based upon the hast
Yeport-have not had the effect anticipated. The publ
city given to the origin Of these statements, trust
have warned the public, and prevented many serious
losses We could not in justice to the public permit the
circulation Of there false reports The company have
not rganed their deficiency in the GOAL receipts which
largely behind hand compared With those Of the previous
year The great card Of tho operaors which to give
tho road the monopoly Of the carrying trade has failed
1t confdently expected that the Schuykl canal
would be dahed but the result is different The canal
in perfect navgGbc order and has its ope.
ration at the low figure Of 10 cents per and in the
course Of the season. It is supposed will make further
eduction. This work, with its increased capacity and
with boats Of larger dimensions e formidable rival TO
the road and it's competition will keep the freight tolls Of
the road at low point, and utterly unrcnunerative
Is mpraeticablc for the Reading Railroad to transport
ut Of 122 cents on and pay expenses
| and the interest on their enormous debt. To ina
| CINE for moment that any residue be left to
| the stockholders is hoping against hope. It would
be gratifying If the innocent stockholders could TO-
ceive far returns for their investment in ouch highly
useful and beneficial work but from gross mmauasment
It has cost too much and to be done than human
agency capable Of The specializing ptsres which
trolls its desnies will doubtless conrivo give an moor
rect coorng to its affairs during the intcrcgnum between
Its dividend periods and thus sndeavor in the aoke and
fire Of their creation to extcatc themselves It win
be In vain. We apprehsnd they will find avenue Of
cape from the tolls with which they have surrounded them
selves-they must face the music During the xore At
present prevailing In the stock market in other kindred
fances and the extremely favorable condition Of the
notary the country they may manage to pre-
serve steady appearance in the price, but the 10
and the speculative public have abandoned oil inte
rest in the stock and will not touch any than they
| would handle pitch.
John Faconer Esq, President Of the Union Mutual In
surance Company has resigned his position in that
| pany, and understand has made arrangements for
conducting jobbing business in connection with Of
his friends We informed that he leaves the company
which he has presided with much and
tisacton to its customers in very prosperous condition
and that the Office Of President has been filed by the ap
pointmcnt Of Francis Lathrop, ESQ, gentleman well
known aud highly esteemed among the mercantile ssa-
munity.
The Ohio and Chesapeake canal is in fine navigae
der There six feet Of water throughout the line Pre-
paratons have been made to do large business by the
numerous coal companies in the Cumberland regions and
large quantities Of the mineral wealth Of that section viii
| be brought to market
The Susquehanna and Tide Water canal will be open
for navigation Saturday next the Goth inst The
to the canal banks upon the breaking up Of the
| ice was comparatively triAing.
The total value Of foreign exports from Baltimore for
the week ending Thursday, S16s 900 So Bread
stu especially -four formed the principal article of cx
port the movements Of the week comprising 34405 bbls
Of -four $40 bushels Of wheat 666 bushels Of and
1000 barrels of corn meal.
The meeting Of stockholders Of the United States Bank
will be held in Philadelphia Wednesday, the 18th inst
instead Of Friday the 10th inst stated Business N
great Importance will for consideration and those
interested should make point to be fully and properly
represented.
The city Of New London has refused by tie vote 10
aid the New London and Palmer Railroad in building Its
extenfion and connecting link with the New Haven and
New London road.