The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-05-11
ssHMERCIAL lFFXIRS
MONEY MARKET.


There little activity this morning in some
II the leading nces than have noticed for several
Gays but prices weak land depressed At the first
Board Eric Railroad declined 4 per cent Harlem x
bennington, -; Norwich and Worcester, Nicaragua
s@i Delaware and Hudson u; New York and New Haven,
"a Canton Company advanced n per cent; Dauphin
GOAL Company, "a; Erie bonds, 1852 u; Portsmouth a;
Metropolitan Bank u. At the second board Portsmouth
sn Oh y per cent; New Jersey Zinc, al Reading Rail
scad a. The market closed heavily There appeared to
bs NO life in it. Speculation has completely out
Nest Of the fances held in Wall street. and they are
eAy to remain there. The principal sellers time
holders and merely their supplies to deliver at
Ne maturity their contracts. The bear party has
made demonstration lately, and the probability they
will not in the face of the present easy money market
This limits the demand stocks and compes the bulls
% hold on to their supplies We look for dull market
and ultimately for steady fall in the market value Of
those stocks which have become largely inflated.
The receipts at the Office of the Assistant Treasurer OF
ths port. day, amounted to ss6,o13 H. Payments,
$256,2Oo 25 Palance S34Gl 6e4 20.
The suit between the Commonwealth of Pennsylvania
and the Bank Of Pennsylvania, involving a claim for
<172 600 for dividends has decided against
the bank. 1t mere question Of law Verdict for
the State, S36697 40.
Oliver H. Lee ESQ., has resigned the Office of Secretary
Of the Hudson River Railroad Company.
Under the general banking law of the last session Of
ths Vermont legislature, bank with capital Of $4,000
has been regularly and legally established opera
ton at South Royalton. Some Of the notes bear the
image and superscrption Of Daniel Tarbe Jr the pre-
siden Of the institution and portrature and
inscription Of solomon Downer Of the principal
sockhoders Some Of the Boston papers say that
bills not received at the Suffolk Bank Boston Well
what does that to? We have no doubt that the
South Rcyaton Bank, Vermont, is better than nine
enths Of the banks the bills Of which are redeemed at
the Suffolk Bank
The receipts Of the New York and New Haven Rail-
read Company, for the month Of April, amounted to
S56sl7 So against s5l 245 10 for the same month last
year showing increase Of s72 II for The month this
year.
The General Banking law Of Wisconsin authorizes
the state Treasurer receive railroad bonds as security
tr bank issues The law is however very stringent and
provides amply for the protection Of the bill holders It
says: =
First mortgage railroad bonds issued by companies
incorporated by the State may be to the
OF fifty cent of the circulating notes Said bonds
must be the rst lien portion Of continuous line Of
railroad OF not less thans20 miles in length which is
substantially constructed and laid with n H. or other
approved rail- Of not less than fifty pounds to the ward
are TO s Fsesss I
cost Of the road upon which they lien nor at rate
exceeding $4,000 per mile of the road for which they are
issued
There is very little danger of abuse in this part Of the
paw The money markets Of the country are filed with rail
road bonds but only those secured by first mortgage have
real basis 1t would not surprise much the Leesla-
lure OF some State should authorize the deposit Of railroad
shaes as security Tor the issue OF circulating notes. 1t
impossible to tell in such speculative age as this where
to stop The gold fever RACES extensively and the
poets aterpg for long period Of apparent pros
perty that all sorts of schemes are encouraged and find
plenty ofcapta to carry them along an explosion point
mot lIab
sons regarding the result of the extension Of
railroads We fear collapse similar to that which took
place in England few years since Unless something is
done TO arrest the rapid progress Of these works no
possibility Of preventing similar effect here Capital for
the construction of railroads hiss been drawn from every
available Stock subscriptions are now Of second
airy Importance and form but small part Of the exnel
lures the roads in construction Cities
counties boreughs towns and villages in all sections Of
the country have largely loaned their credit to railroad
companies.
We can hardly take up paper but that notices meet
Cur eyes. similar TO those annexed =
ZssEsvulr WHEELING RAuRoAp-The subsorp-
lion bonds of the counties Of Muskngum, Belmont and
100000.
CENTRAL ONO RAuEoAp.-The citizens Of Marshall
county in public meeting have resolved to call upon
fhe Legislature of that privilege Of subscrb
hing 100000 TO the Central Ohio Railroad part Of
the county upon the condition that the road shall be
made to Grave Creek.
PITrsBrrs sTEUHESvfL1E RALRoAp-The City
Councils Of pttsburg have passed ordinance sutorz
pitturg and steubenyile Railroad The was near
~ unanimous In the Select Council it stood II to s
and in the Common Council u to A.
RAnRotp SUBSCRIPTIONS or NASHVILLE TESS-The
City Councils If Nashville have voted 10 subscribe $780,
900 Of stock to the Bowling Green and Tennessee Rail-
80 aud S1bo M. - the southern RAILROAD PAYABLE II
Nashville and Chattanooga Railroad stock on condition
that the depos OF roads shall be in the vicinity
the Chattanooga In addition to these 1t proposed to
subscribe 100000 to the Northwestern road which it is
supposed will be authorized at the meeting OF Coun
ellis Should this be done the subscriptions BY the city.
for railroad purposes, would stand az follows:
Nashville and Chattanooga road ............ 100000
Winchcecr ard AlallnG read ............... - 400
Bowling Green and Tennessee roae. 100000
southern read ioU;ooo
Northwestern road ...........-....: 100000
Total. ACKNOWLEDGEMENTS. 100000
The raridity with which the manufacture of these
county bonds is going on and the extent i. has already
reached, really astonishing Capitalists in Wall
street can form conception Of the amount already
in existence 1t is our impression That from thirty
10 forty millions Of city county, and borough bonds
issued to railroad companies, already in existence
and from the moyements gong the amount is likely
to be doubled soon Some time since alluded to the
difference Of opinion that existed in Of the counties
which issued bonds 70 railroad companies relative to
consuonaluy Of the bonds and we also stated that
the citizens Of certain county Ohio had already taken
steps to test the legality of bonds issued for the
s,rucon Of certain railroad For the purpose Of show
ing that such is the fact we give the notice published
with the Of the persons who are determined to
bring the question before the proper tribunals
Dovrs ~ Ross CorNTy. ONO.
The undersigned citizens Of the county Of Ross state
Of ohioa portion Of large minority opposed 70 tie pay
len The county subscription t. the stock Of the Gin
cinnati pcpTc Railroad, (now called Marietta and
Cincinuati) u consequence Of radical changes having
been ma ae lie route objects and dee tnaon 81
that work since the vote d the people was taken author