The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-09-19
FINANCIAL AND COMMERCIAL.


HONEY MARKET.
SUNDAY, sept. 1s-oP.M.
Dusns the past week the stock market has been mode
Aty astvs and prices Aavs BEEN pretty we'll sustained
- nsnsy market has essed up much and the pros
DooA n b. no means favorable, In . financial point OF
v1sw. Il ID possible the banks may show an sugmenta-
- Of SPECIE but the contraction Is still going in ths
he Of discounts This is encouraging feature in ths
hash movement and the check exercised upon
ehI operations generally must b most beneficial The
changes recently made in the system Of banking which
Aas long pursued in this city win Do away entire
y with al those sudden fluctuations In the money
bet and keep every institution in proper trim. We shall
Asvs no more speculation the part OF the banks They
are ssnpsIsd under the regulations to show their
lands 50 often that it utterly impossible for them to
- far wrong Until the system gets fairly in opera.
0sn the banks win be steadily contracting. They
Ady out Of ORDER and requiring much trimming and
AnAstins They have got everything pretty snug, and
vs shall soon go forward again With favorable wind.
ne expectation OF specie last week from this port
amounted to only SIC, coo.
Ne commercial advices brought by the Arctic, as was
anticipated rather unfsvorable for those who have
bsse operating heavily in breadstufs. Flour very
aan Of sale at Liverpool the 9th inst and in
1nstanses reduction Of Is and Is. Cd submitted to
astr the sailing of the Niagara but reported that
yssvsus TO the Actc's departure Gotten also dull
anA We quotations had slightly recedsd Several Amstsr
IN house, chiefly engaged in the oil and corn trade
- failed.
1hs Philadelphia Wilmington and Baltimore Railroad
~ determined to construct double track from the
Bssvs fund profits. Twenty Ave miles to be built
meAiatey and the remainder is to be done from time
- tas - the means Of the company viii permit.
Ia Ohio and Indiana divisions Of the Cincinnati and
Indianapolis and Chicago Road have been consolidated
nakisg the entire line interest stosk. Mr.
u T. Gregory, . Cincinnati banker, ia the President
largs subscriptions the stock have been made in real
>ae The location is finally made right Of say obtsined
md the work is to be let shertly.
- Alexandria Gasete states that the ties ON the
AaAassas Gap Railroad laid nearly to Manassas Cap
Aat the iron has been purchased in New York. and is
aAy expected at Alexandria, and that the may be
expected 10 to the Gap in very short time after the
arrival of the iron.
1As Dolly Hide Copper Company of Frederick county,
Ny nd IL likely to be Of the most successful of
1Asse formed in the Atlantic section of the country For
sonetme past the want of proper machinery has been
s4ously felt and the operations Of the company have
therefore been materially restricted AL these Difficult.
- win soon be removed. The engine house is in rapid
egsss, and win be ready for the engine early in octo
-. The engine viii be capable of pumping thou
PcA
- ores, &C. In the absence Of the machnery the COM
JaAy have not been idle unmindfal Of the interests
- - shareholdsrs The mines lie in the centre of rich
anssal country. which extends twelve or Afteen
Bs but 1T no point has it proved rich and extensive
- the Dolly Hide location. The company took pos
session of the mines in the spring, and has realized
hsge profits from the start and this too without the
nd Of machinery which is thing of very rare
renee IN copper mining. The vein ia large one, and
msEiss large amount Of the richest The width is
bur feet with leader of solid eighteen inches wiae
and has been proved eight hundred feet long The yield
dhg the month OF August at the rate of $500 per
AatAsn. The product for August much more than
H. directors anticipated. With sRly ten miners forty
1se tons OF thirty cent raised and dressed
N Market worth full SIPS per ton, and at total cost
q less than $780, This result be greatly increased
AfsY the engine work. Independent of the
ysh vein Of the company possesses fortune in its
apparently insxhAustibe quantities of black dirt, of
Whieh there several hundred tons the surface
This yields per sentsge of pure copper much larger
than the average Of Cornish copper mines. It has
already been found 1T depth of thirty six feet and
s1gns Of exhaussion. THO proximity UT "a
market gives it immense advantages distant
bestaons. The Baltimore Smelling Company have Offer
ID to purchase al its at full market prices for CASH
me- company have enough money in their treasury
~ A6 WOthmB Capital W AAst tNO JenIs. AuciE ohL-
u.ated annual product is 500 to 900 TONS which win
give very large dividends to the stockholders hand
soDe dividend will be earned this year.
me trade report Of Du Fay Co., of Manchester for
M month Of August contains the following just remarks
relative to the financial movements of the day
The gradually advancing rate for money is not caused
BY want Of confidence, arising from speculation and
partially only by drain Of the precious metals in pay
nent for grain mportatons, but mainly by unusual
extension of trade chiefly distant countries from
which the returns for goods exported slowly coming
ssund and also from large import trade caused by
greatly increased consumption of s articles Of food by
ths of population AL this and the increased
osst OF productonsowng to the state of the labor
1afket and to the higher prices Of the materials
combined increased demand for money. To those
Who remember what extraordinary notions abroad
nine months back about the expected supply
q tbs precious mstats supposed effect upon the
Of espitasts-the hurry with which Holland got rid
q is gold and the difficulties which pee ted for
profitable emp ent of the large quantities of gold
California and Australia would pour into the Golfers Of
shs Bank the present OF things appear strange
h the extreme evncing, in striking manner the fa-
sy Of SUI reasoning and hasty prophecies Many
one who acted upon the notions then prevalent feels
ss1s embarrassment at the present moment Numerous
undertakngs and tram actions have been embarked into
under the impression that money, which worth
Two per cent would continue De had at this or still
hence the surprise felt when discount rose
high four per cent for short paper and may probs
bly, rse still higher These notions about the
course the money market would assume in 1853, have
also led to capital being fixed q large amount in
rsous foreign undertakings while at the time
vssments at home in buildings, ships, and Of
rahwaye, we're goirg The gradual, but continual,
rise Of the money market will Of curta evea lsg
innate business, while it viii put stop to most speculs
I've undertakings.
These are the so und views OF praccs sensible bust
nsss men, and worth whole volumes of theories of
sYssuiatos The of the present strngency the
money markets Of the United States and Great Britain
= simply over trading. We have imported too largely,
and Great Britain has exported too largely That these
movements 30 opposite, should produce the
sults, may appear strange but it is nevertheless true
Ne have run too deeply in debt while Great Britain has
trusted too large amount too long credit. This
is the trouble and both nations must have time to ext
cate themselves from the endorsements with which
thsy are surrounded. Both have over traded to
tan extent but it has been in legitimate lines, and the
channels Of trade clear from all distractions of
serious character We have only TO keep quiet for
IL 49, - L.