The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-10
Increase during the week OBSERVATION-DISCLOSURES. IT
FINANCIAL AND COMMERCIAL,

WEDNESDAY, March o.

MONEY MARKET.
WEDNESDAY, March 9-6PM
Compared with yesterday, there has been no i'm
portant change in the tone Of the stock market We
notice little more activity, and general dis
position to SELL At the first board to-day Nicaragua
Transit advanced per cent; Cumberland, 4; Long
Island !; Florence and Keyport, Il New Creek, d
Harlem, ); Erie Railroad {. Delaware aud Hudson
Railroad declined per cent; Hudson Railroad, /;
Norwich and Worcester, Il Montgomery Mining, 4;
Morris Canal /; New Jersey Zinc, J; Erie Bonds,
1871, /; Erie Bonds, 1862, /, At the second board
the market caved in again. Florence aud Keyport
declined l per cent New Jersey Zinc, /; Cumber-
land, Ii; Nicaragua, /; Erie Railroad,
Sixth Avenue Railroad fell of ten per cent from
the last sales Several small lots were sold at this
depreciation The already overgrown capital of this
company, created without value received, and the
probability of another increase, have no doubt salts
fed many holders of stock that it was better to
realize. The entire property Of this company did
not.cost over 100000, and the present capital is
$650,000 -Four hundred and fifty thousand dollars
have gone into the pockets Of the orginators with
out dollar being given in return The capitals of
all our city railroads made up the 50 we fraudu-
lent system. They have not any guaranteed value
over and above their actual cost the city has the
privilege of taking them at any time, at the actual
expenditure made in their construction.
1t will be seen that the sales Of Cumberland to-
day were comparatively limited, even at the decline
in prices. Where the buyers come from is mystic
ry. Those who are most intimately acquainted with
the affairs of the company are the heaviest and bold
est operators for decline. Recent Developments
L.
made several weeks SINCE have proved altogether
deceptive, and that the company have now on hand
twenty-sx hundred shares on which not one dollar
has been paid, and four thousand shares on which
only five per cent have been paid Thus, the assets
of the concern fall short this sixty-sx hundred
shares about 100000, which is than one-third
of the entire subscription stock made at seventyve
per cent. The total subscription was eighteen hun
dred thousand dollars.
There was another turn in the sore VS. todayon the
money market and the choicest paper was selling at
10 per cent. A heavy operator in stocks in the
street bought 900 of sterling exchange at 10 per
cent thirty days credit and sold it at per cent for
cash. 1t strikes that this is paying pretty well
for money. The banks have taken the back track,
and we look for rapid, steady contraction, in their
line of discounts. The country banks have taken
the alarm, and drawing down their deposits very
rapidly. This is an unfavorable feature. The pre-
sent expansion Of bank credit is enormous. The
quarterly reports of the banks Of this State do not
give the most vague idea Of their imitation; but we
shall get pretty good idea Of its extent by the
effect of the contraction. The Hanover Bank is by
no means alone in its embarrassment. Every bank
in Wall street is, to use their own term poor. Had
the banks the power they possessed twelve or
fifteen years since, contraction similar to
that we are now going through wou:.
have produced great many failures There is
now SO much private capital afoat that the mercan
tile classes can if they have the right kind Of
paper raise money in the streets at some rate, so
that they are not completely, heretofore, at the
mercy of the managers of banking institutions
Retrenchment is the cry, and it is the only safe
cause to pursue AS for fancy stocks, they have had
their day. 1t will be a long time before we shall
have another wild excitement in the stock market
anything like that we have just emerged from.
We do not look for permanent reaction until pri-
ces have touched points far below those now cur
rent.
The receipts at the Office of the Assistant Treasurer
of this port to-day amounted to sl75,950 a; ply
monts, $57 ,79s, 81 balance, $6l003Gs.
The importations into this port to-day, were as
follows =
Beer 1888 casks; brick 10 100 butter 95 rkins bleach
ing powder 200 casks; coal 62 tons coffee "a bags
cocoa 40 bags; dyewood 170 600 lbs ogwood tons Of
fusc drugs eco kegs chemicals 500 cakes Of soda ash
boxes balsa copavia, 20 casks arsenic casks ~
magncsa, punchoons bay water, 400 kegs bcsrb
soda dry goods 900 pkgs per Reindeer 743 per Flying
Cloud 1866 per May Flower 40 per Tartar s96 per Rein
deer n Marathon 343 per Hersche 301 per Shannon
ire crackers 900 boxes fruit is barrels oranges SO
casks poms 24o barrels do hides $685. honey erces
iron 1858 bars railroad iron 1b,674 bars, S,203 bun
dies go tons pig 02S bundles sheet 500 bundles hoop
leather casks, bales, 10 cases; nolasses 304 bhds
10 casks cassa PAT casks lnseed paint 10 casks
million e3 casks paint pea nuts, 1850 bushels rags 3S5
bales; sugar. ia bogshesds ~ barrels 392 boxes
segars 80 cases, barrel spirits 10 hogshesds brandy
peer SIS plates SALT 2076 sacks tea 8i6 packages
tobacco us bales tin 1902 boxes tin plates 800 boxes
terne; wood II logs mahogany; 33 do. cedar wool so
bales; wine, - beAkets.
The steamship Arabia ,forIiverpool to-day carried
out .2l5 900 in specie. The foreign exchange
market closed to-day dull, and rates were barely sus
tanned.
Tie weybcssat Bank, Providence, r. l., has issued
fractional bills Of 81 rs, 81 so and 81 IS.
The books Of subscrp tion for the untitled portion
Of the cal iial stock Of the Clyde and Sodus Bay
Railroad Company will be opened this day, at the
Office Of the Messss. o Brion, 80 Wall street. The
amount remaining 10 Nc subscribed isabout 500 900,
the balance having been taken in the vicinity Of the
work From what have learned there s very
little doubt but that the stock viii be good paying
one.
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