The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-04

MONEY M A II X K T.
THURSDAY, March s.

THURSDAY, March 3-6 P. M.
There was perfect stampede in Cumberland Coal
stock to day Nearly four thousand shares were sold,
and more than double that quantity offered at the
close without finding purchasers Present prices will
bring out large lots of hypothecated stock the mar
gin having been entirely use up II IS the general
Impression that the stock will run down to between
thirty and forty per ent within which extremes it
may experience th usual fluctuations Of the fancies
In the hands of spectators. Phoenix Coal stock fell
Of 10 day consi deraby with large cash sales at the
decline. The only fancy coal stock on the list which
was merely sustained, and no more, was New Creek
Nicaragua Transit opened and closed weak. The
transactions were quite GEOGRAPHICALLY for cash.
Erie Railroad Harlem, Hudson River and other lead
ing stocks were pretty active but all were depress
ed in market value Quotations current at the first
board to-day, compared with those ruling at the
close yesterday, show a decline in Cumberland of3per
cent; Phoenix, II; Morris Canal 1; New Jersey Zinc,
]; Montgomery Mining o; Nicaragua Transit, Ii;
Stonington, 4 Erie Railroad, Il Harlem, 8; Norwich
and Worcester, 1; New Haven Railroad /. In pub
lie stocks and railroad bonds limited amount Of bu-
sines was transacted. Bank stocks occasionally
change hands in small lots, principally for perma
nent Investment. There is feeling among stock
spectators that indicates greater depression in all
the leading fancies. The strong operators are work
ing for depreciation and holders generally depend
almost entirely upon facilities for hypothecating
This creates at times great deal of embarrassment
and when loans are called in pretty sharp shining
has to be practsed to prevent the securities from
coming upon the market. By making good the
margin on stocks hypothecated, only temporary re-
lief is afforded. few days may suffice to reduce it
again; and we have frequently known instances
where after making the margin good three or four
times the stock has finally been sold at great sacr
fee Holders of stock who have purchased largely
facilities furnished by loans are in great trouble
and tribulation. As the money market tightens,
their difficulties and embarrassments viii increase
1t Is much better to make small loss than great
one; and where holders depend upon borrowed CAPT
tai to carry stocks the they sell the better for
their pockets and their peace Of mind. We look
for hard times among stock spectators for rise
An active demand for money exists and it is
likely to continue. The commercial classes are in
want of more money than they likely to get from
the banks, and it will be difficult to hypothecate
fancy stocks, except very high rates of interest
and even in that way to a limited extent. The
movements of trade have become so much extended,
that the actual active capital Of the country will no
more than suffice to keep the wheels of commerce in
motion; and it is our impression that the demand
for money for legitimate commercial purposes will
increase rather than diminish.
The receipts at the Office of the Assistant Treasurer
of the port to-day, amounted to $742 $780, payments
SIS ,5O7 46-balance S. ,OS7 ,907 40.
The Atlantic Fire Insurance Company of Brooklyn
has declared semiannual dividend Of ten per cent
The Lawrence Manufacturing Company four per
cent.