MONEY MARKET.
STOCK EICIUNON. FRIDAY Arm-mom The important intelligence received from Paris on Wednesday morning, of the intended reduction of the French army, has produced a decided improve- ment in the value of our Public Securities. The advance in the various de- scription of Funds current at the Stock Exchange has been about 1 per cent. Reduced Three per Cents. limo advanced from 884 to 891; ditto Three-and-a- half per Cents., from 981 to 991; and Consols for A.ccou:-.: from 8,91 to 891. The improvement in Bank Stock is not more than per cent., for though the i difference between the highest and lowest quotations s 1 per cent., viz. 165 to 166, the price was quoted on Monday at 165 and 165/. The French Funds have not risen in any thing like the same proportion as our own. On Saturday last, before the promulgation of the report in the Ilfoniteur, the quotations were as follows—Five per Cents., 116.50; Four per Cents., 100.85; Three per Cents., 78.25. On Monday, after being 116.80, the Five per Cents. closed 116.60; the Four per Cents. at 100.90, and the Three per Cents. 78.40. On Wednesday, the market had fallen back the whole of the advance; the closing prices being as follows—Five per Cents., 116,50; Four per Cents., 100.85; Three per Cents., 78,25. The decree accompanying the report bears date 14th September; and it is understood that this measure has been long known to the .French capitalists as in agitation, and its effect must probably be looked for in the rise that occurred about the period of the contraction of the new loan.
The premium upon Exchequer Bills has continued the same, viz., 10s. to 12.s.
The last news from the United States is of as unfavourable a character as the preceding intelligence : several of the new States of the Union seem to have determined to follow the example of Indiana and Mississippi, and will fail in the payment of the dividend due upon their stocks in January next. Every day brings to light some new history of American chicane; and it would ap- pear that the conduct pursued by the Directors of the United States Bank, of lending to themselves, their officers, and relations, the funds of the Bank upon insufficient and valueless securities, has been the general rule among the direc- tors of other establishments of a similar nature in the United States. A most flagrant instance of this sort has just been discovered in the case of the Morris Canal and Banking Company. This company having formed a canal, which was working to great advantage, had been compelled for want of funds to mort- gage it to some capitalists in Holland; and wishing to extend the canal and pay off the Dutch mortgage, the Directors in 1835 raised 300,000/. at 6 per cent, for that purpose. The Bonds of this loan were eagerly purchased in England at prices very nearly approaching to par. The dividends were regu- larly paid till 1840, when the one that became due in the July of that year was not paid, nor has the payment since been resumed. Upon this failure of the dividends, a committee was formed of the most influential holders ; and neon an investigation into the affairs of the Company, it appears that the Dutch mortgage is still subsisting, and that the money raised by the loan, and which was solemnly devoted by a declaration on the face of the bond to the redemp- tion of such mortgage, has been wasted in thriftless if not nefarious loans upon securities which turn out to be worthless; the bondholders consequently can- not expect any dividends until the prior claim of the Dutch mortgagees upon the canal is satisfied; and they are astonished to find, that, with the exception of some trifling extension of the canal, the whole of their funds have been lost by guilty mismanagement. There have not been many transactions in the Foreign Funds; and we can- not notice any variations in the prices of Dutch and Belgian Stock : which we hold to be conclusive as to the little foundation for the report of the capitaliza- tion of the Belgian portion of the Dutch Debt, discredited in our last report. Brazilian Bonds have been in demand; they rose to 66, but again declined to 84. The South American are steady ; and Mexican at a trifling improve- ment. Portuguese Bonds have given way about 1 per cent.; the Five per Cents, having been at 321, and the Three per Cents. at 191: both are at a slight advance on these quotations today Spanish Active Stock has also been unusually steady ; the range of the fluctuation having been limited to between 231 and 2ft; the closing price this afternoon is 23/ 4: the transactions have not been extensive, though on one or two days some rather considerable bar- gains occurred.
The Railway Share Market has been in a quiescent state, and prices gene-
rally are lower. An advance of nearly Si. per Share has taken place in the shares of the Brighton line ; which have been as high as 381, but have since given way, and close at 38 to *. This improvement has been occasioned by the difficulty which the speculators who have been operating largely for the fall find to deliver the shares they have sold ; as, though these speculative sales have depressed the market, the actual holders have generally held firm, and but few shares have been sold for cash.
SATURDAY. TWELVE o'cr.ocx.
The Bank Broker having sold Stock this morning, prices have been at one time from to per cent, below the closing quotations of yesterday; but the market has since rallied again, and is now the same as yesterday. Consols for Account have been at 891, and are now 89* 1: a bargain has occurred in Con- sols for Money, at 90/. Exchequer Bills are the same, viz. 10s. to 12s. prem. In the Foreign Market, the only variation has been in Spanish Active, which has declined /, in consequence of a depression of nearly 2 per cent, in price of the Local Stock at Madrid on the 9th instant ; although the closing price at Faris on Thursday was the same as the previous day, viz. 241 Some considerable transactions have occurred in Railway Shares, at the fol- lowing prices-Birmingham and Gloucester, 65; Bristol and Exeter, 28; Great North of England, 84 5; London and Brighton, 37/ 8; Ditto and Bir- mingham, 1631 4; Manchester and Birmingham, 281 9; Midland Counties, 21*; South-eastern and Dover, 191; York and North Midland, 90; Ditto New Shares, 311. Australian Bank, (new shares,) 15.
SATURDAY, FOUR O'CLOCK.
The Consol market closes heavily at 891, buyers, for Account ; but few transactions have occurred during the afternoon. The other English Funds are proportionably lower. Exchequer Bills are the same. All the Foreign Funds are at the morning qnotations ; and the business transacted has been -very trifling. Our morning quotation of London and Birmingham Railway Shares should have read 165 166, and then 1631 4, instead of only 1631 164; bargains having first occurred at the two former prices, which were an advance upon the last quotations: the market afterwards receded to the latter, which are the same as yesterday. In the course of the afternoon, Brighton Shares, which had been as low as 371, advanced to 381; but have since fallen back, and dose at 38 to 38i. South-western have been done at 671 and 57i ; and South- eastern and Dover at 201; being an advance of 4 per cent, upon the morning price. Australian Bank Shares are quoted at 53 and 53*; British North .American Bank Shares, 36; London Joint Stock, 12i 121, and afterwards at 12i.
3 per Cent. Consols shut Columbian 6 per Cents. .... 204 / Ditto for Account 891 * Danish 3 per Cents. 79 3 per Cent. Reduced 891 1 Dutch 24 per Cents.
511 24
34 per Cent. Ditto 999 Mexican 5 per Cents. Consd. 264 New 34 per Cents shut Portuguese Regency b per Cts. 324 3 Bank Stock 1654 6 Ditto New Spec Cents. 1841 . 274 8 Exchequer Bills ....... 10 12 pm. Ditto 3 per Cents. 194 20 India Stock shut Russian 5 per Cents ..... 113 15 Brazilian 5 per Cents 63 4 Spanish (Active) 231 Belgian 5 per Ceuta 1004 14
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