MO NEY MARKET.
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MONEY MARKET.


Monday, Jan. 27-8 p. M.


The Stock Market was very heavy to day and auota.
tons show decline from those current ON Saturday,
Norwich and Worcester fell of per cents Erie Railroad
I; Morris Canal Ii Canton 2; Long Island I; Farmers
Trust and Indiana closed at Saturdays prices, while
Pennsylvania IS improved per cent; and Reading T.
The sales were to very limited extent and the buoy
ancy at the close of last week have totally dig
appeared The improvement in stocks produced by the
European advices, has been lost and prices are now
nearly the same previous to the Of the
This change in the market has created by the COM
plexion Of political advices from Washington. The
Texas question is likely to considerable excite
ment, and unsete commercial affairs until the subject
disposed Of Wall street in perfect ferment to
day, account of the passage of the Texas annexa
ton bill through the lower House of Congress- and the
general impression change day seemed to be that
the Senate would concur There is a strong probability
that such will eventually be the case but at present
doubtful. The Legislatures of several States have
instructed their Senators Congress this subject pro
and con; and should these instructions be obeyed the
vote will be very close. 1t supposed by many that
the question depends entirely upon the vote of Mr. Dix
the newly elected Senator from this State The subject
has not been made party question in the House, and
will not be acted upon such in the Senate Northern





the Affirmative vote will be composed of both parties
The greatest anxiety exists to have the affair disposed Of
and the it is settled the better for all classe Tex
scrip Treasury notes and bonds rather heavy in
the market to-day


The annexation bilr which has just passed th( House
Of Representatives, rays that "said State to reformed
subject to the adjustment by this of A ques
tons Of boundary that may arise with other kovern.
ments" This gives impression that the principal oh
,o0tn ~ t,sa n 80 L.


for the purpose of settling only the limits or ounda
ries OF Texas but make whatever other
with that power which may be found necessary b peace
ably obtain possession Mexico is alluded 10 in the
resolutions and therefore conclude that the consent
Of that power is after consideration This question
will yet involve some European power its course
Great Britain feels keeny the movements OF France in
relation to the annexation of Texas and will no doubt
secretly be prime actor in this business We shall be
able to tell something about the of Engand
by the stand the Mexican government takes.


Money still continues scarce and in demand The
banks of this city holding themselves aoo from spe.
culatons, and refuse the smallest accommodations on
stock operations. Business paper to very limited ex
tent is discounted but sufficient to ease the marke,
or affect the rate of interest The quarterly returns fol-
February will be sent to the Comptroller this week. after
which 1t IS possible there may be relief aft orded
The rersnchment the banks resort just previous to ma
king their quarterly reports the only cause the
existing restrictions in the money market The
condition of foreign exchanges has a wonderful
effect on the banks, and compels them to be
more cautious in their operations than thew
otherwise would be. Many merchants are cramped
in their in consequence Of the reduction in
the line of discounts, but it is working out wholesome
reform in our commercial affairs These restrictions on
trade being severely felt early the season. cannot
but prove beneficial ultimately to those who expe
rence the greatest embarrassments The truth is The
mercantile classes of this city particularly and of the
country generally, in very unfortunate position
They have for the past eighteen months been extending
their operations, extending their credits ard striving TO
exceed each other in The their business In con.
nection with these things they have suffered severely by
the depreciation in the value OF their stocks and may be
heavy losers by their bills receivable Should the debts
due from the south and west prove bad smallest ex.
tent beyond the average per cent usually estimated il
would destroy many houses in this city, The fact is we
are not in such prosperous condition appears the
surface. With favorable accounts from Europe in rela
on to staples and with the rigid restrictions in
domestic and foreign trade, it is possible the storm
may be weahered, without much harm, but the only way
to avoid the blast to take in SAIL From the evils we are
now experiencing, after only about two years business
we have idea Of what would have been the result
had we gone on three or four years.


The Mechanics Bank of Newark has declared its usual
semannual dividend OF three per cent pay on and
after the lst Of February.


The retHrn Of the Illinois State Commissioner, Col
Oakley and the President Of the American Exchange
Bank Daniel Leavt ESQ., from Europe, has given those
holding Illinois stock universal confidence in the
the investment is supposed by many that the loan is
obtained and that the business is settled whereas there
m still the same contingency in the negotiations that pre-
vented the success Of Mess Oakley and Ryan first e
und . ,~ uI~l.
quired-$i goo o00has been subscribed but the same
condition exacted So far az this goes the last mission
has been the most successful but has further accee
rated the business The bondholders of Europe have
from the commencement to the close of the negotiations
in relation to the Canal Loan insisted upon there being
tax levied to pay the interest," and II is only upon that
condition that they will advance single shilling The
most important question left for settlement, is
whether the Legislature will pass bill levying the re-
qured tax not the possibility the tax
levied Ford in his message to the present Legisa
ture remarked that useless to increase the taxes OF
the people that the present levy not and could not
be collected and that any addition TO the pecuniary
den Of the people, would only be attended with difficulty
and embarrassment without reaching the object intended
Late advces from the seat Of the Illinois government
inform us that bills have been prepared and introduced
into the Legislature providing r the payment Of por
ion OF the interest the public debt by increased taxa
tion The bill reported by the Finance Committee pro-
vdes that for is4e the present rate Of taxation shall Be
doubled for ls4o II shall be still further increased
and above, doubling the present rate thrty,hree and
third per cent and In 1917 the tsxs shall be s' more
increased to amount equal one hundred and sixty.
six and twohirds per cent than the present rate
making tax that year Of forty cents on the hundred dol
lars, when the tex is only fifteen cents The princ
pal object Of this bill Is TO the loan from ths o
reign bsndholde but should the canal bondholders not