MONEY MARK e r..

Tuesday, Jan. l4-6 r. M.
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Quotations for stocks steadily declining while the
daily Transactions increasing stonington fell off
per cent; Norwich and Worcester Z; Morris Canal 81;
Canton Co. 3 Farmers Loan, 1; Mohawk, Long Island.
Pennsylvania SD and Ohio 6 closed at yesterday prices
Many stocks in the list now lower than they have
been for long time, and the probability Is quotations
will go lower before they adv ance After the adjourn
mert of the Brokers' Boards today, prices fell below
those current the boards 1t Is impossible prices of
stocks to advance in the face of the existing condition Of
the money market When the rate of interest reaches
in the street per cent per month, speculatons in
stocks very limited and nothing can stand such
changes but some emergency from which immediate
may extricatc those involved The banks cannot COM
mand per cent and at that they will not
loan dollar This condition Of the money market is not
confined to this ciy all the principal money markets are
similarly situated We must look for harder times be-
fore the difficulties growing out Of the past are rene
died.


Philadelphia paper stotes that there is vile consp
racy foot to prevent by corruption Of the Legislature
the payment Of the semanuua interest on the State
debt OF Pennsylvania due in February and thus effect
the depreciation of the stock It fur her states that
celebrated firm in New York, noted for its wealth and
financial operations is short nearly million in Pennsyl.
vanis stocks, and that two gentlemen have been
sent to Harrisburg borers, I, prevent possible
postpone the appropriation for the prompt payment othe





beginning to end It is the opinion of those bearing
Pennsylvania stock in this market that exhaustng the
Treasury to pay the interest due in February in full in
cash. will do to derrecate the value of the stock
than thing else Should the interest due In February
be paid in cash and part in scrip confidence in the
ability of the State to meet the next payment would be
sustained and the market price of the stock advance
The largest operators in this market argue this way and
ths argument is sound Indeed the bears are conspir
ing influence the Legislature to pay the nteres It,
they anxious that the interest should be paid in full
aud that every dollar should be taken from the Treasury
to do Since the message Of Governor Porter, the
stock this market has fallen full three per cent and the
tendency Of prices is still downwards


The Northern Bank Of Kentucky has declared a semi
annual dividend Of three and half per cent payable to
the New York stockholders the Bank of America on
demand.


The Mechanics and Tradera Bank, New Orleans de-
cared dividend Of three per cent on the I'd instant


The Directors Of the Tonawanda Railroad Company
have declared dividend Of four per cent payable on the
10Th inst We annex statement showing the business of
ls44, compared with that of ls43:


Whole receipts tns incude for 1874. ...$lIs aos as


Do 90. ior ls4S. 80. 76,227 o.


Increase In 1854. ............. $3s 9sl 2S
Deductng special charges Of emigrant
passengers and mail account and the receipts for 1914
$li4i77 %. The expendi during the year. in
GLIDING interest on oans and g. 100 paid for loco
motive $50 Coz o. leaving S60,675 81 the profits
OF the road.


Fereign exchange rules very high The current rates
for sterling bills 10 TO- premium and ship.
msns Of specie from this made by nearly every
packet So long as foregn exchange continues up SO
long will specie 60 orwa and the banks be forced
to keep themselves under existing restrictions prevent
niran. The evils suffering from have grown
out Of the rapid increase in mporations creating ta
lance larger than could qudate with our exports Of
merchandise and requiring expectation precious
metsss amounting to many millions OF dollars The
nexed table will show the specie several
years past by which 1t W II be from an porta
tion of 6s and above the exports, the
in year changed to expectation Of 81 46ase2
over and above the importation.


IMroRrs ExPoRTs OF SPECIE.