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Commercial and Money Matters. in For Commercial and Money Matters, see Last Page SATURDAY. P.M. The Stock Market was without material change to-day. Exchanges are firm at 10 a 101 for first rate Sterling:5.21 for Francs. The American Exchange Bank has this day declared a dividend of 3 per cent., payable on the 4th of November next. The exports of Cotton Goods from this port from the 1st to the 22d of October were 1,681 packages. The notes of the Farm-rs' Bank of Reading, Pa. are received on deposit by all the Banks in Philadelphia. A counterfeit five dollar note of the Farmers' Bank of Mount Holly, N. J. has been passed in Philadelphia. It bears date May 9, 1843; letter B, No. 771, and payable to J. Dobbins. The plate 18 different from that of 1840; paper pale, and the signatures of the President and Cashier not well exe. cuted. On the left margin is a likeness of Washington, and the viguette the coat of arms of the State of New-Jersey At Baltimore the Stock Market was buoyant.Prices have generally advanced. Money continues as abun. dant as ever, and the anticipa ions of continued superubundance confirmed. The leading Banks-ha large surplus means, and are desirous of extending the discount line. Rate of interest 5 a per cent. Private funds are offered on the street at 4% per cent. for 90 days on Stock security. No drafts of coin have have been recently made. Sterling Bills sell ut 934 a 10: Bre. men 791/: Guilders -1034 Some amount of Silver is shipping at the Northern ports, but the Money Market is not affected.Mexican Dollars command 1 per cent. premium: Spanish a 6: Royal Doubloons $16 25; Patriots $1585; Five Francs 94 cents. We quote Bills on London at 914 a 10 per cent. pre. mium, with only limited demand. The officers of the Marris Canal having attracted considerable public attention within the last week or two, we give place to the subjoined communication, in reply to some remarks in the News: The city papers. for a few days past. have had more or less to say on this subject, and some of them have committed un. intentional errors in regard to the facts of the case. The Morning News," in its moneyed article of Saturday, dis. coursed in this wise: The Morris Canal and Banking Company is a remarkable instance of the revolution which has overtaken banking affairs in the United States. The Canal itself, running from Jersey City to Easton, 102 miles, IS a work of public improvement which, cheaply built and economically managed, would be a valuable work. It 13 the shortest route from the great Penn. This sylvania coal and iron mines to the city of New York. fact alone proves the valuable nature of the work. On this ba. sis, however, an enormous bubble was raised in the years 1836 to 1838, and, by loan and banking operations, the Company were liable at one time for more than $8,000,000. Money was borrowed in every quarter, and expended in a most singular The mode of management and the high prices of labor way. and material caused the construction of the Canal to cost over $4,000,000; and even at that enormous cost the capacity of the Canal was only equal to the passage of 27-ton boats, while the works with which it communicates have a capacity for 54-ton boats. The capital of the Company was then 40,000 shares of $100 each. making $4,000,000, which were freely subscribed in the then prospects of the work. In speaking of the purchasers, it goes on to say: These gentlemen have purchased the whole concern for $1,000,000. being $25 on each of the 40,000 shares. The Canal has been enlarged, so that instead of 27.ton boats, it will admit the 54-ton boats of the Lehigh Canal at Easton, thus enabling bosts to pass direct from Jersey City through the whole route to Pittsburg and return : and they estimate that under these cir. cumstances the work will yield $250,000 per annum, which IS more than 6 per cent. on its original cost. In the mean time, the old stock is dead and worthless. It represents nothing and of DO value 20,000 shares are in the hands of receivers, and are the property of the new purchasers, and on these they pay $15 per share, or $300,000, on Monday next. The remaining 20,000 shares are afloat upon the market, and selling at $6 per per share. The association now offer to the holders of this stock the privilege of coming into the concern upon the pay. ment of $25 per share on what the association have paid out is person may, therefore, become H shareholder in the Canal, unencumbered, enlarged and improved, for $25, when seven years ago they paid $150 for a small Canal, having a lien of $800,000 upon it. Thus it IS. that in times of excitement works are got up by specuiators at enormous cost, which ultimately pass into the hands of moneyed men for a little money, and they reap the benefit. The holder of the old stock has new the option of selling at a loss, or of paying up the instalment dur. ing the next week and taking the chance of a rise in the stock, so as still to enable him to make a profit. Many weak holders will be obliged to sell, but this will be taken advantage of by those who are able to hold. The estimates of the association, based upon good data. are that the receipts will be $245,000. or 6 per cent. on $4,000,000. If it should turn out but one-fourth of that amount, it will be 6 per cent. on the cost of the new stock." The reputed writer of the Moneyed Articles in the Morn. ing News has acquired great reputation for accuracy and ex. tensive information but he has fallen into an error in some re. spects in the remarks quoted. The stock in the hands of the Re. ceivers to whom he refers, like all the old stock, is dead and worthless," and the purchasers of the Canal have nothing to do with it. as the following notice from authority will show, and which ! take also from the News of Saturday NOTRE-Such persons as were the owners of stock in the late Morris Canal and Banking Company (other than such stock as was surrendered to and held by that Commany at the time of the appointment of Receivers,) are hereby offered an interest in the new Company organized upon the same number of shares as the old one, if such offer is accepted on or before the first day of November next, upon paying the sum of $25 per share. And for this purpose the office will be open at the American Hotel, Joney City, from 10 A. M. to 2 P. M. from the 28th of October inst. to the first day of November next. both inclusive, JOHN J. BRY ANT. Secretary October 22, 1844. It will be seen that the stock in the hands of the Receivers is expressly precluded from the advantages offered to the stock holders of the late Morris Canal and Banking Company. The payment of the $300,000 will no'doubt be made at the time stated at least 1 have 110 reason for thinking it will not, but it will be-or I am misinformed-on a certain number of shares, at the rate of $25 per share, on each share, and the stockhold. ers in the old Company whose stock may have cost the $100
