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COMMERCIAL AFFAIRS. MONEY MARKET. Friday, Feb. 15-6 P.M. The stock market was very unsettled this morning, and prices appear to be in a very feverish state. At the first board, to-day, some of the fancies were up and some were down, and most of them are evidently shaking in the wind. After a few days, when the bulls find that they cannot attract outsiders, and relieve themselves of a portion of the stocks they have on hand, they must suffer things to take their own way. Prices are now sustained with the greatest difficulty, for no other purpose than to draw in outsiders; but from the fluctuations from day to day, we should judge that speculators for & rise were engaged in a hopeless task. As soon as it is seen that their efforts are im vain, many of them will turn round and sell most of the fancies short for a fall. There is nothing like keeping with the tide, so far as speculation is concerned, as many rich operators have been swamped in trying to stem the current. It may appear to many that the tide is setting up. but if they will look below the surfice they will find a powerful under current that will soon carry everything before it. It is now high tide, and we would advise outsiders 'to never go clamming at high water." Outsiders have become as thoroughly disgusted with fancy stock operations as the reading public have with cheap literature; and one will be just about as difficult to overcome as the other. At the first board, to-day, Ohio 6's advanced 1/4 per cent; United States 6's, 1868, coupon, 1/4: Har10m preferred, 14; Long Island. 14; Reading Railroad, 1/4; Harlem fell off, 1/4; Farmers' Trust, 1/4: Erie Railroad, 1/6; ten shares of Panama Railroad stock sold today at 85-fifteen per cent below par. This is the first public sale of this stock at the board. At the second board, prices were a shade better, with larger sales of Harlem and Morris Canal than in the morning-the former principally on time, seller's option. The amount on deposit in the office of the Assistant Treasurer of this port, at the close of business 0-day, was $3,216,075 52. A majority of the stockholders in the late Bank of Ithaca, in connection with parties residing in this city, have associated themselves for the purposes of banking, with an enlarged capital, changing their name to the " Mercantile Bank," and their location to the city of New York. The bills of banks throughout this State will be received in deposit at a discount. About four weeks since, there was a speculative movement to some extent, in the stock of the North American Trust and Banking Company. In the course of a few days, quotations for the stock advanced from seven to fifteen per cent, in anticipation of a decision in the Court of Appeals in favor of the stockholders. It was generally believed, at the time, that the decision expected would completely annihilate the claims of the bond holders, and give the stockholders the control of the assets in the hands of the receiver at once. The most abourd and ridiculous reports were put in circulation at the time, by those engaged in inflating prices, o as to enable them to get out, and their organs published all kinds of statements calculated to promote speculations and induce outsiders to purchase. Unfortunately, many of these reports were believed, and large purchases of the stock were made, at from twelve to fifteen per cent. At those prices most of the old holders sold out, and the stock now rests in new hands at high rates. It is stated. that most of the present holders are lawyers, who purchased before the decision was announced, probably, however, with a full knowledge of the uncertainties of law. and the chances in their favor as stockholders. So far very good, for we have little sympathy with those who speculate upon the uncertainty of law, particularly when that class is composed principally of lawyers. In anticipation of a decision in the Court of Appeals in favor of the stockholders, the stock advanced from even to fifteen, and in less than four weeks after the decision in their favor was announced, the stock fell five per cent. The day the decision was published, the stock fell three per cent. This is a good illustration of the folly of purchasing any of these fancy stocks for a rise. The decision referred to. which was, according to some of the bull organs, to carry the stock up to twenty-five, amounted to just nothing at all. It was neither one thing nor another and the parties interested on both sides of the house are no nearer a final settlement than they were eight years ago, and they will probably be as near ten years hence as they are now. We have never seen a full and fair exposition of the affairs of this concern, but it is our impression, that if a correct report could be obtained of the present position of the comits &e., and a sound legal opinion relative issue between it would be seen stockholders to pany, all the assets, points at obtained, the bondholders that the stock and was not worth a rush, and that the creditors would have to wait years and years before realizing one cent on their claims.
