The Sun.
London, England, 1839-11-20 00:00:00

NEW YORK CITY BANKS.

May, 1837. Oct., 1839. Decrease.
Loans, &c 28,210,628 26,000.000 2,230 628
Specie
Circulation
Depo4its
This shows, in point of strength, a condition much
improved from that on the strength of which they took
the lead in a resumption, and carried it through in spite
of the opposition of the whole south and the wishes of
the United States Bank, and thereby forcing that insti-
tution into the measure sooner than she otherwise
would have come into it. The strength of the banks
is much greater than even the fi4ures evince, from
tile change of character of the discounts. A large
proportion at the time of the suspension were the notes
of large jobbing and auctioneer houses, who could
not pay then, but entered into an agreement with
the banks to pay instalments of 5 or 10 per cent.
until the whole was settled. This the banks were, of
course, forced to accede to, and hitherto the arrange
ment has been fulfilled on both sides ; but in getting
clear of that old paper the hanks have, although acting
separately, followed the same policy, and refused dis-
counting any more such paper, confining their move-
ments to bona fide business paper. This has exerted
a healthy effect, and has gradually narrowed down
those who depended on the former policy of the banks,
until that greatest curse of our merchants, the auction
system, is nearly crushed, and will soon be so effec-
tually.

The greatest check on the ability of our banks to
extend their discounts is the position occupied by the
United States Bank in New York, acting as the agent
of the Philadelphia institution. According to the East
report of the bank in this city in July last, the
discounts to merchants in this city were near 30,000,000
dollars. These discounts are now falling due, and
as the institution has out of its own notes only
50,000 dollars, and the bills of the Philadelphia in-
stitution are not received, payment is made in the bills
of our city banks ; a balance is therefore, constantly
accumulating against, them, which is immediately
drawn in specie, and .ent to Philadelphia. While this
disposition prevails on the part of the Philadelphians to
take advantage of every attempt on the part of our
banf(s to extend themselves, in order to exhaust them
of their specie, it cannot be expected but that they will
remain close. The state of things cannot last long, the
irredeemables must soon entirely explode, and our re-
gular merchants cannot be made easy until the auc-
tioneers, jobbers, and speculators have followed the
United States Bank to destruction, and have lose the
power to do harm.
RATE OF SALES AT THE STOCK EXCHANGE, OCT.
29.-500 Corporation Bonds, 90f ; 50 Shares, U.S.
Bank, 75 ; 5 do. Bank of Commerce, 90i ; 175 do.
Delaware and Hudson, 53 ; 80 do. Farmers' Trust,
72 ; 5 do. N. Am. Trust, 40i ; 12 do. Bank
of Kentucky, 64 ; 60 do. Mech's Banking
Asso. 58 ; 30 do. 0. Trust, 71 ; 25 do. Vicksburg,
301 ; 12 do. Illinois, 50 ; 10 do. Howard, 90 ; 10 do.
B. anti W. R. R. Co., 101 ; 15 do. Canton, 26 ; 20 do.
Mohawk, 48 b3d ; 29 do. Boston and Wor., 94 ; 10
do. New Jersey, 78 ; 25 do. Stonington, 17s. 3d.

We publish the comparative closing prices of Satur-
day the 19th and 26th :

Oct. 19 Oct. 26.
Corporation Bonds
United States Bank 74 78
North American Trust 494 41
American Exchange Bank .....
Delaware and Hudson 54-1 53,f
Bank of Kentucky
Harlem Railroad 394 361
Mohawk ditto - 51
Utica and Schenactady ditto
Our foreign circulating medium is still very much
deranged. The brokers are buying the following bills
at the rates annexed :
Canada
Suspension Bridge
Ohio (generally) . 8
Michigan, Detroit „, 8
Do. branches

Pennsylvania.„ . lO
United States
Cincinnati
Indiaaa
Illinois .„„„ lO

NEW YORK BANKS.
(From the Journal of Comnzerce.)
MEETING OF MERCHANTS, MECHANICS, AND MANP:Cr.

pJ!tEttS AT TUE qTy
meeting foo place ou atuT y evening, pun,
scant to adjnarnment. waS 04110 to the
Chair, and W. Y. Miller appoinleo secretary.
The 4nania;otis ie6ag of the meeting appeared to be I
2::