Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-02-07
M o N K Y M A n X Il II.

MONEY M n k EFT.
Tuesday, Feb. Go. p. M.
Commercial makisg mp their minds TO be content
and maxi the best Of preseat state OF things The action
Of tie GOV ernment and the revision the banks
rapidly diminishing the quantity of circulating medium and
thus naturally produce In the reaction fall Of prices and
dinuton Of trade in prsporsn The entire destruction OF
currency would great deal Of mischief to
interests but could not suspend all business because
ong portions Of society," credit viii sxst wherever
industry and prudence prevail In spite OF all the ocofocos out
ofthc lower regions.
Tne week opened with feeling
Money still scarce; but the immediate
sf life there appears be good deal still moving
Although formal has yet been made, yet
put themselves the position Of having
specie payments and regulate their
ingly. The Phenix Bank, inma.ed week ago,
declared dividend Of 10 per cent and il probable
banks will follow the example The ption
of specie payments and the resumption OF busiRess the
system OF 1885 and So not However identical The banks
resume simply reduce their circulation, and
anchored in that position Till general resumption and
general movement in business take place.
Iu the great there yet something doing Since Sa-
urday 1900 bales of have changed hands, partly
weeks prices and partly at slight redsst Every
packet full and there actually exists scarcity Of ships in
port The OF the cotton trade very pecu
both here SOUTH and they indicate singular
results BY the last mails from Mobile and New Orleans,
learn that large quantities Of cotton had changed hands and
portion rather higher prices This has been
produced by the competition Of the banks and puchas
An agent the Earrings of London recently arrived
and proceeded south for the purchase Of cotton Such the
curent report in mercantile circles In addition this,
United States Sank the southern banks
anenty in the ED purchasers OF cotton. 1t is generally
in Philadelphia that the United States Bank up
close Of last month"; had purchased through its 500
bales of cotton during the The value estimated
$I2 eooooO large portion OF this probably hand
the Europe believed that the
house of Huuphreys Biddle Of Liverpool will
fortune in few years. of the commissions alone and
profits of the Bank will be Immense The southera banks
also engaged in the business and Il no unusual factua
takes place in the Of EnglaBd all these in,u-
tons away with profits OF the trade
formerly monopoled by the brokers
chaRn.
This state things produced serious hostility among
the mercantile interest the banks-a hostility whiehs
increase.
Foreign exchange the packet is inning be
inquired after, bat there great difference Of opinion
will obsiRed IL the heavy shipments
south and here, should be drawn for be-
come the Of sudden operations there win grea,
10 the import Of foreign gaia will
thai tendency for although the arrivals Of bread
prsnse last year, they
balance Of trade Ills doubtful however whether the
banking institutions ard foreign aged the
trade, will not keep ssef frs the exchange market
avoid the effect might produce The United States add
other banks give their redemabe currency payment Of
cotton AZ long, therefore, the paper crcuses Lome,
take It's own time realize these foreign exchanges
We have nothing fron Albany wasklngtoR Aisuer
from Senator Talaadee from Washington IL Mr.
Rves bill pass would relieve the money market
three weekaso that the subeaury scheme may pass the
Senate, but never the House.
The Dry Goods market opened ths morning with large
sale Of linens by Adee. Timpson Co. The
approved endorsed six nonth but the Discount
five per cash. nade virtually cash SALE very OF
h. merchants good standing being willing hazard their
credit by the tahiti Of their inability pay cash.
thus avail greater than per
per annur. The sales crowded. great spr,
among buyers, and the goods sold
cs.Ient prices The rge made In February 1897 by
Hsggery Cutting the market did with linen goods. and
furnishing the obber supposed. with supply
would Il expected uriously affect the pces bat
expectations realized the goods bringing about
good prices they then did, Aer the Isens, small lot Of
American goods sold for cash, The prices OF last
fully maintained sainets for which there much de-
n,and sold remarkably we'll sampson Co. had sale OF
cloths which broug, prices Most purchasers
however from and West, jsbber being unwl.
ling parchase largely. short credit four months
sampsoa Co, aad Austen wimerding Co are the only
auctoseers who continue their credit sales, and thus manifest
their asins confidence the stability Of those
who have survived the late storm. .#u
We have New Orleans dates the 2sth Money Is
specie n per Large quantities oil received
from Mobile have lowered the exchange in the cities.
Flour sell. al o. So droopng consequence OF the large
supply
Sales al the Stock Exchange.
TUESDAY, Feb 6-i2 M
1so n g Rank it7 500 Hsrsen n 4ai = 50
s. s. 2 2%. ! .Is' ssml I: SJssi TRR =
"a Kentucky 81 65 Stesington. 4Is Ft
"A "a Trpau Nofre Ian