Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-02-24

Friday, Feb. 23-,

~
Friday, Feb. a3--6, p. M.
Exchange Engla.d opened this morning the packets
tomorrow eaay) 1861 and from rate up 10 1868
and e7 closing rather than by the previous packets
This slight rise sterling exchange has been caused by
scarcity southern bills in the market and the delay
arrivals England On very little doing. The
in what doing the by the last packets
E525 C54 Paris Sc Hamburger and 500 4oo AM
serdam The banks have been in the market at ths time
purchasers, the whole has been taken
count OF foreign imports.
The scarcity OF southern bills caused degree hy
the operations of the United States Bank in the south. We
learn that the agent oflhat institution Georgia the
last dates making purchases the cotton market From
private letters their operations have amounted to 5000
bales equal to nearly 100000 The bills which this
would form basis absorbed entirely the United States
Bank and retained the first instruments of the bonds
issued for in April and March, 1887 Large
fall due in London nApr and May Biddle
must provide the means, beth these payments and
10 forfy himself with specie in Ibis country
We have no doubt that coemperaneous with these opera
tons Georgia and IN the Atlantic psrs agents the
Bank also busy Mobile New Orleans If So is
possible that IN few days We hear Of activity the
markets OF those ports growing out Of the same carses
April and May 1887 the Bank the United States sold
bonds payable ia Europe equal TO S3ecos0O not more for
this city These bonds exchanged for
paper here and transmitted to Europe species of
exchange pay the annual debt owing by America to Eu
rope The mode by which the Bank these en-
gagements through its cotton operations by issue
of other bonds and like securities Dursg the whole
II has been preparing for these payments by large
operations in the southern markets These operations have
been based the unoanceed OF old bank Of
late appears that species OF exchange small denom-
nation have also been issued in the south west answer
the purpose o. small remittar TO Europe
The extent OF the u Bank cotton and foreign ex.
change operations must be Probably thirds Of
its business OF this character Wien the Bank was
refused charter by Congress- naturally forced Ont of
the inland exchange into the foreign Its hgby probable
therefore, that tie ignorant and barbarian hostility Of the pre
to that institution has fortunate dest
for the o. kho OF Bark both and in
Europe. Hereafter it fits please police at least
thirds of the cottoa and for ign exchange of the
country.
The stock market today is depressed Some OF the fanees
fallen nueh-the Stonngon down 10 per cent since
yesterday This depression generally attributed the great
sale next week.
Nothing ofvery great importance place in Altar
and Washington. The small bill law still in agtaon-but
it is best but small affair The auction business is now
opened wide the doors House II will bring
into the business vast number Of houses and
prednce, in the dry goods trade singular results
We shall see
The General Banking Law, great State Bank the Real
Bank still in embryo State banks large scale
beginning TO find favor In legislative bodies Tennessee
has just created with capital OF S. and sent
ef the bonds to this market and Europe Virginia
Maryland Massachusetts, have all the subject before them
South Carolina has also under way great Rail Road
Bank capital $l9 Ooe In few months ay be State
bonds equal ready Europe to be
ssld Add these operatcnsto cotton exports will
produce singular results the European markets
not possible, under some Contingencies
second edition of the commercial operations
and 1886,
II gives much pleasure to state that improvement
has taken place in the prices of dry goods sold during
week. On Monday AusteR, wilmerdsg Co. sold some
French goods and Thursday British and American goods
six months credit. The prices obtained much
than at similar sales last Tuesday Adee limp on
sold 76s goods ofwhch leo six
and four months the balance cash. d. c. Porter also
sale three months credit and Boga CraPda Baco- Co
four This partial resumption Of the credit system
had the effect OF raising the prices Of goods well p-
s Of the merchants for has convinced the latter the
hostile feelings Of the auction house. which referred in
last Saturdays article, shared
-~-"->~'s. L~. al attempts 10 destroy confidence in eur
merchants be indignantly fowRed down. and prosperv will
again she'd LIS light upon them We should not be surprised II
the obnoxious auction house which reference bs, beer
made, should, by considerations OF own interest rbich
their past conduct proves the only guide their
be obliged to resume their credit sales
Sol h.. 49, n u