Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-06-18

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don papers TO have steamed 70 miles IN one noII
eleven mnutss-a greater speed than was ever Hesis
| 81 before. T M NAA
The following are the thres first letters, when we
publish from Mr.. Bennett. They embrace variety
OF TOPICS and were all written the day before the
Western sailed al different hours of the day.
JThe very latest by the Great western.l
! LONDON, lst June, 1888, ~
| Seven O'clock, P. M. !
Iwrite this from the North and South American
Coffee House, the great centre of all the monetary
and commercial intelligence in London.
| No event of any magnitude has taken place. be-
yond what have already given in my other letters
American securities drag very heavily along, even in
spite of the great pentiness Of money. In the eve
ming papers of this day, which send you, will be
found the quotations. From several quarters, great
efforts are making against the character Of our sccu-
rites.
have further learned that only two of the Ameri-
can suspended houses have yet declared dividends.
have already mentioned Virgins, As. per pound-and
now add Grant & Co., who have declared los. Yet
the Bank of England gives ost that the houses which
they took hold OF, are proceeding very well in the
process Of realization. In spite OF this assurance it
is generally believed that the cid houses that suffered
in 1897 will recover slowly. The greatest anticpa
tons are formed of the new trade, constructed on
new principles.
have every reason to believe that the operations
here in American State Securities will, in year or
two begin to rival those of any other kind. Hereto
FORE we, in the United States, have taken too little
pains to describe and make public the nature and
character of our public resources. With a correct
daily report and exposition of state resources the
capitalists of Europe would soon be convinced of the
superior character of our stocks and have no doubt
in the natural progress Of events, something OF the
kind will spring up in short time.
Some fears are beginning TO be entertained here OF
the next crops. If such fears should be warranted
by coming facts the money market and exchanges
will be affected more than any one would believe. In
the present state of the elements Of industry on this
side / would advise all the energies of the United
States to be directed 70 the development of their ag
ricul,ura and mineral wealth. Without more atten-
ton to the cultivation Of our. soi the money expend
cd on canals and rail roads will be rendered inefficient
We expect for some weeks here season of quiet in
the American trade, until the effect of the recent
poraton of specie the currency CT the other
side.
Every day hear complaints against Mr.. Bddle
for engaging in the cotton trade have endeavor-
minding them that his connection with the cotton
trade was contingency growing out of his DISPOSE
ton Of the branch banks, south ard southw west on
the expiration of the old charter. The banks 10
which he sold his branches, were compelled TO GO
into the market 1897 in order to bring the crops to
Europe-and the United States Bank had to receive
these consgnments through their agents al Liverpool
in order TO realize their assets II is very evident
~ la nod hnra
brook long the operations Of any banking institution
in the cotton market, and every one expects Mr..
Biddle to withdraw after the present season.
MY next letters will be written up 10 the Bib inst,
and sent by the Liverpool packet. shall have col
lec,ed large mass OF monetary and commercial in
formation by that time-te say nothing of fashions-
BILE. Nv opportunities and facilities increase every
day. Indeed, I am astsnshed myself at the success
have met with in finding out the and true state
Of affairs.
LONDON, LIST June 1888.
mean 10 make this a general rambling letter,
speaking and writing whatever comes uppsrmost,
whether il be a prayer for the lovely and graceful
fair ones have left behind, or a maedlcon for the
rascals which every country holds within its bosom
In another epstle which you will please TO publish
first, have given my beloved American readers my
first impressions of the great money market of the
world For the mere details, prices, quotations, &c.
refer YOU to the files of all the London journals sent
you.
Ny dear fellows, and fellow aborers in the field Of
intellect have seen your abors for week after
my departure You manage matters very well--re-
markably we'll. Go on as you have beeun-we must
make the New York Herald the greatest paper the
Americas continent. We can do It-and we shall do
il. never knew its wide and extended influence ill
I reached London. feel prouder than ever of the
Herald and my whole life shall be devoted TO the Inn
prevement Of the press in our happy exciable, ina
qinative land.
have received the seven locks of fair hair which
were sent me- ] shall treasure them my soul,
which hope is destined in this world 10 make ssme
gentle being happy and TO sing psalms hereafter for
all eternity.
have received great attention from the gentlemen
OF the press here. They seem all toknow me. Yes
to-day received card 10 attend the public dinner OF
the Newspaper Press Association, accompanied with
polite note, invinng me as guest, and ss mem
Der Of the American Press" have been very at
tentive in cultivang the acquaintance Of the gentle
men Of the press. They form highly impertantbo-
DIV here and ssch have seen are very anxious to
know the condition, prospects, and system Of the
American newspaper press. shall not fail to open
on avenue Of acquaintance between the Lsndcn and