Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-09-17


~ . view by the sages who pretend 10 drec. the move
81 the Wall street. has so been guarded
ran.t The safety fund circulation has, therefore, oeen re-
abundant TO that and the unsettled stats o'
buspe.. did require ncreaed circaton the bills nave
beeu forced upon New York much faster than usual ana
before any provision for their redemption WV@oush' NC
necessary, by the issuing banks.
rober for the arrangement country credits is, un
doubtedy the unsettled the English crop Neither the
farmers mcrs have been able to make any terms ON wc
toproceed their business consequently large crops nave
remained inactive the grsnariss of the farmers instead OF
forming of bank credits in the Eastern cities THIS
cause has operated the Of probably $2OoOOoo An
amount of SIS 900 this operating agan re movements
q the safety banks The BY checking suprs
aud the other powerful spring Of Seton based up
on public opinion, forcing 1dse passage ana bears "
risistably against the old institutions
In the mean time the banks sought protect them
selves much keep their DIVIDENDS al all hazaos
The State undertook to do business IN redeemns
which was sufficient to absorbed all their funds At the same
time they have tempted by the high rate oil interest onered on
securities endeaored to employ their funds IN making ioans'
and becoming cramped they caprciousy throw out country
bills at the very that require to be sustained as
well for their own for that Of the merchants
IL appears however, that Mr. Pachm delegate Of the State
Bank to the Convention of Safety Fund banks, held at Au
burn the 4h nst notified the chairman Of that conven
ton that consequence of the exceeding difficulty Of COM
arrangement entered into the 9th June The City and
Commercial banks Of Buffalo not included in that
rangemen ard their bills thrown out without notice,
although equally good those Of safety fnnd institution
The bills of these have heretofore been redeemedon
by Phoenix and the other by the Merchants bank The
officers Of institutions here, and are making
rangements to have them redeemed the same terms
as the other banks. In order to make arrange
rent in conjunction with the banks, a committee
consisting Of Mr.. w. B. Wees, Of the bank OF Utica,
g. Throop Cayuga Co Bank John Payne of the bank
sf Troy VIM. NJ Oliver, Of the Yates Co. bank NJ T.
Williams Tompkns Co. bank 0. Brainard jefferson Co.
bank, despatched to New York, and in this
city, It's if they will be able to make any perma
arrangement although temporary has been entered
into
From these facts it appears that the present difficulties have
arisen entirely the ncapac of those who undertake
direct the banking business Of the State. There
more favorable time than the present commence series Of
scientific measures, which would rapidly resuscae every
branch Of business The crops large prices very low
foreign exchange favorable the circulation limited the stock
OF specie large and yet the simplest in finance
cannot undertaken by the boobies who attempt them without
producing panic which disorders the whole business the
State II is time the merchants up doing either 10
rsvouioniue the system altogether. place the
head OF institutions, who consider the science banking
important light than that Of asystem ofshavng
borrowing
By reference to article, it will be that the
sour entered into agreement which will much
reduce the old system of long credits.
sales at the stock Exchange
80 Bank l0 $50 Zoe do do l0l 20 do do lOlt
q, do do IO 2O sept lo 2S do do IO so do
DO l0 w. Sc do de iei SO de do io 80 IA do do IOl
$500 Corpora''on Bonds $50 % phsnx PIT Sc do Dry
DO Am So 5 do do sat- IS do do s4 IS do de $50
Is do $3.50 do Com Bank 9 81 do do cal d. do %
1920 Mechanics Baking Asso 79iJ0 do Del ud sc
80 So $50 SO do do So 80 do So bae
IS % % 80 IS do do SO w. IS do e5
lonh IL TrusfQ = do
20 6o 80 do do COL 90 do do 81 b6c5o do vok.
bmg Sal $50 $50 do do 40 do Illinois 74-a5 do Morris
Canal % $3.50 do Mer Ex 60 do Utica Syracuse Ils
IS do 1910 do Canal Backing 33 30 do do 3325 do
Paterson sas-so do Jer.ey So, IS do do sSi 20
bw 50 46B bis 100 do ~ Gods so do 49, 50 do
Go 49, sa6 do do 46 so do do 4oi2S do Del Hud s sod
state Of Trade.
The markets remAs much the same Monday is usually
et day. and the rment the money market has
ted quicken trade especially the British Queen
nay be expected; the news IN sonmerca point
of vewl will be doubtless important but nothing decisive
With the crops reasonably be expected ant the
arrival OF the Liverpool.
sreAns-The demand for hi. article Ia. something e.
n since last report and slight decline has been evincsd
~ IN. lower qualities The better qualities however better
maintained The stock Of Dor sugars large and the demand
dun The sale, have not teen large.
At New Orleans the eth the market was generally quiet
sales had ranspired 81 cents plantation
here had been no transactions
Corn Trade.
The corn market has been thrown sto considerable excite
since Saturday partly by the refusal OF the city banks
eountr safety fund notes and partly by the effect OF an
,ement among dealers relation TO the acceptatsn
~ conr, drafts After the fact became known all transac
o,s the dealers IN state Of much anxiety
.. in the MONETARY circles will produce sad
[ In the -four markehat the present uncture The trade
- ,d,u. in this city, and IA fact IN this country
ns,.r before IN such a singular position
yh;n the last few Circular mas been circulated
among IN. Flour dealers which looks to an ene change IN
49, as az ting their business fzture with the
- r,IIsr BY this Circular, Il 70 agreed that drafts be
ecped BY agents in the city unless the hour Is on hand or
a. another stipulation Is not 10 accept Cor
s .rce thar SIS per barrel 50 Including all expenses
1 set OF this agreement will be to compel the western
% 10 .bsit 10 further reduction of h- present prices
e;vht or commissioned houses here have signed the
.ls and many expected TO sign Il IN few days
,, CO. and other houses take the lea In this business,
rhieh il equivalent curam,n Of credits, well
auction Of prices -,
sale, Of ern -four msde yesterday at S6Sl 662i
- Mil and very few transactions Al either price These
80. show OF IS cents since the arrival OF the
.t Westrrn and n take into consideration y little de-
and s.au stock and the few at the prese use
I've right 10 infer that still greater reduction will take
e. ore long Since the receipt OF the Intelligence from Eu
~, corn trade has assumed entirely different position
xh,t a was in anterior 20 last Monday. Previous to that
dealer. expected become large exporters Emf land
France and made their calculations and
accordingly Now however, the aspect Of Affairs
s and thu, loss how Several
f, a.. arrival of the British Queen they make up
49,, -. while others satisfied that ship
10 England compete with the continental mar
aai... nr;e.s reccds in this country very much.
r,mpss atabe showing the current rates Of -four
So barrel Al the several markets, AZ the a,es, commercial