Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-05-30
M q N X " N a 10 X K r..
wednesday. lIuy lg-G p. NJ

Wall street presents appearance OF great inactivity
general depression has been apparent at the stock
board today Sales have been limited and prices generally
show reduction from yesterdays " American Trust
Bank receded per cent Del. Hudson per cent Canton
per cent; stoningon per eent; Harlem per cent We
yesterday referred slightly to the relative position Of financial
affairs in this country and England The close connection in
which the two eous,rs placed brings commercial az
airs Immediately within the sphere the con-
trolling money power OF England This has been peculiarly
the since the United States Bank ceased national in
stituon to exert that influence the general affair,
country which exclusively exercised BY the Bank
OF England The influence Of the Bank England has beea
more felt since the Of 1885, than before
and sp to this time the growing Importance which the slight
est movements ofthe English money power this eounys
becoming daily manilestpartieuarly the estsb
lishmest ofsteamer intercourse.
To the action Of the Bank Of Engand be traced vla
great precision that train Of evils which rpned
vson Of 1896 and 10 the movements or at in
eadavong 10 eouaeraet her for error asered
those difficulties which have been thrown way Of the
negotiations in England necessary the speedy return OF
state Of prosperity this sid. Thus for seri. Of years.
prior 1886 the rate Of interest cbly lowered in Eae-
land and that eect,a that for nine years did not er
coed per cent This fact gave that extensive loan
and credit operation with the United which exploded
iron overaston in 1885, The mercantile deal
between the United States England was 80 regular
confidential an extensive that IL became easy for New
rsrt merchant draw .sney from LosdOn by putting credit
operation iornery for the Philadelphia merchant
TO draw New York.
While dealers this side could procure money in England
under per cent and resan side Il or there
oosd not fail to be extensive traffic in money The credit
OF the merchants made freely circulate some Instances.
to the q several millions sterling for single firm In
this trade there several eadsg hovses which the WIS
the prominent; these there bills
running time from Ito ~ millions sersg This tra
&c was encouraged by Bask England whose pscy in
making mop cheap the intelligent people Of this
try TO trassvsrt i where sought for much higher
valse well for public works for private enterprises for
mdake power thus raised by their and their
general conduct the encourage Of the agents in London
ofhe Usted States Bank procuring there loan OF one nib
lion sterling FOR that institution s bonds added fuel TO the
fame Thi. conduct in all respects gave impulse 70, and
powerfully stimulated those speesstions IN goods real estate,
and also afforded for the imsesse increase in the sumber
banks which took place those The credit. running
an osdos connued rapidly augment
ss the mdsu Of 1885, when they amounted to near $780,
600 At th.t the bullion in the Of England was
Ct o 600 and began rapidly decrease which n continued
10 do sn tho February Of 1897 whss the amo.n was f4os2
ooo showing decrease Of nearly onessf Al the commence
nt Of this DRAIN self caused them 10 strike dowa
those American firms whose business had been fored and
reared BY the effect q their udcieus ssc.
tine the two countries have been busy in settling the
mains Of the explosion and under the guidance Of the United
Bank the balance has settled much earlier
anticipated BY the most ssngune either side Of the At
lastie.
The Bank ef England has. however from past experience
learnt which late movements indicate intention
Of pro6ng This the fact that the specie in the u States
has since s33 thas doube while that Of the Bank o
England has almost steadily decreased the average Of each
year being muck less than for any series % years zinc.
The following sstsment Of the bullion in the Bank a
England and the Banks Of the United States aad also in cir