Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-05-02
MONEY MARKET.
Wednesday, May Is II. M.

Wall street rather quiet today, and has been
more scarce This occasoned by the fact that it this
day that the OF anodr changes hands the shape
Taking the amount Of taxable property the county
OF New York which, according TO the report Of tbs oomptro
l oo and allowing per cent the average rent
aggregate e about si2oo0Ooo yearly rent
quarter 100000 Of which payable today Thus great
temporary demand created The thus temporarily
bed added the dividends Of institutions about be
paid over will be from three millions four and half
million dollars which will seek o.tle in few days and
have great effect upon the market The transactions At
the Stock Exchange nearly the features
apparent yesterday The sales TO fair extent and at
the rather visible and in
advance effected Bank &C Commerce improved per cent
Ohio Life Trust per cent; " s. Baak per cent; stonsg
ton per cent; Harlem per ceu Delaware Hudson per
cent; Dry Dock Bank declined per cent
twill be rec0lleced by readers that the 9th instant
We published letter from Charleston Of which the following
is an extract-
CnAsLKsros, April Ia 1899.
Miller Ripley Co have been compelled to draw ssl 600 in
specie the Bank ofChaeson consequence Of III. Bank
refusing 10 furnish them with drafts the above
premium, which they willing 10 rayhe Bank de-
cang that coad draw though selling at the time
freely 10 their neghbos in Pearl street At the same time
understood that the Bank had large to its credit in
Now York.
This extract accompanied with the resolutions of the
Bank Of Charleston passed the subject the effect that
they must dsceuntug until the demand for specie ON
We also ntimated that these
intended to excite popular feeling the
order that they might continue their exoronate charges for
exchange Thi. publication il seems has called coun-
ter statement from the Bank in ~hoh they deny the
contained in tie letter Of correspondent in the following
terms. through tho columns % a Charleston papcr:--
We authorised ,ay that the made in the
foregoing letter Incorrect and that the Bask has in All an
pca.n Tor exchange from the house named
the footing all the re' Of the commvnty They
made three applications for exchange the first furnished
part giving them the largest check sold that aud
the day larger amount asked for and the reply
tho Bank covld not draw Tor large bavsg bat
limited of funds New York, and blg dcsirsus Of
Distributing it among applicants IN small They
days before the date of the which the above
extract TAKEN formal demand for specie uass
the Bank would give cheek Al less than tie established rate Of
per pre- Since then they have fourth de.
msnd for specie, without asking for exchange.
This attempt The part Of the Bank hunbug The public al
called forth The following confirmation our statement
frsn the highly respectable firm interested in the transaction
a, contained IN the Charleston Mercury;
MH EptroR communication 10 relao1 10 our hons, an
your paper 81 today respect Tor
selves well duty 10 the community requires give
plain Of facts connected with drafts specie
from the Rank Of Charleston Ga the l4h u we
the Clerk of the Bank, IL they aawisg New York
lie replied Eve arc AID referred ~ 10 the Cashier Upon
going into that officers found the President who sad
1--WE cannot draw for you ut the time adding
Western will in few days aud you can probably get
What You need from them" AttL time We neither asked FOR
sny specific amount named rate o exchange We
have taken sum, however small they had offered s,
Feeling indgsan al being refused bill when they were
avowcdy drawing for Others. then and till gave
them the option of drssng for for 600 Al per cent or
paying specie they chose the latter On the same ay the
President told us that he wished Mr. Ripley distinctly to
sersand that they gave preference, In selling exchange
their customers
On the 9th inst asked of the Board what rate thew
would give exchange England The reply was n per
cent At this date the bssi bills selling IN New York al
" per cent. and act being willing pay great difference
the nest day demanded exchange England Der
New York nj per cent, specie which given 10
the amount OF $4,000, making in all s3l 600.
II the Bank q Charleston unable 10 urr h single
with exchange sufficient to carry their usual legitimate
business for month without stopping their usual discounts
holders IN tho Institution regret that IL should
have been 80 nismanaged
April 10th. MILLER RIPLEY \ co.
Here find instance Of banking institution OF
instead e using that capital for the benefit OF he
mercantile community attempting by bareecd power TO eru's
enerprssg individual house order sessrey to mo-
opoIze estoropae system Of esshsnge at the expense Of
hose very citizens of Charleston 10 whon she appeals
through the columns Of the public press 10 sustain Der against
me q their body ny getting cry ofper'ecu''os'he
ndcavors 10 take advantage Of her own wrong IN order
omt farther depreciation. upon the pube The citizens Of
ot only South Carolina but Of the neehbong states have
owever suffered too long under the Encouragement Of the
snk. OF that section TO easily "led BY the nce by such
lsp,raps as that put forth BY the bank. u