Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-21

PhilsdslsAh IsazaG nsssy 4 3a ~ ~ go 49,"
sdd'tios to The exchanges asa,nst that city, while
Is still worth v per cent per month IN rhi'aasPsA mo
nsy, notwithssndsg IL suspsnson Hss usrchsn have
therefore, gained nothing ~ the dishonesty Of the banks on
the contrary though they pay their indebtedness to the banks
funds such a. have funds due them u New
York receive it in Philadelphia funds the belance remains
the hands Of the banks which failed fer The Oh INC
merchants" The dealers Of New York have indeed .oPay
heavy loas the due them at the soh but I'VE
induce those who specie to part with Tor
the sake Of the premium offered This IS drought 20 e
York. and at the present rate ofser'ing exchange
the banks and bills taken per cent below for trans
mission to England The position Of banks in relation to
foreign exchange il best explained by the following letter
from agent Barring and Co., in this city, to one OF the
Boston banks -
&Nfa New Yonx. Oct. Is 1889.
FR,,KtrS ESQ President Merchants Bank Ro ton:
DEAR SIR Mr. Winchester called on re ,hi' mo.his
behalf Of your Bank 10 inquire Il would authorize hs eh
draw Mcrs. Barring, Brothers Co u y shoua nave
do In reply bee to that shall be N pos
ton soon and will have The pleasure 20 see you on me
is drawing in Boston Mess Barring anf me bangs mere a.
az INST stocks for large amounNnc on ontr houses al
aad think the bills offered VIII prevent ay
export specie OF consequence, ana be more Ah sum
Gent to meet the demand !,
The banks here generally in position Of great strength
AID heir engagements ednced that nothing can oueh
without their consentand they may not only con-
tinue increase their sconnand have more specie than
desirable them to keep, ami understand the position
OF the Boston bass they equally strong and wh goou
between shem give the necessary reei 70
the community Boston getting 10 be creditor CITY
and need te under apprehension whatevernothng can
touch her. Be assured that New York will not only continue
money y market.
L. w. WARD.
At Providence checks New York and Boston have been
sold at per premium. The Of the New York
and banks will probably force the Providence halks to
resumption. The to been hastiy de-
cied upon meeting called of tn Immediately interested
in funds accrung in Philadelphia and Baltimore The meeting
held the Washington Insurance Office and address
ed by Mr. James Simmons who argued that he paid
in depreciatea currency if the banks, with whose bills
he to pay, would depreciate thr paper, he should
ooe anything He followed by Mr.. JAMES H. Glars
Mr. g. W. Jackon ard Mr. Pratt the effect and they
accordingly suspended and doing have joined the broken
banks Of the South.
With the bank. oft Southern States the is different
their bills at tn OF the year brought North by the
traers for tie purcha goods aud Immediately find their
way into The hands Of brokers WI demand the specie for pur
poses on while the bank balances due the South from
Phiia elphia cannot be realised.
From the West with the exception OF Cincinnati there
accounts The banks of that city will remain m with the
exception Of Ohio Life and Trust which has joined the ire
deemes As the extends the sound banks
separated from the rotten which Immediately suspend
The result will be that those Institutions that able TO pay
their debts will correspond with the New York banks and the
be cased definitely under the heads Of redsemabe and
irredeemabc. The latter make vain struegesto keep
against the tide of public op nion which will overwhem
them.
The general position Of the country is at this time
extremely healthy and the events Of the last week have
developed the fact that the heavy drain Of specie which
has taken place from this port has been principally
Of tie Phade banks whose speculative debts in Europe
be by from this side consequence OF the
fall Of cotton and the mpessbty OF procuring loans
there Our merchants do, indeed something had
the specie which forward been pa, of
camille debts the balance would favor Of this
The business Of the merchants has nierered with
by those who have failed in its conduct aud wish the
merchants pay part of the loss The imports
have been indeed large but they net vet
and not to be paid for until sold being mostly
English account. The farmers and planters through
the country have larger crops and consequently
wealth than before. They want of tho gooa
with which the shelves Of city merchal loaded
then is prevent the exchange but of circulating
dur The external position Of the country never ter
than The cotton crop full average, and the
ps immense and already going forward in great aant
yet banks dare not through the rgua process
banding with the Of the crop TIE market beaus
e ph.iade a'ans with the United States Bank at their
stand ready their specie Ia order
losses last The backs Of New York hve oily per.
their present few months and hc rokea
banks vii be past the power OF doing HARM She will III
the centre OF sound currency and healthy ade which will
than merchants for that which
rohs them Of
sales nj sise stock Exchange.
5000 Corp Bond, 962-a5 shares Bank 76 10
bio IS do IS 80 do "a 30 do "a 100 do 80 AFT 7s
so do 20 de 73l 10 do 14 10 do TAT 80 do 30 73IO
State Bk 92s do Mech. Bku Aso 60 20 do 59Js Trust
5225 do Com 93 - do 0300 Amer TX 40 rs do rs
SO do 40 d. 49, 70 do 49, % do 7250 do Del ud sat-
do 100 do oa 30 do MT Sal 90 do sat- 80 do i5d
lis do SAL $50 do 54} so do sat 50Jo SIT SO do sat
$50 54s Bal l25 Ky S. 10 de 6sa-25 60 40
do Canton 2sl00 do ATrust a. IS do AL 50Io % 4s
10 do lsds 40 10 do s Is do ~ 100 do 49, do a9
10 do 4o-.0do Utica Syracuse 1870 do Mohawk ST.
10 Stonngton 10 50 do 1870 do Harlem 500 3e
so do Is ds 39i 70 do bn soi 900 do 3o 40
$50 do 3ot i25 do 3o 80 do 30 40 50 n SOL 100 do
sel ,oodo ast 100 do ssiico do Utica schn 80 do
10 de 1881, Is DO i13a.
state az Trade.
The iccmency Of the Their yesterday such that but
little door business done. The markets for all de-
cripon OF goods quiet The state Of financial affair.
such 10 stop all large transactions sale OF teas which
advertised for this has been postponed In dry