Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-09-19

the state Of the Anercan stsek arhst y London YIN Be
highly isportaat ~ II I'll al &
The position Of the lsass Of the vsriow states IN" no.
men such to bear with peculiar hardship upon tns msr
camille interest So long the foreign 1arks or the 'Ae
leans Open and negotiation was pressed to the
u,mos effect was not only keep exchanges in our
favor by the bills they furnished, but TO have sensible in
upon the activity trade la all the States large tracts
Of work put under contract and supplies Of
and the different materials more in demand 90
long % promoted by supplies Of foreign capital Its e
feet beneficial The banks confused to supply the msr
chants and the through which the supplies fur
nsed unchoked and trade healthy Last fall the
profits ofevr dealers better, SAFE 0radu
Ally however, the English market became deranged, American
stocks sought after. The fall Of cotton shook pub
lie confidence certain descriptions vet the supply
The consequence has been that for the last mouths
stocks been negotiable although the arrival of every
packet has looked forward in hope the liz
would be turned This state Of things has with
fold hardship upon the merchants The by which the
largest Of stocks had been created with gigantic
schemes Of internal improvement unfinished state and
from which profit could be realized until they
peted In the time, being constant hopes that the
money csud be raed they have become largely indebted 10
the contractors the contractors their hands, and also to
merchants their neghborhood for supplies; the hands have
also indebted for necesares and merchants BY whom
these supplied have their indebtedness unProvded for
In the midst of this the impossb Of raising money induces
the necessity stopping the works This has been done in the
most Of where the works the largest sca
particularly Illinois, Pennsylvania and New York. The i'm
mediate effect of this is to throw the domestic
market securities akeavy discount order to raise the
money for arrearages is with the New York
corporation bonds The sales Of these securities absorb all
the floating capital the very moment that the merchants
quire the most assistance.
In this position of affairs it should have been the policy Of
-
prots offered by te Discount securities BY steady dis
count. on paper the channels through which the
reaches all branches Of trade would have remained
healthy with the diminished trade and fall Of prices but
little pressure would have been felt This would not, how
ever suited the rapacty banks and dividends dm
nhed proportion the decreased profits Of the merchants
was part Of their policy.
The far sighted policy ofhe w. s. Bank OF Penny lvana
seems to have both emergencies. On the 4th Of Au
gust last that institution took 81 100000 of the state loan
which was will be by reference TO the Herald of that
date paid in SIS notes.-the Pennsylvania law giving permits
sion institutions which loan to the state to make issues
denomination days additional O000O
was by the Bank making which she has
circulated along the line Of canal meet the exgences Of
and the hands without loss In making this
loan TO the STATE the institutions has at the tme met
the most pressing Of the Merchants by discounts and
old indebtedness has renewed by post What has
been the course Of the New York Banks during the
pero Their ave been locked Treasury notes.
loans fancy in shaving ssuhera post notes and
failing their discounts the merchants At the very moment
tat the market became little easier by Of the pay
from the country confidence destroyed BY sudden
and OF the State Bank In this position the
banks OF NJ York condition to receive unavorabe
news England favorable turn in the market
trade the merchants have nothing to hope from
the wisdom or inclination of the banks to consult their in
terests.
snles M she stock Exchange
500 Bends $50 shares Bank 100 $50, SO
do do 100 80 so lod 10 do do l0 sodo do l0t20
DO CITY Isis do Dry Dock sA5 do La Fayetfe 81 l0d
do farmers Trust do do est 80 do do g. 40 do do
est-22s Bank Of Commerce $50 do Del Hud S5 100
do 6sa do 65 - do do 6s so do do 65 do do
5i Vs. do 50 do do 65 $50 20 do do s5 SO do do
6,i w. do do $50 do Mechanics Bank TWO Ohio
Life $3.50 do Am Trust 5ea 90 do do g. 70 do
do so COT IS do do CO. 10 do do So 50 do
do so $50 do do 60t2l0 do Kenucky 7st SO do do Is
,ep 1910 Canton s 10 do do 32 40 do do s2 rs do do
32-5o Prov $40 do Jersey s6t ~ do DO So
IS do sonngon 22il00 do Harlem 40 80 $50 do do Asa
rs do do 49, 100 46i do do 46t bso2i do Utica
syracu.e Il5l, 40 do do 49, IS do do us s6e.