Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-05-29
VI o N X " N A IL KET.
Tuesday, May 3S-6 n m

Wall street remains in very quiet state The stock
exchange presents alteration since yesterday The sales
have been very small and in SEINE cases risen
in others declined Bank of Commerce improved per
cent? u. $. Bank per cent; Del Hudson per cent; Bank
Of Kentucky receded per
The money market and financial affairs generally throughout
the ccuny again very depressed condition The
remain quiet and show yet little disposition 4, en-
in enterprises This from yarou. causes
such as the experiments in banking pracsed BY the
raj atesthe want of harmony Of action between different
sections OF the country producing of the ex
change-the Precarous condition os southern and south
western states the banks Of which to have
resumed too soon and the standing and being which de-
pend extraordinary degree upon sale of the crop and
the standing Of American securities London market
The present position the banks Of the United State. in
their relations to the stocks pending sale London is ,erv
peculiar one, and TO this may traced in great measure a.
difficulties which overshadsw the financial horizon Almost
all the banks IN the union concerned in stock
operations IN London, which are not yet matured on the
perfection Of which the ability Of great number 10 .n.;
themselves depends We will therefore go little into the
cases whsh have led to the present peculiar posture in which
we hnd ourselves involved The stocks now issued
by the various states we have repeatedly referred
S2ooooo 200, ore half Of which owned London or hi.
amount, New York has issued 100000 like proporton r
which is held BY English capitalists The character Of Nv
York stocks are necessarily higher than those Of the other
states The present banking law seemed bring the public
0f
tanning from abroad that capital which yet does not e, in
tins eousty ina degree the growing want.
oil the communty-partcuarly when ccuma rendered
necessary IN order to maintain the prices cettou that the
crop should be held Of the market until .eantv ,n
ply forced consumers to comply with the rates demanded
For this purpose, additional capital was reo,ite NOT
capital but real credits against which exchange might be drawn
in payment Of the regular imports OF the ea.,n bs nd
recovery OF our commercial afrshe prompt pavm.pt az
our eregn debt and the return Of the banks an earl,
70 specie payments gave our stocks reputation superior to
any Of the stocks Of the fighting Of the old world
The agents for their dPoss accordingly with uneram
pied sscccss in their negotiations up the
Of the present year. the future full of promise tn.
iy OF stocks in the market not too arrecon6d,pre IN
the amount already issued mistaken This amount might
have been negociaed and the would been mv
sufficient TO have backed the sosen banks their forced
resumponhave afforded the for all necessary inter-
improvements aud have placed commercial affairs ON firm
footing Al the very cris, ~ return mercantile.
pery train Of evils financial and political ore.
rating upon the market snch degree to put back
for twelve months every prospect OF Of trade
be to fall OF causing approximations on this side
10 January 1892 the operations cotton and stock.
and rctarding the movemeni OF the southern banks whose
course, marked BY weakness and ineciency began impair
the confidence Of English capitalists in their stabiity-an e.
feet to which the reupeH.on Of Of them gave additional
force This blow followed BY the border troubles. On
the settlement Of this question: return Of confidence and
recommeneement Of the operations stocks generally
tcpated This hope however the e.nt time ha, not
been realized On the contrary the confidence il daily
increasing arising solely from the present aud p
Icy Of the present party in power this state which party
on its advent TO power, Immediately began carry out
the principle Of unlimited credit and find following
in the leading party papers the OF stock. which
have been proposed TO be created IN addition these before
authorised
State wing the miles and capitals Of Canals and
Railroads authorised in the State ef New York.