Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-14
M q N EY M A H X X It.
sunday, Oct 1876, X. N :

sunday, Oct 1876, r. N.
The progress Of suspension ON Al the south but "a
street continues quiet and calm. Our banks are momentar
gaining strength The stock market shows continued decline
in securities The United States Bank receded "a from
the close Of Friday American Exchange Bank, per cent
Delaware and HUDSON Kentucky Canton Co. Harlem l.
In sterling exchange packets sailing tomorrow, there
has been little done. Prme Ward King also Maitland
Kennedy Co. offer bills at per cent? Brown Co sold small
9-hey would draw for large flOOO
Another house had bills Of the Bank OF Liverpool Of which
they made sales al II per cent Altogether the amount
Of bills sold small The Wellington London packet has
board specie the amount Of 100000 which has been
shipped chiefly by the Paenx Bank and understood that the
institution will draw agans at II per cent They will
badly be supported the by the other banks OF this
city, who feel themselves sufficiently strotg In addition to
these Of remittance freight has been engaged for 5000
bbls Of -four the Liverpool packets Uncurrent money IN
rather confused state safety fund bills
tnued be redeemed by the State Bank cent For
the other bills the brokers charge u per cent The rate for
cred back none, per cent and for Philadelphia money 10
per discount eastern money not aken
quence Of report that the Suffolk Bank at Boston had thrown
the country bills purchases made al per cent
The report unfounded draft Philadelphia for $
800 sold the stock exchange for 81 the dollar
Tho New York banks considered past the danger of
suspension. They will in connection with the New England
banks firmly maintain the position which they stand
The depotes small made only provide for pay
msnts which falling due momenary The reports from
the south bring Of suspension fast the information
from Philadelphia reaches the several cities The Camden
Bank stopped the day the Phadeeha banks The
stoPpage Of the Baltimore banks Immediately followed by
the suspension Of those Of Wilmington (De and the Wash
ngton and Georgetown banks This is expected and
the probability that the banks Of the whole south will follow
with the exception Of New Orleans which may stand from the
popularity Of her position She has large quantities Of SPECIE
and the produce Ct the west begins already to move
freely forward ard will furnish exchange to any amount
The Mobile banks having placed themselves firm position
by the large mporaons of SPECIE aud having reduced
their circulation announced themselves ready to
chase bills Of exchange amount that may be offered
vded transactions These healthy
and indicate degree Of strength not manifested by
the banks of the south generally all Of which have experienced
great degree pressure the last few weeks caused pnc
pay the demand for specie for the eastward in the absence
Of exchange.
In the universal bankruptcy which have long predicted
the inevitable Of the policy Of the southern banks New
York will amid the This position which will be
salvation well that Of he banking SYSTEM is the orr
gin Of tremendous struggle which has already commenced
wish themselves at the expense Of the
community and those who have serny resolved by steady
observance Of honesty build up New York. and
futare commercial greatness.
continuance the specie paying policy OF the New York
banks will the ruin Of all those banks which suspend and Of
all ofdesers who have beyond their means AID
depend facilities maintain themselves ass all those
interested Those classes already the
alert for oforcg suspension The continued and
heavy fall prices the stock exchange terrible evidence
Of the which awaits them Their efforts to sustain these
prices corresponding but will prove Intellectual All the
sound intelligent portion Of the community are with the
New York banks and party politics also brought to their
aid The energies federal have long been di.
rectsd to effect the Of the u s. Bank The present Is
they will neglect Ths certain ruin Of that in
,rusu may now ensured BY the Of the New York
hanks in sustaining themselves; accordingly 10 h stated that
Of dePoies have been removed from
Philadelphia and placed with the New Yorks Banks
The position OF the United States Bank Is now Of great in.
tsss The stock having fallen TO 20 cents on the dollar the
attention Of capitalists attracted TO II matter Of specula
,n aid the question arises lie ultimate value The fol
lowing Its last return;
scpayavs riev Of the United Ssfss Bank az reported TO the
I<rfsiotue of Pennsyivenis, ON the LIST Jan. 1882