Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-02


,r. e-o,, Iurope has lad the krst board, mixed
A., on the markets today ssal business has been done
~ the stock Exchange and material change mas taken
ac. in the prices North American Trust and Banking Com
closed per higher than Saturday. Delaware ana
Hudson per cent Canton per cent Paterson per cent
n j. Rail Road per cent? Stonington per cent? Harlem
Usr cent? u S. Bank declined cent At the second board
stocks fell of from the rates Of the morning
arrival of specie took place this morning from Charleston
10 the amount of 500 000 of the New York Bank
ing Company
stated in paper that the company concerned in
the working the iron mountain in the nesheorhood Of ST.
LOUIS disposed of 100000 Of the stock 10 the RI thchid
of London and General jones goes to to receive the
money
The Ocean Insurance Company ha declared dividend OF
per cent pay able tie sth inst The New YORK nsuan
Company declared dividend Of par cent payable on the
9Th instant The Paterson Hudson River R Road mas
declared dividend of per payable ON the ioh INST me
Atlantic Company has declared divided oil ia Per
cent, payable on the OH inst.
The state of affairs commercial world has relaxed no.
thing Of its gloom notwithstanding the temporary rise in cot
ton The rise forced and has proved too late to prevent the
sbonor Of large number bills returned for non ac-
cepance from the London drawees for want Of assets The
great dependence which placed upon stocks as OF
raising money proved cious The stocks could not DC
sold has been heidand as the ceadon o the
English money market precudes advances, the bills drawn
southern banks be to meet these protests win e accu
INFLATED expenses, remains 70 be seem
The denouemen of the "holdns SYSTEM, both here and
in England rapidly approaching and as rapidly are we
reaching healthy stand in trade by reducing TO IT'S
proper level That banks in England should iend
their aid bolster he SPECTATORS with whom they are so deep
" iupcaed and on whom their chiefly depend sur
that temporary imitation by such meas Is rangh
with good community large, will not believed Not
letters that
of cotton failures had taken place both at Liverpool and Man
and also holders had offered to sell at
the nominal advance without finding buyers The truth Is the
whole movement fictitious There was no positive
demand goods Manchester and The prices
remained the same the actual loss was
lie twas however, estimated that the stocks Of the raw
material were bales less than last year, and the purcha
,ss made were ooy for i'm Prices yet too high
70 create any great demand the continent and must fall
through stage Of production and manufacture, osre
they can be healthy
The condition Of England this time is similar to that OF
this country 1887 and the present artificial state q the En-
gh markets nav be the nadcious movements Of
the Bank OF England with much precision the support o.
prices in this coun, traced the speculative action Of our
hanks, Thus the great perfection Of system to make
il huctae With the demands Of commerce, precisely IN the
same would be the the cureAcy purely
metallic. far this principle Is de'iated rom IN just
such proportion the seeds Of revu'on sown mus
.lux of from thls country III ioSo, IN
oudation Of the balance against find that as the specie
decreased far from making the paper circulation correspond
and diminish proportionaby it increased, thereby raising
prices Of merchandise and in proportion as they were rased
quantities found their here and the decrease Of
spece accelerated until suspension was inevitable "hen
that event place the banks in sections o ths cosn
to expand thereby sustaining prices which should
gradually have with the decrease Of specie Had that
been the the specie point lowest prices would
also have been inviting the investment OF foreign capi-
turning exchaug naturally in favor and resing trade
gradually and heahy Now comparing the state 81 AFFAIRS
in England during the time will hnd strong anny
beveen the present condition Of there and that
which was the cas-. here 1897 The Revision which felt
here in all its the spring OF 1881 not felt
until much later for the simple that that which inPo
veri.hed Us enriched Eugandand was not until difficulties
arose in collecting this country that the Revision actedn Eu-
rope Prices time FELL and the demand for goods at low
prices Europe vigorous and the last proved most
profitable yearhe bullion in the Bank Of England gradually
increased operation The following table Of the
quarterly returns OF the circulation and brlon from December
70 Jane
CONDITION or THs or ENGLAND.
Date Circniaisn buaon
Dec. -, 1873, fTg"o0o Ao,a.s,ov
Feb s. $780, ls,2o2VoV e's .soo
April 2, 1929, 1S3Il0ov .v.3w"
May % 1889, n,2l4oVo soV'Vos