Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-12-12

rise material in the latter part Of The yssr 1854
The impulse thus given 10 foreign trade was "
the operation Of geld bill Of ss which checked the sH'
port Of the precious metals the removal Of the dso's 70
the vaults Of state banks the dr button 81 the surplus rsvs
and the creation Of bank capital under the influence Of
all these causes prices continued rise and imports TO IN
until the crisis Of 1867 gave check to the
Of credit and carried down the three w. in London, with
whom the season Of speculation originated.
This revuon did not however, put stop to the operation
ofcrsdt 1t merely gave it direction The u 8.
Bank stepped Of the London houses revived
American credit il Europe and opened the way TO those
large sales American that complete
the magnificent plans Of public improvement, which were
mostly commenced the basis Of the surplus In
this way although the old system OF credit broken down.
powerful substituted and the tables indicate
prices higher than There however, this
diff renee in the cause OF the rise The credit sem prior
to the suspension Of 1887 created artificial md which
carried prices Leyond thsr natural values The SYSTEM sub
the pension caused prices TO be maintained BY
checking supply Every poessor of property ,ed his
means TO hold on and allow iuto market until
the price would pay the original value and the interest added
This wa. assisted by the operation of the
public works. which took aborers from the fields where hey
producers placed them situations where they
consumers al high wages.
State stocks the whence this holding power
emanaed and consequently gradually ceased they pressed
L
too the MARKET and finally terminated in second
suspension Now the influence OF the New York banks is
powerful and there of credit which
either sustain prices create artificial demand The
suit is not reaction and rise in the spring Of 1887 but
decline in prices, indicated in the table The
power which 1888 commenced influencing prices ats
snge and with crops of all kinds % per cent than
BEFORE the country richer, with nothing but the au
raj demand look for its consumption than when art
! fetal demand inflated the prices
Sales at the Stock Exchange.
$4,000 Corp Bonds 96} $1,000 do %; $1,000 Drafts Bal
more 93-$250O Drafts Phad %, bl0d-7o shares u
Bank 49, 76 30 do 76 s3d so do Is s45d 200 do
rs do TO- s45d IS 75a s4 80 do 76 bnw; 90 do H. s3
rs do It'll do Blk Of York ia 80 Merchants 0640 do
Mechanics $50 do Tredesmaps i5 do National Blk
1880 do Blk Of Com scrip 92o do Am FIX Blk 75 IS do
7si SO 1910 do Msrris Canal 205 do Kentucky 6si
20 do Illinois 64-25 do Del Hud 6si; rs do 81 rs do 6ss
63 S0d; rs do o. s30d 100 do 6 b6Od rs do
6sY s5d 75do SA, bnw rs do 645 do Eighth Ward ms
Merchant Elk Bs $50 do Long Island 81 slOd;
IS do AN Tr 49, blw $40 do s9 100 do 49, s30s l65 do
39A 100 SOL ss0d; - 39 b3 so do 3sa s30d20 do
Canton 30y so do 3e3l49 do Mohawk So rs do 55i; %
do 55I-Il do 55t-25do Paterson l6l-sl do Jersey
So 100 do Stonngten H. s3od 80 do IL, tw so do IL,
NV; do l6} 50 dc 6} snwli0 DO Harlem 42l $50 do
SO do AT 100 do Al go do 42 0d 81 do a2
$50 do 42! tw; 50 do 4s, bSOd.