Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-17

entirely defssed BY the Of post sOtss o. the part ~
Unsn Bank In the neantime the rsnters Bsnk sa'as
obtain the expected loas quietly awaited The protest ~
notes. the time using hsr svssse ness ro0.oe
specuaons II was very apparent thai one Union
Bank wa, entirely under the control Of clique o. ~
and Nashville stock otber commission serchsn anu .F'eu
lators who monepo1ed the whole Of their own "ue 80
notes and Herewith controlled the prices Of Prodsce and Of
merchandise. These operations have been secohseu '
movements Of similar class Of msn IN the adjoining oa
These done by the banks agents
but by knots of SPECTATORS who control the bank ano make
them sub,ervent to their selfish operations The only
f which banks make for the protested post
notes i 40 as per cent for the past year, and take them
up by REISSUE at - months.
The Illinois Bank is another noted instance OF the bansiu
influence Of bank capital produce This institution re-
oen,y declared semi dividend Of per cent not from
uro6s ON legitimate bank business but by the employment OF
its capital in speculative TRANSACTIONS $4,000 stated to be
invested in pork at Chicago 100000 in land at Burlington
Iowa. $4,000 in por at Pekn; 100000 in pork at Aton
lead Gaena, and groceries at Spring
old New Orleans St Louis and other river cities making
total of nearly 0oo directly employed by one central
institution sustaining the prices of produce, &C. This has
been Of the main that has induced the rejection Of
the bills of this institution at the land Offices, event which
Immediately operates check their issues, BY causing
demand SPECIE which will the land sales progress
Natcoches commenced the 3D. and the attend
ance of spectators and settlers was very large
all these attempts in all parts of the coun-
ry to sustain prices the speculative rates Of 1885, the
Of the crops and the want Of the necessary
of active capital causing prices rapidly to fall
The deficiency by the fall bears directly the city
of New York. instance the great commercial
Bank created at high prices by the
people of the Unon produce which may be estimated
follows =
Cotton crops, Value, sso,ooo,ooe
Tobacco l0,OOO,OOO
RICE 100000
Breadsufs Of all kinds, 205,00o,O0O
Total value of produce. $500, 100000
or this probably third disposed Of or con-
umed at the prices which contracted leaving ba
lance Of uler the influence Of bank paper The
attempt hold this amount at the time that stocks be-
came unsaeabe the English Market took from trade that
active capital by which alone prices could be sustained and
prices average Of cent from the
which LEGATIONS contracted. This discount the
deficiency Of $50 o0e TO be made good
This is near the which arrived by different
process paper Of Monday We repubsh that estimate in
order to show the BY deficiency sought
made good by borrowing
Notes Of Western Banks in this city Sc 100000
Southern certificates. post notes, &c 100000
Treasury notes held, 4WO0O0
State stocks held. 100000
Merchandise and stocks il the foreign markets. 100000
Total absorbed or inactive capital, $50, 900
THIS amount which has fallen upon New York, grew Of
old operations Philadelphia and Baltimore have yet to feel
the effect Of their credit operations during the spring business
cautious policy Of banks prevented merchants
in great measure, from falling into the same snare
Sales at the stock Exchange.
so Blk Of Commerce l004-70 Blk of America 1890 Dry
Dock 90slo IS do co. 50 do 9b303l Merchants Ex 1884
Leather Blk ll4t-75 Am Blk 77-s Illinois State esl-
Canal Blk 45bl0-25 Del Huason 6ss3O, % do $751;
rs eStw It's do 6s rs do 69nw $50 do &c. 100 do 69tw
so do 6s3 5e do 6s60 100 do 6ssc 90 do 69b3 $50 do
6Sic5O Farmers 7 los LIST Aug. 80 do 1910 Ohio
9s 30 do 975 Vicksburg 3sis6e do 81 SO do l-43 Blk
Kentucky ISL do 7s3e Ocean Marine ms Co 100 40 do
99 81 do 9s2i Washington 7525 Merchants $50 Equi-
table 1855 o. States l0o4o East River e3-as Canton
$780, do 3730 IS do 373 10 dc 325 Mohawk 59c SO
do 50s6o-3o Paterson $50 $685. IS do oct so do
$50 stonngon a. 20 do 26ltw. 10 do 7b60 doc 2625
$50 SO do 4s 4 Assoc IS do 4ssbs 200 do
80 ANS 275 do 4sw 100 do 4s6o 80 do 5 100 do 4s6o-
% Mutual FIRE los.