Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-04

The
chants Exchange Bank per cent payable on the 10Th inst
,h North American Banking Trust Company per cent,
,vabl. on the 10th inst New York Life Insurance and Trust
Company per cent and extra dividend Of per cent paya
Bile on the 10th inst Manhattan Company per cent payable
on the 10th inst the Merchants Fire Insurance Company
per cent, pa, able on the 10Th INST
The Albany and West Stockbrdfe Rail Road bill dis
~o,ed Of by the Albany Council Monday evening" as fol-
W.. The board cribed $4,000 addition to the $780,
some years since making $500 in all Sub
scrpions for fr amount necessary TO compete e
road not exceed s35o00 to be made by individuals IRON
whom Of 20 per cent will be required at the u@e
Of remaining so per cent to be loaned to
them by the Common Council on the hyPoeca''oh u inc
stock.
The Commercial Bank Of Rochester, bank under the
General Bank Law has commenced operations at Rochester
Harvey Ety. Northumberland Peck, Vice Pesident-and
Thomas H. Rochester, Cashier genemea OF well known imam
ca talents on Rochester but IN this city In looking
over their directors the OF gentemea 81
worth and great financial aentand institution IN The
hand, of sach men should prove profitable not only to the
stockholders beneft the city of Rochester Their
notes redeemed the Agency OF he Bank o. western
New York No. all street, at per cent discount which
agency undersan redeemng the notes OF the banks un
der the General Baak Law.
On Friday last we announced the fact that the Bank Of the
State of York. the Merchants Exchange Bank and the
Leather Bank about to discontinue the
before into with the safety fund banks for
the redemption of their nots by reason oil The continued heay
demands them which far above the usual demands oil the
season The official announcement Of this resolution was MADE
h, morning Til. movement follows naturally in the train
which taken place in the banking aud commercial
circles during the past year, and the precursor OF crisis
which will isure some Of the safety fund banks Notwh-
standing large circulation and the immense amount
which redeemed in this city, great quantities
Of their have been offered pledge for city funds
for sixty days. at per cent per month. Tins ind'
al.
and ceasng ,hder such circumstance will have
the effect necessarily leave the bills at the mercy Of the
brokers' from whom banks will be constant danger of
rum and mill and holders no longer able to obtain re
neras or bear the the depreciation, will be thrown up
on their OF produce which coming into Market viii RAJ
pidy accelerate the equalization q prices The whole cia' 81
spectators will be dpy affected, and with u en- some OF 'hs
safety banks A. this uucture fortunately Tor the commn'
ny the banks under the new law presents
itself 10 the relief the speculative dealers and banks
of the stage the fresh and healthy trade Of tie west will be
taken up BY banks at most favorable period that IS,
when prices touched their loves, points under The ruin Of
the speouao being clear OF the wreck will rise steadily
and pro6ay banks and their customers. without the
danger Of being inflated by redundant currency; because the
new banks cannot bills pleasure like the old; can
they afford let n cir circulation lie dead IN the city but
must keep actively employed in order to realize Proh in
th, position they will be placed regard to the old banks re-
layeiy the Buffalo banks IN 1887, and the hoches-
A
y he revusou witch was however by no means to the e.
tent which has been with the Rochester banks since
Jan 1882 In the period the Rochester banks have
borne the burden Of the day, and must suffer accordingly
These events viii deepen eonentsn which has been &C.
ing on between the aud old system, IN iavor OF inc ne"
banks the unskul movements ofthe Safety una baAk nav
,nr produced arrangement and fall Of prices which has
thrown The mower mo the hands Of the Institutions This
orer kify used at the pesem crisis will hrmly establish
III. new system at west ths leading moned power.
The the banks under the Safety Fund law mas
chiefly siter Ignorance oil general
operations prices the research ana m
formation Of being conrsd merely to the tempo
h;y Ia nav uf the esdorer Of nste presented
for discounts and their expansions contrac'cns are formed
and without any reference 10 the state OF e,-
or the general Of trade, by which ALONE their
oeeron. hoad be governed and not attempt 10 govern
This want OF intelligence the part Of bank masaser hss
,..n prolific cau. the many revuson to which our trade
srpe.ed The gnorast spirit has been evnced IN
trsvinr stocks upon London markets BY persons and ao
e,,,iou. in ant o money until that market ha, become
yu,d that sales are cot the question and temporary loans
on stocks rates. resored "a the same man'
nr described BY reference TO safety fund notes IN our
own market Private letter, state that the house OF Ro'hsed
hal been dong large business this large sums had
been loaned at days the best American securities att
per and per cent comm sion, making the rate per
cent. for 60 day advances
All these seelopement. although indicating temporary suf
fnc are also indicative Of the rapid approach Of healthy
state OF the only way BY which the incubus OF
p.cuaton which has long oppressed day Dreams
h. removed The therefore, that that event takes place.
M sooner rclurang prosperity bull the shat
fortunes Of those regular dealers which broken
~ contact with rsces, Spectators The deepening gloom
. m. precuror of approach Of brighter times
sale. ns the stock Exchange.
y an. sk Com Ioclss-2o City BIB ils-2i Am Big
CO M 90 do 70 Mech Bhg As $50 Del Hud q
aa so do 1890 do Tc 25 do tie 90 DO '2b6e 2s do
yaas 50 do 7b5 7bl5 so do 'oc % 90 'o 80 do "a
be Is do 7oic as do 7onw % do Farmer. il2l
so AZ lI3b3-lO Ohio i0oi-loo bk ila5sso-i0
ycksburg 4stw l5do 4lw 80 so'rs cs"s 60
an River Fire eia-i0 9Th Ward 75i, 20 do $50 Canton
ssn do ash 3s,6o 10 do 3sic 70 do sios 70 do
ass 10 do 3sb3-5o Mohawk sole Is do 6O3Oers =, 20
eoieSos Paterson 6lteo SO Bost Prov oS3o-lo X
ose 40 do a. oslo 80 do osiaw6o stonngton ~ ~
$50 Irlem 81 openng 100 lido stnw, 100 do 5is6o 80
All al, do o. 90 slb5 so do 5isso, 80 Do 5itbnw
state Of Trade.
~ trade az the city the usual dull position incident 70
... Flour remain. much the to price; there y
. doing The demand IL chiefly Tor that winch arrives
49, r ,e river that hand 10 not inquired Tor; under
H. H.