Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-12-24
MONEY MARKET.
wu~.Auv nec CA-6 n. M.

has caused almost cessation Of outdoor anu
a. ,ck exchange presented but small amount sfsals
g. Bank declined per Dry Dock per cent - 0her
there was more 6rmne.s and in cases an adj
vance. North American Trust and Banking Company hp'o
we'd per cent stonngon cent Harlem It per cent
There ia no cl ance in the for and uncurrea
money and domestic exchanges renau at former
with small business The committees Of both houses OF 'hs
South Carolina Legislature having reported IN iaSor o. '
States having large part ito subscription to the railroad;
the measure will probably be adopted The state Pay ~
u;ny per cent stock 10 the Of 100000 but how or
when this amount disposed Of 10 another CONSIDERATION
The city Of Charleston recently offered some Of ITS Don"'
and not bid obtained for them and the Common
being pressed with Immediate demands have ordered
a. M f $40 vOo at any price, The creation Of another
.tok by the State such will be
of foIyi
TIL. street press haye for the past few Gays been en-.
- n doing battle In behalf or the rival houses, who
once more conenng for the agency OF the American rse
.. adr by the difficulties Of the U. s. Bank The contest
seems to in vruence and the parties 40
now openy TO each other CT deception rckery m're
.t;op. and roguery in ORDER probably, the
Of the public their operations The same state OF
ho. in less Degree was manifest the stoppage Of the
three WIS in 1887 Rival houses, at that time, csntended
FIR the American business which held out the PC
;o more lucrative than The agency Of Mr. Jaudon
,,.nsed ia and of the prize which hssin me course
again become the bone Of contention. ny recurring
!, ~. event. OF 1897 .hal discover strong resemblance
the poson occupied by the three w. anu 'h.
IT. g Bank at the present moment The accumulation
r st in 1887 was that Of individual credit For several
had been FIVE or sx Of the eaang nr'
cf London engaged loan and credit operations win inc
s.te, The most eminent of these were the Aers b.wh'
4 Co. Of Liverpool, Messrs. Barring Co, J Wilson Co.,
George Wides Co., T. Wggen, Co. The extent and I'M
Of the business then conducted brought other hr
Z, A. In iIard
Morrison although old houses first commenced about that
,; 10 tu, their the importance OF the Amer
husiness The competition thus created caused the bust
10 be rapidly extended at the same time he Bank OF Eng
land proceedings BY keeping money plenty at
low rate ofinere 1t not until the amount oil Amsri'
can bills. run ming upon these house, reached near
oo sso ooo and pressed severely upon the market that
az AK of England the alarm aud discredea the bills
Of these houses This checked the oment and the amount
s N. l;ao lies OF the reduced to about
!; March 1897 but owing the increasing difficulties Of the
,e, three of these firms obi ged apply to the Bank
f England for assistance which, after much debate
ranted on the guarantee Of nent firms through the
active OF the house OF 0veresd Quincy Co.
Tb. guarantee was sufficient meet the bills then maturing
hut : large amount OF the bills drawn in America upon
Al. houses se.kipg relief refused acceptance, that
hrs a mart of the obligation 10 whica they subjected
,h.m.elve. in order supplies from the Bank
A. mi. would have caused immense loss and embarrass
,ent TO the merchants the Bank OF England gave credit
If "a or siooooooo, to the United States Bank
a facilitate the exchanges between the two countries
The movement put at the contention which had been
an ssr the possession Of the American trade and
brought about through the agency Of Barring Co. who
h and expected continue the agents ofhe United States
panL Al that time however, the United States Bank having
.b field 10 itself laid those gigantic plans for concentrate
nc .ot only the business between the countries, but also
.hs, South America China France and Germany At tbs
came moment Mr. Bidae stepped forward and issued the
suou. post notes. at Il mon,hs the New York market
The cetton market at the south, aud established The
hn AZ Humphreys Bddle in Liverpool to conduct the
80. or.r,ons Under the influence OF these movements
d back England and restored couhssncs there
- A.. .,pa.sve policy Of the banks, generally, enabled
"a ~ realise their ssses and the reputation Of Anne
"a. commercial affairs completely restored.
IT, Of the business however, chaascs instead or
I eredi State stocks became the basis Oft business
more safe security the best be deprecated
:. action The prices ofcommodtes which stimua.
under sanction Of the old houses remained
the new power sought still Th checked
che goods and trade from
from being available. The u. States
Rank also provoked and important rivalry, by discoa
,inuing Barngs agents. and appointing Mr. JaudOn to
co.duct the London BUSINESS In all that time there has been
No general and healthy action Of trade The power
H. T. Bank backed by the State stocks became gradually
lovged The old liabilities Of the Bankthe credit with the
Rank Of England the bills uttered New York. and cotton
most netos falling duethe prices OF cotton FELL and In,
market was glxted with securities. These difficulties uer,
gradually increasing the Bank mp TO August Last and wer
sustained BY post notes. which issued such an
a, TO aeprecia,e them to u per cent per month.
In August Mr. Jaudon procured from wealthy friend
Of the Bank in England aud the continent, oo
which was held until the crisis winch thought 10
temp orsry, had passed.
These aecumuatng difficulties seemed have convinced
Jaudon that he In false psiton and great Difficult
~ and danger accordingly IL 10 ~el known arane
were nearly completed replase the agency the hams
the Mers. Earrings. This arrangement confirmed
the direction In fhalade phia and this been al
fributed the Of Me.srs Hottsguer Co. Of Par
and Messrs Hope Co, Of Amsterdam, who are in erea
measure controlled BY the opinions and advise Of Messn
Bsrng,. The fact, that the agency negotiation
Immediately csediorth all the old rivalry which vas In sco
at the breaking up Of the three W.. Me.,r, Rch.eh
stsppsd forward the drafts dishonerd by the o,tr
susr the future agency made condition OF any m
Their advances At that time Mr. Jaudoa payab,
within twelve months then nearly 0oo follow
Post bonds ss,5ooooo
Acceptsuces 5sOo0oo
Dividends, loans, &c. 100000
Siasoo,Ooo
ofth amount Of money 50 were payable In 1880
and in the month OF October Of this the large.
amount was due between the lat and 7h Of October On IN
9oth Of September, meeting Of certain powerful parte
took place al Mr. Jaudons sce and the subject