Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-11-25


At present there 10 lull Of the money storm, and,
| although the Bank Of England has net relaxed The
screw, so far lowering the rate ofinterest and dis
count, yet, within these few days. money has become
decidedly more plentiful, and accommodation procur-
able on easier terms. On deposit of foreign stecks
those more particularly ] mean on which dividends
nave long ceased to be paid, and which therefore are
accounted securities Of the most questionable qual
ity, money has nevertheless been obtanable &c The
rate OIL hve, and in exceeding ten per cent;
months ago and less the current rates ranged
from twenty up to thirty and even forty per cent.
The papers will acquant you with all the partica-
lars OF loan undertaken by capitalists here against
United States Bank post notes secured by depositss
of U. States Bank and Pennsylvania stocks, for
100000, in order to enable Mr.. Jaudon to weather
the difficulties Of his position. Although supported
by a monied influence usually reckoned powerful,
| the loan makes but indifferent progress If the
parties really bound to the contract, which do
not believe, they must be prepared to advance
ly the whole Of the money themselves, for although
the post notes and have been quoted at to q
premium, that amounts to mere shuttle Of the cards
among the parties concerned, that is the holders,
who are the only buyers. sellers and dealers IN the
market. These parties have a very deep stake in
u States Bank paper an1 stock Of all kinds already
and suspicion well founded or not, is aHoat, that
the main object Of this loan fresh issue OF post
notes is, by pushing them into other hands and
| realizing the proceeds to lessen their own risk;
that is to practice the well known Of bob
steering up U. s. bank securities get out them
selves other peoples shoulders. am Of opinion
that some Of the parties referred to will find them
selves eventually in enviable state Of embarrass-
ment should no fortunate change occur betimes by
which the bank will be set free from difficulties ere
ated by its own most extravagant and improvident
investment OF its immense funds in cotton specula
tions and state loans. The banking and discount
house Of Ovcrend, Quincy Co. is cha 'ged with the
negotiation Of these post note issues and loan
for the u. s. bank Every effort is making to accre-
dit and gain currency for them and the conductor Of
the Bankers Circular it is said has been specially
gagged or prevailed upon to recommend them a.
most desirable investment to the country bankers.
The circular enjoys, however, but little rePate, and
vet quite as much it deserves for il is impossible
for any protesting to treat about money and
trade, to give asmaer quantity less value Of in
formation upon either the or the other. per-
ceve that the country papers perceving and ex-
posing the scheme, which cannot therefore other
wise than fail.
Another project for raising loan on Holland has
failed more completely still The sanction OF tine go
vernment had been obtained, and i was anticipated
that the Hopes would have succeeded But In the
midst Of these fair appearances arrived stress upoa
the money market Of Amsterdam. For the King Of
Holland was announced also competitor Tor . loan,
and 4 large loan Dutch Stocks began to give way,
aud have courInued the decline for souse time
| They are full per cent lower than few months
| since Mr.. Jsadon has returned from Amsterla Lam
without effecting the operation deriving any ad
| vantage from the attempt.
We are all agog for the Liverpool The intelli-
gence she brings uniavoracle ano we can nsldy
| here. We, OF course, are yet IN Ignorance OF the
effect with you Of the deplorsble news carried out
by her Of the dsonor OF the u S. Bank bills by the
Houinguers and the discreditsbIe position she has
been placed in by that event Should the Liverpool
bring no specie il will be fatal blow TO future
ddenee and must tend Greatly 20 AS the Sps-
who has confidently announced the proximate re-
mtance Of large amounts, and satisfied those inter-
ested by stronger proof than words that ne did not
reckon without his hest so far rs advices from his
principals may be taken a. authority. Under the
most distressing and perpexing circumstances, his
activity courage, candor, aud fertility OF resources
have been above all praise, and have sxtorted anver
or CONNIE rcial affairs You have a summary below,
prepared by convcrsant with the details and
rcncy Of business. send you also statement spe-
cialy prepared BY myself Of the amounts of articles
on which duties have been paid, and which have been
withdrawn, therefore, from the csstom house. This
represents the real consumption Of the country,
which you will see has not been in so unhealthya
state as under all circumstances. might have been
and was expected The great falling OF has been in
cotton next IN amount 10 sugar. In sowc 0tner aTu-
cles there has been increased consumption.
In the CONNIE rcal world not more than ordinary
briskness has prevailed and in sugars, coffee provi
sions &c some reductions have been submitted 10.
IL Is estimate the amount Of busines done
in cotton, so limited have been the transactions in
the market-prices have not averaged more than pre-
vious quotations. Coffee appears to be declining;
uncean qualities find but few buyers, though offered
at about per cent reduction, and clean qualities,
though holding of at present, - expected will
follow. Refined qualities Of sugar have not much
been dealt in, particularly the common qualities, and
the lower prices have again been Submitted ts.-
Treacie OF common quality being small In supply,
buyers have been obliged 10 pay small advance.
The stock Of British plantation Is pretty good IN the
MARKET exceeding by 1882 bis more than q the cor
responding period last year Rates about the sane
AZ before West India qualities have acquired less
demand of late, especially good and fine yellow
qualities. The operations in refining qualities have
been limited, bat former qualities are maintained;
soft nav be done easier terms. Martins sugars
are decidedly lower, and brown and yellow nay b
quoted IA per cent lower, these sorts being mach
pressed on the market; the weekly deliveries oon-
inue large In East India the grocers have purchas-
less freely Of good white qualities OF Bengal. and
prices have rcceded 81 per cent; common. ssd low
qualities maintain rates, though Transactions have
been small Foreign sugars have bern TAX en- sparingIy
by private contract, and Havana 10 not held firmly
for ordinary sorts; there small parcels OF
white in the market, but holders refuse low prices
and the demand IL not Of moment, sales not ef
fccted. The avails n ave been free, especially OF
Brazilian. There was public sale Of cinnamon on