Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-05
MONEY MARKET.
NXeIne SdnY Malch If -. MI |.


MONEY MARKET.
"wednesday, March 40 p. M.
The most remarkable feature in the stock market is the inn
operations in North American Trust and Banking Com
pany and the continued rise price, Today opened at S.
and of $500 shares and closed at SOL which
is Improvement of 81 the close OF yesterday
There buyers the market who would apparently take
amount offered There is much confidence expressed IN
certain quarters that this stock will high as 49, and be
sustained; Others intimate that great reaction be soon
expected United States Bank improved per cent Mohawk
L. Harlem declined cents American Exchange Bank per
Manhattan Bank stock fell off per cent in consequence
Of the losses charged the first teller Public expectation
poe for further deeopements Now that stalking
horse has been procured the person OF Mr.
Newcomb probable that there will be less
posing the mapractces of the bank We would ask Mr. Boor
man. why after he hal accepted the appointment Of the
investigating committee does he permit Mr. Campbell r.
White any of the White" family to ohciae counters
of money examiners of accounts? The Developments that
have been made detrimental the credit Of the bak
and The honor of the city to have occurred Tar ough the
-umentaty Of that family cGqu. II is their acts which
are under andt is singular proceeding for them
Investigators The want Of confidence in the concern
part the public evident in the closing sale today
which rs cent months option of seller Nothing but
entire change the officers of the institution, will in any
restore confidence
The sses Of real estate in this city have attracted
u attention. indicative the decline in the value OF pro-
pert or the sales win h have thus far taken place. the pro-
known Broadway undoubtedly the cheapest
To- the property Of Washington Coster, ESQ., put up
by Blocker CO. The sales was crowded The
low price brought by Broadway property seemed to have at
tracted capitalists; and the property went OIL with much SPIT
r II prices which, although far below former valuation,
much higher than anticipated The sales oows
House Blocker, Of Thompson street $40 600
onr seat y neshs % 60 acres n wh
" of ss acres highly cultivated 1000
Lot 10th street. and e. IS feet by loo LOIS
Total sales OBSERVATION-DISCLOSURES. S5o,o75
The cost of the Blocker street house $50 The
sale with the exception Of the lot Tenth street.
which cash. oneourh down. the balance to remain
mortgage The beralty of the terms probably the
the good prices that obtained. The decline in
real be matter of SURPRISE when take into
sderaon the decline other species Of property Mo-
ny Stocks have declined much the de-
enced in the sales of real estate merchandise and
produce have fallen still greater proportion This fuc
tuaiion the value of property has it is universally allowed
attendant the expansion and contraction of the
rency. This has beena follows -
Circulation of bills, . iosssa4ss ss1s5ssO n25ssl4
:" Specie. 55,000,oOO 3s000,00o i5000,O0o
Bills and checks, A5OoOOOOO eoooOooOo sOOOoOOcc
Total, . w ss7s77ss7o ss35Ssso15 5sss2s,QO5
These tables show difference in the amount Of
The specie in circulation is estimated correct data
taking into view the amount drawn from the banks by the in
uence of public confidence In the whole in the
country SMALL bu confidence had begun to gain strength
and specie remained in the banks At the beginning of
credit had begun be shaken, and the the hands of
individuals increased and has continued to do to the
with the value of goods and the amount of business The @
bic shows Of from 1885 to 1897 Of so
In that period all prices underwent immense rise and
every holder property and merchandise became suddenly
wealthy any votion of his own, but by the in
the money value of his property consequent the
depreciation the circulating medium Debts which
raced dear paid SO cent cheap
At this had 20 comrlan-the
rsny upward. Real estate 100 per ceIt stocks ay
much cotton flour produce Of all kinds rapidly
measurcdby the constantly increasing quantity Of currency
This process might have until barrel Of flour yard
obroadcoth worth $780, II foreign goods import
ed and the index Of the foreign exchange market wanting
indicate when the currency redundant This index
rendered useless by the credits abroad and not
until they became due that the fact the
had been redundant Sales Of state stocks have during
the years deranged the exchange market These
have failed and left its natural actoa
the balance Of trade for the future will be clearly indicated by
the Of bills England The banks 1t stated could
have suned specie payments last fall had they expanded
like the u s. Bank and euramen has been forced the
Of the whole Union until the Of currency less
by cent then in 1887 and something less than in 1885,
This carries the vu. Of property back TO its then level and
lower. The operation 10 to holders Of
and merchandise equivalent to their by
Of the which then took lace The real wealth Of the
try has increased in proportion to the superior quantity Of mer
chan se that IL independent Of its money value.
Persons who contracted debts the cheap esshave
pay them the dear currency ofso This fact used
the great argument why the by Of redeema
bic should be made still cheaper that those may be
prior to 1897 nominal The losses that sustained
nearly equivalent and they only robbed Of the repua
ton for riches which they never possessed
The Bank Of England controls the currency Of that sountry
and her cour-s governedb the state Of the exchanges Eng
land does buy credit borrow abroad the exchanges
therefore, show the Of her purchases her sales
Ihey ADVERSE the Bank then reduces the circulation that
may be little dearcr than that Of the Continent To this
alone rather than to her protective system may be
orbed the hourishng state Of her manufactures fey lend
too much money the hryost fails and sudden demand for
sprnr the currency must be made much dearer
than that OF the contiaent n counterfeit IT,
In this country there controlins The u. 3
Bank formerly exercised IT, but deceived into initiation by
the system of credits which purchases made
in England Now there u uniformity, check The
banks at the wei may continue expand long after the de-
mand bullion has spruHg IN the Atlantic cities, and the
necessity for contraction np,riye The regulation Of the
internal exchanges small matter when compared with the
exercise power which will prevent the banks from expand
ing This power, could be exercised only by national
bank that would h liable TO b, deceived by favorable
state Of exchange asg from borrowed money credits
Gar the subtreasuy plan of the government, with the H
sue OF treasury notes. payable ia New York has de,e
lon d. gives promise that would be aLs effect the a.
dcraum The ition OF plan s inperavely
called for The government s the point OF bankruptcy
lae fall due the month"; aud
provided The following IL report Of the Secretary for
The amount Of Treasury Notes issued under the provisions
Of the of Congress, OF t2h October 1887 2i May,
G tis amount there has been redeemed about 75ooi s.
Leaving the amount outstanding about . Sql7sssi 81
The sreater proportion Of these redsemabe II mon H.
90 unless the