Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-08-04
MONEY MARKET.
Monday, August SO PM.


were without any material change. United States Bank
improyed per cent. North American Trust and Banking
Co. per cent Delaware and Hudson declined per cent;
Harlem per cent; New Jersey Railroad per cent Bills
on Philadelphia worse; sales were made at - per
cent discount on Baltimore Sales of United States
Bank notes the extent of $1,000 made deliverable
at the sellers option within u months. Speculation has
already commenced the depreciation OF the liabilities
ofths concern On Saturday there sales of $4,000
Maine per cent Stocks redeemable March, 1884, at 9S at
public auction and stocks redeemabe at the pleasure Of
the state at 90 per cent.
The scrip of of the western states is quoted fol-
lows at Cincinnati -
Kentucky Scrip six years 10 20 per cent dis
Indiana, 80. ............. -
The right, title, ami interest OF John H. Cosar, to GER
tain lots of real estate sold public auction this
morning.
We have received the following letter from Phila.
dephia correspondent in relation to the jobbng that
city in U. S. Bank stock
PHILApELPHI, Sunday, p NJ.
There has been quite excitement Change for
days past in consequence OF the movement of certain
clique to effect corner in United States Bank stock The
public generally interested in the matter being
merely struggle between the bulls and bears for the
ascendancy-alhough all who frequent the Exchange
seem to possess audabe degree of curiosity the
suit which is looked forward to with much anxiety
has been stead line in this stock occasioned by the
great decrease OF confidence i'll its valuethe passage OF
the July dividend and the disposition OF holders 10 change
amounted to cent OF the actual ales and the conse
quence has been that spectators have been loaded with
stock amount which has passed from the
hands of original hoders-much of it at loss of from
80 to so per cent. The stock had declined to 90
and general the belief that il would go much
lower that bonus of dollar per share freely
offered for the privilege of delivery twelve months
hence, without evincng sufficient courage to ac-
cep the offer. The bulls have been few in number, al.
though apparently backed with heavy capital. With
the certainty OF inc aka na %n
they determined to make desperate effort to rally the
stock and operations "Wednesday last since
which they have bought upwards of 5000 shares in this
city and New York. the greater part oil which has already
been taken and paid for without producing any seem
ing dimnution in the quantity in the market The move
is well understood that it has failed to induce
others TO come in purchasers while affords an excel
lent opportunity for holders rid of their stock Not
single share has been purchased in this market except
by the clique unless very few wanted for immediate de-
livery to the same party while stock pouring from all
sections of the country.
Yesterday the market opened ~ cash. and closed with
sale of 600 shares at 20 b. days which the seller
offered to deliver nsantcr. Several other lots offer
ed at 20 cash. but the bulls appeared to be beaten of
Commercial affairs this time very much confused
The old system ofdong business engraed on our Bank
ing system aud dependent its movements seems 10 be
entirely broken blythe Bankruptcy ofthe southern and
sou'h Western Banks The trade of New YORK with
the Southern South Western and Western states which
has been the finer prosperity and the consequent
increased value Of real estate amo st entirely
Quoted forced credit system through tho almost
limited facilities granted by the Banks. The ease with
which could be raised the long dated notes OF the
country trade encouraged obbers and importers to force
off their goods almost any terms Of credit; this
bed the small dealers grant short credit
The facility of obtaining credit greatly encouraged
sumption which reached an extent which beyond
what production would This would, the close
ofthe season, Immediately have produced demand for
coin for Shipment but the credit extended the At
lantic and continues to accumulate until the large inn
ports Of corn into England forced upon the Bank
tailmen of the currency, which was Immediately follow
cd by demands for settlement spread through all classes
from the London Banker the manufacturer the agent
importer hereh obber and small dealer the
This caused agnaton of business and rise in exchange
and them after the bills furnished by the became
hausted the banks invested their active in bills
make up the deficiency but these not sufficient TO
make up the difference between the quantity consumed
aad the quantity produced Money then borrowed
state stocks and drawn against to supply the balance
This cut OFF Wy the discredit of American
stocks in Europe The demand being yet unsasded, the
banks suspended and endcavoed to keep the prices
commodities by rredeemable paper issues This had
other effect than depreciae the paper compared with
coin Prices fell immensely and those who had consumed
goods when their produce at high prices obliged
10 pay for them hen the price of their produce
half The cotton planter obliged to give bales of
when he had consumed the value OF only The
farmer paid bushels of wheat for the value Of
realized This the effect Of forced credit and the huc
tuaon Of the currency occasioned by the uncontrolled
movements of the loo al banks Particular sections of the
country have suffered in greater or less degree accord
ing the Of the operations Of the banks in such
sections The following is table Of the movements of
the banks in each section Of the country for four years
B.-xs or rHr UNr.p STATES DIVIDED INTO srcrfoSs.
Loans
Eastern sTsosu s7.s2l5rs ~ 9sa.tls -os,iOla