Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-08-17
HONEY MARKET.
Sunday, August l6---6 r.

There was but little doing yesterday the new steam
President momentarily expected, but did not
make her appearance In the stock Market the transac
tions were limited at general Improvement in prices
North American Trust and Banking Company improved
per cent stoningon Railroad per cent, United States
Bank per cent, American Exchange Bank per cent,
DELAYS are and Hudson per cent, Harlem Railroad per
cent -...
The state of financial affairs is much influenced by
the position of the political parties which striving ior
the Presidency large proportion of the properly oil
banks and capitalists holds artificial value sales cannot
be made unless at far below what they are held at
This the result of the events of the past few years. ana
the inevitable consequence of a revulson in commerce
caused by the paper The speculation oil 1880 ana
which ended in the revulson of 1887 was the result
of the combined both of the government ana
Of the bank The deposite OF the government
funds with the pet banks and the immense increase oibank
capital to supply the vacancy which 1t was supposed
would be created by the Aiscontinuance of the United
States Bank as a national institution, were government
measures and pow erul incentives to speculation The
distribution Of the surplus revenue was an opposition
measure and enlarged and strengthened the spirit OF
speculation laid the foundation oil the internal I'M
provement and state stock mania The real estate spe
culation was seemingly the offspring of both measures.
The great Of business with the south, southwest,
and west growing of the increased banking facilities,
conferred New York. and increased the value of real
tate very rapidly, by creating competition for rents
This laid foundation for that speculative rise which
grew mania, under the influence OF the internal i'm
provement system The specie circular gave the first
the of credit and being followed by foreign
demand for coin, brought the revuson During 1887
and 1885, although the for high prices had ceased
act values did much depreciae because the bank
ing institutions interested in sustaining the knots OF
spec Of which each the centre, and they in
their turn supported by the United States Bank as
The negotiation OF state stocks in Europe
afforded the active to carry through this pan until
the market became glued and the banks then failed.
From that time property has rapidly declining and
capitalists have ssemiD yost confidence in it, particularly
in real estate This great change in the value OF property
and the prices and produce has been ascrbed
the spec almost entirely the pursued by the
federal because the operation the specie cir
cular was the immediate agent in bringing about the evil
when spec had reached it's zenith change of
therefore looked forward to as the grand
restorative which will enable the banks and capitalists
realise their property at their old values The pros
pect thus far is that the opposition will succeed to the
Presidency consequence, the entire policy Of the
administration will be changed. large class of per-
great confidence in the beneficial results Of
such a change The very existence of this confidence
viii be oftemporarily restoring business activity,
and in measure, recovery of prices This reco-
very from the very nature of things, last but few
months only change Of administration may restore
confidence here but have but little influence in Eu-
rope; consequently the of imitation cannot exist
Whenever prices rise here to afford profit to inn
porters or foreign manufacturers goods ill flow in and
simultaneous of specie he felt Formerly the high
tariff acted barrier, by rendering greater imitation
necessary before prices rose to an extent which would
ncutralize it. and afford a profit imports, notw it'll
standing its impost The system OF open credits, prior
to 1897 by which 5000 900 of American paper
accumulated by the three WIS in London, checked
an immediate drain Of specie. When that system
p,oded by the failure of the houses engaged in it, the
credits afforded by the negotiation of State stocks pre-
vented immediate drain of the precious metals. All
these three have ceased to The Tariff by
next January, will he reduced to merely nominal per
centage. The system OF open credits is DONE and conf
State stocks is much shaken An excessive inn
port of goods will be followed by immediate drain of
specie pay that will endsnger the hanks. The
effort of the party will be to establish stem of
credit in England will be resollected, that last winter
the house Barring Brothers published proposal which
they said necessary maintain the credit OF the
stocks that the public lands Of the IT, States should be
pledged in payment. This the opposition WILL doubtless
attempt through. There is but little chance how
ever, for its being effected.
The ground work is therefore, broad enough to al
low of recovery for any length of time. If temporary
imitation is the result of election adverse the present
administration there is nothing prevent speedy crash
Goo IL be imported, unless European credit to
an extent which will restore real estate its value The
merchants and dealers with less business and that at
lower prices cannot afford to pay the eNorbiant
which demanded in the business part of New
York Real in all other sections of the country
must hold relative value that of this city, and all
property will find similar level revulson will the
speedily follow temporary imitation from the fact
that WILL by high prices, prevent the export OF those
large surplus crops whieh otherwise would go forward
II will also be serious misfortune to the cotton growers
by Increasing the expenses of the cultivation without in
auencng the sale Of large crop, and thereby rob them
their profits another crop and prevent their pay ing
old debts.
The following return Of the banks Of Rhode Island
I'd inst compared with the return Of June
KuOpE fsLArp BANKS.
IiabIh,s i,isl0. .4ug De-
Cap ~ stock, eftei5 sytl 30 ISIS
cifcuiatisu I.33Sy70 l,iis6s1 6l,sia
Due BANKS, V6l29 1891
Nett profits. iso.7s5 NtiG 4ss5s
d. idcnds, isSOs t4e9s fTsl
Dcp~-ites, f,7eeo5l l2Il s5i e,s9s
Total amt ofliab. Si3re,sss sls,5sisls