Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-01-13
MONEY MARKET.
sunday, Jan. II, q p. M.

per cent stoungon per cent? Delaware and Hudson per
cent; Phenix Bank per cent
There is no relaxation in the rate for money Domestic
exchange and uncurren bills nearly the same as on the
date last notice The supply ofserng bills has been
increased the arrival of many back mails from the soun'
and the demand not being more active decline in rates has
been the consequence Sale, have been made at ~ Stor
$475 81 81 the { sterling:
We perceive among the petitions presented 10 the 's
Senate from the North River Bank Ter renewal " "
charter and one the New York and Harlem nan hoad
Comoanv for an amendment Of its charter also Tor ean
from the State.
The Dry Dock Bank of this city has never stood 50 high
,h hanks since the dscredt Of its notes in the spring
of 1887 its stock has nucuaed in the market from % per cent
discount TO par without apparent cause and " no" selling
for CT per cent This is attributed by the stockholders to
acme Encouragement the part of the direction, and at
neepe of the stockholders at the City Hotel few evenings
sinc. change the direction unanimously voted To-
ax MONDAY eyenug the election takes place, when
e new direction will the suit in the hope of lettering
the concerns Of the institution
We recently mentioned that the Union Bank OF Mississippi
wa, issuing notes payable January a. Sl aud offering
cotton herewith at $40 per bale The merchants
Of Vicasburg held meeting to protest against this
policy
The Ohio Legislature have adopted resolution instruct,
ing the Bank Commissioners inquire whether the Bank
of nesve and also Bank of Mukngum, have not each
been engaged the transportation Of specie since the let Sep
TENDER last the city of Ph2depha and other eastern
ees for purpose of speculation, by the sale of the
at pro6t and that proper measures be taken to demand
a surrender Of their charters"
The merchants of this city whose business has mostly laid
at the south ana south west this moment experiencing the
severe pressure from the mposbiity of realizing their
,se but very few outright failures take place. and as few
note, are met promptly at maturity many of the most
wealthy houses pretend pay than 20 30
cent on their obligations. This is the with very emf
Larn lraIn Ih.p,, y com
on their notes only avery small proportion of thai
.zd from their southern business. There is very little
ro.nec of an immediate relief that quarter although at the
,me south the rates New York have improved
ofhe supply ofbil AT New Orleans on the
osth bills of all kinds PLENTIFUL ana exchange New
York could had for q per cent prem AT Mobile, on the
al,t there was also improvement; five dy bills New
York could had at 81 per cent prem. 1t will be
collected that large of North American Trust and
RANKING Co. and Morr, Canal certificates of depoe have
bse, selling in that market dated Nov lst 1899 rs days
consequently they payable here next week This has, in
degree influenced exchanges very great proportion Of
the business which grows out Of the crops viii undoub
ed, pass sto hands the cash system Of doing business
consequently portion of the proceeds of the present
arp,cabe to payment of old scores consist of the
clear profit SALE and above the outlay of cash for
,uppes On the part Of the planters of the SOUTH the
amount thus appropriated must be exceedingly small by
az ,h, low mi which cotton rule for coming
wear Small the amount will be- however it is all on which
M whole chain of indebtedness from the planter to his
chant through the foreign indebtedness Of the importer
n den nd ror ameoraon Of its present condition
New York from her position, geographical and
. the point at which thirds Of the foreign imports
into this country made and the point to which foreign
lsok for pay meut; but at the time small proper
an Of the exports 60 directly from this port. The following
table will show proportion of the whole exports and i'm
port. Of the United States which made to and from New
York - -. -
Whole import. sl57 800, $50 SIS 500 7so
exports, lls359,OJi 2907l $50
In this table we perceive that the actual balance of trade
gau,, New York 100000 which si5
have been sold on credit to the SOUTH southwest and ives.
About one half Of this amount has been paid bills drawn
AGAINST southern produce shipped to Europe and actual
shiumen Of produce to this port The payments thus
are for such descriptions Of merchandise grocee Sc
ON which the shortest time is allowed leaving the dry goods
to be renewed il falls due. Under the PHILADELPHIA
,,,tsm this could be readily done; and the banking f,e,
thu, furnished the mean, Of purchasing bills drawn
avas.t credits created by the sale Of stocks. after the pro
e.l the domestic exports had been exhausted The pac
teal operation this credit has been to destroy the guide
b;ch the importer would otherwise have had ia the price Of
exchange as an indication Of the balance of trace in making
his orders for goods
TIL. state of the European markets has fer the last few.
nh. h.. such as 10 exhaust the fictitious credit created b
.ek, in Europe aud expose New York specie drain 10
meet the balance the event Of continuation ofhe great i'm
por The policy pursued by the banks Of this city, throughout
the mast YEAR calculated to counterfeit this; and the result
ba, although the Official returns show large impora
proportion Of the good, not sold They still, hands
of Esgh agents. aud many have been reeSporte5 becau,
the obber. could get nothing either from the bauk. from
In. South cos.equ entity eeud not make purchases 10
a,v great extent The activity Of business has also been mach
retarded by the inulcou policy Of the Western banks
draneng to the dealers buy produce at prices and
,pevsr their notes. enable them TO hold fall nr mar
ke Th, ha. eveptuated in heavy losses part euary to the
-Four trade and has WORKED its
We now stand the threshold Of the year with i'm.
sn.e crops Of produce hand and coming forward small
actual balance Of trade due Europe, and that constantly
cressing but the main springs Of credit State stocks and
the operation, OF the u s. Bank have esaed act The
actual proceeds he efoe, Of the crop, all that
look to- Tor the payment Of Imports and the surplus, h
any there be- will be applicable to the payment much Of
the ut.r. aecrung the State stocks in Europe
be settled BY new loans. The following !, estimate
founded posesiOs showing the probable value
OF the products Of the L. States
UNITED
Product Of Consumption Export
1899 for lsI0 for 1870