Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-01-03
MONEY MARKET.
Thursdny, inn. =, O II. M.


small usnsss done the stock exchange this
ing prices generally firm, and in adj
vance wa, evnc over the rates OF tuesday, s. Bank m
proved per cent? n. AT B. cent; Vicksburg per
eent Del Hudson per cent; Harlem per cent? Mohawk
per cent Soue sales Of Ohio per cert ito ks were made
at &c. Drafts Philadsl phia and Baltimore at % 9!l
Money remains DINGHY scarce rates for country
bills ars rnng Red back money now bought at hve and
sold at four per cent discount by the brokers Philadelphia
aud Baltimore money is er dual imp owing, and the belief
gains groune that the majority OF the banks in o'e cities will
resume. Letters from Baltimore that We have seen
speak ckfeny of resumption there ia few days There
again ahsa of frauds IN the ard Bank oil fha
depha he in tiuiions Of that city are in su'h bad odsu
that al to ,'ir integrity gains ere
dence II i. TO he supposed that they can continue III
Of SUSPENSION de of public opinion. and maintain
reputation for ines the time. Sterling bills re-
main peniie ct cent, or 81 80 S'o2 cents 'he
seriI q but little going forward the South America has
none and the ST. james but $50, OOo
The mast wear has been fraugt with great changes the
commercial financial world The dit system has tot
tered to its Foundations AMI backing power in hi, country
which has for years slammed the OF EVENT. and
u,ed prices stagnant market has last Given way be-
fore accumulated PRESSURE and property is seeking its proper
level Ia that popu feeling the financial policy OF the
has agrsa change and the sub
system bare of which gave tbs first sow
te credit, 1885, s during the coming year,
looking upon the vents Of the past two cannot
but be with the fac that the financial OF the
government sde and the movements Of the bar op-
posed measure have both conspired TO produce this
change When the extra session Of Congress convened in
Sept 1887 the uStreasury plan apparently rejected by
strong This fact hued by the adersares Of the
bill nd atiOn that the would uimsteybe
Debated in the end the confidence thus inspired led the
banks policy of the S. Bank that sys Of ope
rstons that has resulted the present disastrous position in
which they fad themselves Instead OF follow the Of
the New York banks and realizing all long and &C commoda
paper and corfnng their operations business paperhey
largely expanded aud endeavored bolster prices
tending to check any renewed ctivity in trade
Attic ms although the sub treasury bill rejected
Congress- practically put in operation and the issue OF
$40 eco Of treasury auhcredn Oct 1887 The
Of these Of them ow $50 immed aey
filed the channels Of circuaon previously occupied by the
of the IT, Bank and severely crippled her movements.
At TIE time the receipts Of the government being mostly
in specie the bills Of few Of the banks checked any undue
expansion the part of tire western institutions after their
return to specie payments In this way the financial move
ments Of the have besn silently couneracng the
expansive policy the United States and southern banls until
the power ofhess latter, to sustain Themselves cut of
by the stagnaon OF he European markets. Prices are
falling rapidly and the Of the people discover that after
Of dorman trade property has not recovered its
value business its elasticity. The alternative then
let the government have its way in the natter and we find
accordingly, that Congress organized with Speaker TO
oase of Representatives, WHO is opposition in
every thing the sub treasury 'yem, which he favour and
he has appointed administration committee of ways and
means.
As the administration have orty in the IL any bill
reported by this committee will doubtless be carried The
have shown has gained strength by delay and
the original BILL wta its strongest points, will doubt be in
troduccd with such additional rescti.n as it will be
thought capable ofbearng AT the time its politi
cal feature lost in fact that tn, expenditures of the 60
estimated to exceed its receipts and consequent
| ly surplus viii cucumber the Treaiury.
The treasury report estimates deficiency certain
tngenees in the the government The fret
will b. SUPPOSED Issue ~f
bearing interest low as $40 and made payable
in specie the government deposit Offices The bills thus put
ia circulation will be of par value all the Union, and
Joy greater e,n6 enee for purposes OF transmission
than the bills Of the banks, while the specie clause OF
tho bill will keep these latter in wholesome check The
sequence be formerly that the bank circulation will
be displaced proportion the issued by the Depart
msn The circulation Of the United States Bank, before the
issue pest potes in 1897 $40 coo 0C0 and IN November
1885, had dwnded 20 8. 900 OOo This mostly brsnsht
about by the operation Of the treasury notes The sue Of
like amount smaller will still greater effect
smaller channels OF circulation and be TO the banks &C.
neral what the Red Back bill, in Thu. have been the
! Safety Fund bills.
With this pre- ,pec In view there is but little probability Of
any great increase Of eae in the money market The bank,
Of New York will net deyiate from their policy Of the past
year. while great eon,uson yet awaits the credit system
conducted by the Phl.depa sanks Money 10 business
will lie commanded in the exact ratio OF the Of bust
based demand arising from low prices and the actual
wants Of community The short paper growing out Of
such business will be readily s,eounied by the banks and the
high rate Of interest will decrease with the accommodation
aper floating In the market Th, process has been going
1r two years. and notwithstanding the plants OF last year,
the House the feet that the
OF the city Of New York has been larger than for the
two previous years. eviSesd by the following tables
| ConrsRarvE PRiNciPAL ARTICLES OF IH.
rosr AND EXPORT NEr
| YonK ron rHs WARS 1880. 1888, rRIcEI
| rHE Isi JArUARY 90 EACH YER
Imports Exports Pries
| 1855 1889 1888 1899 Jan l. Jan.
Cotton bales, 2lisso ISL S6e lSol9 IsiS esi0i
Coffee hays 225 296 27 90 500 - O27 lOll 9islOl