Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-08-14
MONEY MARKET.
Thursday, August 13--6 p. NJ.

The stock market was little firm to-day. Prices
with the exception of North American Trust and Bank
ing CO. which declined per cent improved u. S. Bank
per cent, Ohio Life and Trust Delawar per
cent Harlem per cent, Stonington per The sail
ing of the packet ship Sheffield postponed until
The sales of sterling bills TO go by her have been
very limited, the former but little viii be done be-
fore the departure of the Great Western the 18th There
scarcely demand for sterling exchange individual
account and the supply than equal the de-
mand although at the close of the The
principal demand FOR the ment of interest over and
there but little probability Of any increased demand be-
fore the bills drawn against the crop shall have
market The extra export of noar this year. in
quence Of the low prices will be nearly enough pay the
interest due in Europe the debt Of the states The
prospect is that exchange must go much lower, and
consequence, the import Of specie be renewed
is stated in the state paper that the Commissioners Of
the Canal Fund have made a contract with the Manhattan
Company in the city of New York. for the establishment
bank Of office which certificates Of stock for
loans made In behalf of the state either by commits
soners the comptroller, to be issued and trans
ferred.
system Of regula ons learn has been adopted for
facilitating the transfer Of the stocks Of this state the
certificates that may lost for the issuing
Of certificates to the legal representatives heirs and
sevsees Of deceased holders which will render them
easily negotiable and valuable in cstment.
The new Banking Law Of this state, got up one
Of those experiments which continually projected by
SPECTATORS order remedy the inherent evils Of the
paper system The old banking system had just its
course speculation exploded consequence Of the
foreign drain for specie caused by its operations
The immediate and apparent Of the suspension be-
the demand for specie the basis of banking opera
TONS the substitution Of real estate and stocks basis
it thought would insure greater stability for the fu
ture and by removing Of the legal restrictions
banking, the evils growing out OF the manufacture OF
paper money would be remedied This project combines
many interests particularly that large class which has
passed off real to amount being the
wreck Of vast previous speculaons The friends e free
trade also noied that their views would be forwarded by
the law, and the pub large holders hoped for
greater security by its provisions. The law passed
and immense number Of banks projected with al
most unlimited capitals. OF all the banks started but
about 20 have continued in operation through period OF
great distress want of confidence and stagnaon of bnsi
ness which the operations Of the banks have conr
buted not little to augment not only by their rivalry
the banks under the old system but by their Jealousy Of
another In this city there six institutions which
have been in operation about two years. under the new
Law. These the following
Bank Of Commerce, North Am. Trust Banking
U. s. Bank in New York, Amerc an Exchange Bank
n. York Banking Company Mechanics Big Association
Besides these, there have been many others which have
started stopped from lotion that the business was
improbable that have failed, that have been wound
up swndlng The six here mentioned were
started by different classes Of men, with different views
and interests and with large capitals. The three hrst
mentioned banks started with capitals mostly paid in
in cash, and three others with capitals mostly pad in in
bonds and mortgages The former had therefore decided
the the other three The high prices OF
real estate its constant depreciation and
condition. connected with The general state of the money
market, rendered such property almost aable az
banking capital and the results after two years Of expe
ricnce, that real estate cannot be successfully
used for that purpose For the past years. both real
estate and stocks have been constantly depecatng and
the losses Of the banks have been in exact proportion to
the amount Of their interests in these descriptions Of pro
pety and the nature Of the business Of the class Of
whose Interests ctncred in them. The New York Bank