Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-18


sale then stopped The Tenth Ward post
and the City Trust AID Banking Co. post denomi
nation of 81 offering large Philadelpha yes
terday at 90 to so cents on the dollar.
The sale of Teas today we'll attended and the prices
brought good The details will be found under the head of
State Of Trade. The recent from Canton does not
pear tohave affected prices much The state OF affairs at Can
ton very uncertain impossible TO tell what would
be the upon the value Of There several
soT offering in The market s q, ~ !,
circulation in Buffalo, -.l.E.
currency of tae Union to be involved in almost
confusion the conflict growing out Of the endea
the novent banks to sustain themselves and the at
tmpts the sound banks perform their legitimate functions
Of forwarding the business Of the country Every mail from
The south brings Of the immense quantity Of cotton
hand abssace Of all confidence between and
and the almost total absence Of which
knowedged circulating medium. The result fthsis that
prices, although extremely low still falling, aud dispo-
son is manifest the part of buyers TO forward The
old suspended banks have lost their reputation and holder
Of cotton part with bale for the paper they oerhe had
rather retain it hand usiil time shall have far resor
in Europe bring money thence for the
chase Many of the banks Of New York and the
position their facilities with safety il not that
they exposed the hostile action Of the L. g. Bank which
is still bent forcing general suspension At glance it
evident tia, branch Of trade must be dormant until
all the banks suspend that broken banks deprived Of
their power to do mischief
The banks Of this city that entirely unrammelled and
have their whole capital and command have adept
ed plan, by which the object readily may be obtain
ed The operation this individual Of good standing,
cutes sterling bills ofe xchange favour OF institution in
this city, usdoubed credit drawn Barring, Brothers, of
Losdon These bills will be orvaous denominations, from
ESQ foos be Sold endorsed Of by the bank
may Judge proper For these bills he obtains certificates Of
deposite the institution payab demand of various de-
nominations under $3.50 With these bills he goes south,
and buys cotton watch he forwards TO rsrng Brothers,
sterling bills and sends his bills Of ladnr the nsti
utien here additional security Nothing BE- open
business like than transactions of this nature certificate
Of depose New York payable demand is the very best
- Ia
the planter TO pay his nercin and forms Of remit
to New York, wout which, al this juncure, neither
the southernr could the New York merchant receive
any funds. The cotton forward 20 s proper, dest
nation ia Liycrpool AMI the bills drawn ns IT, bearing
bark u The choicest eychauge bsand bear
the hghst premium. Almost all the real transactions in cotton
have thus far taken Place have been effected in this
effect las been to keep foreign exchange below par
aud prevent the export Of specie and also to enable the
chants realise semethn. from the south The bills thus
created almost the only taken by the banks and
eagerly sought after much that cognkan OF
amount Of certificates the New York Banking Company
pay able the pi nert which taken by Of the
banks at the rate Of cent The New York
Banking Company offered TO take the lot per
per annun but underbd by the other bank We know
Of individual who has uttered certificates in Georgia
the New York Banking Company to the extent Of
Ssoo,o payable various dates later than May
The New York Banking Company has discounted about
third at the legal rate Of interest and the balance has ben
taken readily by the other banks cases. have
mentioned per per Ia all this operation there
here until the cotton is already waiting IN England
them. The proceeds Of the bills the institution
Cor its outlay in dscounng the eerhcates-is capital
mains active and ready for OF the
Whats contrast TO this mode do the affairs fsuch
concerns the Manhattan Bank and the Penr Bank
auea the resignation Of and prior appoint
nsnt Of MrTleson present II then in the andof clique
whnade loans mortgages aud stocks and turned
paper Of doors They nearly reached which
taken the Manhattan and pusged Philadelphia in the eonu-
and disasters which her affairs present The United
States Bank, stated has refused 10 receive deposite
checks isefmarked good, giving that the
Of The individual s closed No other bank will receive
checks the United States Bank They therefore sold
the market for what they will bring. II is stated that the
Philadelphia the Farmers and Mechanics and the Bank Of
North America, demand bank payment from their
debtors but refuse them out u thus appears
IL going the insolven banks still struggling for the
terry. In the time, the whole business of the south
is concentrating upon New York through the force other
specie funds All the bushes that has thus far been
crops been done with New York funds The bank.
Of the south apparently completely hors du combat The
following Is return showing the movements Of the New Or.
leans from the OF the present year;
A STATEMENT OF rHr BA~Hs Npw ORIr.ss on rHt
sh y.S. 1880, 80 COMPARED WITH rHr
I'll MARCH, 1890.