Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1841-09-25
From BickeneFs Reporter.
Sr. $780, nr~ rs


The Money Market.
We arc unable to notice any revival Of conf.
dcnce in the condition of our local stocks, although
as heretofore, money continues easy. During the
past week, the panic makers were in the ascend
ant, and by insinuations, inuendos and ominous
shruggings of the shoulders, succeeded no little in
alarming the timid. Thus, in several instances, the
very low rates at which stocks have been selling for
some time past, were still further deprecated. Our
State Fives were sold at79 and 80, or at deprecia.
ton of 20 per cent-1his too, in tho face of the
declaration that there is now enough money in the
Treasury TO pay the next semi.annua interest.
What, we ask, of those who continue to assert that
there is not the slightest doubt of the payment for
the future Of the interest due by the state on her
enormous debt, what be the cause of this deprc-
citation Money is, and has for months been abun-
dant. And yet here are State Bonds paying an
annual interest of per cent. per annum, and for
which the commonwealth Of Pennsylvania is re.
sponsible, selling for $40 for slOO paid Surely
there must he something wrong somewhere; and
while we merely state the fact, we sincerely desire
TO contribute by every in our power, justfa-
BILE by truth and duty to tho public, to bring about
more favorable condition of affairs.
The loans of the Wilmington Rail Road, paying
an interest of per cent and rcdeemable in 1s42
were sold for 500 or 500 paid. The Lchigh loans
payable in 1874, and bearing an interest Of per
cent, sold at 62I, at depreciation Of more
than one third of the original cost. Our bank
IL.
very lowest point. Girard has been selling at 30
and %. The par price is so, but about two years
ago, it readily sold for 60. TIE Western is at 81
and 80, the par price being so. The Bank of Penn
sylvania has been selling at 200; year or two o.
go, it sold at 42O. This depreciation is terrible.
The decline in this Stock, and indeed, in several
other of our Bank stocks is attributed to the fact of
the Indebtedness of the United States Bank to those
Institutions. Thus, the Philadelphia Bank has a
capital Of 81 $4,000; while she holds United
States Bank Post Notes to the amount of more than
s. ,00O 0OO-n addition to the State stock and real
estate, to the amount of $3.50, ,000 Her officers
ale, however, prudent and able, and are no doubt
exertng themselves to the utmost, to improve her
MIA is So, 100000 and she has contingent fund of
100000. She holds United States Bank Post
Notes to the amount of 81 ,36s OOO-Sta,e Stock
s422 2,OOo-and real estate s343, 900. in oil, 81.
10000. 1t should be remembered, however, thai
assets to the amount of more than $1,000 ,O00 were
placed in the hands of Trustees, with the oiect Of
liqudating the debt due by the United States Bank
in Post Notes, &C.. to the other Banks of Phila
delPhia. 1t is not probable that even from these
S7,O00,000 they will be able to recover their whole
debt, amounting in the aggregate to something lk'
s5,00OyO00; but they expect to get back consid.
cradle portion of it, St the fact that SO much Of
their capital is locked up in this way and canno
be made available for some time has had the eff
feet of depressing the stock. In addition we every
now and then have an Infamous rumour, got III
for mercenary purposes perhaps, tha, such ant
such bank is about to make an assignment; tha
defalca,on has been discovered; or some sucl
story.