The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-11-13
MONEY MARKET.

The operations in the stock market this morning
small but the prices generally better New York
sateos of 1862 per the last sales Mo-
hawk fell / Harlem l.
The flow ofspecieto N. Orleans is yet checked The
packet carried out $500, 900.
will be remembered that the Legislature of the State of
Tennessee called upon the Banks of that State to know
if it was likely that they could their dis
counts and flood the State with paper money relieve
the people, The material part ofhe answers the Banks
are as follows
BANK TENNESSEE,
October 27th, 1912. 5
The only way in which this Bank safely increase
drawn upon the exports OF the country and can now
vest any reasonable amount in such bills The accounts
bacco, &c.o be unusually abundant and Of superior quail
D and they are Of opinion that large amount of undoub
ed bills viii be offered to the banks.
The Directors cannot give any to the General
Assembly, that they will in short time increase the
mediation paper The Bank and Branches have already
upwards of three millions of dollars of such paper under
with merely the payment of the interest They there
FORE entertain the opinion that would be impossible for
TINS panR 70 tease us 70 any a
its other liabilities at home and abroad
Very respectfully
WILLO WILLIAMS, President.
PLANTERS BANK OF TENNxssEE,
October 27th 1912.
To the Hon. SPEAKER and MEMBERS OF THE SrNArEi
At this peculiar and distressing crisis the Directors es-
it an obligation due alike the stockholders and
the community to Keep in circulation large amount
of paper as the condition will safely and pr1dently ust
fly. But believing they do that unwise expansion,
however loudly called for by the wants OF the community,
would in its disastrous consequences lead in short time
to greater evils than those under which SUI
ering, they cannot consent to adopt policy that would
in all probability involve again the character and value of
our currency From all our information in regard to the
extent and value of the present crops Of the countryad
ded to the very small of outstanding foreign debts
and the favorable condition and standing OF this Bank the
Directors have determined that this circulation may
creased within the next three or four months by the dis
country, to the sum of $500 600
Most respectfully,
Your obedient servant
NJ WATSON, President.
USos BANK OF TENNESSEE,
NAsHvILLE, Oct 27th, 1912.
To the Hon. sam'I TURsEy, Speaker offhe Senate:
beg leave to state that have been instructed to reply
to the first inquiry in the affirmative the second,
that from their knowledge Of the resources of this nsu
on the quality and value of the present extraordinary
crop Cotton Tobacco &c. and with the ordinary facii
ties for the collection of debts the Boards of opinion that
the circulation THE Bank may safely increased during
the present session. three hundred thousand dollars
over its present amount
have the honorto be,
Very respectfully,
Your obeden servant,
JNO. NJ. BASS, President
The Bank OF Tennessee states that it has upwards Of
$4,000 900 accommodation paper constantly able.
hoSouhk 10 report OF OCsODer us Whoie loans
amounted to but 50 ooo that nearly its whole
are dead weight and therefore states it cannot, any
considerable extent" increase its loans. All the
banks profess readiness TO advance funds the
crops to come forward which they represent very
abundant They state that collectively increase Of
about 100000 will take place in their circulation from
this cause The discount of bills drawn against produce
is likely to be losing operation, from the great album
dance and low prices ofartcles the banks continue TO
pay specie the exchanges likely to be very low for
want Of demand for bills, and specie will he the most
profitable return Unless the banks stop again which
fromhe of the Legislature that quarter is likely
to be tolerated. and to swndng the people out of the
depreciation of the paper they doing Alabama
they not likely to make much by the operation
The quantity Of produce moving from the west not.
wthstanding the absence of all bank facilities without
which, has been alleged that the crops cannot get to
market, is prodigous. The following table Of the
quantities of western produce arriving the great
points Of Buffalo and New Orleans compared with for
years.
WssrEsN PRODUCE ARRIVING At BUFFALO