The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-14
MONEY MARKET.
Monday, June I3-6 p. M.

Monday, June 1916 p. Nj.
The market has been heavy to-day, influenced in some
degree by the from the SOUTH The prices of sound
state Stocks, however, continue TO look up. New York
State per cents selling o. and per SELL
ing at lol, dividend of, which is equal to 1929 PREM
kentucky Stock improved !. Fancy Stocks huctu
ting-Delaware and Hudson fell I; Mohawk, ?. Harlem
improved This stock is still looking up. The vigorous
proceedings Of the direction placing its affairs
footing. The Board had under discussion to-day
he payment of the interest the year bonds of the
company issued to the contractors on extension of
he road into Westchester This will probably be done
The late dealcation at the Ocean Insurance Company
has excited good deal Of feeling against those whose
iuty il was to prevent such The dealca
lions that made public by all that
The disastrous losses by Kane few years since still
fresh in the memory Of the sufferers About years
since dealcation of 40 to S5OOc0 discovered in
Marine Office and the Secretary being dead it
hered lest it might njure the standing of the company
Now that nearly all the companies going into the Mu-
ua Safety plan there chance that the Presidents who
fat salaries will condescend remember their duty
much as to examine the cash accounts. Honest
have nothing to fear but would not be well to insti
tute inquiries into the Presidents accounts. The in
competence Of many of them for their sationsther g
norance and impudence too generally known to need
iremark from u.s. No wonder that Dividends
Their conduct not only injuries business but disgusts
he public who have dealings with Them and the ures OF
New York never lose opportunity to stamp their
iuct with their Reproduction.
Exchange New Orleans to-day varied from to l6
cent discount On Mobile the 80 per
The buyers in consequence of the state of affairs in the
iormer city refusing to operate for the present.
The Comptroller having redeemed all the notes OF the
Chelsea Bank except $685. and for which he held Ar.
kansas bonds for $1,000 has given notice that these bonds
have been sod and that he ready pay twenty five
cents on each dollar, for the amount of $685.
In recent article mentioned that the nstalment OF
distribution of the public lands according the
Of the extra session. take place the LIST proximo
and at the time suggested the probability that the
proceeds of the lands instead of being in the Treasury
ready to be paid over according law had been absorbed
or the current expenses of the government This APP
pears now to be the case and if that most unoward pro-
ect of distribution wereto be persisted the government
would either fail in its engagements to the States would
he obliged into the market and money at
per cent to distribute among the States while its
liabilities in or the President after
having signed the distribution act the expressed cond
ZION that it should become imperative the
essiy for violating the compromise should become appa
parent and also recommending its repeal when that
sity manifest will promptly veto any bill which shall
embrace unconditional distribution. 1t is the
middle Of June and the 3h of this month the opera
ton of the compromise tariff law becomes perfected
That law constructed that requires to be extend
ed by Legislative enacments otherwise the powers of the
government to collect revenue will cease to exist. A
motion to extend this power to the LIST of August has been
introduced but to is appended clause authorsng the
------''.t-a s,-.ie-,i. fs.It:-
movement is of political one and designed to
distress the executive into compliance with the wishes
of the Congressional majority The effect likely be
scarriage of the revenue project and leave The ports
open to the importation Of goods until revenue pro
ect be adopted This will for time SCI ously embar-
the Treasury but will be great thing the prin-
cples of free trade The manufacturers and high tariff
men will find the markets guttcd with goods free ofdu
~, that they will be fully able to estimate the injury
which free trade is likely to do them. Heavy impota
onso goods into the country will probably induce rise
in the exchanges but the Of most luxuriant har
vest in all parts Of the country promising that
prices falling in anticipation of it, may be hop
Ell that produce will prove the best medium remittance
abroad aud the people will thus be reev large guam
titles Of produce in exchange for foreign goods low pr
In consequence Of the reduction of the stocks OF
produce by foreign Sales the home value Of the remainder
will be much enhanced There is therefore hope
hat much practical good will ye. grow out of the tricks
If the politicians.
The condition Of affairs in New Orleans is of the
raves consideration at the present time. may be look
I'd upon the final explosion of the banking system OF
hose sections The fact to be developed that agr
cultural product support the expense Of
banking money borrowed at high rates of interest
The very basis OF the system pursued in Louisiana carries
with II the seeds OF its destruction Az stated
Yesterday, Eve banks of New Orleans have capitals
amounting to O00 borrowed in Europe the faith
Of the State guaranteed by the real of the stock
holders That real estate is valued at $25 400 000 This
yields to the banks income OF 3d. 600 which sum
partly sent to England annually tribute for the
Of the money borrowed Now it reasonable suppose
hat the land can produce cotton such antage
allow of the payment of per of its own value for
the use OF the capital to carry ont The crops of 1899
10 was the largest produced In that year Florida
Mobile and New Orleans sent forward large crops At
all these places the banking is conducted nearly the
same principle New Orleans however .rece the
ton OF Arkansas and the River If we add the Dor
rowed bank capital OF Arkansas to that of New Orleans
and leave out that Of Mississippi which is repudaed
may construct the following tab ls =
Capital Bsrressed Crop Of Cotton. vaiue Crop.
LOUISIANA 1v,,W,@ baes yo'lS6 Hs33,.65
Mobile 15ol,000 ii6,if2 t3.R3n092
Florida, 100000 1912 lii6uO2
Sa5,5oo,OSo i53oo7O 47AsIseo
This crop pays to the banks 900 per annum 10
per cent on its home value. In that year. however the
loss the whole crop in consequence the fall abroad
estimated at Sl6o00000 How is it possible that bu.
siness based on such foundation be prospero p
1t apparently in this view Of the that Mr. j.
Peters President Of the New Orleans City Bank and