The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-11-25
MONEY MARKET.
Thu.rsAav Nnv. Z4-G p M :.


Thursday, Nov. 24-6 p. M.
The sales of State large to-day generally at
better prices New York 6s of 1852 improved rs
of 1919 fell Ohio 6's of 1860 improved Mohawk
Mobile funds are duh at Isl 30 discount.
chGncery sale ofreal estate which took place to-day
under the direction OF T. A Emmett, Esq gives mark.
ed ofthe change which has taken place in the
value ofrea estate since 1875 The property consisted
the store and lot OF ground. 1855 Pearl street. running
through TO 50 Beaver street II was sold in 1875 for $40
600, and was to-day purchased by Messrs. Robert l.
smith and Henderson, dry goods house for s22 100
Thistransacon indicates the degree OF falling off in the
business of the city, which business under the presen,
tarih, is not very likely to be speedily restored
Ihesae OF Pennsy vanis stock, pursuant law, took
place yesterday A large company assembled, the
Governor and Secretary of State bein present
The auctioneer, T. w. L Free nan, Esq read the
terms Of sale, j.
The stock will be offered in shares not exceeding ten
at each tim g quantity Is offered for sale.
credit will be given purchasers pay for the stock
they may buy, until the gath December next on their
giving APPROX security TO comply with the terms of
SALE and the pay of the price bid the stock will
be legally erred to the highest bidder such per-
state Stock certificates of Indebtedness entered upon
the books of the Auditor General relief notes or the
nces of specie paying banks will be received in pay
ment.
Those stocks which paid dividends in lsii and which
cost 1928 799 were MOTTO be sold under fixed pre-
viousy. The Executive reserved the right buy the
stocks behalf the State OF $3.50 shares of
mia Bank stock put up $50, and sold. 10
shares of Phi ladephia Bank then put up
S65 and not sold Farmers and Mechanics Bank Stock
and schuy kill Navigation Company also passed. without
bids Penns, lvana and Ohio Caka Company, 90 shares
in nine lots bid upto S6 S5 500 $685. Sa and $73 when
the sale stopped 10 shares of Columbia Bridge
bid in at ISL per share An unsuccessful attempt
then made to sell some ofthe no dividend Stocks For
the Union Canal SALE 30 shares of the Chesapeake
and Delaware Canal bid in by the Secretary Of the
Commonwealth at $40. There being little disposition
manifested by the audience to make investments in the
above stocks the terms prescribed, the auctioneer
was instructed to read the following notice
+" In consequence of the endorsements that are at
tendant upon the sale of the Stocks owned by the State
in the Companies from which the onweaith recev
which bidders enter the Market rom the restrictions in
the law this sale is ordered to he adjourned until
the LIST day Of March next at one o'clock p NJ at ts
place"
Thus ended the imposing and novel ceremony of the
Executive of sovereign State putting up property to
sell for the means of payn its debts
On Tuesday, remarked the of b. INK capi.
tai in this city which yields its proy ieors
We included the Dry Dock Bank capital in f,e amount,
but should have remarked that the passing of dividend
temporary only and in consequep of frauds
then discovered and may not be cassed among the per-
Phoenix Bank reduced last year 20 per cent vet
its stock commands but II in the me rket The Me.
chancs' Bank is perhaps better able pay dividend
than that do pay but rigidly setting aside its
bad and doubtful debts, leaves defc ncy in the capital
which the dividends to Or the present The
capital will probably be reduced by this amount and al
low of dividends the remainder The stockholders will
thereby meet the first loss prompt and their remaining
stock will become available If then anything is ulti
matey realized from the debs will Increase the dv.
dends. The capital employed in Blinking in New York
has, flae been largely reduced but greater than
the aspect of business under the present Of the
city, connected with the whole trade the Union will
warrant nJanuary last the chartered bank capital the
city $2026 200 This is reduced by failures and ex
prations of charter $4,000 OOo leaving 100 of
which about s6.OO0,OO0 yields dividends The Free
Bank capital SOs 400 of which S632 yields div
dend. This dead capital should be reduced per cent
This would leave ective banking capital free and char
tered of $2 GIL $780, against capital OF 36I 900 Jan
1887 Under the present tariff and during the absence
winter communica alto with the Interior the business of
NJ York in is43 is not likely be fwha it was in 1886
and that half under the cash system wllno yield the same
proportion paper for the employment of the banks
large portion of the Western trade which gave en-
p'oyment to New York capital, now eks Boston, pro-
badly the extent $50 The ports of foreign
goods have been reduced 1886 all of
which directly cut out of the business of the banks of
New York This changing of the currents of business
will work great revolution in banking operations in
exchanges. large proportion of that Western produce
which formerly went down the Western rivers to New
Orleans and thence by ship Boston, will now in
all probability, direct to Boston The follow
ing produce was shipped from New Orleans Boston in