The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-15
MONEY MARKET.


In the speculative stocks there has been general i'm.
provsment to-day at the board-Indana SIS rose per
cent? Illinois e's 3per cent Harlem Mohawk per
cent Canton per cent Bank of Commerce fell IL per
cent? New Jersey Railroad Anew York S. 1874 o5-
| decline of per cent.
The money market is tight and the banks see nothing
as yet in the future that will justify them in extending
their business the contrary there is
duce an exercise Of the EXTREMIST caution This State
Of affairs, at moment when borrowers are numerous
and their demands pressins necessarily cause the
rate OF interest to rise. few months since sovereign
States in good credit could borrow money at per cent
The federal government then came into market as a
borrower at per cent. II unable to procure
all they wanted at that rate and the effect upon all
other borrowers cooperating with the sc arc,y
Of money, to compel them to give higher rates. The
credit Of the federal government good home and
the fact that it could borrow per cent was be
the money not be had on this side the Al.
antc and the credit of all the States was so shattered
on the other sie in consequence of events that had
transpired that the capitalists of Europe the occasion
Of the 00e Of government stock out by the
Bank OF Commerce, absolutely refused touch at any
rate Since then, money has through the operation of
the banks, become greatly scarce while the COM
petitions for it have not diminished II has now been
proposed to the government to oubd all others the
Market and offer per cent for oans We look upon such
measure not only oppressive to all Others but very
detrimental TO the Government credit As q financial
operation, II would be fsr preferable sell I'VE per
cent in the market for what II will bring than TO raise
the rate seven per Such price, far above
what European governments compelled pay could
but have very serious effect upon national credit
this juncturc when the question of reputation has
been freely discussed. The Usury Law Of the
forbids than per cent interest. What individual
Corporation State obtain funds that rate,
when The government securities be had for III Nor
willthe increase Of the rate make money how
easily into the Treasury. The first issues OF the sl2
10000 leon offered per centthe then
raised to obs per cent the move and half the
amount wanted could only be obtained. similar fate
must necessarily attend per cent stock because cre
ID daks in an inverse ratio to increase OF the bids The
same principle was tested in another FORM in the
sunni OF $780, by the ink OF England At that time
the run upon her for coin assumed dangerous FORM and
to check had not prompt and rigid cur.
salmen but to raising the rate Of interest," and for the
first time the reign Of Queen Anne, the limits Of
the old Usury Law, per cent, nfrnged and with
out succesths drain rather increased than
and nothing bu, loan from the Bank France in oc
tober Of that year. saved other banks from failure
The Ohio Life and Trust give the following reason
for psssingrheir dlvidcnd;-
Owing to the f,ct. that the Company has ANTICIPATED
OF 100000 OF their Bonds 10 the Bank othe
Uned states due fourteen years hence, az lfty
the dollar which with the heavy rates II ex
change attending the pay nents already msde and yet
become due have far absorbed the active Of
the institution that the Trustees in view Of this state Of