The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-08
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MONEY MARKET.
AwL-, AU>nA


general fall took place in stocks to-day particularly
stse stocks Indiana declined d illinois 4; Long Island
4 Paterson Ii New York State 81 81 per cent Delaware
and Hudssa rose /; Mohawk Bills Philadelphia
4; Baltimore 81
The Banks of Philadelphia vigorously curtailing
their business in preparation to specie pay
This they will probably endeavor to do, whether
the immediate resumption bill passes the Legislature or
not The agitation of the subject has produced such
necessity of contraction that is far better for the
sound banks to than to endeavor fall sgan
back into their insolvent policy. Some of the weak
banks will probably 60 down in the operation The cir
culatng medium has of late been supplied by the Penn
Township and the Moy amensing Banks and institu
ton was compelled on Saturday last give security for
its balances, otherwise its doors would again have
opened. The severe contraction going in Philadel
phia is indicated the improved rates Of exchange
that city In ell sections the movement is towards
SUMPTION and is Of such nature az leads to the convic
tsn that specie payments fairly effected will be
permanent and sound. At New Orleans the weak banks
that have SO long clogged the sound institutions,
sinking into discreat and will leave clear feld
10 those that able to At Saw annsh the Cen
trail Railroad Bank has gone down at last The other
banks of that city will probably continue to pay specie
They are making strong effort to do so. They have,
however, learn the secret of leaning upon their
resources entirely If they short of active
they realize them from their assets without
the losses ofthe stockholders Another most
important point Of s the curtailment of ex
pense The three chief officers Of the Central Railroad re-
ceive salaries amounting to $4,000 No business can sup
port such abominable extravaganza south yet to
learn that economy is chief Of wealth. Instead
Of INDUCING the minded and unmanly idea thato
succeed they must receive assistance from the North
they should themselves look to their own re.
sources economist, and meet their debts manfully At
the West the storm is raging, but will be succeeded by
calm and sunshine.
tionlaw Of the statesome preparing to resume and
some winding up The Legislature has aroused them
from their them into activity Those
institutions that foolish enough lend their
the State lasyear pledge Of its stock are now
ring themselves to dispose Of it, lot of 100000 Ohio
stock is offered auction This is probably
OF the Chillicothe Bank the drafts of which
institution at the National Bank running
upon this city Ohio six per cents stocks quoted
50 80 with sales The CT this low price is
very probably the large amount 81 500 Oo other stock
that issued to the banks alluded t. last summer If
much Oft is pressed upon the market the price will 90
much lower.
time from % until it s dull at So The cause Of the
fall is probably the fact that the Bank of Indiana being
forced to resume specie longer receive
the scrip in payment of its debts.
The Bank of Illinois lately failed owing to the dis.
credit into which it had fallen from continued suspen
sion The table of its affairs up to the 7h
Of February ls42 compared with the return of No
vember ls4O