The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-06-21

BY the arrival of the steam ship Acadia at Boston, we
have received intelligence from Europe to the 4h inst
inclusive. The advices far the money market Is
concerned be considered otherwise than nominal
but not so concerning the cotton market The decline In
quotations for this staple for the four weeks ending the
4h instant reschesd per pound equal to three cents Of
our currency decline large, Is sufficient to break
down strong houses, and We fear the worst
quences from the effect Of the news in this market
Many large operators this country have bsen making
in wind in anticipation Of this news AVID their worst
Inticpaons fear have heea thsn realized The
position otaancia affairs in Great Britain and the con
tinent site sailing of the acadia was var avorab for
long periol Of prosperity in commercial affairs Capital
very abundant AID the rate OF interest very low
The Bank Of England had given the customary notice
that during the time the books were making up for the
dividends, they would be ready to loan money on the
usual securities, at the rate Of three per Tho
TOR money out Of the Bank full favorable this pro-
position The offer On the part OF the Bank operates
check on demands made by private capitalists and rogu
iatea the price for money The recent returns OF the
Bank Of England to May oath show slight falling off in
all the departments.
BANK ENGLAND.
Jan. ~ 70 .fprii 90 Feb "a to May h. Decrease.
Circulation .f1i All 600 E2l, 393, 900 f34OOO
Deposits ........ I36l5O00 1885 600 10000
Bullion. l60l5,000 l6,0l0,0O0 5000
Several alterations have been proposed in the new sys
tenn of banking by Sir Robert Peel in lengthy speech
made the Goth May He proposes that the private
and joint stock banks Of ISSUE shall take the average
the two last years and not exceed that amount while the
Bauk of England issue 900 the government
loans and securities and pound for pound the bullion
may have in its vaults This gives great margin for
issues and does not place that check upon the currency
many haveancipated The premier also proposes that
the Bank of England shall have liberty supply any de-
hciency that may arise from withdrawal Of the Joint
stock and private bank issues The Bank of England
not allowed to issue notes and above the Of
securities and bullion without the OF the members
Of the ministry The amount Of bullion in the bank
cording to returns given above, fi6 100000 This
with the securities required would enttle the bank
issue of EDO 100000 making, with the average
issues Of the private and joint stock banks, which
amount to fs,ooo,OOo, circulation OF f4o,OOO,Oio,
which larger than the aggregate circulation for the
past year.
BANK MOVEMENT OF GREAT BRITAIN.
aggregate Circulation.
ls43 Nov IL. f36 634 44a ls44 March l. f3s 6l2 ss7
Dec. g.. 1881 1872 March 80. 81 9o3 1913
1874, Jany g.. 35774259 April 81. 80, 1886, lO4
Feb'y g.. &c., 63, 500
The circulation under the new system according to
the above average will exceed what has been provided
the bullion in the Bank is kept up to the present mark
This can however hardly be expected the amount of
bullion now on hand is very large.
BULLION BANK OF ENGLAND.
1899, October. ..f2, 525O0O ls43 Novr. fl2 O9S 600
lslo, 4,l05OOO Deeemr l2,s5O,O 600
ls42, January :. 4'779,oOO 1874, April. i6Ol5OOo
October. 9.635,0O0 May. =. 5000 900
The average for the period included in the above table
is about 500 This amount added the f2 900 900
authorized issue securities would make the total cir.
cuation about fs2,ooO,ooO, full $1,000, OpO less
than the present average The private and joint stock
banks of issue make very loud complaints against taxi
ing the average for the last two years They ask that
the average of the last five may be TAKEN it will give
them greater ISSUE The SYSTEM it stands since
the several alterations made with little op
position generally and would probably 60 into operation
the 3ls day of August next This system must exer
else a very favorable influence on commercial affairs
generally throughout the kingdom. II goes into opera
ton at very fortunate PERIOD the present bank
ment comes very near to the maximum allowed by the
new act there will consequently be very little variation
from the existing value of the currency The effect Of
the new system will he to create greater regularity in
prices, and to do away in great with the ucu
atoms that have been often experienced in trade and
commerce.
Messrs Dsnison & Co. of London, have intimated to
he holders OF the debcntures of the United States Bank
that they will divide the various State stocks deposited
with them as collateral security for the payment of the
debentnres, on being allowed per cent Us commits
sion to cover expenses &C. The following circular has
been issued to the parties interested -
LONDON, MAY o. 1914
sn Understanding that you are interested in the Uni
ted States Bank Debentures, beg to inform YOU that
Messrs Denson Co. having been repeatedly solicited by
many holders OF those debentres divide ,o rata among
the holders the various state stocks deposited it'll them as
collateral security for the payment Of the debenures are
now willing SO to do upon receiving being allowed 10
retain to their own per of the amounts Of
state stocks taken BY each debenture holder as commits
SION to cover &c. provided the debentures be
given d and cancelled,
As the stocks cannot bs exactly apporsncd and as
will be necessary IA every case that small amount of
each stock should DO bought sold az the deben.
ture holder may DESIRE Messrs Denson and Co. have in
sructed me to make the necessary arrangements fer dv
debentures you hold shall be most happy to give you
sny further information you may require.
Permit to add that shall have to make You any
charge as hessrs Denson and Co will remunsrate me
for my services out Of the above mentioned commission
! am, Sir, your most obedent servant,
LEWIS H. HAsLEwOOD,
American Stock Agent.
These stocks consist Of 1877 900 Pennsy yes
Pennsylvania SKIES and $sss 900 Mississippi ser.
ling hves deposited by the United States Bank Very
few OF the holders have avaed themselves of the Offer
they object the charge Of per cent and the loss
of the security Of the bank the offer requiring the de-
bentures to he given up and cancelled.
disposition to speculate in American securities mani
tested itself in London previous to the departure of the
steamer and quotations were firmly sustained.
NuolAIioNs toh NMEHICANo rOCRs IN LONDON.
Alabama So, 1859 B2 A.. 80 a.. 8Oa9E -
Illinois SIS, 1870, 40 40 a.. ..a4o :. go
DO s!eriing Sc
1870 40 a.. a A.. :. a.. =, Am
Louisiana S. 1874,
al, So and Sc &C. A.. &c A.. :. :. sat7o
N. York SIS, 1853 ~
aud co.. o2xsei s2Haaa 9,aN o. aNe,
D. do '35 and go 92Ta9t gaLa93 ga q, o3 ~,
Ohin 6s, 1886 VI a.. 81 a.. "a, :. 90
Penn'a SIS 1854, 49, -
80, go. 62 aud ga &C a67k 66 A.. Ga. "a eo 49,
Indiana SIS, 1861,
and D6, IS a.. as Nc. a.. ~ 20
u 5 Bank 81. res 22sa.. ga a.. ooa %. ., a.,
Maryland SIS. 1888, a.. 65 A.. Soass 80 Is. an
Kentucky 6s 1868. a.. 90 A.. s3s95 90 90
Alabama dollar SIS a.. A.. Ia. rs 90.
Masss chusetts SIS ~