The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-06-15
MONEY MARKET.

The advance Of yesterday has been in great
sustained At the Old Board the sales quite large
Long Island improved per cent; United States Bank
Paterson Z; Illinois J; kentucky Ii Ohio G's "A; North
American Trust Canton Co. fell off !; Harlem /; Nor.
wch and Worcester q Stoningon ]; Formers Trust and
Vcksbug closed firm at yesterday prices. At the New
Board vicksburg declined /; Farmers Trdst Ii Norwich
| and Worcester Il Canton Il Ohio 6s advanced j. Long
Island closed firm at yesterdays quotations The sales
very small at the New Board.
The following sale of pert Of the assets of the Girard
Bank by order of assgnees took place Philadelphia
the 18th inst
500 shares Of the New York, Providence and Boston
Railroad Company (stoDiDg'on offered. par value 500
Bonds of $1,000 each Of the New York Providence and
Boston Railroad ,mpany (Soningon) due in August,
1903 and bearing six per cent interest annum, pay
able February LIST and August 1s with interest," share
sold at $75 So balance Withdrawn $1,000 Pennsy lvmia
cent Loan at $40 % so shares Norrisown Railroad
Company par value s50$5. so shares Grand Gulf and
iaiIoad Banking Company, par value sl0o-SlO,O5.-
$1,000 Beaver Meadow Loan-$SO
Sales OF the of the Bank Of the United States and
tie Girard Bank this tme made for the purpose Of
azing mt high prices and for immediate
taon Of the banks il possible The affairs OF the Bank
Of the United States in such state that very little
hope be entertained of it's being born again, but the
assgnees Of the Girard Bank have very great confidence
in the ultimate re-establishmen of that institution and
/
Of stocks belonging to this institution have realized good
prices comparatively, in many instances while in Others
the bids not coming up to the views of the assgnees
the stock offered has been withdrawn.
The late tremendous decline in the stock market can be
traced to the the part Of the banks
this city The limited demand from the regular channels
of trade for bank favors compl the banks to seek
other employment for their MEANS permit the dccara
ton Of dividend semiannually. This is the that
induces them go into stock operations. They are still
further compelled to extend their loans immensely to
make even smallest dividend in consequence of the
abundant at from per cent the effect Of which is
that larger loans must be made to net profit anything
like that produced seven. eight and ten per cent loans
These produce all the specuations going
in stocks rhe banks forced into the operations and
when in, are forced to go very deep. The late
decline in the stock market has been caused by
discovery made in relation to the great extent which
he banks have involved themselves in stock opera
tons, and sudden change in their movements. The
quarterly returns made by the banks Of this city and
State 10 the Comptroller. convey but very vague idea
of the movements OF these institutions. The loans and
discounts of the banks in this city, according to the
quarterly returns, have been as follows:-
LoAwASD nIscouSrs OF rHs SEw YoHx CRY We,
Wv iYai... 81 3O.ts0 Nay, 1911 $500 's''-
This table exhibits very great regularity co"pa''u
with their actual condition between the days hxed or
heir returns In six months they acknowledge IN their
repor,s an increase of about millions, but could their
,ostion he defined without giving them approximation
vo should find expansions within the
quarter From reliable authority, founded informal
eurns we, learn that the loans and discounts Of the