The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-02-05
MONEY MARKET.
Sunday, Ceb. &c p, M,

The movements in the money market during the past
week, do not give US any new feature to report The
stock market has not been ucuating the previous
weeks have presented The investment of from five to
eight millions Of dollars in cotton specuations within the
past month"; has had avery sensible effect the prices
stocks The reports made by several of city banks
show . great falling off in the loans to the bro.
kers, and attraction to other investments
The movements in cotton . will doubtless con.
tnue in the course adopted, until about the first
Of March, when further advces from Europe will unset
tie prices, and create fuering among operators This
will in return the withdrawal Of capital by the
Banks, and an investment again in stock speculaons-
Every element Of trade looks propous for very extern
sve operations on the opening Of spring, but in proper
ton to the extent less capital will be required from the
banks than before This will compel the banks to
depend for employment whatever bubble the order Of
day. and for the want of better they must lean on the
brokers'
The Legislature Of Pennsylvania has at last made o
move in relation to their State debt The House has tax en-
up the subject in earnest and have passed bill provi ling
for the February interest This bill contempaes TO pay
cash for the interest when the does not exceed
twenty dollars and the issue of six per cent certificates
for all larger sums, payable in Angus ls46 This move.
ment will DO more to raise confd' nee in our securities
than all the debate and suggest year would produce
we trust the Senate OF PENN ylvania will perfect this
Danger oil defeat in caryng out 1t is good policy not
TO attempt too much. prompt payment of proportion
of the interest Until the of the State become
further developed is far better than relapse into the pre-
sent state The movements Of the Legislature OF that
State will be watched with anxious solicItude. and the
eyes Of the whole world are upon them. She the
State to repudate, and should be the first return
to honesty. The bill above alluded to requires the app
cant to make affidavit setting forth that the stock is the
n A.
and that he not the of other certificates and has
divided his stock for the purpose Of receiving such
payment.
The several States have lately made moves regarding
their debts that must be very gratifying to those partcu
lary interested New York has taken an important step
in this thing resolution passed the House of Assem-
bly, by vote of 81 to 49, to stop all appropriations TO-
public works any other system Of internal improve
men until the debt of the State was qudated or reduced
The Legislature of Alabama has passed and the Cover
approved bill increasing taxation by placing tax
on property heretofore free The principal features in
this act
All goods sold at auction, except under legal pro.
cess, and including goods sold by auctoneers
at private sale, on each 500 worth. ...... 81 90
On every 500 commissions, by factors, commits
sion merchants, cotton brokers and auctioneers, 20
Insurance Companies incorporated by the State,
or Agencies from other States, on each 500
Land divided into four classes, first quality, va
lued AT $l6 per acre; I'd at SlO; 3d at ~ ana atm
at 81 49, on each $lvO value. ............. 20
Merchandise foreign and domestic (unless manu-
featured in this state) for every 500 worth
Money borrowed at legal interest, or boarded up,
on every $l00. :. .... ............. IS
Do. Used in shaving illegal interest, or in
the purchase Of promissory notes, judy
ments, or other securities for the payment Of
money, on every 500 purchased or shaved 80
Do On credits used in the purchase of Bank
Bills, or in purchase sale of domestic or
foreign bills OF exchange, or checks or drafts
certificates of deposit applied only to per-
corporations making profits on same)
for every 500 bought sold. . u
Warehouses, for each bale of cotton receive on
storage. ...... 00i
These few Of the most important items Th,
bill creating taxes added to the act of February 3th
1919 win create annual revenue Of about Sas0OO0
The Legislature of Ohio have in contemplation bill
creating additional from direct taxation Tn,
Committee Of Ways and Means in the Assembly Of Mi
chgan have reporteda bill recommending the sale Of the
public works for State Bonds The indebtedness Of the
State the lst Of july $780, account Of the five mil
lion loan, would be ss,iseos The value Of the Central