The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-11
MONEY MARKET.
Wednesday, November lO-8 II. NJ.


The stock market was very buoyant to-day and prices
advanced all round The sales not very large and
there not much anxiety to realize might have
been expected from the depression recently realized in
prices At the first board Canton went up Il per cent?
Farmers Loan ~; Harlem /; Norwich and Worcester
/; Morris Canal l; Reading Railroad |; Pennsylvania
SIS fell of II and Long Island closed at yesterdays
prices
At the second board Ohio o's declined 4 per cent;
Reading ~; Fsrmers Loan advanced u
Foreign exchanges continue very inactive Prime
sterling bills quote at ga per cent premium; bills
on Paris 81 22H a Of 40; Amsterdam 40 4oA4; Ham.
burg 35sl So; Bremen 79is 79H. The shipments Of
specie during the week have been large that the
demand for bills has been exceedingly limited About
hundred thousand dollars, principally In silver
have been exported within the past ten days. and the
Boston steamer will take out about two hundred thou
sand dollars The current will set this
way again, and the receipts will largely exceed
the shipments Bills Of exchange London
generally dcredited that the only alternative left for
holders is to order returns In specie The balances Of
trade between this country and England WILL for
time hence be settled in this way and for the ak
months, at least We expect to extensive move
ment In the precious metals The balance In the aggre
gate will be largely In favor particularly there
should spring up active demand for our brsadstu's
The Chancellor Of New Jersey has ordered the re-
cevers of the Painfsld Bank to open the books and
give the holders Of claims until the 9th Of February
1913, to present them
An announcement has been made by the Fonesdale
Bank that it's notes redeemed at the American Ex-
change Bank in this city, the Of
per cent The community here deceived, however
by this the bank this city refuses
to take the bills after two o'clock This circumstance
is Of disappointment and Inconvenience to the
citizen does that the hour OF redemption
has been limited.
The advises from lgland have had rather fAvoras
BILE influence upon our stock market, prices Of many
securities having advanced fraction. Although the
Is by means good 1t is not so bad gene
rally anticipated and the impression Is ganiRg ground
that the worst has bsen realized at least the pre-
sent The fact that the government refuses interfere
in any way to put stop to the suspensions going on
among certain GLASSES Of mercantile houses sufficient
to satisfy as that the largest houses in the kingdom
no fears relative to the result The Msssrs Bsrngs and
hotbschds stand firm amidst tho commercial ruin &c
Ing on around them and the fact that they do not take
part any way with the movements made to induce
the modify the banking act proof posi-
tive that they moro In favor of the present system
than any Of the proposed alterations All sound men Of
business who really solvent In their affairs are
opposed to any change Ia the financial policy OF the GO
vernment; they do not require any change to enable
them To weather. The storm and opposed 10 revoDs
uonzng the finances Of the country for the purpose OF
Tightening for brief period the existence Of few
houses, which should have fsed ten years ago.
1t Is most extraordinary what a vast differ eAoe Of
opinion exists in England relative to the causes
of tho revuson which sweeping hundreds Of houses
out of existence. The leading journals Of London ali
differ as to the prime OF the panic which has
completely destroyed eIcal credit each having
esinge thing to which the whole difficulty Is attr
buted In the minds Of some the railway speculstions
the cause to others the pursued by the bank
the cause think the deficiency in the crops in
the past two years has brought about the rsvulson
while the r,sl be found In all ihese thipgs
The whole have combined to bring about the confusion
OF credits and the arrangement in the finances OF the
country which have produced much distress in the
mercantile world. The removal Of any one of these
things would not reestsbsh confidence or make money
plenty In commercial circles. IL will REQUIRE n
great lapse Of time TO eradicate all the evils which all
those connected with the grand speculative
Of the day have for the past six months experienced IL
will require years to establish upon perm snent basis
system Of credits extensive that Just exploded
The Of this explosion have been many years &C.
neratng and the commercial Glasses Of Great Britain
will feel the effects for long time.
1t Ia fortunat, that amidst all the influences brought
to bear upon the government, the ministry are 10
decided In the position they have taken In regard to the
charter Of the Bank of England It guarantees more
healthy and sound state Of things when the embaras
ments now existing have passed away temporary
lief would be experienced by an issue In one pound
notes. but the ultimate effect would be exceedingly dis
astrous relapse would be tremendous and this coun
Try would without doubt be brought Into the vortex