The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-12-30
MONEs mA6KET.

lzEfxesszS....
mOSEs mAhRET.
Wednesday, Dec. 20--6 4. M.
There was no alteration Of any Importance to-day in
the stock market Prices remain about the same as they
were yesterday, but the transactions were to more
moderate extent At the fist board, Harlem Norwich
Illinois and North American Trust closed at prices
rent yesterday Reading Railroad fell of 4; Reading
Bonds al Long Island u; and Farmers Loan u,
At the second board the sales small at prices
rent in the morRing.
Another 'in plaster bank gone by the board The
Alta, Bank of Clymsr Chsutauque county failed to-day
and its bills selling in Wall street for seventy five
cents the dollar The bills secured by New York
State stocks and by mortgage property in BROOKLYN
but whether 1t Is the hrs second third fourth
gage, knows This mortgage Is for sos co., for
which sos 900 in bills have been issued by the Comptrol
ler The of this bank few fog Hnancsrs In
Wall street. and all the banking house they have is
desk In dark cellar In that street Clymer Chau-
tsuque county, Is merely nominal location; Is no
bank there The bills may be worth seventy Ave cents
and would advise holders not to make any greater
sacrifice them.
The demand from the government for money has al.
ready commenced call has al.eady been made for
four millions OF dollars to meet the deficiency In the
estimates on account Of the expenditures. This
amount will have to be raised at once by issue of
Treasury notes the old loan fthe amount
authorized is not already exhausted. These Treasury
notes must be sold for specie at price, and the
bidders for the last loan will have to submit to loss Of
Que or two per cent on them Here four millions
Of dollars In specie to be drawn at from the chan
nss commerce. and Its withdrawal create con.
siderable contraotions In the operations Of the banks
This Is but the beginning Of the end 1t 10 but the COM
mencemsnt Of drain, the extent of which as unliu
ed q the Mexican war.
The importatons for the past few weeks have been
comparatively limited and the revenue from custom,
correspondingy small The RESOURCES of the govern.
msnt have therefore, been reduced and the
increased What is not collected from the usual chan
nels OF income must be raised by direct loans either by
an issue OF Treasury notes, by an issue Of stock
This deficiency in the estimates beginning Of the
new year. looks ominous; but have doubt the i'm
portsons during the year will be large enough to give
arevenue from customs full large ~ that estimated
by the Secretary OF the Treasury 1t must be borne In
mind, that to give this income from customs the i'm.
portatons must be exceedingly large and that these
importations will have to be paid for What are not
paid for in exports Of merchandise. must be paid
specie The larger the Importation greater the de-
mand upon the banks for specie to pay into the
housefor duties and for shipment to Europe
We have had In years past ton of the enor-
nous sacrifices the manufacturers and capitalists OF
have in view or to sustain themselves until the tide Of
trade sets again In their favor The manufacturers of
England have desperate gams to play and the British
government will aid them In carrying out their plans
Inc manufacturers have, during the past year. been
strced in their operations by the high price Ct food
the high price Of cotton and the revuson in money
markets of Europe; many OF them have entirely sus-
pended operations many have partially suspended and
few, comparatively have worked full time an immense
number Of operatives have been thrown partially or
entirely out Of employment and the greatest distress
exists In the manufacturing districts This state OF
things cannot last much longer. The manufacturers
will be compelled in self defence, to operations
and markets must be found for their fabrics In resum.
operations 1t is Of Importance that prices
for food and cotton should be made cheap as pos
sble, and the manufacturers Of Great Britain under
stand very we'll what is required to produce such
suits In commencing this movement, large shipments
of manufactured goods will DO sent to this country and
forced upon the market, through auction
houses. The proceeds Of these sales will be sent to
England in specie and the effect of these ship
ments will DO severely felt in this country, that
prices for great staples will rapidly decline As
this movement gets fairly in operation the depreca
ton in prices for the material will portion
OF the loss on manufactured goods, and the sacrifice
will beaome much reduced The manufacturers Of Eng
and gain in many ways by this course they keep their
mills In motion aud their operatives employed; they
prevent tho manufacturers of other from
curing strength and stability by their suspension they
fill ther banks with bullion, and reduce the value
Of their importstions For these advantages they
afford to lose largely at frst 1t will be nothing more
than outlay Of capital which will be to them
twoold Our banks toys In the hands of such
men, and they not drained Of every dollar 1t will
not be for their want Of ability to do So There are
only about fifteen millions Of dollars in specie to NEE,
the drain for Europe and Mexico and that amount viii
hardly suffice to meet the demand from either one of
the two sources.
The annexed statement exhibits the condition of the
Bank Of Mobile on the 18th day of November, 1871
The report shows the bank be in very sound state
This bank has sold large amount Of exchange In this
market London and the strength Of the institution
Is interesting to these who have purchased bills par
tculsry there 10 much doubt relative to sterling
bills of all kinds. The Bank of Mobile the only char.
tered institution In the State of Alabama furnishing
paper circulation for the State.
BANK OF MonrIE, NOVEMBER, lsa7
Banking houses. Observation-Disclosures. 2227O O5
Hoal estate. l57 $50 90
Bills and notes discounted. 604, 039 10
Bills Teceivsbe. Observation-Disclosures. I67 300 80
Ex~sRnge maturing on New York, ..... 25i 014 81
"a New Orleans. NEUTRALITY-SUSPICIOUS.. 81 407 IS
On London ................... 20I 81 So
DE RDthschilds freres, Paris. .......... 1891 70
william Dsacon x Co., London. Gas 634 90
Pfot'etod exchange purchased before July,
ls4l...... ................... 1887 70
Mortgages; .......... 266E 10
Stock OF this bank, taken in payment Of
stocks tvaiiouj taken in payment Of debts 1855 10
State Of Alabama for interest paid on bonds
Of the State during the time the bank did
NOS pay dividends SO ...........,,., 90 600 90
Due from Merchants ank, New york, lI9iIsS Oh