The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-04

I
! BY the death of Mr.. John Irving, M p for
Antrim, which happened about two years ago,
the house lost the benefit of his sagacity and ex-
perience. His property descended to his ne
phew, partner in the house; but the firm being
deprived of Mr.. Irving's great capacity for bust
ness, has not been able TO contend against the
overwhelming difficulties with which il has
been beset.
Sir John Rae Reid, the present chief, was
Governor of the Bank of England in 1899, and
still holds seat in the direction. Thus NO less
than three Bank Directors hare succumbed to the
times ,oithin the last four tceeks.
1t is stated in the London Exchange, that
gentleman connected with the firm of Prime,
Ward & Co., Of New York, arrived by the Cam
bria, and that his presence in the city had given
confidence and satisfaction. The bills of this
house upon Overend, Quincy & Co., which ar
rived by the Cambria, have been accepted in due
course. The amount however, was only two
thousand pounds.
Messrs. Covers failure, will, it is. feared, Sc
riously affect moneyed institution in the United
States, which is in the habit Of drawing Oh
| them.
The Ohio Life and Trust Company, which has
stood high and deservedly so, in public estima'
ton, being one of those who in 1887, honorably
fulfilled all their engagements, it was antci-
pated, would have a large amount of their drafts
| on Cow ers' house, returned by the Hlbernla, bu
| il has been arranged that the Ohio Company
bills, accepted. will be taken up by Messrs B,r
nett, Hoares & Co., the London bankers. The
bills received by the Cambria, the Covers Offer
ed to accept, but the holders II probably prefer
| returning them to the United States.
| II is said that the Ohio Life and Trust Com
papy will be creditors of Messrs. Covers,
Nephews & Co., for not less than fifty thousand
pounds.
The relaxation of the stringent measures OF the
Bank of England, IN allowing loans on bills and
stock at per cent, till the l4th of October,
| however it may have rendered E. ciities in some
quarters, has not, as we anticipated, improved
the position of the Bank itself.
| In the last four weeks there has been de-
crease of bullion to the amount of f37l 1865, In
the last three weeks, only, the securities, i. E.,
the bills discounted, have increased to the ex
tent of El ,6S7 ,O39. The bullion has decreased
fsl5, $40, whilst the reserved fund, which had
decreased considerably, has recovered itself in
the last week. Under these circumstances,
with smaller amount of bullion than the
|
it could have been only an earnest desire to re-
| lieve the commercial body, which induced the
bank directors so far to depart from principle as
to lend money at 5 per cent, when its actua
value was higher in the market.
The inevitable result has been, decreased pow
er to assist with perhaps ultimately the necessl-
ty for further stringent measures to protect them
selves.
The continued failures in the corn market suf-
fcently account for the further depression IN the
prices of grain. During the first week of the
month, on the market day of the 9th ut. prices
still continued to recede; but towards the close
of the week, both wheat and -four were in &C
tive requistion. This improvement was further
maintained on the market day OF the 18th, when
wheat advanced about five shilings per quarter
on the quotations of the 9th, and flour, for which
there was all immense demand both in London
and Liverpool, advanced three to four shilllngs
per barrel. The top quotation for the better des-
criptions of wheat was 81 shillings per quarter
| In Liverpool the best Western Canal flour,
which on the LIST was quoted at 25 shilllngs pei
barrel, and barely fetched that price, was selling
on the 18th at % to 80 shilings Indian corn al
30 had been in more demand, and higher rates
had been paid for it; and the corn mar
ket, at the latest moment, appeared firm;
but as large supplies were still expected from
abroad, and as the English harvest was admitted
to be an abundant one, it was very doubtful
whether further fluctuations would not take
place before prices reached their natural level.
Considerable purchases have been made in the
market for Belgium and Holland in consequence
| of the diseased appearance of the potato crop
in those countries, and these purchases have
tended to strengthen the market.
The state of commercial affairs and of the
corn trade especially, render il a matter of great
difficulty to form correct judgment OF the fu-
ture course Of prices.
| At Mark Lane both on the 10Th and 18th ult.
prices were a little higher. There was a limited
supply of wheat, and the stocks of the houses
which had failed being withheld from the mar
ket, aided to produce firmer tendency.
The tenor of the advices from the United
States, by which it is ascertained that no great
supplies can 90 forward, has contributed TO
create better feeling in the corn trade
Flour was quoted in Liverpool on the 18th al
28s Cd to 3Os., and in London on the l7ih at 29s
The gr at want of confidence which the late
important London failures have produced in the
money market, and the fact Of the consumption
OF cotton still continuing upon very contracted
scale, together with The alleged unremuneratine
state Of trade have tended throughout the week
ending 18th ult., to considerably depress the Liv-
erpool Cotton Market, and to reduce quotations
Of penny per pound.
This quoted reduction, however, is perhaps
rs'her more than the reality, except for the qua
lities which have been mostly acted upon, name
ly the middlng and inferior, and these are the
descriptions which are not fixed by the Brokers'
Association in the standard price. 1t is in these
that the greatest decline has been
1t is quite certain that all reasoning still con-
tnues in favor of cotton but it is equally certain
that if money is not only to be dear but scarce,
the trade of the country must suffer to such an
extent as very soon to force upon government the
necessity of considering whether the monetary
] system of the country is fixed upon rght foun-