The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-03-16
navigation OF sas Ohio ssiv.r.
MONEY MARKET.
Thurstlay. march l5-5 p. M.

The stock market opened very firm for blue Monday,
and quotations for of the fancies closed at sgh
advance Harlem went up y per cent; Canton 4; Nor
witch and Worcester, Al Long Island III Reading Bonds,
Reading Railroad, Farmers Loan and Morris Canal,
closed at Saturday prices
At the second board, Canton, Reading and Harlem
closed at prices current in the morning Farmers went
up III Reading Bonds, u; Norwich and Worcester fell
of 4. The afternoon sales were very small
We learn that the banks in Wall street have recently
become large purchasers of sterling exchange, at the
low rates ruling throwing out the best business paper
for the purpose of going largely into exchanges Tho
banks have, for some time past been dscounting the
paper of houses which have been large purchasers Of
bills on London, and having filed up their line Of
that kind OF paper, have come into the market
as purchasers. This, to a certain extent, is &C.
commodating certain class of merchants, but in
times like the present, it is very dangerous
business for the banks These institutions, doubt
anticipate immediate importation of SPECIE return
for these bills, but they may be mistaken in this; they
may be compelled to hold these bills until they mature
in the event Of which, they must contract their loans
upon other paper They may be compelled to hold
Of these bills for longer time than they anticipate,
there every probability of much difficulty in the money
markets Of Great Britain and much danger Of insolvency
of many houses engaged in the American trade Should
per cent refuse to discount the paper those
engaged in trade with this country there be great
deal Of commercial embarrassment and we fear grea,
number of bankruptcies.
The steamship Hibernia has been at sea nearly
twelve days. and will be due at Boston Saturday She
will bring twentyeght days later Intelligence should
there be no arrival IN the meantime with dates later than
those received by the Cambria Her advces are anxious
ly looked for by the merchants.
Tho bill introduced into the Legislature of Illinois
providing for the winding up of the State bank passed
the lower House, but the Senate refused 10 concur
This leaves the bank to be wound up under the old Le
gsative act. The Senate had previously passed bill
giving the bank two years to wind up in, the lower
House refused to in this so that the old bill still
remains in force and the bank must conform to It's
visions The real estate landed property Of this nst
tuition in the hands Of its ocers will produce than
in the hands Of but any forced sale Of this
property must compel tho bank submit prices much
below its real value.
The Legislature Of Illinois have disposed of the bill
authorizing settlement with Messrs. Macailiser ana
sebbins The bill provides that upon the render oil
all the bonds which Macsster and stebeins now ho'
the Government is authorized to issue new bonds Tor
such an amount as Is actually due them and such bonds
when issued shall stand upon the footing with the
mos, favored bonds issued by the state This seem' nj
takes I'm nearly $500 900 Of the bonds of the State now
out
Tho quantity of coal sent to market from the schuy
kill mines via the Reading Railroad for the week end
inc the 10Th instant, l640l tons, making the total
far the season 100 900 The scarcity Of vessels has
caused large stock OF coal 10 accumulate at Rchmo I'D
the depot on the Delaware, Of the Reading Railroad
Company. About one hundred thousand tons are wait
ing shipment. The accumulation Of such large stock