The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-11-20
IsSQ-70-90..

Pieces rule lower than asst week Lately, the demand
for government securities has been comparatively
limited but prices have not receded much Cor Tie
stocks of some Of Western States. Peunsy lyana
SIS have been sold to extent ard within the past
three weeks quotations have improved about two per
cent. 1t is stated that application Will be made to
the Legislature Of Pennsylvania. during the approach
ing session backed with an influence tha. will give
much weight for free banking law, similar to the
in operation in this State. In anticipation of the
of the application ii is also sta Ted that large
purchases have been made by several capitalists in
Philadelphia. We do not what obeo Jon there can
be to the establishment of such system of banking
that referred to in any State in the Urion which has
debt large agh give sufficient banking capital The
failure Of the Susquehsnua County Bank in Penusyl-
varia AID the State Bank OF lis, New Jerey, sui
fcienly illustrate the rotenuess Of the existing badk
ing systems of these States to condemn tiem ouce
Pennsy lvsnia has debt of than forty millions Of
dollars and the deposit of part of this stock with the
State Treasurer for the security of bills issued by the
banks Of the State would do away with the sity
individual liability cause In any bank charter aud
the public against the swinding operations of
any clique of sreculato1s deposit OF STATE or Unit
ted States stock for the security of beuk sue qua.
ranos to the bill holder protection ard that ia all the
public requires and there is other way to prevent
the initiation OF such bubbles ieeqp emily
syvapis. We trust the Legislature OF Pennsylvania
and of other States will pass such this winter SO
that banks hereafter formed will be established under
it. general fee banking Law in Pennsylvania similar
to that in operation in this State would do away
trey with the annual applications for bank charters
the Legislature Of that State and such charges of
bribery and corruption made at the time the
Lehigh bank chartered. The passage Of such
law would create active demand for Penu-
sylvania b's, and possibly advance in prices
would be realized, but they rule high enough now
the rate of interest paid. In the event Of the
money market becoming stringent and the rate of in
teres higher the market value of all public stocks
would depreciate. At present prices they pay such
moderate rate of interest that capitalists xously
looking about for other modes of investment equally
safe, but such productive.
Real estate has recently attracted the attention c;
capitalists and productive property lstey advanced
considerably. Land lots have been avoided by o.
capta the disposition to invest In real estate
which income is derived having almost entirely dis
appeared and property that is Only daily iucress
ing In value but such paying in the shape Of
the interest cost and s:sessmen', is more sought
after Vacant lots themselves up in years or,
In other words dou BILE their without correspond
ing increase in market vslus while lots with houses
on them increase just rarie'y In value, with
out such rapid increase In cost, that being kept
down by the receipt Of rents. 1t is our impression
that the absence Of sound safe profitable stock invest
ments will public attention to Investments in pro-
ductive real estate and that between this aud spring
there will be speculative movement to extent,
up. town property of the description alluded TO. In
proportion their cost houses in the upper part Of the
city much higher than those below Houston street
and such is the mania for living up town that the
liability is rents in the upper wards-say above Union
Square will continue, for time to advance
pdy they have for time past Productive pro-
pery up town that pays full per cent its
cost certainly much safer much better and
profitable investment than any stock security in
existence, particularly at prices ruling for public
tocks and capitalists would do we'll to look into this
matter and see If views not correct fmen Of
would turn their attention to the building Of
houses instead Of the purchase of vacant lots specu
lation, should find, in the of Few years
more rapid increase in population, aud redac zion
In tha 10 of "a at