New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-10

roe. aye oe O. less affected By che pressure but the
merchants are usirg her escoost endesvofs n.ase
the storm Sterling hrs have s:Il li7neI ueoN9't :,
Ard sal-s ara ,eroitsd OF bankers bills a'', or
cent discornt Money Is r1o-s in demand, sod ra,sS
are daily hardening. Fieshts are dull, OUT mummy
a. 10 Liverpool ,,,,
The Hcr. Nsthsa App'.ton Of Boston hss puo'iSned
tie following repy to the letter Of John A. s'eveh-
esq. President OF the Bank OF Commerce, New o,A
"BosroS, Oct. >, 1917.
my DEAR SIR: have yours Of the "a, ana lam am
o. al 20 6pd ths. YOU agree with me- and that your
hank IL expanding tie discounts. regret. however,
that this course hiss not been adopted by me olnet
banks IS the last official return Una. OF <oin w.
shows sd aggregate reduction instead OF expansion 10
th.ir loans And the last reports do not snow any
alleyi.tiop 10 the strngen " OF the m ,ney market
beg you will use your inference for an immediate ana
very considerable expansion. 90 lmpor'an. - cou-
slider il for ne interests Of Newfork and the "noie
country. I notice your remarks on our osnKs as
counting long paper az encouraging the pernicious
sys.em Of lopg credits. have always been Opposed
10 the system OF long credits bat recoect very ~eh
as was then in active business that q was 10 conr.
ouepce of eight months being the esta oshed credt
given by the New-York importers, that we were
obliged 70 submit 70 the same on our
am not svsre that the credits cow given 10 ioS
are shorter than those given in Boston. A COCO usai
of improvement has been going on mere WITHIN VI.
ast few years by offering large discounts "i snOi'
time. I,I
cor fine their discounts 10 short paper, when, good
for the bsrks is bad for the community. nave
been for upward OF forty years Director OF tne
Boston Bank, during the greater part OF which tune
they have confined their discounts 10 real business
paper. which should be paid At maturity, ana nave
not refused even when having ak months TO run.
ibis system he's worked we'll and always gives tne
bank enough coming in TO meet any emergency I
hardly recoect discount day when the bank nus
not been able to discount some new paper. Wnat 4
call really penicious system is that OF making
osrs n call, which seems TO prevail extensively IN
New-York. This System, especially pernicious to
borrowers l hope is not adopted by your back. l
sbonld think bank with yonr la'ge capital would
find it difficult, in ordinary times to find business
paper enough at short dates to meet their wants, and
might frequently find it necessary to take sccommods'
ton paper with lorg paper perhaps collateral. On
referring TO the published tables. see that the banks
Of New York have lessAned their liabilities from SO,
900 OOO August Is TO $SI 900 000 September a. GER
tainly most violent proceeding The Boston banks
redpcs their liabilities from $23 900 900, Aug ~ TO
$I9, 900 600, Sept 49, something less in proportion
Our banks are obliged to follow the course o; ,her
York. but are In perfectly easy position. IL Is their
customers the merchants, who feel the pressure.
Very truly your Obedsn. Sc, ..Iy an APPLETON
BY the way see the stock of your bank quoted
at a tremendous depreciation. What is the cause Is
there snybng butthe severity OF the money pressure
trust not, but nothing can show more strongly the
necessity of DISQUALIFICATION.
81 A srEvESs esq"
The Circular of Mr.. Satherwaite by the Niagara
says:
The Money market in London during the past week has not
varied materially The Bsnk Of 81 cent steadily nam
tanned Consos nscye pending further news from ind'
and cose goal for Money and gOi1l for Account.
The disastrous character Of the financial intelligence rom
by each ms regretted The disposition OF
many parties England regard with favor the prospects OF
lines Of railroad in America looking TO
the general growth Of business aud population of the coun
willing embark portion Of their capital in
bonds the stock of those roads where the pros
poets for traffic the largest serious distrust however,
gradually spreading owing the arbitrary exercised by
Boards Of Direction in America TO the system Of annual
instead semi reports and to the system Of floating
debts whereby the credit of Is svsmped BY the d.
,ecos before the have the slightest idea OF
financial trouble We trust to in America semi annual &C.
counts OF the fullest description independent paid audit
sch accounts entire extinction Of the system Of hos
ing debts. ,
Illinois shsres have been very freely dealt in closing at dis