MONEY MARKET.
{"newspaper_name": "The New York herald.", "edition": "01", "page": "p3", "byline": "\"wednesday, Feb. 1915 r. m !."}
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"wednesday, Feb I0-8 r. N.


The Stock Market Is rapidly improving. Quotations
10 DAY show farther advance. and the operations
becoming quite extensive-oho 6s went up per cent
Illinois, Ii Pennsylvani bs III Farmers Loan l; Nor
wich and Worcester, stonngton, II; Morris Canal
Harlem l; Long Island II; East Boston, l; Mohawk, Il
housatenic /; Canton Company fell on } and Kentucky
6s,t.


new banking Assocat on, in conformity with the
general banking law Of this State has just been organized
in Poushkeepse, under the title Of The Merchants
Bank Of ofPoughkeepsie."


Ten dollar notes fhe Western Sank of alter
cd from other genuine bank notes in circulation
The words "The Western lnk of Baltimore" &c. had
been evidently inserted aer the words originally printed
in the note extracted They are so well calculated
TO deceive that too much caution be used to
vent deception.


The Baltimore Insurance Company have declared
dividend Of Ave per cent for the last six months payable
on the lst March


Bills have passed the Michigan House Of Representa-
tves appropating 10000 acres Of land for the compile
ton OF the Central Railroad to Kalamazoo and 10 600
acres to comples the Palmyra and Jacksonburgh Rail
road to Tecumseh, as part Of the Southern Road


The funded debt Of the city of Buffalo amounts to $s5
900 Its other liabilities its $22 sl 6i
making total Indebtedness of $s7, ,lsl 81.


There is any quantity of money Offering for in
vesment and the rata Of interest must be still farther re-
duced unless portion Of the capital seeking employment
is Withdrawn or absorbed by investment This state of
thugsw continue long the banks are disposed to lei
out their discounts but the they place hsmselves
under restrictions; they think It time to con-
racttheir previous to making their quarterly
reports, we may look for complete change in the
money market; scarcity Of capital; an advance in
the rete ofnteres depression in the stock market and
embarrassments among commercial classes and in fact
all the evils great and sudden contraction the money
market invariably produce All this has heretofore been
and will again Reproduced by the extreme fluctuations in
the operations of the banks this city which they
are compelled to submit to- and which was intended to
prevent them from expanding their movements to dan
gerous extent is made to produce evils in commercial
affairs, greater, anything, than those framed to
prevent The Legislature cannot but be acquainted with
these things, and the Committee on Banks should rive
the subject that attention its importance Demands Poll
ticians have made the subject of banking great
party question, but after all the plans proposed
OF all the systems adopted, not one has yet been
found perfect enough to answer the purpose re-
CURED. The Free Banking system of this State
as now fcrmed-is without doubt the best system
in operation in the country The bilholders are secure
and expansion and contraction the circulation can
be easily managed that there all times facilities
to oncreae and reduce the issues in accordance with the
state Of trade and demand for money The Comptroller
regulates the security received for issues and the respon
siby rests with him. Notwithstanding this, the ., stem
not perfect epublic require restrictions
placed upon these banks and frequent erpose Of
their affairs It is also necessary that limits should b.
placed upon their issues and the Comptroller should be
empowered to enforce and regulate that limit


The Legislature of Ohio has under consideration bill
authorizing the establishment of Free Banking system
in that State passed the Senate was the lower
House for concurrence, where amendments were made
The bi with the amendments of the House. was at the
date of our last advices before the Senate which body
it was expected. would concur the main features Of
the bill remained unaltered The original bill was very
restrictive in its main features and is probable that the
two houses have rather increased than reduced the re-
sponsibites and liabilities placed upon stockholders
It has, however, been much changed in its passage
through both houses, that do not know how now
ssandsor what will be the principal features of when
becomes law In anticipation OF demand for Ohio State
stocks, or withdrawal Of large amount from the mar.
ket to furnish securities to establish banks under this


law there has already been improvement in the value
OF this security in this city. The Legislature of Ohio
have had before them the free banking law in this State
as guide in forming theirs, and whatever defects
there may be in ours they avoid. The bill has been
made strict party measure and every vote taken upon


has been regulated by party strength and any good
any evil that may grow out Of its operations will be a.
tacaea to the party now in power in that State. Ohio
has for years been without any settled banking system
and 1t is to be hoped that the under considera
ton WILL ii adopted, prove of blessing than
curse.


The trade Of Cincinnati, Cleaveand, and other ports
in the Northern and Southern parts Of Ohio
rapidly that good sound banks would And plenty Of
business and demand for circulation large enough to
nett fair profit The of Ohio have hardly be-
gun be deveoped its agricultural mineral and other
sources not second to any State in the Union and
they only require capital judicously applied to bring
them out and increase the wealth Of the people
tent exceeding the expectations Of the most sanguine
We annex statement showing the amount Of exports
from Cincinnati warj-of leading articles of West
produce for the rst commercial quarter of two sea-
The period embraced in the table, includes the
months Of November, December and January Is4s, "a
Al