Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-07-25

Total, .aff q. 'ris. $s,sii,osr
Mr.. Cryder is here on behalf Of the London creditors
Mr. Willnk behalf of the Holland Loan. The Ohio
Michigan, and Illinois commissioners also here to in
bubble The question iswha has be
of the property The State are in the hands
of Rothscd and others in London in pledge for the mo-
ney borrowed by Mr. Jaudon pay the paper of
the u s. Bank last fall By what they passed from
the possession of the Morris Canal of the
u States Bank, matter OF very grave consideration,
when taken in connection with the known operations
the officers of the u s. Bank When this bubble ed
its impulse in 1887 by purchasing the of of
known reputation in order to give good standng they
circulated many flaming prospectuses calculated to
ceive the unwary. At that time capitalist having
intention to invest in it, requested gentleman, who has
been eminent before the public fnancier read the
circular and give his opinion the security Of the in
vestment Some days after he made reply that the docu
men was ably written well expressed, and very pausi.
be but he unable to discover that the had
other capital than the balance of $40 10 cts which
represented to be hand; the rest mass of
paper, which might or might not be valuable. The in
vestment Of course, not made. this small basis
this bubble has been reared up An investigation
into its operations will far to lay bare the artificial
ture of banking operations in this country for the few
years. assoc y ftf4
The of Samuel r. Brooks appears among the Dr.,
of the Morris Canal This gentleman also Presi
dent of the Harlem Railroad the above mentioned Sc
cures given the State fndana, singular connec-
may discovered all Railroad opera
of this gentleman and the United States Bank The
United States Bank loaned large of money the
Stoningon road and the present policy the Harlem
Company to extend its line eastward to sonngton The
of the Duchess county farmers to this got
the that The United States Bank would lend
the Harlem 81 100000 Harlem bonds part of the
cury given the State of Indiana for Morris Canal debts
Mr.. Brooks to have been active agent in all
of theb uhh bach
Biddle CO. of Philadelphia; and is with reference to
their acts that the investigation should commence.
At the commencement OF $780, U $. Bank stock stood
1921 at that time the agitation of the Boundary ques-
ton checked the sale of Stocks in Europe and the
Increased structure Of the English money market was every
day increasing the inactivity of the market Nearly all
the funds of the u Bank locked up in securities
which every day losing their value for banking pur
poses, by becoming inconvertibe. Every packet
brought gloomy news and the structure on this side
momentarily increasing. This the of things
upto close of March, when Mr. Bdde sent the follow
| ing letter to the U. s. Bank:
TO The Board of Directors Of tho Bank Of The United States:
ons and phe You 70
3;
=. intense labor, and they have earned for right
aP;ss.E is sr i%s he
a, the Ds s'
some dcay in which my 'fSyiss was deemed
the bank for the
last have ceased; all its extraordinary efforts
The protection Of national interests ha,piTy ended;
and the bankshas returned accustomed
peace. therefore withdraw length without
and do IL readily because
affairs Of the institution state Of great prospertv
| an The hands Of able directors aud oJictrs. -
THIS separation from frietd with whom have been
long aud agreeab associated is among tie painful
acts of fe and to accept at parting
| cere wishes for the personal welfare ef you all.
N. BIDDLE, Presdest
Philadelphia, March g. 1889.
This letter momentarily relieved the market because
Mr. Bdde's assertion that the difficulties passed was
believed Nevertheless property continued deprecate
until the first week in October, when United States Bank
Stock stood at 1906 fall of IA per since Mr. Biddles
resignation On the 9th Of October, six months after Mr.
Biddles letter. Wall street immensely agated by the
appearance of the following notice the of the u
| 8. Bank in New York
Bank Of tAs United States IN New York.
New York, Wednesday Moruing, Oct. g. 10 A Nf
Notice - hereby given that notes OF United
Bank Of Penpsy will lepger at the
| Of the United States in New forG.
This Of course followed by the failure OF all the
banks south of New York. and explosion after explosion
of the weakest banks The depreciation of property has
been going steadily SINCE and crisis which
will be the winding up Of real estate and bub
| BILE banks is seemingly near at hand.