Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-10-14

We some days since in rsnsrhinE upon tho position a
affairs in regard to the amount Of IDLE capital and the pro-
gress Of the eieeon calculating to increase confidence
Of activity and consequent improvement in the
value of those securities which have reached very low
rate mentioned that the chances of rising markets would
render stocks safe of employing capital for short
periods probably and consequently that season OF spe
cuation to be apprehended. From day to day the
symptoms Of increasing speculation are more apparent,
and the prices Of stocks rising rapidly although their
intrinsic values have not improved at ALL Sales at the
board to-day were large. North American Trust and
Banking Co. 81 per cent United States Bank per cent
Vicksburgh per cent Providence Railroad per cent
Delaware and Hudson per cent, stonngton declined 1t
per cent The disposition buoyancy created in the mar
Ret by the progress OF elections osered and
in every possible BY the institutions interested in fam
cy stocks Vicksburg, SoningtoH, and many southern
securities, in which the United States Bank is interested
to the amount Of near S8OOO0oO, have risen rapidly
within few days. One of the chief means on which the
United States Bank depends resume, to pay the
ured judgments its dishonored notes is the aiably
of the of fancy stocks which it holds This be
effected only by exciting speculation in the market
under the influence of the great political change going
on During such a speculation, they might shift on to
other hands large amount of worthless Stock and, in
measure recover itself at the expense of others.
At the Merchants Exchange the following sales fancy
stocks made =
sSs Ithaca R. stock So Paid il S Hsessehos
30 Ha lowell Granite Co. " Icoo So
ss ssnsyfi .ias Spi Ba sH &c Tedae
This Island Bank Of the associations under
the new law, which failed.
Sales OF Ohio cents 1860 were made at the Board
al 81 a SIT Illinois 6's, 1870, SOL.
The amount received for tolls on the New York State
Canals during the first week in October, is seventyfosr
thousand eight hundred and ninety dollars and four
cents.
We recently in remarking upon the establishment Of
many Of the banks under the law, gavo sketch Of
the in which in some it is made handle ofby in
dividuas of the pnblc in the shape of bank cir
culation, amount Of money sufficient to conduct
mechanical mercantile business charging the
nifty oneha OF per cent in the shape Of redemption
10 pay the expenses The Ulster Manufacturers' Bank,
il appears is of this class The bank purports be in
Ulster county and the bills issued and redeemed in
this city by its president in the of his other bus
ppears from the folio wing article taken from the
Ulster Sentinel that there is bank in that county
set forth on the face ofthe bills:
.we understand that bills purrortng to be of thu" "
Ma"yae,srers' Bank are in circulation We have
IA B. Ely Cashier" which is similar to all other bills
issued under the General Banking Law, with red back
We supposed that new bank under this hel been
established in the village of Ulster, in the sau-
gerties but upon inquiry, we learn there is such in
sttuton known there-not even place Of discount, de-
posi-, issue, or redemption We cannot learn that these
bills issued redeemed in this county at ALL Their
fraction Of the General Banking Law section Is Of this
tn such associate to
under their hands and seals, make certificate, which
shall specify the period at which such association shall
and terminate which certificate shall be prov ed
acknow lodged and recorded in the office Of Mk VI the
county rhere office Of such association shall established
and copy thereof filed in tho oee Of the Secretary Of
the Clerk OF Ulster county; and If the persons associated
have obtained their bills from the comptroller rnder
statement that they have actually filed such certificate
they have grossly imposed upon him.
According TO this statement, the bank has no legal
istence Moreover the 33l section provides That
association of persons authorized to carry the business
of banking under this act shall time, for the space
Of twenty days. have hand their place of business
less than IL? per cent in specie, the amount of the bills
and notes in circulation The place of business accord
ing to the face the notes. is User but it is there's
in New York, because the president charges the
public onehslf OF per cent for redeemng the bills
himself in this city. From these facts it will be
that it is clearly shnplaster operation much
as any Of the issues of 1887. doing business
issues his paper promises to pay, precisely many
sponsibe individuals as well as vast many rogues, is
sued them 1887 during the suspension In this case it
is said that the security ample, being New York State
Stocks that is the effect of the amendment othe law
requiring such security, and no other We believe Mr..
Bonneeaux who started the New York State Stock sscu
rity Bank was only who voluntarily transferred
New York State stock to the comptroller, and il
Chiefly al his sugscstioh tnet the WIN
sow stands In the OF Individual like Mr. Bonne
eaux the law does not require certificate to be aled
his bills are however, redeemed at the Greenwich Bank
The Ulster Manufacturers Bank" is of those in
slit sartedt y persons entirely ignorant OF the de-
tails Of banking well the science generally They
20 into OPERATION under the vague idea, that banking 10
profitable find like novices in any business that
experience be bough, dearly The following insti
u,,ons have been started and stopped from cause or
another under the new Law
Staten Island Bank, Woolsrowers' Bank,
Bank OF Tonnaw anda, Washington Bank,
Chelsea Bank, clinton Bank,
Cit, Trus, and Bank, Millers Bank Of Clyde.
North River Bank, Ienth "srd Dank,
Farmers Bank Of Seneca 90. Merchants Banking Co.
The public has lost by these concerns with the cpton
O. the wooI-yrowe, the bills of which redeemed at
par a, - wall street. by Insufficient securities, ana their
most notes sN ,ndng, near 50 100000. Many other
Germs have been started pretending to be legally eon
,u,ca by which the public has los, large The po
ev of allowm amy Individual TO issue paper circulate
az money, opens the door TO these abuses.
The following is a return Of the Commercial Bank Of
axe Erie o, the LIST October az Compared with the
turn Of June isi
CosassciAL BasK LARr Epp, Ono.
Resources. May 90 Oct J. increase. Deereess
p,1sOun''' :. 1914 iITIss T,~7
BOnds. ..s.s. s1o,t ss,s1 iWs
kssl kstsC. y ~. 49, 80
Expenses. 800
Tank stccks. .......ss Irp ~ so y"
Due from Banks ....... SJ2 len - Hssw
Notes Of bants......ss aIu tso h-s ,.,