Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-04-06

Sunday, April DO r. M.
Yesterday kind of settling day. and was rather heavy
Bscks generally decned-North American Trust Banking
receded per Harlem per cent Boston Providence
i! per United States Bank improved cent Della
ware Hudson per cent There some sales of
description Of stock called the Illinois and Michigan Canal
Loan, at Ell per cent.
n sterling bills but little has been DONE The rate for
ling bills remains the same and France at There
but moderate amount of bills sold by the Baltimore
r Havre which sailed yesterday but the packet took out
Mexican dollars mostly government for
Che use Of the Mediterranean squadron.
We recently mentioned the which passed the Legisla
turc OF this State granting issue of the Erie Rail
road the proportion 50 Of stock dollar
10 be expended By the bill has been eported
granting stock in the proportion for the already
spent by the company The effect Of it will be- IL passed. to
give the at S4OoOoOmakng Ssosooo,
pendtue of half of tsat The bill also authorizes
the exchange their cents for the cents
proposed to be authorized Such the attempts making
by the spectators squanle the peoples money when the
whse trade of the lying for the of small
sum ofmoney extend the line Of Railroads. nearly completed
from Albany to Buffalo.
The disgaceu termination ofhe proceedings Of the
sylvania regard TO the banks has awakened
indignation people of Philadelphia and meeting be
holden Tomorrow the State House yard for the expression
of public opison the subject The foowing extract
froma lie tier to house in this city:
PHILADELPHIA, ArRlL 1910.
news the the % GEenSr g.s the Bank g reached
ats notes in coin marked three months ago." ~
This fruits Of the inlutous conduct Of the leys
IN
faith will hencefohbe strangers Pennsy vana she will
De classed with all those sovereign high minded States
which earned for themselves their conduct
infamous noorety, that will be warning poser.y 1t
heart sckening to the upright merchant ard
the chaos of bankruptcy and rsdemable paper currency
which will pervade the whole South arrested by uni
versa law Of Bankruptcy The State Louisiana far
done nothing in relation to the Banks. On the umo the
Bank Committee made report the Legislature in which
they euogzed the general conduct Of the Banks the
pension but nded that three four the institutions
should be put in ofqudaon and conclude by stating
nat there 10 redundancy Of banking capital in Louis
lana bill has also been into House. providing
for the resumptin ofthe banks January mao
rty Of the banks the middle and States shall pre-
vousy This bill may possibly pass, and if it be-
law the friends of sound currency may despair
seeing for The IT, s. Bank will have eec
ted her purpose Of perpetuang supension until shall
have recovered herself
The money market in it's present Strengthened condition
crowded with borrowers Of all casses Spectators job
bers, politicians corporations, cities states and the general
all putting forth their claims for loans Those
banks and capitalists who supposed to have little money
By the needy with every possible
Among the most pepeverng borrowe many of the Fire
Insurance Companies Of this city, and those which
have been the habit for the past few years dividing the
largest dividends many Of them high per per
The losses ofbc past year have
grown in great out Of this oenatous display of
great profits by the companies making them At the
the property in which the capitals these companies
ly invested, being chiefly real estate entirely
the present time they have neglected the
surpuses and divided their whole profits and many
than their profits they this utterly unable
TO their losses We know many where bonds and
mortgages have been taken by the
Get cash. and in instances the compaa given their
notes payable at autue day. Hew will be asked these
notes 10 be met The that the premiums during
coming year will be applied pay mont of the losses of
year. and the as Of the companies be impaired BY the
amount Of dvdens they have declared up
and the Of the officers salaries SC. 1t is the want
OF money that caused them to increase the rate of
one third recesty.
This Of things alarming il may appear will ap-
ply TO all the fire companies, with the exception Of perhaps
the Bowery Company and Others To sustain this
position, will atts into facts large proportion o.
the insurance capital in this city paid
This description Of property, il well known the
time Unavailable and in the best Of times liable
depreciation unt carefully changed require,
Bonds and mortgages and have been fvoe investment
will be recolected that previous to the great fire Of 1895
the eastern eneesyored to obtain risks in this city,
but unsuccessful because their capitals secured
real estate bot personal .eesity bk shares
After the explosion causedb the great fire. OF
pans esuscated by the OF checks Of ndvdu
ais that ashland the companies into OPP
ssation Tine checks then returned to them asd bonds
and mortgages TAKEN values predcated the speculation Of
1885 The companies then went with their business and
seemed to vie with each other declaring large dividends
order the conhds of the public. To do this they
departed from the old practice Of surplus any
onIpeced loss but paid the stockho ders all their
proh reservins the original nominal capital This ap
parent wealth of the companies has been in great
che Of the large during past year. by
prompting the kBavsh destroy property ofdu
sin orerto participate in the large profits the insurance
companies The result OF these losses is that the
haviAg accumulated surplus, and not having available
capital, have become borrowers in the market
The law under which they receive their charters requires that
they shall maze fu of their affairs 10 the Vice Chan
eeor, annually Wehave discovered that out Of twenty-five
compans but tea have made such return, and the charters
che remaining fifteen liable forfeiture Tor the neglect
The aggregate capital of all the companies S6iSoooo
The anosnt taken by them at hazard on the lat jan
BY The Fire Commissioners Report the loss from
May, 1889 To Jan. Is40 Sl,eb7b93
The Ioss from JAN 1870 10 the present tim. IL 6O0O00
--sass7sss
This enormous exceeds third Of all their capitals The
capital Of the ten COMPARES which have made their
returns is. ............. ............ s2iso 900
Their losses have been. ...................
Deducng these amounts from the aggregates we 6hd
that the capt lie ofthc fifteen banks that have made
-rho etur.s 80, SsSooW
losses have been
embracing cent Of their capitals They be summed
ss as follows
- Ten CONS returns made. FIFTEEN CONS NOT madsrei.
kishs, Jan. 1870 rs 2gt,tsf l3s
Lossts .............. 900 90 2,i67 SIS
This return shows that in aen Of the heaviest comp
$seooso Of bonds and mortgages constitutes the security for
$4,000 700 OF properly Did such ahumbug ers beorel
The holder OF bank bill does feel safe uness he sails
fed that the specie in the bank circulation The
security Of the Who insured under the pressnt
In will in dv he