Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-12
MONEY MARKET.
wednesday, March 11--6 p. M.

Stocks good deal depressed today Delaware and
Hudson declined n per cent? Farmers Trust North Anne
rcan Trust and Banking Company, 2f; u s. Bank Har-
I; Boston and Providence, Sales Of Manhattan
made less than the last transactions The report
lof the committee will probably be made public is
in the hands of the printers 1t is very elaborate docu
men comprising about SO pages and contains great many
facts but by all the truth Some parts are clear
y and well and others show evident desire cloak
and explain the losses the bank which be put
down from $3.50 900 81 In regard to the conduct Of
the bank, it eyinces the hopeless andis
rebuke the committee OF three who made white
washing report recently Two Of the Directors composing that
committee Messr Mcbride and Suerna largely indebted to
the bank the former for $4,000 and the latter for The
ripping of this foul knot of spectators will be of great be
neht to the commercial interests of the city Mr. Jonathan
Thompson has been connected with the bank rs audit
has been cognzant Of maconduc the part of the o
for years. but has rborne to make investigation for
should be thrust out of the direction others had been
for making the attempt This is but lame apology to the
orphans whose has been wasted to the Insult
ed public and drauded stockholders for aiding and abetng
the proceedings of Robert White and James G..
! King.
The Morris Banking CO. has for many years
the stalking for spectators to humbug the
public few years ago it taken hold of by clique Of
SPECTATORS Wall street. who endeavored to !low life into
its defunct and succeeded in getting up bubble the
explosion of which many have serious remember this
day. After that it taken hold Of by the IT, s. Bank and
used decoy duck in of its stock transactions Ed
Biddle appointed president and Mr. Thomas Bddle
OF stock to the amount of So 900 ooo
when dividend declared in order to give the
characters he received $4,000 dividend Lattey the company
has possession Of Western State Stocks the Mich
gan S5O00O0O oan several millions of Illinois and Indiana.
These of all turned the IT, Bank and the
Morris Canal failed in its obligation to the states the stocks of
which had taken and became hopeessy nsoven In the
early of February last it closed its Office in New York
Mr. Thomas Bide borrowed money on his Morris Canal stock
of the u. s. Bank which institutions holds collateral
security. The dreadful state of affairs in Philadelphia grow
out Of the suspension has been the Of failures
and Mr. Thomas Bda being unable his ements
attachments have been got against the Morris Canal Bas
house New York. they having published any notice of
their removal until this morning This transaction mention
penny Of this city seizure by the Sheriff The
facts as here stated.
We made yesterday, of the facts with
the called the Great Western Bank in this city
appears that this originally planned for the
of entrapng Mr. Burroughs under the superstition that
he had command OF large of money. Mr. Burroughs
employed by the Suffolk Bank of Boston, drawing spe
in this city, and many other moned transactions in the
Of which he occasionally employed T. F. Howard who
broker of No Wall street By this MEANS Mr. Howard
Of the Of money passing under the
troll Of Mr. Burroughs aud the plan of the Great Western
Bank proposed the plan Of the Suffolk in order
easily lead him They then many letters
Mr. Burroughs Of amost amusing character sociatngm to
and take charge cashier They stated that SIoeo the
required by law, had been paid in bonds and mort
and they would not take unless paid in cash.
not likely TO happen Mr. Burroughs objected that the
low state Of the stock list indication of difficulty in
starting bank They made that to besure small
like the Bank of Commerce and the North Ame
Trust Banking CO. below but any broker that
undertook sell this bank stock at s5 vss get eonered
a." This is probable They then stated that many
pcaions had been made by emi,en and wealthy
for the Office Of cashier Of the bank but they preferred
that hailed from the old Suffolk" They stated further that
yet they had appointed but three hch enough
for the present. This Mr. Burroughs found to be the for
Of them borrowed money than the Bank could col
ect Mr. Burroughs finally joined them but could get
sight of the bonds and mortgages which they said they had
and money, why get money that they started
the On the occasion OF their announcing that they
ready to reeep. depotes council held by the
directors and all the officers to the best Of raising the
money the adv the Herald This
feat however, beyond their talents and finally got
into the Express and Courier credit In relation to h,r
plans of raising money the following b copy Of kind Of
| security which they have heen O