Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-07-28
HONEY MARKET
NTOudnv July 2T-6 M.

MONEY MAhhhE
Monday, July 2T-6P PM
The stock market to-day was dull, but in
prices rallied Little from the close of Saturday United
states Rank remained about the Delaware and
Hudson declined per cent North American Trust and
Banking Co. per cent farmers Trust improved per
cent. Harlem improved per cent
Philadelphia bills worse to-day sales were made
at 81 per cent discount; Baltimore at2s g. South
ern exchanges continue look better being bene6cialy
acted upon by the ease in the money market.
The excitement and apprehension in regard to the re-
suit of the enquiries about to be instituted into the affairs
of Morris Canal and consequently into the affairs oil
the United States Bank the prevailing features in the
market The Bank, it is understood, are using the most
strenuous exerons 10 prevent any examination, or at
least but sham statement being fearful Of the conse-
quences This displays the greatest weaknessand
rather to enhance the popular Tears than 10
aay them The public have begun to look back upon the
mous cornerng operation of the Morris Canal under the
direction of Samuel r. Brooks by which the public lost
immense sums 1t is pretty well ascertaned that the
United States Bank the money for that ransac
tion and as consequence she holds about 100000
of the stock fthe Morris Canal which worthless The
capital of the Morris Canal is as follows -
For Canang purposes .......... ssIooooo
BANKING " ......-.'.''..'.'' ioooV"
fetal capital. ............ S4i0o,Ooo
Threeouhs Of this amount came into the possession Of
the United States Bank the explosion OF the cornerng
bubble The secret movements Of that transaction will
probably be brought to light 1t has already slum
bered longs and such Stephen Whitney, Jona-
than Goodh ue Washington Irving, George Griswod and
Others should be redeemed from the gnominy of the
operation. They became parties to it by lending their
directors the The honor Of the city
requires when the agents of the foreign creditors Of
the in the city, looking after their respective
claims that they should lend their aid in ferretng the
truth and let the blame rest the right shoulders.
In another point Of view it is important. Samuel r.
Brooks who the active agent the Morris affairs is
again before the public in the character of President ofhe
Harlem railroad, applicant for loan carry out
plan. The organization of the Harlem
pany presents the features did the Morris
bubble when it commenced. The stock is principally in
the hands Of bankers and the of many
eminent men, as Samuel Rowland, Esq Samuel b. Rug
gles ESQ., Teston, and Others represented direc
tors who have positively refused to act SUCH The
Courier and Enquirer putting the concern, and stated
Saturday that the Harlem railroad had the exclusive
right build through Westchester Such is not the fact
the New York and Albany railroad has the privilege of
building from Albany through Westchester to City Hail.
and the experienced engineers state that better
road than the Harlem be built from Harlem river
City Hall for onerd Of the cost OF the Harlem road
The interests of the two companies entirely distinct
The attempt of spectators to get out of debt
the public expense and the other is the spontaneous
Of substantial farmers subscribe their money
for the building OF road that they may have quick and
uninterrupted communication with the city.
The old system speculation OF which the United
Bank the centre, is breaking up. The difficulty
menced first in the stagnaon of the bank her
being locked in Unavailable securities
pension ofspece payments was the consequence. Since
that time constant depreciation of securities has been
going individual after individual indebted to the bank
and to each Of its agencies has stopped and given up
remains Of their speculaons to demnify the bank Each
agency and connection Of the bank has formed point
around which certain spectators have centered The
Girard Bank, with schott and others, formed point
which the south of the bank cenered
such Vcksburg Railroad and others The Morris Ca
nal another centre of operations with States Railroad
Companies and indviiusls. As the grand centre in Phi
ladehs became pressed the available of ell these
points withdrawn, and sent to England From the
Norris Canal taken the Michigan indiana and other
stock leaving her to the demands Of her creditors
she best might Many of them, the State Of Michigan in
particular which is the largest CREDITOR have in
tempted get security for the loan. As the depreciation
Of property in the hands Of individuals has fallen back up
on the connected with the United States Bank
and broken them down. the whole accumulated mass
about fall back upon the United States Bank 20
crush beneath their weight. There many of the
friends Of United Bank who have confidence in
the skill and wisdom Of The present directors Of
tuition, and their advisers and that they will be able to
extrcae her from her dlmcules For the honor Of the
country such consummaon devoutly to be wished for
Avery large proportion of her stock is held by small
capitalists in all parts OF the world whose whole means
have invested in this stock in perfect confidence and
for the benefit Of the superior interest formerly yielded by
this stock European stocks The failure of two
last dividends already awakening great distrut and
essne among this class Of proprieors whose means Of
living depends upon the receipt OF their interest What
disgrace and denunciatons will an ultimate failure of
this institution draw upon America and American securi-
ties To avoid such result should indeed be the first
wish ofeyery Americana but the loss of the whole commu
nifty has already been immense With country overflow
ing with actual wealth. trade has been for months at
dead stand waiting the movements OF this bank which
would neither resume itself permit others do
The loss 10 the public at large arising from this stagnaon
Of business, be computed $4,000 the lowest
This sum viii appear small when look round and see
the mutudcs of laborng people out Of employ the quiet
ofthe Manufacturers at the east the stiffness Of
the west and the prostraon Of all the
ports accompanied by the immense depreciation in real
estate, arising from all these circumstances The loss
real estate In New York alone may be estimated s25
900 oco in consequence fthc agnaiion Of trade growing
arrangement Of the currency caused BY the
stioa ohe United States Bank In OF all these con-
sidcrsons have not the public right know the real
situation Of the bank if solvent insovent1 n the
former, Il should be compelled to resume a, once The
ridiculous assertions made in the Wall street papers at the