Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-28
MOI Ely M Ar X EFT.
Wednesday. NAV 27.-G p. M

There has been nothing rue the market today Every
thing remains exceedingly quiet with increasing anxiety
the state of affairs penns At the stock board ~ A
Trust and Banking Co improved cent Delaware ud
son, !; Harlem decnedt
There but little change domestic sterling bills; incur
money is rather better.
The position of the stocks of large proportion of the
is exceedingly precarious, and
may, few weeks give them downward tendency that may
precpate tn ir ruin and with them all those institutions
whose assets dependent the value ability
those When the free banking law
aed state stocks considered the uhdoubted
ty and they made the basis OF paper supeede
the precious metals Under of this law which prescribed
rules only for the circulating bills, upwards of hundred
banks started The pay up of the capitals was not
prescribed or therefore, the only law which applies abuses
under that head be the General Partnership law The
door left wide open oguery Of all Sorts very
associations bought stocks and deposited them with Comp
troer in order 10 cloak their ndng operations fill up
the capital Many of these have ato chancsr
and bill filed against the Chelsea Bank before giving
details of the in which its capital paid up The
getters up j. b. Munson, the same who
started City Trust aud other fraudulent banks;
y,rneur Morris T. d. Foote, Benedict, Jr ii. H. Dexter
and The capital to be contributed by executing
bonds mortgages the President productive real estate
payable five years after date for which certificates Of shares
equal in amount TO be issued This the intention
Of executing described in the folow
extract from the chancery bill:
"Your orators charge the aforesaid persons conspd
together create fictitious capital constituted BY the
and real estate not worth double
s sa % G not Worth sna mort al
acre TO the amount fifty dollars and certificates
To- pretended to be secured by such
issued That Of real estate made
sponble persons foe the purpose procuring ,ir bonds
and ard when obtained by the aforesaid Norris
Foote Munson Dexter and others delivered
said Association and certificates OF shares the capital
issued 10 show that certificates Of shares
signed by said Norris President aud Fooe. asher
ne Deposited with Association Without
any foundation therefor and the aforesaid certificates
upon yaueess bonds aud mortgages, aud without securities
said Morris aud FoOe and others Of the persons
before named innocent purchasers at Large prices
fact they value whatsoever. That three
only bona de and valid mortga ereced said
ard then obtained BY the
aforesaid and after issuing
fcas and making sale thereof the said Association,
under the and control of the aforesaid dir
and others cancelled Of the
taking OF the real described
SAID mortgages That with the intent deceive and dersud
their and TO conceal thar acts
executed the property being first second third
and the description IN each raised and the
parcel Of land, described nsiDpg hundred
acres-and In this many Of said mortgages
! were executed"
This describes the OF the operations under the
Many Of the banks stated have failed others have varied
their plans have issued post others have specula
ted in their bills but all have procured bills from the
Comptroller pledge Of stocks The following is table Of
| the stocks pledged
| DESCRIPTION OF srocKs DEPosirs wIrH rnE Conr-
TRoLLEa, JAW. 1910, on ACCOUNT OF rHE BaSKs vNDER