Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-11-12

The President, steamer, again took her departure
morning, at II O'Clock, with increased number of
sengers
The stock market has been heavy, and prices have
coded this morning. United States Bank declined
cent; North American Trust and Banking Co. 4 per G.
yicksburg per cent; stonngton II per cent Sale
bills ON Philadelphia were made at 81 discount
diana Bonds to the extent of $4,000, at 75s a75i
The United States Bank has been at the bottom of
of the speculations which have been got up in IA
stocks recently. stonington, Vicksburg Long Isa
Dry Dock have all been inflated by artificial means
some have huctuated 20 per cent in AZ hours The
is doubtless to enable the bank realise her wo
less securities at the expense of the public sale
Morris Canal made to-day, ls per cent. In Aug
last this stock was unsaleable at per cent and is
Doubt utterly and totally worthless. The United Sta
Bank, however, holds large quantity, and must be
Used II, Ike stonngton, 1t can be forced up 900
cent by speculation the present holders will get clear
lar &c amount at profit.
We stated, short time since, that the Governor Of
nois about to the Legislature of that state
adv of the usual time, 70 take into alton
financial affairs of the state. The proclamation has
peared, ordering the convocation the a3i The Leg
lature of Alabama met on the ID inst.
The sy Of banking in this country is allowed to
radio ally wrong by those who cling to it the
lection Of human inventions. This has arisen from
inevitable reyulsions which periodically overtake
commercial world great deal of the diseredit If
whichthe system has fallen, has, doubt been owl
much to the inherent evils of the system ITSELF
its almost universal Encouragement. Our moneyed
situations necessarily formed ofthe united capital
large number of persons of limited means Most
of these individuals are practically unacquainted
money operations. In forming assoc iation, the
fore, selections made of those who suppos
to be well acquainted with the business in all
branches, and who will conduct it fairly for the best
terests OF all concerned The board of direction bel
formed, some three or four of the designing
mediaely begin to intrigue, until the whole control
got into the hands Of few, who perfectly understand
another, and play into each others hands. Then CO.
the foul play, which onriches the director
their families and friends and finally ruins the
Practical illustrations of this sy stem have emily be-
before the public with startling effect The Manhatt
Bank and the Morris Canal notable instances but ii
cutting up of the United States Bank will probably sho
the gigantic system Of corruption There are mar
ways in which the select few enriched at III
expense of the public and the stockholders. The CO
Germ may be irretrievaoly in debt but the directors
declaring large dividends out Of the capital stock an
other means, raise its price in the market and a}
able to sell out at enormous profits. On the othd
hand the may be doing most profitable b
sness In this the directors in order to engross I'd
stock among themselves friends spread reports ayan
the concern and declare small dividends pass them
together whereby the stock becomes much depressed
the market and bought up by the rogues at great p
fit This added to the general system of avorsm in TIL
outlay of the funds Of the the mere
tile community from nearly all accommodation. In TIL
Manhattan Bank it will be recoeced out OF $2,oo 900
loans but $500 900 mercantile paper. The result
of such sy inevitable revulsion and the onl
means by which it can be conducted is to maintain TIL
profoundest secrecy to the stockholders In England
and the United States the secrecy has been
vored to be preserved and constantly recurring trosb
has been the result In France the contrary is the
The affairs of the Bank of France written up and full
stated day respectable individual may hav
access to them at any time This has one great cause
preserving the heahness Of the currency Of that
try while England and this country have been COW use
10 their centres II is true the law requires in many ca
annual and semi annual returns but they are gene
rally evaded or published in such way tina. the
the peope can make nothing them The charter OF IN
S Bank requires that monthly returns Of its affair
should be made and published but the Bank Chooses
construe this into requiston to make up monthly &c
and publish 1t once year III evidently AFRAID
publicity This is the case with many other stocks.
Wewill instance the Utica and Schenectady railroad
that stands high the list The shares Of this Company
are net full consequently the directors have 1t in hei
to order the pay ment OF the last nsamenf at an
time and in any state the market Under the suppo'
market for purposes buying either for themselve
or their friends they might call for the remaining ins,a
ent when money short and thereby cause the great
e., sacrifices for their profit In company where
the capital is large and the profits great the accountability
funds are large How these invested What securi
ty is given What interest secrues' To whose beref
does this interest 20 to the companys or to an Hdir
dual, 10 an uncle's, a ncphew's' The interest
$500 600 for six months between the dividend days.
item IL not plumb. Why cannot dividends be declare
quarterly instead Of half quarterly 1t would certainly
be NOR, agreeable and equally profitable to the stock
holders.
remedy for all these possible abuses wouldbe puble
w Binder such circumstances why Is not quarterly
or semiannua or at farthes, annual exposition put
,hed of the receipts and expenditures of the company
lis Investments disbursements debts, liabilities Nc; OF
nj least, why is no. circular annual statement tAereo
sen, to each ofthe shsre-holders'
In profitable company the abuses may be great but u
such cases the stockholders the greatest susrers-
But when IL is the reverse, and the concern 10 losin
money the public mast inevitably suffer to greater
less extent
The following is statement Of the imports at the poi
of Quebec u. c. for the quarter ending NoY i, 1882
compared with the same period last year.