Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-09-08
I 9S9 100

Now We ask does any man believe that Richard Price
John A. Brown is worth that that all three OF
these highly respectable gentlemen, put together, can,
under any circumstances be worth nearly $4,000 oo1
What then the meaning of all this. The bank, not
the cashier, wants time.
The late correspondence between James 6, King and
George ESQ., has been of great injury to my
house, has led the minds OF back to old transac
tons and has exposed the machinery in operation in for
times of pressure by which the banks and brokers
Aeeced the mercantile community, when the merchants
ground in the dust The correspondence charges
the hand, and it is admitted the other thus
tabshing the fact beyond all cavil, that Prime, Ward
King, in connection with their supporters in London,
received during the panic of 1884 assistance from the
United States Bank the OF from to s4O0oO0o
at time when the merchants Of the city Of New York
in Of the utmost distress. They unable
the undoubted securities to obtain dollar from
the bank. Their every want was denied at the
that two foreign bankers on their individual
securities, could obtain the enormous sum Of sa,oooo0o
merely carry their business which that Of
cling the suffering merchants This done success.
fully. The years 1895 and 1896 rolled evncing the
Elusive prosperity attendant bank expansion AS 1896
drew to it close, the money market began to feel
pressure The Wall street brokers continued max, sail
Their exchange and commission business brought the
New York importers and merchants in their debt which
rapidly increasing until affairs reached the fearful
crisis Of March, 1887. Prime, Ward King, and the
toneers, had large amount due them from merchants
who every day in danger Of falling This would in
volvc their destruction The mminence Of their Pc
ril sparred them that cunningy devised plan, BY
which Mr.. Bdde issued per premium, post
to the amount of s5.OOoooo, a: ~ months, for the
90 day paper Of the New York merchants This was
his part no other than borrowing s5OooOoo from New
York for 10 months and roerng interest instead Of pay
ing IT, This precious plan concscted to benefit three
parties the United States Bank Prime, Ward King, and
the auctoneers. The exchange being thrown upon the
market lowered the price, and thus benefited slightly
those who remit The trick shallow for
the baak propose without detection 1t necessary
therefore that should apparently from the opposite
party. meeting Of those who TO be benefited
therefore held in Prime. ward Kings effce where the
following letter written is said jointly Ivy James @.
King and John A. Stevens the signatures Of hundred
firms added to It, and directed TO the United States Bank
Nrw Yohx, March -, 1897.
In consequence of the peculiar position in which the
commercial community is placed, IL was resolved at
meeting Of merchants held this day that the Bank Of the
United States be invited TO nterpose at this juncure BY
shipment Of coin and by the Of their credit - az 70
the Ngencies Of the occasion, and by the sale OF bills
Of exchange Europe by the issue Of post notes
at Philadelphia OF bonds pay able Of distant day
in London Paris and Amsterdam, 70 facilitate negotiations
home and furnish safe remances abroad and thus not
only be Of service to this city but 10 the United states at
1 large. By order Of the meeting,
! (sgnetD JOHN A. STEVENS, Chairman
G. A. Hrcxsenra Secretary.
| Undersirnei--
| Prime Ward n King, JOHN baggerty 4 sons
| C,oodhue A Co DOwner Rogers
| Brown Brothers Lee, Savage 60.
| Christmas Livingston, Parish \ Co.
| Austin, Wilmerding n Co Booraem Co.
| How land Aspnwell, " VI. Weed Co.
Boorman. Johnston D. Co d. a. Cush1nan Co.
| n Vious g. T. Dissosway.
JosrpA HoNie Co. Robbins, Painter Co.
g. v. =. wilder, 100 others
Ny This means the issue Of post nstes payable IN Phila
delphia was yroPosedto the bank and the griousy
complied with the request These letters where read on
the so,h March, in the Office Of John Haggcrty,
meeting was held to receive the report which pre-
scented by James O King, and John A. Stevens Mr. King
made pompous and glowing speech on the occasion.
wherein he said that the 6nsnc DIFFICULTIES Of tho coua