Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-20
MONEY MARKET.
Thursday, March I9--f p. m.

The English has had bad effect upon the stock mar
ket today United States Bank declined per cent North
American Trust and Banking Company Boston
dence H. There small sale Of Manhattan stock per
less than the prices yesterday There hopes
entertained that provided efficient direction appointed
that tsaairs may be retrieved There apprehen-
sion ofe effect the have only the
stockholders Of this institution of whom the Duke of
Leeds who trustee for the character Diane
stock generally The which the report makes of
the utter want of capacity for ignorance Of
finance, and the asovrtsm pTactsed institution
which has degree only the United States Bank
oyed the confidence OF the Eagsh public, calculated TO
strike severe blow at the already credit of American
stocks and securities The u pays nodvidend
The state Of Pennsy lvani failed the day interest fell
due The Governor of mississippi has issued procamaon
warning the public against purchasing the IS bonds held
10y the Union Bank The Of Indiana strongly
the reputation Of of the of The
suspended banks show unnanageabe of unavailable
securities and general bankrupt law agitation
TO clear them all off, All these plain facts Will be carried ont
by the Great Western and upon the stock market which
is already the of panic The result be .Atiei
pated.
While public Indignation awakened regard the ae,e.
opements of the Manhattan Bank the attention of
muny is div -reed from another system of xosm
stock ohba which fast bringing within the
bankruptcy the whole finances of this State The State Of
tennsy began its system Of internal
der the guidance Of the United States Bankshe west step
by STEP making loans all of which passed through the
hands of the United Bank without much regard to the
formaes of law until her debt ieoeoe0 and the
she the banks for the paper they loan her in
her necessities the permission to do they pase and
manned suspended long they think The State
completely within the OF the banks dare not levy
tax to meet its bllsand the only alternative to borrow of
banks which cannot their debts Irrrievabe bank
ruptcy both banks and State will be surely the result
that they debt If look back the
actions of the Fund Commissioners of this State during the
present administration, find the frame work Of system Of
debt and expenditure still gigantic than that
which has ruined Pennsy The object the agrandse
ment at the of the clique obokers Walt
street, who knotted in the Bank of The
argement of the Erie 1t estimated will SlOoco0O0
hs sIP,n disr already have 6een h. ca 600
which will amount in all to. .............. SEQ
During the past year have been negotiated follows
March IS, 1888, Prime " ara King, 100000
October is 1899, ' Dam. 5000 500 600
March 10, is4o ................ SOC 900
Total. ACKNOWLEDGEMENTS. ss5OoOoo
In the negotiation ofeach of these loans, the viola
ted which requires that due notice shall be given order that
the State may have the full benefit Of the market the
petition of buyers from distance The loan of the 18th Oeo
Der made without notice at ALL 1t taken by the
clique who shppedit to drew sold the bills
the market and had the the proceeds without
by many onthse of the sesooeO of the
| amount is not due the State until July
The Commsonersn their annual report bour very hardts
cloak this abominable proceeding by peadng the first
that the loan be made, order pay the $4,000
labore the canal We do not how they be paid
with which the state does receive until July
They then state that the loan made the banks from
failing by supplying bills instead Of specie the public They
then labor very hard exoupats themselves from their mis-
conduct selling the stocks time without interest and quote
aspeech Of Mr. Galatians 1912, authority. After all how
the fact stands clear that the whole profit Of the transaction
went into the pockets Of the clique and the state pays the loss
The recent loan of March 10TH effected the way
The law authorizing the loan perfected the I'd March,
is4o The following is the second section of the law
Certificates Of stock for loan shall be issued
% ss tine Is Of the % SGs G% %s to
law; which certificates bear
early payable quarterly and shall be sold and dis
posed of By the said eomnissione the best terms they
give at least twoweek public notice daily in the paper
of the printed the of New York.
of the time, place and terms of such sale il made at public
auction
This published the state paper the ih March, and
again the 9th, and without any other On
that day. the 9Th Of March, FIRE days after the ac signed,
the loan taken by Prime Ward King par
paying the commission for its observation-disclosures
well known that persons stood ready take the loan
being cent stock, at premium without
any charge for commissions We know personally per
who here from distance expressly buy portions
ohis stock aud wouldha'e prem, What
have the commissioners for the indecent haste with which
this negotiation hurried overt They only plead
the orders Of the clique, through their agent Mr. Bates Cook
the Comptroller Is II not little astonishing that Mr. John
G. Spencer who intelligent and respectable gentleman
should let his reputation suffer- by abettng this abuse Of the
state hnancesl In these negotiations with the clique the
has sustained loss end what would have the case
had they gone openly into the market, as follows:
Loan of March, 1899 eommiss ions ..... $4,000
august, and INT .a...... Beos
March, 1910, "....... 5000
| Totalloss sissOOo
Sone into the Of elan.