Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-08-27
MONEY MARKET.
Wednesday, Aug. 26-6 p.

| Wedne sday, Aug. 26-6 PM
The stock market heavy to-day and prices again
declined. u s. Bank per cent Deaw and Hudson
per cent Harlem per cent, stonngton per cent North
American Trust and Banking Co. per cent Sales Of In
diana fves made at 7l In bills Philadelphia the
rate Is 81 81 discount Baltimore, a p discount
The state of the money market continues about the
that is that good business paper readily taken by
the banks at per cent and the Of other paper float
ing upon the market scarcely negotiable at any rate
The market full of paper Of all grades and characters
which il is very difficult to obtain money. There
obligations of some banking associations due in November
next, which offered at per cent per month without
finding buyers Individual paper OF certain description
ranges from to per cent month. At the same time
choice business paper will readily command money at
per cent per month This distinction in the market price
of paper the best illustration of the state Of business
The cry of hard times and scarcity of money only
from the old speculative Grmsn whom capitalists have
confidence. They the persons who in former years
did large, SNOWY and speculative business with the south
and southwest at long credits Their staff is broken,
and they may in vain look for restoration in change Of
times. While this is the hand, find on the
other steady quiet and healthy business doing cash
plan The order of things changed. Commission houses
instead coming under large accepsnces for produce and
domestic manufactures, do no longer. They sell
their goods before they for them The consequence
is that there is little demand for money from commits
houses and when business paper created is for
actual transactions only This IN most healthy state oil
things and this system OF business rapidly extending
itself the other hand the exgencies of the speculs
and the southern suspended banks daily increas
ing The line of separation between the old Spectators
and the class of business is daily widening and
a crisis be the result The Southern Life and
have called their stockholders for loan Of
100000 enable them 10 their liabilities. The
bonds OF this company large amount protested in
April last and ed and believe again
der protest The paid in capital the company 100000,
and has a loan of the Territorial Bonds for So0ooo. Its
paper selling for so cents the dollar at which rate
there demand from the debtors the bank The
Commercial Bank of Natchez has for similar APP
piled its stockholders in this city for loan Of $4,000
werecenty called the Of the public to the post
note cncern calling itself the "Gobe Bank" and
toned that composed Of three individuals one OF
whom is Asa Phillips This individual halls from Fulton,
York. and figured largely in 1898, Of the
tive agents in the Roxbury Bank affair Of Massachusetts,
which closed for fraudulent practices. When this
bank examined by the commissioners, It's whole re-
sources were foun the ofhe following
| ndviduals:-
Asa Phillips Of Fulton, New York, s.oSsa
| John ID. Vail. of S2,iN
Achilles Y. Hammond, Of Bangor 1900
R iS% ' Gale, New York, 5000
| Amos Qumby, 1000
John l.. Clendennin, oV~
Total resources siiiTis
On the 3It March, 1893, this bank had in circulation
s92D The charter repealed April "a, 1889 at which
time the circulation $4,000. II appeared that Ass
Phillips and his associates into possession while the
CATION was going before the committee Of the
Legislature and under their drecton,and before the char
ter was repealed lapse ofa few weeks only blank bills
were procured and executed the amount Of $4,000
which were put into the hands Of John b. Vail snd Asa
Phillips as agents. exchange them for the bills Of other
banks which was done. The report Of the COMMITTEES
closes as follows;-
ASA Phillips stated tina, he had $4,000 then in his pos
session, which had been put In circulation Nc
also stated tina, he then in this neghborhood to make
arrangements for closing the concerns OF the bank with
was the sole of his journey, he had a forgotten 70
bring n. bank halls abors spoken Of ,ei,h hi~"
The prescn, circulation may be about $4,000 That the
bills will be redeemed is more than can reasonably
expected but 10 be hoped that the Further progress
| Of TIE fraud has bsen sne,esgSHy arrested"
This speculative genius is the prime mover Of the Globe
Bank His operations the offspring Of the modern
banking system, the whole end and tim Of which is TO
live without work at the expense Of the industrious
| classes.
twill be recolec,cd that Few weeks since the state
loans TO the amount Of 81 100000 taken by the all
street clique, something less than the market ra'es
Proposals for precisely similar amounts have been so
tised by the be received up me 10y"
| Of October aext as follows -
Fer the ,nlszsm,s, Of the Erie anal
Nsoooco
This istoe. per cent stock, interest pay spie an TINS
cty will pro,.hy b4 taken like all the others, by
the loue fr whose especial benefit the Erie canal is TO
BE- enlarged and the Ers Railroad consiructed.
The interested policy Of this knot Of persons is s'rcasy
illustrated in that course Of conduct which rise ="
the receu, correspondence between o. Griswold ESQ., and
MIR James O. King The question at issue, IN this CORES
noudence seems be the allegation side that the
house Of Prime Ward, King had been, in times past
saved from Insolvency by timely loans from the United
states Bank to past events viii establish
in the minds of every the literal truth Of this allie
ton The pressure which resulted in the revusicn 81
1884, began in the fall Of 1895, and eincsd itself IN hs