The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-13
MONEY MARKET,
Tuesday, April 1916 p. N

Tuesday, April 12-6 p. Nj.
The stock market has been more heavy to-day, but
prices have not generally varied much. Delaware and
Hudson fell I per cent; Farmers Trust, , Illinois 6s
improved l per cent Ohio 6s l Long Island ! Har-
lem Mohawk ! Sales of United States 8 per cents
payable in 1874, were made at 81, an improvement of ?
per cent. Treasury notes were worse, selling at l q II
discount. New York State s per cent stocks are rapidly
improving-they have risen S per cent within twenty
days. United States Bank notes are in demand to day.
The Branch of the Union Bank of Louisiana, at The
bedeauville, has been robbed of $4,000.
Bills of the Pascosg Bank, at Pascoag Village, r.. /.
are not received at the Suffolk Bank.
At Baltimore the Railroad orders are quoted at 50 cents
on the dollar, and Virginia money 8 to IA per cent dis
count. The affairs Of the Virginia banks are in a very
desperate condition, and some of them may not be able to
struggle on even until the time fixed by law for their re.
turn to specie payments. The condition Of the State
treasury is a heavy burden upon the banks. Its obliga-
ti,ns are dishonored, and the only apparent means of pay.
ing the interest on the State debt, is a loan authorized by
the Legislature to the extent of $780, 900 how the money
is to be got under the circumstances it is diff .ult to see
In this state of things O Richmond paper ssks-"I Is vir-
ginia, with a protested Treasury draft Of 81, in @ condi.
ton to refuse her quota Of the land money :" We do
not see that q little present recuniary embarrassment is
any reason why the Old Dominion" should compromise
its highly chivslrous character and descend to I" robbing
the excAequer"t to raise means, instead Of doing it in the
legitimate way by taxation.
Alabama is also in q dreadful condition. The amount
due by the State this year, and to be paid by the banks, is
81, 100 900. The capital debt falling due is $slI 600 Of
this about $4,000 has already been anticipated by the
Huntsville and Decatur branches leaving about 5000 900
% be met, besides 1894 900 interest exclusive Of that on
thalebt redeemed. The sums due are as follows -
STATE DEBT OF ALABAMA, AND THE IvTEREsI THEREON,
PAYABLs BY THE BANKS ~ Is,a
P,.L. p,fo xdbtd.. U1,n due. Tnt.rtsf ToI.n.,
obiie. bh ssssooo June & July ,mm $4,000
Bos,sv.is 90 do s ssS' sS 6 SGo 1895 nsS 900
In'sI.:s q ESSi' s,s%
Dc &c DC DC sG Orleans, S 5s,SSS $4,000
Total due in 1912, si,l45,ooo
These large pay ments are a principal cause of the
great depreciation Of Alabama money, which is nearly
90 per cent for specie. The reraittances by the banks are
made in cotton, and their irredeemable paper thrown out
in its purchase, cause the fall in its value. 1t is a dead
weight upon the market. There is in the act of uttering
them no paper created at the maturity Of which returns
are made. Such a state Of things could not exist under
specie payments. The banks must stop or the interest
be paid from some other source. The payments recently
made in this city on account of the State, ran the rate Of
Alabama funds up to 30-.hey have now fallen back
to 90.
We have frequently had occasion TO mention the man.
no. in which the Merchants Bank Of New Orleans was
sold. through the agency OF those in charge Of the Uni
ted States 1 Bank, to Edward Yorke, nephew Of Lippin.
cot, one of those through whose means the suits were
brought against Mr.. Biddle. Yorke was the President
of the Exchange Banking Company Of New Orleans,
and suddenly disappeared on the final failure of the Mer.
chants Bank. In consequence Of his disappearance the
following application has been filed in the bankrupt
court Of ths.New Orleans d%istrict,-
In B.Sxsurroy.-Ueited States District Cour..-East-
en District OF Louisiana-In the matter of the petition
| of George Morgan, r w. Montgomery, and James B.
Hullin, Commissioners of the Exchange and Banking
Company y, of New Orleans, that Edward Yorke, lately
ofNew Orleans. be declared a bankrupt. On motion OF
Levi Pierce, Esq, counsel for George Morgsn, p: W.
Montgomery, and James B. Hullin, Commissioners ofthe
Exchange and Banking Company Of New Orleans, and
presenting q petition duly sworn TO by them, alleging
that Edward Yorks, lately residing in the city OF New
orleans, is indebted to the Exchange and Banking Com.
| pany Of New orleans in the sum Of S2S2, 0S5 10, and that
he concenls himself to avoid being arrested; thereby
committing an act OF bankruptcy within the meaning OF
the Act of Congress in such case made and provided. 1t
is ordered that a hearing thereon be had before tnis
court on the e5th day Of April next, at 10 O'Clock, a. NJ.
and that notice hereof be published in two newspapers
in This city' according 20 the s4,h rule Of this court, at
least twenty days before the day oil hearing ABOVE men
toned
%tsignedJ THEo. II. ;JSdge'
wy Clerk y. 8. District Court.
r,;s !, will be seen, is a creditor application, and dis.
closee N. fact. tina, the President of the Exchange Bank
had borrowed more than one-fourth part Of the whole
80, naid mn. which is Solo, 070. The following is q
s,a,euent Of the situation Of the capital stock Of this
bank -
Nominal capitsl. 10000
Capital paid up. - sssoIV
Total number OF 10000
Number of shares held in Louisiana. ..,...... l40l4
elsewhere...'..'' seSo
Total. OBSERVATION-DISCLOSURES. $4,000