The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-09
MONEY MARKET.

Wednesday, June SO p. M.
The sales at the Stock Board have been small to-day
and generally at improved prices. Indiana SIS ILL
nois !; Long Island !. Harlem II; Mohawk per cent.
New York State 6s 1862 per cent Sales Of New York
State per cent sold at per cent premium
The Missouri Banks have resumed specie payments In
ST. Louis the 10th u Eastern exchange was selling at
3pcr cent premium for specie per cent for the Bank of
Illinois paper The Directors the State Bank of India
have fixed upon the 18th for resumption by all
its branches
1t will he remembered that mortgage deposited to
curethe bills Of the Washington Bank, with the Comp
troller recently offered at auction by himthe diff
cucs thrown in the way Of the sale by interested parties
has induced the Comptroerto pursue the laborous
course of foreclosure although not strictly required by
law in order to realize the greatest the bill
hoiders, whose claims may be met in full by this
course. This is proper proceeding. The sale of
any description Of securities at auction may al
ways be ruined through the Vaccinations of dis
honest and interested parties; under such circumstances
where there is other bu; sale the people must
suffer- This the in relation to the worthless
railroads recently sold at public auction by the Comp
troller according to law Although extensively aver
tsed the highest cash price that could be obtained in the
open market scarcely the value ofthc iron rails This
was partly owing to the fact that strong political nu
ence was brought to bear upon the transaction in order
might raised against
the officer who executed the LAWS to draw of public at
teAton from the runous losses sustained by the public in
consequence of the failure of that dsgracsul political
bubble, the Erie Railroad Of all contrvances re-
warding political partsans at the expense OF confdng
people that Wall street bubble the bareaced.
The clique that rules the Greenwich Bank have
succeeded reclect themselve directors thereof through
the Of their systematic organization of fresh i'm:
ported Boston and New Jersey proxies and of the friendly
aid Of chartered companies sympahsng for each other
the President Of the Neptune Insurance Company gave
them three hundred votes and will doubt receive a
the Greenwich Bank will have gone the way its
predecessors the thanks those have intrusted their
interests to him.
Weuncrstand that 73O the side of the reform
ticket unjustfably refused. The counsel whose
pay out of the capital stock, exerted himself
Justify sustained throughout by the systematic efforts Of
the well drilled directors, that the inspectors although
appearing TO we'll worried out and gave way.
Of the stockholders got confused the various de-
vices Of the expert directors that they voted the ticket Of
their opponents.
The new Board includes all the needy and borrowing
directors and they erased the from the ticket of the
only member who acted with independent spirit. They
have elected for President person who interested the
of SO shares SIS each, market price, say per
cent making $500 that the evil influence which has
Frustrated the Bank rules than ever and the
stockholders therefore time lose tey do not
mean TO lose all.
The Board finding they daily losing confidence
are, il is said preparing statement to hoodwink the
public the recent defacacn Of schermerhorn to the
amount Of S153 oOO which has been progressing ,
detected for number of years shows clearly what degree
OF confidence be placed the statements Of char
tered companies.
The great and exciting question of the adjustment of the
Tariff about To befor f.op
list the feelings and interests of all parties The present
state Of the affair is simply this At the extra session of
last year strong effort made by the money interest
TO do something for the relief Of those where credit
severely shaken great number letters were ad
dressed TO the Secretary Treasury the President
from parties abroad interested stock praying for
federal interference procure payment for them Mr.
Bates Mr. Palmer junior, Mr.. Cryder Mr.. willint and
several other foreign fnanciers attendance at
Washington. and they represented than sixty Eng
lsh and Dutch broker houses through whom American
stocks had been sold in those countries whose names
and letters laid before Congress the subject The
object of these people obtain assumption of the
State debts by the federal government This found
to be out question: and the of the public
lands wasthe only thing which could be turned their
advantage bill was matured, distributing this fund.-
on the condition that should return to the federal Tea
sury, whenever il should become necessary to raise the
tariff to violate the compromise act of 1921 On this
condition the bill passed the Senate August 2h by vote
2so 70 snceta the progress Of events has develop
ed the TACT that the revenues from the customs are and
VIII 10 ne inadequate to meet the expenses of the
government and the compromise tariff must be violated
To do SO the distribution loan must stand o
the conditional clause must be repealed Already IN
reports on the tariff have been made one bv The
~, one by the House Committee Manufactures
by the Committee on Ways and Means. The rates Of ,
ties of these reports very nearly correspond being
average Of asrer all the imports instead of 90 nor
cent according to the compromise This raises the issue
in regard the public lands The Secretary proposes 70
retain them in the Teaeury and the other two persist in
the distribution On this point Of distribution therefore
will the whole matter turn and probably the revenues of
the government its credit and welfare will be sacr6ced 10
this plumber bill 1.-THE high tariff passed repeating the
conditional clause OF the distribution bill shghly pro-
bsble that that repeal portion will its veto by the
President.
Wemsy here look back the the President on
this subject In his first message to Congress at the ex.
ira session. June !, Isal, he has the following =
With the adoption of financial agency of satisfactory
character the hope may be INDUCED that the country may
return state prosperity. Measures a xlia
~ thereto and in some measure inseparably
with its success, will doubtless claim the attention Of
Congress Among such distribution Of the proceeds OF
the soes of the public lands provided such distribution
does not force upon Congress the necessity of
upon heavier burdens than those
by the &C. Of 1888 would act efficient remedial mea
sure by being brought directly in aid ofthe States