The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-21
MONEY MARKET.
Thursday, Oct. 2O--6 p. M.

Thursday, Oct. 2O-6 p. N.
The operations at the Stock Board were very limited
with little variation in prices Long Island roseh
There have been mails from the South for few days
in consequence of which the movements in exchange
have been small ~
We yesterday mentioned the Globe Bank as one Of
those fraudulent concerns whose bills circulating
over the western country. There have lately been
number OF small banks started under the free law whose
object is probably to obtain small amount of genuine
bills OF the Comptroller and then, formerly prac
tised have similar plates engraved and fill them up
post notes, for circulation. There started one Of
these concerns, ofwhch the following is a sample =:
l. J. II. B. LoRp, for the Farmers Bank of Orange
County will pay one dollar on demand to the bearer
WARWICK, August IS, Is42. H. LoRp.
secured by pledge Of public stock
Some OF the individuals connected with this concern,
have but lately taken the benefit OF the Bankrupt law
The new Bank :. has yet but circulation oil siooo
The idea that such concern is gsnized Tor Ieg-
mate business preposterous The object in getting the
endorsement of the Comptroller for small sum- is to
make and facilitate collateral operations There is an
other concern called the Farmers Bank at Malone,
Franklin Co. The deception liable to be practsed is on
those at distance not intimately acquainted with the
bills. Those obtained from the Comptroller good
because they cannot be got until made amply secure
but others are circulated all general appearance the
same differ the reading The best way not to touch
undoubtedly many Of the Safety Fund Banks in toer-
ing condition Sad experience has taught tho public that
reliance whatever is to be placed in the reports of the
Bank Commissioners. OF all the banks under the safety.
fund that have exploded scarcely Of them has had
enough left to pay any part Of their circulation after sink
ing the whole capital All owing to the abominable and
criminal. neglect connvance OF the Bank Commits
sioners Great complaint is made in Boston that Bank
Commissioners were remss in their duty, in allowing the
Phoenix Bank to become rotten. One paper remarks
follows:-
have adopted for examining the banks is the prescri
bed by law and they to be easily deceived there is
any bank should fall some two OF the
ers might that Mr. Soandso examined that Bank and
never reported It to us and Mr. soand.so says: true
was IN hurry, and thought it all right Where is the
security to the public in such proceedings these They
are mere mockery not such were contemplated by
law and the confidence the public place in the
istence of Board Bank Commissioners, the they
may be cheated.
This is very just and if true in Massachusetts, where
but one bank has gone down, how much more is it in
New York. where twelve thirteen failures more dsas-
rous than that Of the Phoenix Bank have succeeded each
other in rapid succeson1 The only for pub
lie is to look out for themselves and take the bills of
bank any account situated out Of their immediate
neighborhood The may theni always be ap.
piled Immediately.
Amid the general depreciation and wreck which has
overaken almost all descriptions of property years.
State stock Bank and Company shares mortgages real
estate and property Of all Sorts has felt the adverse in
fuence of the paper system. There descriptions
however, which have not been!so aected-these Fire
stocks and the stocks of Manufacturing Companies The
stocks of well managed Fire Insurance Companies have
been very profitable during heast few years yielding u
Is cent dividend The selling price of the shares
sper cent advance The sales of Manufacturing shares
in Boston for cash in the open market 10 to per
cent advance the par value On Tuesday Merrimack
Manufacturing Company shares sold at 10 per ad.
vance This singular proof Of the alleged distress of
the manufacturing buaness, which requires onerous
tax to be imposed upon the farmers for its support
The Merrimack Co. is cotton manufacturing establish
ment and has five print works attached The following
will show the leading features of the diff
ferent periods