The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-17
MONEY MARKET.


The stock market has been heavy to-day, principally
owing TO the unfortunate movements in Ohio. That
stock fell per cent to-day sales at 6 Indiana 5s fell Il
Long Island Harlem l. The State of Kentucky is
of the soundes in the Union. Its
than equal to its expenditures and yet by some singular
mismanagement its stock is low in the market The i'm
mediate that the outstanding scrip Of which
small amount has been funded in stock which stock is
daily coming the market and the stock has fallen from
IS the 18th June to 70 the It'll july and 75
This matter ought to be remedied at
The Navy Department here have to-day paid all the
outstanding claims upon them This is very CRAFTY ing
and it is to be hope lucy will be able persevere in
meeting the accruing obligations notwithstanding the
difficulties that surTU undthe Treasury Department.
In the matter of the claim Of Messrs Jacob Little Co.
Boorman, Johnston Co., the Courier and uirer of
this morning has a communication signed Justice con-
tanning the following =
"a studous and persevering effort is ma. th ayrs
papers and by out door conversation to agitate
attention relative to contract between Little
Boorman, Johnston Co., for the sale and pure ..
stock, made in January, 1910. The agreement was in
writing, and according to its terms the be
delivered a specified day. This conessedly not
done, and The seller admits his inability to do He
therefore the first to violate the contrac-and If either
party had just cause for complaint, obviously the
purchaser and not the seller But the former week al
ter the day specified for the delivery voluntarily offered
then 10 accept and pay for the stockthus evincing both
his own good faith and sincere desire the
tract. IL was however, STAT refused, the seller drOcing
has inability 10 make the delivery The purchaser then
stated his intention to decline the contract provided
consulting counsel he should be advised he had right
to do so.'
We do not know who Justice" is but exceed
ngy sorry to that in order to justify the of
Boorman. Johnston Co. direct unqualified and debe-
rate misstaement is resorted like that have
alicsed The seller ready to deliver and in legal
mannerhe had the stock in hand and the attorney
provided the face of the stock by the bank ITSELF
means of delivery to meet precisely such this,
viz to enable sellers to deliver stock when the books
closed In regard to the delivery Messrs Boorman
Johnston & Co. were misled undoubtedly, by the
sound opinion of their retained counsel, who ought
to have known that the delivery of stock by aor
ney had been decided legal in the Court Errors
s. The case was as follows-(22 Wendell) In October
1884, Pierre Barker, of Buffalo, transmitted Barlow
the Commercial Bank of Buffalo, collateral security
Before doing he affixed his SEAL and put his signature
on the back This stock into the hands of Kor
right who filled up assignment the signature of
Barker the back of the stock. The Buffalo Bank
fused to permit the transfer the books of the Bank
the ground that the charter of the Bank had clause pro
vding that transfer should be legal unless made
the books of the Bank" The Supreme Court decided
that the transfer by power Of attorney legal notwh
standing the provision in the charter and the Court of
Errors affirmed this decision 10 to S. This establishes
fully the legality of transfer by power of attorney
the case of the Bank of Kentucky however the transit
by power is expressly provided for the face Of the
stock, OF which the following is a opy:-