The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-08
MONEY MARKET.
sunday. August 7-6 p. NJ.


the resumption of the Virginia banks. The discount on
their funds in Baltimore is yet 2ia3 per cent 1t is to be
hoped that those vacatng concerns will be able TO per-
and resume The banks of Tennessee were to re-
the time but it is stated that they now,
and have been for past, paying all demands
against them specie in advance of the day fixed for
SUMPTION and that although this fact has been known TO
the community for days past that but an inconsider
able amount has been drawn from them
The "home Market" extended by high tariff to pro.
tect manufacturers beautifully illustrated in the fact
that on the strength of the high tariff which has pasel
both houses of Congress the woollcn manufacturing
pany Ouechee village Vermont the very heart of the
wool growing country has ordered foreign wool to be i'm
ported for their use 80 tons These the cheap WOODS
which directly in competition with the American
farmer whose "home market is to be extended by the
operation The 100000 agricuuralists in this country
must be very meek ard amabe set Of beings to be
guled by 800 manufacturers No wonder that Great
Britain claims part ofour territory that the pompous
emissary of that absurd yrant Santa Anna openly insults
our government A people that submit to injuries
meeky will be at loss for opportunities 10 show their
christian spirit.
We yesterday stated that Messrs Boorman Johnston
Co. had published book in relation to their affair with
Messrs Little & Co. They state that they in
wise amenabe to the rules and regulations Of the board
of Brokers. 1--WE have connexion with them in any
shape" That their contract for legitimate object
permanent investment and complete and binding
them.o From their book we will now take the copy of
their contract
New YORK. Oct. 22d, 1899.
We have purchased OF Messrs. Jacob Little Co. two
hundred Kentucky Bank stock at seventy per
cent deliverable and payable in 80 days from this dste
with interest at the rate OF SIX per cent per ann9n the
stock purchased this day at the board Of brokers' by
brokers' Messrs Phelen Searls and is entered the
books Of The board purchased by hem and one hundred
shares purchased by brokers' Messrs Graham,
Rollins Graham and not entered the books of the
board; and guarantee the said purchases for our ac
count.
Signed, BOORMAN, JOHNSTON co.
Here is a regular contract signed to receive Kentucky
stock at certain day clause guarding against
any contingency. Messrs Boorman, Johnston & Co.
voluntarily through their agent into the board Of
brokers do business and by that voluntary act acknow
lodges the existence influence and functions of the board
and its members and subjected themselves to its "rules
and regulations" which they affect to dspise because
those rules unfavorabe to their interests ilthose
gentlemen state under OATH that all other circumstances
remaining the the affect had been the
value of the stock that they would not have claimed it,
and have applied to the rules Of the board compel Mr.
Little to deliver?
Thus much for the authority of the board Shortly
after the contract signed the great frauds disco
vered the stock and the book closed and remained
when the contract matured What was done them Was
not Mr. Little ready and willing to comply with the
tract
The following letter from Messrs. Boorman, Johnston
Coto their principal Thomas Smith, Esq, in Kentucky,
states what done:-
The writer in accordance Nth your suggestion called
to-day the parties stating that principal directed
call for the stock They asked if ready
receive ito this the writer responded in the affirmative
when they said they would derer to-day, but remarked
that could only deliver power attorney and certificates
this refused as not legal transfer and there the matter
stands"
deliver in the only way could be DONE viz the certf
Gates of the stock themselves with power of attorney
for the holder transfer them when the books should be
opened 1.-THE purchase was stated, honestly made for
investment this method oil delivery amply sufficient
for all purposes The letter discoses another fact how
These people living in Kentucky had, it appears
been writing letters precious to the maturity Of the
tracts making suggestions in relation to it. If
honest contract had been made and to have been fulfill
ed honestly what necessitywas there for all these sug
gesons" and letter writings They all tend clearly to
object viz to devise some legal means of backing
out of an unfortunate speculation. The great plea
is that because Mr.. Little in consequence of events
trely beyond his CONTROL could not deliver the stock
the time in the prescribed by law the contract
void. The maturity of the contract the Goth
January. By page 6 Of the book before alluded to, it
appears that the 9th Of January days after the
contract void alleged Messrs. Boorman Johnston
Co. again called Messrs. Little & Co. for the stock
and answered before vz that they ready
deliver by power which again refused Now, if
Messrs. Boorman, Johnston Co. had right to
the contract seven days after they say it legally void
why could not Little Co. revive at still subsequent
period
Mr. Newbold has decided that delivery by power
allow able. Was the transfer of Bank of America stock
allowed by power If this decision were to hold
good not only would destroy all time that
might mature during the shutting OF books, but would
give the directors Of banks fearful power The greatest
operators in stocks Of late years have been bank officers
and bank drectors Mr. Johnston in the before is
instance Suppose that the directors of the Bank of
America should get up great speculation in the stock
of that bank and that they should have large quantity
to transfer on a certain day; if the operation went
against them all that they would have to do would be on
pretence close the books and thereby destroy all
the contracts. This suppositon is very similar to
that before u.s. because this Thomas Smith Esq OF
Kentucky, the principal Of Boorman Johnston Co, is
Of the most influential stockholders Of the Bank OF
Kentucky and had full knowledge Of all that transpred
| in and about the bank, he being Of committee o.
five appointed at meeting Of stockholders May lsl0
ito bring before the Legislature all questions that may
rse or to the rights of stockholders in the Bank Of Ken.
ueky and it was while pursuing these duties that his
letters to Boorman, Johnston Co. containe the sug
gestIons in relation to the contract with Jacob Little
Co meeting Of the stockholders held Sd May lsl,
Thomas smith, Esq appointed one of the directors
the BANK Oh kentucky for the ensuing year at the
meeting resolutions were passed approving the
Of the president and directors including the closing of
the books, Mr. Smith cordially asserting These facts
open rich field Of inquiry.
We recently gave tables in respect to the progress
of French manufactures The following is the official
French statement Of the trade with the United States in
| vin thc nd Ic,tar
official These official values the result of an inquiry