The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-11-04


1872 the increasen that quarter under the low duties
being f2O6 os including the large derived from
Ia the manufacturing districts there again falling
off in business and the sagnation of business wa
heightened to panic by the explosion Of the Bank Of
Manchester, summary of whose condition presents the
following results:
BANK MANcHEsrER.
Direct liabilities of the bank amounted to, I,s0,462
While the estimated net assets amounted to, l79424
Showing deficiency of l6,245
Exclusive of the entire capital 74l $50
And the reserved surplus-iund and profit for the
year, amounting in the aggregate to $500
And making in the whole total loss OF 500 ,Ss7
This of those institutions connected with the
former speculative American trade, and is mbued with
false principles, that has ruined many this side,
including the U. s. Bank.
The English papers discuss largely the great speech o.
Daniel Webster, Esq, at Boston. The unqualified
domination which he gave the doctrine of reputation
hailed earnest Of a return to principles
that head but by induced any disposition to
invest in stocks Indeed, American stocks becoming
subject of ridcule. One ofthe papers, remarng
the departure Of Mr.. Robinson, the Government agent
states as follows after mentioning that he had solicited
interview with Lord Ashburton get his views the
subject and then altering his mind took his departure
without meeting his lordship -
-" II viii be in vain for any Of the state govern
this period been VIGOROUSLY entertained by several
them, under hsimprcsson that the premium of per
cent interest was too strong bait to be resisted in
try where money is not worth half the amount, and
where there so much difficulty to employ capital pro-
ftably."
Quotations were follows -
Indiana fves, 20i New York fves, 1865, rs; South
Carolina, do. (Palmers) IA United States Bank shares
los a9s.
The Brussels papers assert that the Belgian loan
has been taken 1914 less commission, &c. but il be-
eved that Messrs Rothscnid the contractors will not
q(afrn o.,1~,
portion of it present. either in Brussels Paris
not wishing to bring it the market before the
year.
The most important and interesting feature OF the
TO the American farmer is the result of the first sale o.
foreign provisions in the Liverpool market, The 10th
October being the day on which the reduced duties on
sailed provisions came into effect The results will be
fou ID in another column.
The foreign news produced material change on the
stock market There further disposition TO pur
chase the best State stock and kentucky rose per
New York 6s ofls62 per cent; New York CITY rs $50
per cent; Ohio IS fell per cent; Indiana SIS Harlem
|; Paterson J. sales Of Alabama funds 10 ala In Har
lem stock there are several large holders who went into
the market speculation. They are now mutually
binding each other each is anxious SELL and al the
time to prevent the other from selling They work
the stock of in small quantities. fast they can I, is
gradually becoming plenty, while the market price is
supported by the time purchases.
The state of affairs in Alabama peculiar and it be
hoped that the Legislature which is meet on the
LIST week in December next will carry pledge on
which most of them elected viz TO enforce the
sumption the liquidation of the banks. The State
Bank system in Alabama is coevsl with its government
but 1884 the expenses of the State government had
been betrayed by axaton up to that time also the bank
ing system had in Alabama been successful elscwh
and had produced the effects in the federal 20.
vernmen viz, surplus revenue. This accumulating
surplus became source of contention and the banks
then proposed that expenses Of the as well
the interest and sinking fund should fall upon their ac
cumuatng profits aud that the people should be relieved
from taxation. This done since the revulion has
passed them and the surplus together with half
capital OF banks, has been sunk. The remaining half
isnsucient than the interest on the state
debt, which ia as iollows:-