The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-07


The keen sighted shrewed and long nosed brokers Of
Wall street, who can smell any distance
just beginning to understand the practical effects repu
diation They have nearly discovered that when State
solemnly declares that it will pay its outstanding
obligations that those obligations worth nothing
In fact to such pitch has the issue of paper promises
arrived that spectators aud stockholders have really
looked paper intrinsic equivalent for labor
property literary mountebank that writes letters
from Washington for evening paper has the follow.
ing:-
81 don't know much more about money matters than
John Tyler does about the Constitution; but
r1e the purchase Of iron for The Navy at certain pric.
below its actual value to authorize the purchase of
terms. When the Navy Board want iron, they adyer.
se for proposals and give the contract to the lowest
bidder and that exactly the plan Of this Loan Bil
This paragraph the astute editor glorifes over
perfect prodigy Of Illustration. 1t strikes that
when the Navy any other department contracts for
goods the seller Of the goods expects receive equ
vaien. viz money, gold and silver When the govern
ment wants money the lender gets not equivalent
put PROMISE and the price is proportional to the value
oftha promise, which varies according to circumstance
Indiana government promises the brokers have a;sc
vered, worth nothing Ohio promises worth SO
cents the dollar New York promises 80 cents
What the federal government promises worth after
the Legislature have solemnly refused to appropriate
the land revenues to fulfill them
We recently alluded to exploded corner in Long
Island Railroad The board this morning appointed a
committee to examine the matter. It appears that an
association Of gentlemen placed in the hands of brokers'
money the amount of $3sOOO in order te make pur
chases ofhe stock The former President of free bank
to be the Treasurer for the Association The faithless
broker, fast the stock into his hands, on &C
count Of his principals resold through another broker
his own account, with the view Of replacing it at
lower prices. The consequence that the stock fell
the hands Of the parties and they got out an njanc
ton to prevent his paying away their money for stock
to receive, great deal Of which was on his own &C.
count The principals, who appear have acted very
honorable in the matter made indirect proposition to
SETTLE by allowing those who had stock pledged to With
draw and cancel the contracts pay the others so
cents on the dollar This arrangement depending upon
the recoveryef the funds from the broker. The CON-
mitee Of the board is now looking into the matter.
The sales very small to-day, and prices did not
vary much. The market little more frm-Long
Island fell I; Delaware Hudson /; Indiana SIS !; Har
lem rose I; Mohawk per cent New York State Ga
1862 per cent. Sales of bills Philadelphia Gin
cinnati6i.
Atea sale took place to-day, the particulars of which
will be found below. Prices showed falling off from
those current at the.l sale.
On the 9Th Of February last published compare.
tive table Of the manufactures of Lowell
for the years ls4o and ls4a showing the increase We
have since been put in possession of authentic statistics
for 1888, which we now embody in the table as fol-
lows
Co. NM