The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-09-27
Monday, Sept. 20.-6 p. N

moderate amount of business done to-day at the
stock exchange, without material change in rates Ohio
6's fell Delaware and Hudson United States
Treasury have improvedsales at par premium.
sale of 4ao shares of Phoenix Bank stock offered
today and withdrawn
Why that movement is made in the affairs Of the
Dry Dock BanS7 That institution having perpetual
charter should one the valuable in the city, yet
its stock is nominal at 10 Is per cent The stockholders,
whose properly has been ruined their hands, get
no sort of satisfaction from the managers TO the future
prospects Of the estimate for the pro-
bable value of the stock. When inquiries made the
vague is returned "Oh we can't tell depends
to what extent the Bankrupt Law will yet operate This
means thing nothing; but if the depend upon
the Bankrupt Law it is pretty clear that the stock is
worth nothing whatever. Why then, continue the ex-
expect get anything at all they must look to once,
and at least put in that will place before the stock
holders the real situation of affairs.
The Rensselaer, and Saratoga Railroad, extending from
Troy to Bason Spa is to be sold at auction the 18th
ofnext month"; under foreclosure of mortgage given to
the Bank of Troy Farmers Bank Of do Merchants and
Mechanics Bank do City Bank of do and the Rensse
aer and Saratoga Railroad Company. The road is to be
sold subject to right of redemption, provided by
Act of the Legislature passed the 18th April last
The Receivers othat precious concern the Morris Canal
and Banking Company have notified all creditors to send
IN their claims before the 18th January, ls43.
In the of the Mechanics Banking Association
against Willoughby, which brought the
interest bond for the payment of sixty thousand dol
lars the consideration for which $4,000 of Marine
per cent stock and $4,000 of the stock of the plaintiffs
bank, the Marine stock sold by the association
Wiloughby at par, when it worth only 90 per cent in
the market This cause, which has been in court for
some time the defendant has endeavored settled
upon just principles, have been informed and Of
fers had been made which, the opinion disnterested
persons, ALL and than the bank is justly
tied to demand but all these efforts having failed pro-
duce settlement 1t argued ably Wednes-
day and Thursday of last week. by Daniel Lord Jr for
plaintiffs and by John Anthem Esquire for the defendant
The defence was. rst usury secondly that the Bank
had right to deal in stocks and that violation
Of the powers of these associations sell stocks and that
they had right alter their organization to issue
stock This is first time the latter defence has been
raised for has been supposed that power to deal
in stocks conferred upon these associations II
important therefore, that this question should be settled
II has been the policy the tate to guard against the
ercse of this power by every banking institution of
State, and clear that such power ought is
conferred upon these and also worthy Of
remark, informed toat the able COUNSEL the
argument conceded that the to sell stocks did not
exist in these associations The question is under
advisement by the Court and the decision will be looked
for with interest Should the bank lose this property
through the illegally of the SALE will not the stockhod
ers hold the directors table,
We yesterday mentioned the fact that although the
last session of Congress liberty given to issue
$6O00oo of treasury notes. pay debts then existing
dollar has yet been issued, and not debt paid The
claims the Department then So 500 900, and
least 81 100000 This sum is contractors-
amost active and ndefagable class Of menwhose funds
being thus locked up their efforts completely para
lyzed There daily complaints of dull trade and
business, and many people are looking the tariff"
other legislative trick the magic influence Of
which they expect will make business prosperous. What
actual effect Of the late commercial and financial
movements of the government? The markets and have
been overstocked with goods The supply greater Than
the demand and the prices fall To revive those prices
Congress passes protective tariff" to prevent foreign
competition. The immediate result is that holders of
goods ask higher prices, which buyers unwilling
give and The aspect of the country
will not the mporations Of goods for sale with
the increased duty the importers therefore, opera
ting shipping business declines in the proportion
and ship builders carmen stevedores and all other ape
dages of that business suffer- At the time the
ufacturers not benefited They obtain no higher
rates for their goods experience any increased de-
mand This is the effect commercial movements and
il reacts upon the government by deprving it of its
venues This again parayzcs other branches OF business
The Secretary without shadow Of law 10 justify the
proceeding has for six weeks withheld the treasury notes
from the market and thereby deprived active class of
men OF their means Of operating The government
the contractors 81 100000 The contractors owe other
parties whom they cannot pay until they receive their
funds chain OF mercantile movements probably to the
extent OF is thus parayzed because the secre
tary does not choose pay them The given are
that he hopes to OBJ ain the money the stock IT mar and
that the notes shou be issued they would fall To or
discount. The former is none that should affect
the creditors in any way. The mopey is due them and
there law for the Department to withhold H. The
fall in treasury notes matter which concerns the cop
tractors but what is the result As they are not able n,
get the notes at ALL they obliged many of them TO
sell their claims upon the Department to brokers at per
cent discount.
The reports of offers made the loan 10 the
Department at par sockobbing tricks If the offers
have been made why they not taken1 The n that
some months since, the Secretary obtained from John
Ward and others 81 the loan at ~ per cent
discount 1t then supposed that would be
got for the stocks abroad which not turned out to be
the Efforts therefore now making to sell that
stock in this Market but goes heavily In the face of
kentucky 6's at ~ New York rs at par. To assist
this movement the balance of stock is battled out OF
the market for the present To suppose that the stock of
the Federal Government can be kept par the present
and prospective state OF its financial affairs unreasona
BILE. loan, and that for large amount isnevta
BILE at the coming session. What effect will have II s
easy to estimate. The necessities Of the Federal Govern
ment for next two years and half will be enormous
OF these may form idea by recurring to that
which exists, and that which has transpred during
the past eighteen months.