The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-25
MARKET.

1n0 meeun8 OF the stocKnOAueIs u tue NeW OIieaus
Banks, for the purpose Of collaborating upon the propriety y
Of accepting or rejecting the acts amsndatory to their
passed at the late session Of the legislature,
were to have taken place a. follows -
Mechanics and Traders Bank, Thursday, l4th inst.
Canal Bank, Friday, 18th inst.
City Bank, Saturday, 10th inst.
Commercial,Bank Saturday, 18th inst.
Union Bank, Monday, 18th inst.
Bank of Louisiana, Thursday, 2lst inst.
The Improvement Bank has gone into the Parish
Court, and prays fora surrender of her charter. The
2eth Of April, il the day fixed for hearing.
Al the Commissioners of the Exchanges and Atcha,
falsya B snks proceed in their labors, they fndthings in
a most sad state of confusion. Where q statement had
been sworn to by a Cashier ofone of the banks of that
city, that there were only $500 900 of circulation out, it
now appears that there were 81, l00, 600 ahoat.
The Commercial and Farmers Bank of Baltimore has
declared q half yearly dividend Of three and a half per
cent.
At Boston, yesterday $500 U. S. 6 per cent Government
Stock sold at soi per cent.
A meeting of the stockholders OF the Girard Bank Of
Philadelphia, was held en- Friday. We have gathered
the following items from the report Of the committee of
investigation -
The nominal capital Of the bank is one
hundred thousand shares, at $50, S., 600, 900 90
1t holds Of its own stock, at par, 34,I72
shares, Lies, 600 90
Leaving its actual capital only 32ol4oO 90
When the bank closed on the 27th of
January last, its assets, exclusive of
it. own stock were 100000 90
It's liabilities, exclusive of those to its
stockholders. appear to have been LABS, 692 90
ss,26S, sos 90
So that, If all the assets were available at the price
they cost the bank, they would still be insufficient to
meet its liabilities to the public, and return to livestock
holders the par value oftheir stock. Ofthis there is very
little hope however.
On the 9th Of February, when this Committee COM
menced its labors, the assets of the bank consisted Of the
following items, as per statement
Bills discounted, $l,74s. e7s-Ia
Sundry Stocks and Loans, 3lO7, TAG o.
Bills receivable, l9o6l7 70
Due from City Banks, AHA II
Real Estate, l6ss6l 80
Agricultural Bank Of Mississippi, ss.s77 So
Planters Bank, hatcher, 1882 ~
Due from sundry Banks and Corpora
tons, % $40 IS
sSJeso,7 sa 81
Ofthe bills discounted 81 ,433 ,5ls are dishonored, AID
are mostly loans of stock which have greatly deprecia.
ted. The stock loans consist mostly of the following
items -
stonington Railroad, say, $500 900
North American Trust, say, SOC, 0oe
Debt ofthe vicksburg Bank, 100000
Pennsylvania SIS, 100000
Girard Stock, LIES, 900
The bills receivable are due from south western banks.
| The real estate consists of mortgages taken in settle.
| ment of debts. This presents a most disastrous result.
| Never were folly and wild speculation followed by
| more complete destruction.
| The constant discovery of the existence of such a
state of things as is presented by the banks, which have
exploded, particularly in Philadelphia and Sew Orleans,
serves more deeply to impress upon the public mind, the
evil tendency Of the pepper system; and to increase the
dread Of what may be developed when the test Of specie
payments Is pushed into the districts of Tennessee, Viz
ginis, A~labamaan and New Orleans. The elements of bet.
ter times are in existence, and regular, healthy trade il
on the increase rapidly, on a specie basis, and also the
credit Of those States that have taken the proper method
to put it on a good footing. The obstacles in the way are
the bad prospects ofcotton abroad, and the credit of those
States which have made no provision 10 meet the de-
nands upoA them, and above all, the fiscal concerns Of
the federal government, arising out Of its Facilitating po-
Icy, or rather the utter want of any fixed system off,
| nance. The stock market has during the past week, be-
come very bouyant, and 4 general rise in prices has taken
| place. As far a. the sound stocks are concerned this is
| healthy, beca use those securities have been uuwarrant-
| ably depressed under the influence Of the general bad
| character Of the suspended States. Those which have
| made ample provision for the claims upon then are
| worth much more than even present prices, while those
| which have confessed inability to meet their debts are
| worth comparatively nothing.Tn November last we clas-
| si6ed the States under three heads az follows -
The srst comprises those, the debts of which are per-
| works require no increase Of loans to perfect them. The
second class are those whose debts are heavy and beyond
| their income, but which have the means Of paying il
taxation should be enforced. This third class compri-
9 those which require large sums to complete the