The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-02

MONEY MARKET
wednesday, June Ia p. NJ.
The stock market presented no new features to-day The
sales the Board small ut huctuang prices peia
ware and Hudson fell II; Harlem Ii Indiana SIS Mo-
hawk II: Kentucky 4; New York State 6s per cent.
The Loan OF S25OO00 which authorised to be made
by law Of the last OF the Virginia Legislature
not vet taken. The Board Of Public Works have limited
the price to 95and offers which have been made the
Bauk of Virginia. (he constituted Agent of the Loan
have yet reached that ul;matum In the negocia
ton completed the 5000 900 worth of State Stock
pledged to the Morrsons, will he redeemethe
interest due the ls July will be paid and the credit
of the State must suffer. The Board of the River
and Kanawha Company to-day to epdeavor to
take some steps to meet the emergency.
Theinsurance effected the large book establishment
OF Harper Brothers near could ascertaned
to-day as follows =
E Mutual Safety ....ioSoo Jefferson 5000
Hsray ece s Coo & ssSS
Total.... $4,000
The election for directors of the Greenwich Bank to
take place Monday the 9th inst The bona ds stock
holders that the of real property who invest their
money in stock for the purpose of lending it, and not of
making the institution instrument Of borrowing are
about to make last attempt procure change in the
management the bank before claiming the interference
OF the Bank Commissioners their property from ut
ter ruin They alleged that the management has been
such destroy public confidence in thenstution and
consequently that depositors have withdrawn their funds
thereby deprving the Of the valuable por
ton Of its business that the price Of the stock has fallen
50 per within the year that the ofthe ban
locked up in the renewal Of accommodation notes
that large amounts OF the assets which might have been
collected remain unproftably suspended through the
gect drectors that losses have been
sustained through the cause and that system OF
avoritism exists with the best interests Of all
cerned Under these circumstance they have adopted
reform ticket" the of which, they hope will
remedy the evils complained Of and restore the stock to
something its par value The present directors
have nominated themselves for re-elec ton and lay
ing pipe 10 their This is matter that
should not be neglected by those interested.
The manufacturers and advocates for high protective
duties who are now making such immense efforts pro-
the imposition Of extrav tariff entirely
overlook the fact that the duties which they coves for
their protection may only bounty to encompass
their ruin. Under high duties in the United States the
fabrics and of Great Britain will flow into the Can.
adas be smugged the lakes into the western
States in quantities and prices which will defy all CON-
petition from those manufacturers at home who cannot
live without protection Already the produce Of the west
flowing Canada with increased impetus derived
rom the prospective operation of the British tariff
and the imposition OF high duties british goods py the
United States will all the supplies Of the western
reach them by the All efforts
venting smuggling must be Intellectual along such i'm
nense the lake navigation presents singular
Of the operation Of smuggling induced by high
laws exists the present time in the trade be-
France and Span and between the latter country
and England. The commercial code of the Spanish
government is perhaps one Of the most beral in the
world and the consequence is that in country is Snug
Cling carried to great extent has become
gularly systematised, notwithstanding the strict police
and expensive line of lately established by
Espartero along the French frontier and other quarters
The Of English goods struggled into Spain through
Portugal and Gibraer computed TOO 900 francs
per annum, or Sls,750,0OO.
In the towns of Bayonnc, Oloron and Perpignan large
insurance companies established who receive heavy
premiums for insuring goods struggled into Spain, and
these insurance companies extensively engaged them
selves the Illicit trade The loss to the Of
Spain the system Of contraband in French and English
oottons equal to 900 900 sterling per in COM
parison with protective duty paid of thirty per cent
As of the operation Of the protective system
may that the importation of cotton manufactured
goods Spain from France prohibited by the Spanish
regulations and yet appears that France
carries very extensive contraband traffic in that
modify. The trade in question is conducted by contra
bandisas Of the Prenees by whom the goods are SNUG
ged into Catalonia, where they ttampedas of native
The extent ofths traffic was as follows -: