The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-01-23
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MONEY MARKET.

Sunday, Jan. 20 g II. Nj.
At meeting Of the Trustees of the New York Life In.
and Trust Co. held day since resgna
ton Of Mr. Bard having been received and accepted
phen Allen, Esq. unanimously elected President /;
william Bard appointed Actuary, and Talman j.
Waters Comptroller of the Company The Company
have been forced by public opinion to appoint new
President but to provide for the old one they have
made Office which they call Actuary salary of
$4,000 sinecure The high standing of the company
is gone, and capitalists calculating what effect its
winding up will have the value of real estate To
bring to market any thing like the amount of $1,000 900
which they hold, and of which 100000 in the county
Of New York, would greatly affect the market The lot
which the company occupy cost them originally $37
and they $37 6l5 on it. They also property No
40 and 81 Bond street. which cost them $232 The sale
of Hollis House,, which reported yesterday by Lud-
low for 100000 including furniture and fixtures is
specimen of their mortgages in the city. The
brought cash under the hammer per of the loan
and was bought in by the mortgagor Samuel Leggett,
Esq The probability is, that the collateral security af
fored by this property good that of any their
bonds The stock of the company is now scarcely
saeable at any pricea lot has been offering for long
time at prices falling from 1870 to TO- without finding buy
The capital 81 900 900 divided among lao holders
Of whom 81 hold 5O0i shares and live out of the state
There in the State besides trustees SO shareholders
who have 2,35l shares. the trustees, 81 in number
hold the balance The downfall of this company has
been caused Immediately by the frauds of Ncoll but its
destruction independently Of that would have grown
of the nature Of its business influenced by the revolution
in currency and prices which has been going and
nearly perfected The very extent of its credit and high
character has been the of its disasters with
capital of but 81 it has enjoyed deposes to the
the extent of 49, whereof 81 $50 by order
of chancery The time of deposites has been made the
following proportions =:
For sixty days..,... ................... 25l3S
A" five months. NEUTRALITY-SUSPICIOUS.. 2OI ,445
S3,l66,43O
This has been invested in mortgages during period
when no description Of property attained higher fictitious
value than real estate and the OF discredt and
reimbursement has overtaken the company precisely
when that property has reached its lowest specie values
aud when years must elapsc before any thing like
prices can be obtained for property. The capital of the
company has been too small to sustain large bu.
sness under such violent fluctuations and assisted by the
neglect OF strusees and the frauds its officer its dis
asters must be great.
There has been for time a much better feeling in
the real estate market The accumulation of capt. al
in the hands OF those seeking for investment and
whose confidence in all descriptions of paper secu.
rites, particularly corporate companies nas been
20 grcnt that their attention has been forced y,
real estate and enough Of that description of pro,er
has been sold to establish something like prices for n
which prove to be scarcely 30 per old rates Tb;
was the with the hotel above mentioned II was the
with house in Lafayette Place. reported some time
since II OF a in which the late Mr. Wells
the eminent Paris Banker purchased on the OF