The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-03-20
MON Ely MARKET.
Sunday, March 1876 4

At Boston there $4,000 sales Of Massachu-
sets per cent stock, payable in 1857 coupons
offered at auction and $1,000 sold % cash. and the ba
lance withdrawn. New York per cents redeemable
1858 selling 3d. interest Off equal 93{ before the
shutting.
bill has passed the Legislature of Illinois authorizing
the to Stebbins and McAser $3.50 OOO Dor.
rowed ofthem in the summer of lsll by Gen. White
Sides the ypothecaon of $500 900 Illinois per
bonds. That transaction was briefly follows
The new Illinois commissioner, arriving in this
city found state of things existing between the
former commissioner and Nevins s. Townsend, who
were the former agents that caused him to make trans
fer OF the business from their hands speedily posi-
BILE They accordingly placed the agency with Steb-
bins and McAlster That house then in order enable
the commissioner 10 meet the July interest," loaned him
for six months pledge of 1894 900 State per
cent bonds created for that purpose and redeemabe in
1865. This loan al the rate Of 40 cents the dollar
and the market price of the bonds that time per
cent The house then Immediately turned round pledged
these bonds, in various amounts with different brokers
and banks in order to raise the money There appears
to have been special agreement for this but the
missioner could not have supposed that the house could
from their resources lend $3.50 at the legal rate
when money was worth Ia per cent and probably the
State had been able to pay the loan when
the question would never have been raisel The loan
fell due, however and the State could not pay In the
time, the price Of the onds fell to 90 per cent
leaving the lenders short sl65OoO Accordingly steb-
bins and McAlister unable to meet their engage
ments and the nalments not paid to the State as
agreed upon Gen. Whtesides Immediately enjomed all
the bonds pledged by stebbins ard McAstsr claiming
them the property of the State of Illinois. The
missioner then called meeting of the bondholders plead
ing the noniabii OF the state the bonds in
quence of the fufment Of the original contract in
regard to payments and ultimate arrangements and pro-
posing the bonds and receive from them evil
dence of debt for the money actually received by the
be divided among them pro rata when the State
able pay. This declined but is substantially
what the loan proposes viz: that Stebbins and
McAlser shall return all the hypohecated bonds, and
receive certificates for the amount actually loaned the
State pay able in instaments after 1874 The benefit Of
this law is not apparent. The bonds nearly all
pledged to different parties from whom they cannot be
recovered without outlay of money for several years.
greater than will ultimately be received from the State.
The Mechanics Banking Association is an instance.
That institution loaned $2l goo to Tracy Gould, on
pledge Of the bonds being at the OF 40 cents
on the dollar As the bonds fell in value, they
quired TO Increase the deposte and it is now believe,
$4,000. These bonds enjoned and the bank then
released Tracy Could and took Sebbins' guarantee.
These bonds of 1865 selling from to per cent less
than the other bonds of the State. The law was passed
by one poe under the vigorous lobbying exerons ofthe
interested parties new Legislature will meet before the
nsamens are payable and the plea of forfeiture for non
iulflment may be yet enforced.
tits stated that the Canal Bank of New Orleans has not
gone into liquidation. thas been long settling its out
standing affairs in order to bring business into small
compass. 1t recently sold the arcade on which il hold
mortgage OF TOR Slas 0O0hss discharged mos, o
its clerks gradually paying up the which
il received last fall from its stockho ders this quarter
Who believing tito be in sound condition, propose to 20
on with its business can be done
ly.
After six years Of uninterrupted prosperity under the
low of the compromise tats the manufacturers at
the Eost discovering that by destroying the business
of The consumers Of goods through high tariff they have
out their throats The property of the Brunswick