The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-04-17
MONEY MARKET.

Sunday, April 1876 p. M.
The Bank Of Pennsylvania having been gavansed re.
sumes its business tomorrow 1t will last probably until
the State and banks have sold out ITS stock.
After few days trial the Board Of Brokers find
that the Exchange answers admirably for their
business wooden floor is to DO laid and the canopy to
be made thicker eff ctually do away with the
verteration. The public to take great interest in
the affair. The attendance daily large and the pro.
gress OF events purges the association its weaker
bers confidence increases It's leading features of publ
city, and commissions the net amount of sales instead
OF on the par value of stock very popular Should
stock business revive to anything like the extent which
reached few years since the Board would undoubt
eddy absorb the other The number ofmembers at both
Boards is increasing rapidly, and it would advisable
that some limit should be fixed to it. For instance, the
number of stock brokers the Paris bourse xed
believe, at 60the price OF license is 100000. The
number of members can account be increased. A
person can become member only by purchase Of the IL
scence OF some member These therefore, always COM
nand very high premium. similar arrangement
might be introduced at tho Doardby fxing the
Der in the constitution and issuing certificates of mem.
bershp, which shall be transerablehe association to
have the right of approval. The old Board
working to disadvantage, and caught in their
trap When all prices of stocks fell under par they pass.
ed rule that all commissions should be charged the
par value New York AMI Government stock
above par and they must submit to loss of commissions
or re-ater the rule to suit themselves. This little
too bareaced for them attempt present. they have
taken the they occupy in the third story of the Ex
change building for another year. As James @. King has
become landlord of the whole building he may turn
out the Board-very little other than speculative bu.
siness is done at either Board.
The Mechanics Bank having procured the reduction Of
its charter will probably it's dividends change
has taken place in the direction, A. T. Stewart Arson
Baker, and g. Ireland, have been removed and Francis
Hail. editor, r. Irwin and Mr.. Clifford installed in their
places.
We yesterday published statement OF the affairs of the
Merchants Exchange Company. 1t appears that Peter
Harmony, Esq is owner Of $4,000 of the stock Of the
Company, and represents $4,000 for other parties W.
Furnis, Esq, is also a stakeholder to large amount
These gentlemen have understand taken the advice
Of counsel to the inquitous proceedings by which
property worth saOOoOoo is put into the hands
Of James King for the exclusive benefit of Earring, Bro
TIERS who advanced on mortgage S5s5,400 The ST.
600 advanced by the stockholders and the 100000 by
other parties, Of which $2a406 mechanics for work
DONE entirely excluded and the whole property given
over to the agent of London broker This agent too
Of the officers Of the Exchange Company helped
10 borrow the money, and helped squandcr it, AS
the is entirely nsolvent he round and
claims the whole for his principals in London
the exclusion of those Of whom he helped contract
debts in the name Of the Exchange Company. The
paid mechanics may bless their stars that they had the
to work for "my house that's glory enough" for
hem Who will have the impudence to talk of Mssssir
reputation when such outrageous juggle is perpe
only the heart of the city of N York but
erning the very building in which her merchants
regae. The letter of Mr. King under date Of March 2h
the most superlave piece Of impudence that is
ued even from stockiobber The letter Of the commit
- Lin
uts the Threats of the stockholders with much
hsence the dividends 500 900 stock in the
merican Life and Trust pocketed for ten years
he opinion of the counsel indeed srong" that it
smells to heaven" This counsel states that the mort
ages OF King, in the event Of the appointment of
iver would be lgated as nra'id aud consequently TO
lodge" the law and prevent the mechanics from getting
eir pay the best way is to give MIX possession which
nine points Of the law" This, he says should "be done
it'll some degree publicity in the presence of tpo in
piduas" OF course acting upon this 'cut and dried,
Union, the committee, including the highly respectable
cipent of dividends unpaid stock notes. calmly and
oily recommend for rcasons!-heaven preserve us !-or
counsel that the property 81 900 O0O should be given
Mr. King. The other creditors stockholders and mech a
may 20 to the devil Who will say that any section
tho Union is exempt from population
The position Of affairs in England ismost remarkable in
alton to the currency In January s42 the rate OF in
est in Londsn per cent. At that period, the
TX was beginning to from the long depression
Ter which she had been laboring. In the fall of
the bank OF France lent her 900 900 to preserve
standing, and sustain the whole paper system and
ofGreat Britain. The OF bullion to the vaults
he bank very slow, notwithstanding the severity
he pressure upon the mercantile community caused
he convusve conractions of the bank to get back its
BIC. The evidence Of this distress wa, seen in the
rmous price to which money in January 1872
g 9 per cent-hghor than il was ever known before
d state of things forbad the entering into new en-.
cmens, and the destruction and settlement of old on
the business Of the country PROSTATE. During 1912
demand for monev for business purposes was con.
fly diminishing until ir January Isi3 commercial
were sought for at per cent. This prostration Of
has been continued by the passage ofsx hostile to.
to exclude English goods from many different ma
Simultaneous with this falling off in the demand for
ey, the distress oft people, whose trade had been
ed by the pressure of the bank caused fearful de-
in the government revenues, which amounted TO
900 in the last quarter The Bank then pushed out