The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-20
1888, 1892
| ll0,626
3 9S0,0si
3 222,740

Total stocks and specie, s9NOsa
Capital os above, 222740
727665
mercantile Institution has so per cent OF lis capital in
vested in stocks 20 per cent ing idle and 100000 bor
rowed money unemploy ed Of which s52 oc> due
try banks Can there be any doubt es the basis of the
late stock bubble7 Ohio stock his been forced up by
Spectators 20 per cen, in few weeks and the Journal OF
Commerce has informed its readers that capitalists
found good to buy"and that two three individuals
laid their heads together and bough. 100000" The
Bank of Commerce, it appears has loaned few brokers
Sl2 900 pledges OF 2O5 732 Ohio per cents at so cents
on the dollar Others have up United States per
cents to 49, the other banks in the city have done as
much towards fostering speculation, SO 600 are now
waiting to be realised at the expense of irresponsible bro
kers who are paying the interest the loans and hope
to make profit The manner in which the Ohio bubble
was got up very simple. First, the commissioners
make report their tools then set about procuring pufs
for the report in all sections of the country The Wall
street papers of course do it. Letters then appear in all
the Ohio papers The Ohio Statesman copies from the
Portsmouth Post letter from New York, as follows
"OHIo srocxs--We received letter from friend in
New York. dated April 29th from which we take the fol-
lowing extract He says let me give you the pleasing
and certain, and to the whole State most important intel
gence that Ohio stock is going at steady hard gal
oP has gone up in less than ten days 10 per cent
1t stands firm at 79t The great brokers, Prime Ward
King Co have gone into the stock this day fol $4,000
1871 and this taot establishes another wit that
must during the next week, 60 fully upto IS. Then will
the cent loan be taken to dad and moral certain
fy at par, and them too will Ohio stand redeemed rege.
nerated and Observation-Disclosures of all embarrassment
for breathing spell at any rate. The fear of OhiOs be-
coming repuda'or, getting herself into state Of sus.
pension and bankruptcy next pay day july has passed
This of you and ALL will be the rejoicing
news that could communicate, and on you may rely.
Too much credit cannot be ardcd to good and wor
thy friends Brough Hubbard-they have obtained and
secured for the State OF Ohio the highest, stmation and
good opinion, stolen Gt you willy golden opinions from
par and all Ohio stocks will be at par This stoday the
current universal opinion expressed to me at in and
about the Exchangea over Wall street. and through.
out the whole CITY,"
The Albany Argus followed with similar amusing puff
for good and worthy friends" The wires
pulled inIa directions Meantime the bank controlled by
the grea brokers' lends money the stock Spectators
buy it, and the price goes up, OF The trick
glazing, however the proposals opened and
tempt made make the people believe that part has
been taken. The Buffalo Commercial Advertiser states
"Messrs. Hubbard and Brough, Canal Fund Commits
soner and Auditor of Ohio, who have lately obtained
loan of 6oOO0O by disposing of per cent bonds at
par state ha. there in Ohio 93s miles Of canals and
63l miles Of Macadam roads owned by the State which
cost 81 6, 926, 1913"
In the meantime the per cent stock settles back to
per cent. New, Messrs. Bankers, how much Ohio per
cent stock have you got stuffed in your vaults you
intend to carry" all the American stock held in Europe?
how do you expect to get clear of the stocks with
which you stuffed, when merchants want their
ney Do you imagine that such tricks those Ct Ohio
calculated to restore confidence in Europe far as
to relieve you Of the stock Who is to buy when you
want to sell