The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-03-30
FsoNEv nsARKET.

"wednesday, March 20 - '~'
The Stock Market 10 c~sonngiy heavy, ana the Dus-
merely nominal with the exception of Ohio and Ken
lucky in which most Of the operations made. Ohio
rose l.
At the new Board there is disposition TO do bust.
ness and the market is buoy ant-NIobc funds
dull at Is to 30.
= The anks of New Orleans represented declining
TO issue any of their notes, being anxious TO
ascertain positively their liabilities that score' The
for their curtailmen is the strong opposition
the part of the public to take them psope ofthe
country uniformly receive silver for the proceeds of their
crops and the same or as much of it as remains after
purchasing the usual supplies, is conveyed in boxes to
the residence of the planters Hard money is thus likely
to become the only currency in Louisiana, out of the IL
mits of New Orleans.
This feeling may ultimately force all the Banks into H.
quotation II this that caused the Commercial STOP
the Carrollton to liquidate and the Canal to curta its
affairs within small compass, with view to go on"
the stockholders dantiy express it, 1t will take long
time for corporations to outlve the odium which their
bad conduct has brought upon them.
We have repeatedly cautioned the public against the
ofthe State Of Ohio To every impartial OBJ
server, that State within the vortex OF bankruptcy
which is only declaration of insolvency. Nothing is
indicative of its weak position than the imsey let
written in various papers, and hawked about by
brokers In Wall street, impeachng remarks. The
folly of the letters carries their andoe with them
requires other remark than to point them showing
how low sovereign State has fallen when such its
of maintaining its credit. We annex to this art-
Gle the law lately enacted pay the domestic creditors
On former occasion we published the law to complete
the Miami Extension. Before remarkng upon that law
we will republish extract from letter Of Auditor
Brough, published in the last week in November in the
Journal of Commerce. probably with view to assist the
payment of 100000 then due by the State to the Ohio
Banks which payment made in Ohio stock, at 80 PEI
cent discount The letter remarked as follows
Gan act was passed in March, ls42, authorizing the
Fund Commissioners to go into the market and sell
much foreign stock" at ha best possible termsn
would produce the Of $500 after which more
10 be issued or sold. The same act also authorized the
Commissioners, order to pay contractors, and complete
the unfinished works. TO negotiate loan, principal and
interest per cent payable at the State Treasury in
default Of the negotiation of this stock TO issue instead
o per cent bonds 10 the contractors.
The i'll success Of these measures induced at the extra
session the proposition to issue 10 per cent loan interest
and principal payable at the State Treasury and in add
ton allow the Commissioners they deemed il neces-
sary 60 into the foreign market the best possible
terms thus contravenns the pledge under the act of
March, 1912 On this ground the bill couid hare been de-
feaed had the house prematurey dissolved And on
this ground wiH hbs deated1 again brought up before the
new legislature"
Now the 18th section of the annexed bill provides that
the 81 500 shall be payable in New York This &C.
cordng to the auditors admission is violation of the
State faith pledged in the act of March, 1912. We may
sum up the new loans authorised in these laws:-
For Rate. Payable Red'be. Amount.
po a%. sTsj,. p state Treasury s f SocSS
Turnpike, 81. Co. pct 1851 57,l62
Total, s211,l6s
The nth section provides that the per cent stock shall
first be offered in New York in the following form, with
in so days from March 10 -
. -, Rate Payable. Redeemabie.
Domestic creditors pref City OF NY y. Y. 1851 100000
this seven per cent foreign be sold less than
par for cash IL this stock is not sold par New York
is to be given to the contractors who may then sell as
fast and low they please Thus within sixty days
Ohio per cent stock for 81 800 900 will be upon
the Market backed by the domestic issues which viii all
be here. We maynow sum up what tho state has to pay
between and July.
This above stocks to be realized and paid over
To Baek OF Chillicolhe May l. 2si 900
TO franklin Bank, May |, $50 600
state interest July !, SEQ 600
Temporary Loans, Sc, 400 600
Repairs, &c, OF Caneis 300 900
SaSaS, 100