The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-05-29

MONEY MARKET.
Friday, May 10, @ r. M,


Friday, May 2s, O r. M,
There Q slight improvement in some Of the fan
css to-day and increase In transactions to
tent Harlem advanced y per cent; Reading, u; Illinois,
Vi Farmers Loan Indiana Treasury Notes, and Penn
sylvspia IS, closed fru at yesterdays prices Long
Island fell on per cent; Norwich ana Worcester III
Canton u
At the second board prices wore firm and the market
closed with upward tendency.
Our latest advcss from Mexico rather more favor
able but 1t Is impossible to tell what day or an hour
may bring forth There appears to have been change
in the feelings Of the better class of citizens Mexico
towards the United States thore evidently
indications Of speedy cessation Of hostites than
have before observed
Messrs Lcavitt Swift have been reelected trustees
Of the Illinois and Michigan Canal the part Of the
foreign bsndholders. for the next two years move
ment has recently been made by the resident bondhod
ers have the salaries Of these trustees reduced It
appears that the trustee the part OF the State
ceves only year. and has all the duties per-
FORM while the two the part Of the bondhoders re-
ceve $4,000 EACH and give very little Of their time
attention work They DO not make their appear
the line Of the canal oftsner than once in
year. and in consequence Of their absence runous de-
lays have been experienced. This should be rsmedsd
and upon proper representations being made to the pro-
per parties, we have doubt 1t will be-,
The receipts for the week ending the 9th of May
not included In the above statement 1t Is believed
that the tolls this year will be than 500 0O0 that
sum was the estimate Of the State Auditor last fall and
there is every probability of Its being reached
The receipts of the Western Railroad Company last
week, $27 o0o being increase of $40 900
those for the corresponding period in 1886 The
above is the largest weeks business on the
road
irnpc NJ hss flv honv lid L.
South Carolina relative to the sale of stock pledged
security for oan 1t appears tn at tho Charleston Bank
loaned its customer Oo and received in pledge stock
Of the Railroad and Bank Company to the amount Of
544 shares collateral security The was not paid
at maturity and at the request the debtor time was
given from 9Th December 1885, January d. ls42 when
after full notice. the stock sold in open by
broker and bid of at the full market price by pres
dent of the bank who caused the amount of to DO
carried to the credit of the debt The stock bid of
at about SIS per share months after it appreciated
and was sold at considerable profit
In November, ls45, this bill fled to compel the
bank to give credit for their resale the ground that
being trustees to SELL they could not buy themselves and
trustees must account for all their profits to their
cestui que trust and Chancellor Job Johnson In
elaborate decree decided An appeal was taken by the
bank to the Appeal Court of Equity and argued at
its late sitting The Appeal Court reversed the Decree
and dismissed the BILL thus affirming the validity Of tho
SALE Many large awaiting this decision, and
thousands would have been put in litigation if the de-
had been sustained.
The positions maint aimed by the bank and sustained
by the appeal court were these:
lst Because after the default, there in fact
ducary relations between the bank and borrower in
the just Of the terms There CATION to
serve and compensation for service. The stock
actually sold to the bank and transferred at the nccp
ton Of the debt and after the default thepropsrty
Of the bank who only bound to give credit for 1t at
the time payment was peremptorily demanded, which
they did.
ID Because the usage Of banks is obligatory its
customers, authorizing, In case a redemption is not
effected, salo by public broker, as common agent;
and the creditor having interest," authorized to
protect his interest by bidding otherwise in of in
sovency of the debtor they could not themselves
by giving the highest bid at auction
The public works Of Ohio have this year been highly
productive The annexed statement exhibits the amount
Of tolls received and paid into the State Treasury the
six months ending May 10TH in each Of the past two
ID