The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-07-15
COMMERCIAL AFFAIRS.
MONEY MARKET.

The Bank OF Savings has declared the usual divt
dend, payable on the 18th July.
The Bowery Savings Bank has declared the usual
dividend payable on the 18th inst.
The Seamen's Bank of Savings has declared ithe
usual dividend payable on the 18th inst.
The Delaware and Raritan Canal and Camden and
Amboy Railroad and Transportation Company have
declared semi al nual dividend of six per cent
The Bank of Kentucky has declared semi 81 nual
dividend Of tws-and-a-half per cent, payable at the
Bank Of America, on the 18th July
The Bank Of Mobile has declared a dividend Of two
and-a-half per cent, for the last six months.
The Mobile Insurance Company have declared q divi-
dend oftwenty five per cent.
The Merchants Insurance Company of Mobile,
have declared dividend of six per cent.
The Firemen's Insurance Company of Mobile, have
declared dividend their capital stock Of twenty
per cent.
The Lewis County Bank, another SafetylFund bank,
has suspended Its notes no longer redeemed in
Wall street.
The following rich expose ofthe affairs of the Canal
Bank Of Albany we take from the Albany Atlas. 1t
g the public insight into the machinery of those
safety fund banks which will be Of vast service they
will only govern themselves accordingly The Canal
Bank has long been the pet institution of the sdvo-
Gates Of the system and has been considered the
model bank of the State The Developments made
since suspension another evidence rotten.
banks generally and the ability they have of
sustaining their credit to the latest Of their
existence Here is bank rotten to the very core,
naged by the oldest political demsgogue of the State,
enjoying high credit amidst all its corruption and its
bills held with confidence by mechanics and laborng
men of all classes in every section of the Stateand
when such things exist where to look for
rty! The annexed article from the Atlas, tells the
md 10 ipta IN bo
do not happen to be creditors of the bank, coming
from a paper of the same political party
CANAL BANK OF ALBANY.
From the Albany Atlas, July 18th.
f.;inrs ~ tbs rsn.i Raw phch haS 20 sne
died. has been by the facts that have trans
PRED, during the investigation Among the many dis
graceful bankruptcies in this State there has probably
never occurred one worse than this
The commissioners appointed to examine into the
dollars in spe Gle, and not bill of q solvent bank
and this, and the accumulation Of broken notes on
hand constitute the assets Of the bank On the other
hand the circulation is found to be double the amount
first reported by the officers 1t is already
to be and the investigation has not yet termi
mated The amount due to individual depostors, and
to country banks is very great for the paid
large and unaccustomed Of interest for the use
Of deposits The hope that was first entertained that
the loss would be confined to the stockholders, and
that the and depostors would be safe has
sensby diminished before this revelation Of the empti
of the bank vaults and the discovery Of this I'M
expected amount Of Indebtedness.
The constitute the Board of Dreo
Thaddeus Joy, Edwin Croswell, Charles Van Benthuy-
sen, Edward Archer, Theodore Olcott, H. T Meesick,
Rob. c. Russell Elisha M. Pratt, Archibald Mcclure,
Cyrus Hawley, j. X. Paige, Shaler Cady s. w. Hoag,
VIM. J. Fryer, Daniel II. Ford J. X Paige President;
Theodore Olcott, Cashier.
In this list our citizens will recognize the names of
many estimable and upright men, who far from being
implicated in the Encouragement, have merely had
nominal authority and are the principal victims of the
explosion They will ognize the of others also
CATEGORY,
have not reaped the benefits Of the mysterious system
Of bank operations, have been its controlling direc-
tors and responsible to the community, and to
their associates for this catastrophe.
The chief among them, the real master spirit of the
charter Of the bank of the original commission
ers to distribute the stock. This in 1929. He 10
the only Of the first directors that has remained in
the board through the nineteen years since In 1910
a contest arose respecting the administration of the
bank, and an attempt was made by portion of the di
to investigate some of the secret practices of
the management. This resulted in a memorable con-
test for the control of the institution in which, by
great efforts and adro management the Croswell par
ty trumphed, and the disorganzingn gentlemen
who had sought investigation, compelled to
abandon the board After this the power of the bank
chosen its presidents but his political friends
strated with him on the mpocy of occupying that
position, when fresh from an anti bank war and he
content with the actual control the institu-
tion, without the name of president.
He struggled to avert the exposure, and the day be-
fore the bankruptcy made desperate attempt to bor
row 100000 to carry the concern while longer.
Whether at this time the vaults of the bank were
empty they when the State Commissioners
reached them, we cannot even guess 1t is said too
that he is debtor to the institution to the amount Of
$4,000 We have waited for the Argus to tell the pub
lie how the $500 900 capital Of the bank, the 100000
circulation and the hundreds of thousands deposited
by the State, by individuals and by distant banks,
have been squandered, and why 1t gave intimation
Of the fact 1t has been silent The silence which 1t
observed when the worthless paper Of the bank was
being forced on the community down to ths moment
of the explosion 1t still continues in order to up
OperatiOns
room But 1t will have to speak out. The public have
right to know the mystery Of this iniquty and they
will require that the actual chief manager Of this
Germ shall give account Of his administration for
the last ten years.
The list of directors given in the above comprises
Of the most respectable in the city Of Al
bany; and have doubt their supposed respecta-
blity has given the institution which they pre-
sded credit and character which it would not have
enjoyed, had 1t been established by individuals less
widely known, but of more real respectabty. The
of every bank in the State, and, we might
say in the world at large have the reputation of being
the most respectable and upright" in ex-
istence but, far experience goes, all of
most notorious highly respectable men are the most
consummate scoundrels in existence. Somehow or
other these indviduals--who unfortunately comprise
. large portion Of the reputed men OF wsalth-obtan
reputation for honesty &c. and make Of that repu
taton for the purpose of swindng the community IL
the easiest thing in the world for any desperate cha
racter who wishes to get up a swndling concern of
any kind, to make up board Of directors of most
highly respectable names" These individuals lend
their for the most dishonest purposes
and, when the explosion takes place, they re-
pudiate all connection with the and say that
they never gave their consent to have their names
used. Every acquainted with Wall street matters,
testify to the truth and correctness Of these
l..,o