The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-05-02
COMM ER CIAb AFFAIRS.

Monday, May l-6 r. ]

monday, NAY l-o r. Ne
The stock market opened heavy this morning, and
prices fell of fraction The European news has not
had much influence upon the market and what little
effect was observable Saturday will be COM
plstely lost Tho sales At the stock boards not
large and the depression in the street appeared to be
nearly great before the arrival Of the stes
large shipping house engaged in tho Havre trade,
suspended today. The amount Of liabilities involved
10 large There snost affecting other houses
but We believe they without foundation.
The Bank OF tho State of New York, has declared d.
vidend Of three per cent
The Boston money market WAS rather stringent In
the early part Of the week. but relaxed tie towards
the close, when good paper in demand at ~ per
cent Factory agents. aecspsnces Of good drafts
cotton purchases have been done ct l per cent The
banks have discounted fair extent, and the sppre
tensions Of the public have been in great
moved by the favorable fIom abroad there but
little doubt that money will become ea'ier Of
cess.
In order to the interest Grard Bank and
the trustees ofhe United States Bank In the VioksburH
Railroad Company, application has been made BY the
trustees Of the June Trust Of the United States Bank to
the Court of Common Pleas Of Philadepha county, for
authority to loan the Girsrd Hank thssum Of two hun
dred thousand dollars who to expend for the pro-
posed purpose receiving the amount deposit from
same, payable, principal and interest, whom demanded
by the United States Bank
The claims of these two banks the Vieksburg Rail.
road Company amount to nearly two millions Of dollars,
and 1t II necessary for them to lquidae tho debts upon
which the railroad and other property Of the company
ssssd to preserve the assets Of the The
dcisen Of the court upon the question was anything
but satsaotory and the trustees left to take the
responsibility The court decided that It had ssho
rity to confirm ray the loan In advances but there
was no doubt that the loan would be confirmed.
Since the United States Bank has progressed thus far,
the Grar& Bank has concluded not to accept from the
trustees Of that bank the deposit alluded to but has
determined to advance $2SO 900 s account, with
the hope Of rsevng the company from the judgments
against it, These institutions have large amount
at stake in this issue, and have doubt satsfactory
will be made to retain the interest Of ssoh
The most extraordinary feature in the history Of these
exploded and bankrupt banking institutions, like the
vickburg Company is that they permitted to ingsr
along for many their assets are oonstanty
dwindling away, and the creditors compelled to in
them along from time to time, their dcules seou'
mulats until ANAL Sash carries them out Of existence
There than dossn Of these concerns distribute
cd through the county and the involved in them
amounts several millions Of dollars The rscsivsrs and
trustees Of each are strngng them out long posi-
bs that their occupation may oontinus and the stock
holders and other creditors perfectly powersss The
courts favor litigation relative to the aairs OF these
concerns and 20 long there is dollar left, there
will be no settlement.
The State of Michigan has been bank ridden more
than any other State In the Union. The villa Cav
banks which have long been drawing the lie oo'o
from the people, have nearly all bsen exterminated
there 10 chance Of sound system OF psnk'ns
bsrg perfected, and the currency much improved
nrs step towards this il the passage OF law prono
ing the circulation Of Canada notes In the STATE Ah'
law goes into operation In about six months
CIRCULATION o. CANADA NOTES IN MIcHIsAr
Sec Ne n enacted by the Senate and House OF Rep
rsssntatvss Of the state Of Michigan, In.s sns sv
be lawful for any person or oorpos. fins sStsy ,ir
any manner circulate Is money, at spy ume si.e 81.
months from the time this act shall pcooms raw, wv
in this state any bill note or other svidsncs o. aso.
purr ortins to he issued by any bedy corpors'e,
broker or other person carrying on banking business In
| any foreign country or province. . A.. ,rov,.;or NJ
mi" act forf.i fsr every offence three times
the nominal value Of any such oi, note or osncr st
dsnce Of debt to be reosv'red WIN S az Ill an. Sor
tb lama and cute such suit to judgment In any
court having oognisancs thereof
| A.. xnv inoorrorated company in this state VINO
sbsi nurchass or take at discount any BILL nots or
other evidence debt purporiug to bs s.ued by any
corr Grafton body corporate not chartered BY
,h issslsturs OF this that OF other state
in the United States and the cirool ton OF which Is
BY t n sT be COT Wiz
ia the same provided In the second section OF
| this act
This act was approved April a. and the period given
for tho withdrawal Of every bank other evidence
Of debt issued by any banking institution in foreign
country PROVINCE will give the psope Of nst Stats an
opportunity replace them with the issue Of sound
| banks Of other States
urs products raised In France in the year 1910, and