Copy of Note from MR. BATES, OF THE HOUSE OF BARING & CO. TO PETER TREZEVANT, ESQ, dated Bishopsgate Street, 14th May, 1842. Mr. Bates presents his compliments to Mr. Trezevant, and begs, in reply to his note, to state that he is not aware of there being any South Carolina bonds in the market for sale. Messrs. Baring & Co. have a few thousand pounds remaining, which they are willing to dispose of at 91 with the dividends from Jan. last, or 89, dividends from July next. PETER TREZEVANT, ESQ. OF ENGLAND, TO DR. D. H. Gloucester Place, Brighton, October 15, 1847. The dreadful failures here, and still continuing to large amounts, have made great falls in public securities of every description; on 34 per cents and 3 per cents, (called Consols) from par to 87 per £100, and are expected to be still lower; the South Carolina bonds that Mr. McDuffie sold here, for which I paid £95 per £100, are now to be had at £87 10 per £100. Extracts from Letters of Messrs. Baring, Brothers & Co. London, to C. M. Furman, Cashier of the Bank of the State of South Carolina. 1845. do. Jan'y. 3. American Stock. Since the arrival of the steamer Pennsylvania, 5 per cents have been in great demand, under the prospect of payment of the February dividends in cash, and have advanced 5 to 6 per cent. In other stocks not much doing. Louisiana Union Bank, none for sale. (Among numerous other quotations.) Pennsylvania 5 per cent 67 to 68. South Carolina, (Barings) 92 to 94, without dividend; nominal. Do. (Palmers) 88 to 90, do. Tennessee, 90 to 91, nominal. U. S. Bank Shares, 20 s. U. S. Bank Debentures-(Denisons) 60 to 65. U. S. Bank, Rothschild's Debentures, 40, nominal. March 28. Since the receipt of the President's Inaugural Message, there has been a disposition to realize American Stocks, and as buyers are not readily found, sales have been made at 3 to 4 per cent under our last quotations. Pennsylvania 5 per cents have been done at 65, and Maryland Sterlings at 61. No Louisiana Bonds have been offered for sale. May 3. We have no change to notice in American stocks since our last, and as the transactions continue to be of a very trifling and uncertain character, any quotations would be but nominal. Sept. 3. The transactions in American securities continue very limited, and quotations are, in consequence, nominal. Pennsylvania have declined to 67 to 68. Nothing done in New York or Ohio. No Louisiana for sale. Dec. 3. American Stocks. Business is paralyzed by the uncertainty about the Oregon question. There are no buyers, and forced sales must be made at great sacrifices; but under these circumstances, holders generally keep off the market. Pennsylvania 5 per cents of fered at 65. 1846. Aug. 3. Sept. 3. Sept. 11. Oct. 3. Oct. 19. 1847. The transactions in American stocks continue limited, and prices American stocks continue neglected, and the accounts of the stock business to quote prices. No transactions to notice in American stocks. In American stocks there is so little business doing, that in al- April 19 No change in American stocks. The intended payment of interest by the State of Maryland, on 1st of January next, has given firmness to the holders of these bonds, and there are buyers at 65, without finding many sellers. In Pennsylvania, some small parcels have been sold at 65 and 66. March 26. American Stocks. There have been, since our last circular, some considerable sales of Pennsylvania 5 per cents at 66, 65 and 65 per at. Buyers of Maryland, at 65, sellers at 70, and the market in suspense, until the final settlement of the Bill now before the Legislature of that State. Sales of Indiana at 35, at which some is still offered. In other States no material alteration, and the present state of our money market is unfavorable for any demand for the purposes of investment. June 3. American Stocks. The prices in Europe are now mainly, if not entirely, regulated by those which rule in the United States, and the late quotations from that quarter have produced corresponding improvement here; the business has, however, been trifling. No disposition is manifested to increase investments, whilst at the same time holders seem willing to keep what they have got, and very little stock comes to market. Our following quotations show in most cases the rates at which there are either buyers or sellers, to moderate extent. (Among numerous other quotations,) Ohio, 6 per cents-88 buyers to 90 sellers. Pennsylvania, 5 So. Carolina, 5 So. Carolina, 5 6 66 68 66 70 66 82 85 Palmer's 86 90 Baring's. June 18. American Stocks. The improved quotations from the United States have had a corresponding effect here, and with increased firmness in holders. Many of the American orders for purchase have not been executed. Pennsylvania 5 per cents have been done at 62 per cent. for trifles; we should quote 70 to 72. Maryland 70, nominal. Indiana has been done at 37. Illinois at the same price. A large purchase has been made of Michigan, at 30 per cent at which price there are still buyers, but no sellers unOhio 90 to 92. No New York in the market. South Carolina Rail Road Bonds have fetched 85 per cent. der 35. Extracts of Letters from C. J. Hambro & Son, of London, to C. M. Furman, Cashier of the Bank of the State of South Carolina. 1847. Jan. 14. There is nothing doing in American stocks, and but little variation in ours. The market is flat, and money is getting scarce. Feb'y. 16. There is no material alteration in our markets since our last. Stocks are a little firmer, money 4 per cent. March 3. In American stocks there is no business transacted. April 3. In American securities there was some activity, and some good business has been doing in Pennsylvania 5 per cents at 65-6; Massachusetts 5 per cents, 101-1024; Indiana 5 per cents 34-5; Mississippi 6 per cents, 48; Alabama 5 sterlings, 72-4; South Carolina State or Rail Road stock has not appeared in market. 19. New York 5 per cents 88 to 90; Pennsylvania 5 per cents 644 to 65; Ohio 6 per cents (1856) (1860) 88 to 90; Massachusetts 5 per cents (1868) 101-102; Indiana 5 per cents, 32-4; Mississippi 6 per cents, 48. แ May 3. There have been several transactions in American stocks since our last. at the following quotations. New York 5 per cents 87-8; Pennsylvania, 65-6; Ohio 6 per cents, 86-7; Massachusetts, 100-1; Indiana 324-34; Maryland 68-70; Mississippi 48, United States Bank shares 14 to 15 s. June 18. Our money and stock market remain heavy. July 3. New York 5 per cents 88-90; Pennsylvania 5 per cents 74-75; Ohio 5 per cents 90-92; Massachusetts 5 per cents sterling, 100, Maryland 5 per cents 69-70; Mississippi 6 per cents. 48; Alabama 5 per cents 56-58; Michigan 6 per cents 30; do 5 per cent sterling 25-6; New Orleans city 52-55; United States Bank 17 to 18 s, 5 August 3. Prices of American Stocks.-New York 5 per cents 91; Pennsylvania 5 per cents 70; Ohio 6 per cents, 90; Massachusetts per cents sterling. 100; Indiana 5 per cents 37; Illinois 6 per cents 37; South Carolina 5 per cents (Palmer's) 85-86; Louisiana 5 per cents 87; Maryland 5 per cents 70-1; Mississippi 6 per cents 48; Albama 5 per cents sterling 56; United States Bank 16-17 s. 18. We subjoin quotations of stocks and exchanges. American securities are rising in value, large orders having come over from the United States to invest money in them. Our stock market is dull. American Stocks, 18th August, 1847. United States 6 per cents 102; New York 5 per cents 89 to 90; Pennsylvania 5 per cents 69 to 70; Massachusetts 5 per cents sterling (1868) 100 to 101; Ohio 6 per cents (1850) 88 to 89; Indiana 5 per cents 37 to 8; Ohio 6, (1860) 90 to 91; Illinois 6 per cents 37 to 8; South Carolina (Palmer's) 86; Louisiana 5 per cents (Barings) 85-6; Mississippi 6 per cents 48; Alabama 5 per cents sterling, 57-8; do 5 per cents (Lizardi) 60; do 5 per cents sterling, 25-6; Michigan 6 per cents 33-5; New Orleans Can. and Banking Sh. £15 2 6-10; United States Bank 16 17 s. Sept. 18. The funds are very flat, and prices tending downwards. We give you the quotations enclosed. On American securities it has not had much influence, the market being very quiet, but of course there is a general indisposition on all sides to invest at present. Oct. 4. United States securities-no business has been done; prices are When the Bank of Charleston purchased the £5,000 of Rail Road bonds exchange was at 10 per cent. which made the purchase equivalent to 88. To the prices quoted, exchange must always be added. REPORTS OF SPECIAL COMMITTEES. (1844.) In the Senate, Dec. 18, 1844. The Special Committee, to which was referred the Report of the President of the Bank, in answer to a call for information, concerning debts of Incorporated and Manufacturing Companies, ask leave to Report: That they have had the same under consideration, and have given that attention to the subject, which the near approach to the end of the Session, and the pressure of other business allowed them, and have arrived at the following conclusion, which is submitted for the consideration of the Senate. They have not had time to examine minutely all the Bonded Debts set forth in the Exhibit (A.) but have confined themselves principally to Bond No. 1, which is due by the Nesbit Manufacturing Company, and which seems to be the largest debt due by any Incorporated or Manufacturing Company, and larger than the aggregate amount of all the debts due by other Incorporated Companies. In examining the said Exhibit, we find a statement of the amount now due by the Nesbit Company. ($91,898 77,) to which, however, must be added the interest from October, 1841, as the Report itself informs us that no part of this debt has been paid. Again, this debt is said to have been contracted in 1841, with this explanation: that the Company, as a Company, contracted the debt at that time, but that the money had been previously loaned to individual members of the Company, for its benefit, during the administration of the former President of the Bank. The remarks opposite Bond No. 1 will show that this debt is secured by a mortgage of Works and one hundred negroes, and also by a Judgment covering eighty negroes more, which property, of itself, would not be sufflcient, in the opinion of the Committee, to pay the debt due by the Company, in consequence of the difficulty in finding a purchaser of that kind of property, although it may be worth intrinsically the debt now due. The President of the Bank also informed the Committee. that in addition to the security already mentioned, the Bank had individual security, and the names of individuals were given, but the Committee not having any personal knowledge of their situation, are not prepared to give an opinion on the subject. By referring to the Act of 1812, establishing the Bank, it will be found that the Directors are required "to call in one tenth of each loan in each year," and as we are not aware of any subsequent alteration of this provision, we are of opinion that the law should have been strictly complied with, |