The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-07-04
MONEY MARK ET.

uAOuuays July o~-O Fs
The stock market was heavy to day generally
ally the case on holiday week. The bear party taking
advantage Of the general nac,on get the advantage OF
the bulls opposing interests and the charging pri
ces evnce the progress Of their struggles while the great
interests OF the country roll onward and hourly improve
Ohio stocks rose per cent to-day Kentucky closed at
yesterdays rates. dividend off Illinois fell per cent;
Harlem and Long Island firm.
At the new board the sales were mostly Illinois.
The Illinois Commissioners, Messrs. Oakly and Ryan,
were empowered by the Governor of Illinois to receive
the dividend due te State OF Illinois from the bankrupt
estate Of Wright 4 Co.. London. 1t will be remembered
that that house failed with large amount of Illinois
bonds in its possession portion of which they had used
on their account. The dividend over f75 OOO has
been lying in the Court Of Chancery for time sub.
jec to the action OF the State This will now speedily
be RENTED 10 Illinois.
We ders,and Manhattan Bank refuses to pay out
its bills, as the law applies TO oil chartered
banks.
Ga Saturday, July lst the law abolishing Bank Com
missoners went into efiectand on the first Monday Of
August next the first quarterly accounts to be pub.
.ished This law likely to have great influence up
the banking movements of this State and consequent
ly upon that of the whole Union We will give sum.
mary Of the provisions of this law:-
SYSorss OF THE Law TO ABOLISH OFFICE or BANK
CoMMssIosERs. AND Toa OTHER PuavosEs, PASSED
APRIL ls, l543
SEC. l. Every chartered Bank is required on the Ist
July, 1913, to deposi,e with the Comptroller tne.r bill
plates VITA full and accurate account OF all the
outstanding that day. No bank thereafter to issue
notes not countersigned and registered by the comp
troller ii application made to comptroller
faster than he supply them the banks may issue
many Of the cid circulation may be necessary The
stockholders be individually liable all old notes
outstanding after July 1914 After July Is44. no bank
shall countersigned and registered at the
comptroiers office. ALI notes Issued prior to July lSs3
and not counersgned before July ls4 shall that day
flp rhn
prepare certificate to that effect
sfc .. The comptroller shall keep the plates and do.
amount, which, with all previously outstanding shall
not exceed the amouat now sllowsd by law [vz: twice
the capital He shall employ suitable persons sign all
notes snail ne registered before delivery
banks. The expenses to be paid by the banks.
SEC. Every bank shall make full report Of lis
turns the FIRST Monday of August s4s quarterly
thereafter. 1he comptroller shall publish si
ports with summary, IN the State paper; and each bank
shall publish its own report in newspaper in the county
where II Is located.
src 4. The comptroller shall publish the reports and
summary in par before the 20h OF August Novem-
bsr, February and Nay each yearexpense paid
by the banks. Ii any bank fails 10 make report in
line it shal forfeit 500 The chsrter shall be forfeited
il the report is not made in two quarters
SEC D. When 1t shall arpear from the reports that the
capital OF any bank is reduced the comptroller shall
oblige to redeem ITS circulation the extent.
SIC o. Aboiishes the office OF bank commissioner.
When the affairs OF any bank require it, the comptroller
shall appoint special agent to examine IL, whs shall
have the same powers as the present commissioners II
he bank found delinquent shall pay the expense OF
the examinston II not, II shall be assessed upon s the
banks
SIC I. Any bank aging its dues to the safety fund;
and such as il would be Liable ~ IL existed the
charter and all other liabilities may wina up s NJ
fairs ana distribute ITS assets among lis
sse.e Repeats all laws conflicting witN TINS ac''
The of this law in relation TO the depoe OF
plates h and deriving their issues from the Compro
er counersrned is similar to that of the bills of the
free banks. This greet and important difference how
ever exs The free banks obliged to deposite full
and adequate security in the .shnpe OF good New York
,ocks in the hands the Comptroller for the payment
=, the notes The safety Fund Banks not required
eposi,e any security Tor the redemption OF their bills
rhe security of the billholder is greater under the
nav regulation than under the old law and will depend
.pon his faith in the bank altogether The probability
s that under this state oil things the free bank bills will
become the favortes with the public, they have
tus specific security which the others have not Under
these circumstances il will no difficult to retain circu
alton Tho object of the law Is to prevent the infringe.
Of the safety fund law which bids the hypo,he
aton Of notes That ision has always evsded
and has led to extensive losses The circulation Of tho
chartered banks limited in amount bu, that Of the FREQ
ranks Is restricted only 10 the securities Which they dc
,oste In the chartered banks all the stockholders arc