The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-05-12

saturday, May 11-6 p. Nj.
The stock market is in peculiar position The most
trng circumstance may create panic thro ughout Wall
street The bubble is inflated nigh unto bursting The
quotations for fancy stocks have reached great height
and areaction in the market naturally follow
Norwich and Worcester advanced per cent Ston
ingon,l do; Canton Il; Ohio 6 4; Illinois, III; Reading
Railroad u Pennsylvania 5s II; Kentucky 6's The
sales were not very large.
The annexed amendment to the act regulating Free
Banking passed the late session OF the Legislature
restricts the movements of individuals doing business
under this law and compels them to report to the Comp
troer the condition of their banks particularly
they have heretofore The banks require the rigid
inspection The frequent the publications of their
affairs the sounder their credit with the people:--
STATE Law ON BANKING.
AN ACT to amend the act passed May l4th 1874, en-
Titled AN Act to amend the act entitled an act to auho
rize the business of banking" Passed May 0, 1874.
The people Of the State Of New-York represented in
Senate and Assembly, do enact as tolio,cs
SECTION The third section of said act is hereby amend
No association of persons shall commence the business
banking under said act until such association shall
deposited with the Comptroller the securities required by
law to the amount of hundred thousand dollars and
no individual banker bankers shall the bust
notes under the same, until such individual banker OF
bankers shall have deposited with the Comptroller the
cuItes required by law to the amount Of fifty thousand
So Each and every Individual banker now doing bust
ness under the general banking law of this state who
shall before this law takes effect have received crcula
ting notes under said act shall state in his quarterly
ports whether any person or persons and who. are in
recty in the securities deposited with the Comptroller
for the circulating notes obtained by such individual
benefits advantages thereof and if it shall appear
from such report that any other person interested
said banker shall not contain such statement If he
omit twice in succession to make such quarterly reports
such banker shall forfeit thousand dollars for each
OrnISo IN cnrh okok To
such reports aforesaid be sued for and by
the Attorney General the of and for the benefit
Every individual banker who shall heretofore have
Obtained circulating notes from the Comptroller under
feet file in the Comprollers office certificate stating
the town city or village in which he resides and there
transact business under sad in any other place than
that in which he resides and in of any change of
residence of such individual banker he shall forthwith
file notice thereof in the Comptroller's Office aore
said ANY pers.n negectng to comply with the require
Iaen of this section either of them shall for each
elect forfeit one thousand dollars to be sued for and
covered by the Attorney General in the and for the
benefit Of the people Of this State.
B A. This act shall take effect Immediately.
The third section Of this amendment we should judge
was intended to prevent any further abuses of the Free
Banking law by brokers and Others who have heretofore
obtained bills from the Comptroller for banks represented
bcng located at cren places through the State but
which in fact never existed These bills issued from
Offices Wall st, and circulated through the western
country Many Of these have been created
disguise for some extensive operations. A clique Of
spectators will, by financial nesse get into their
possession certain of State stock which they
would found some fictitious bank, and for which the
Comptroller would furnish them with certain
bank bills. These erely intended to commence
operations, and constitute but very small portion of the
capital they eventually control The bills issued by the
Comptroller are, of course good he holds good So
curties but those issued by these financial spectators
OF the same name as those received from the Comptroller
but without the counersgn are valueless and intended
to swndle the public There free banks in this State
who have circulation Of at least three dollars of their
ownssues to one Of the Comptroller's.