The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-08-27
MONEY MARKET.

The stock market opened very buoyant this morning
and every fancy in the list improved some as much as
three per cent Treasury notes closed Arm at yestsr
days prices Long Island went up per cent Canton 8,
farmers Loan l. Harlem lS Norwich and Worcester s.
Reading y, Morris Canal 2, Illinois y. Penn hves ~
There large sales the Improvement and there was
great activity among the bulls The ups and downs in
the stock market sudden and unexpected that
the shrewdest spectators caught wrong side
OF the fence Some Of the fanciss have, amidst the
wreck which Others have experienced steadily advanc-
ed and there is everyprospect present ofthe in
Harlem and paying pretty dear for supplies to
make good their contracts.
At the second board, Norwich and Worcester fell of
per cent Treasury Notes e; Canton advanced per
cent; Morris Canal NJ and Long Island 4
There have been many made lately relative to
the quarterly reports of banking
law appears to be decidedly defective upon this point
Is proper that the question should be placed before the
public In its true light We in favor Of frequent re-
ports Of the banks In every State in the Union but we
want them made in such way will give the best in
sight into their operations 1t is also necessary that all
the banks in each State should make their reports SIM
utaneoualy that may arrive at the whole banking
movement Of each State SO far each bank Ia con-
cerned each report stands by ITSELF but want some
thing upon which form opinion relative to the
aggregate bank movement of the country, data,
from which base calculations of the periodical
expansions and contractions and tho influence upon
commercial affairs
According to the free banking law, private bankers
not required to make quarterly report Of the oon
dton Of their banks the position their banking
operations; and long any of these bankers
fuse to make reports, the public deprived Of
rect statement Of the banking movement Of the
We annex statement Of the proprietor of the New
York State Stock Security Bank giving the authority
upon which he refuses to report the Comptroller We
give this for the purpose of pointing out the Lega
ture the defects in the law it stands; the Comp
troer is already acquainted with them and Is therefore
compelled to make his report without the Of
above named bank. Other private bankers in this
State have much right to refuse making quarter
ly reports, any other reports, the proprietor
Of the New York State Stock Security Bank and
it is by means improbable that Of them
may not do So Private bankers under tho free bank.
log law, annually increasing and it would be well
for the Legislature alter the law that quarter
ly reports will be made by every banking institution in
the State whether carried by in .ividua or by
board Of directors whether owned by one one hun
dred individuals.
To THE EDITOR OF THE HERALD
The Albany Argus Of the 18th instant has the follow
ing paragraph We have received the tabular stato-
ment prepared at the Comptrosrs office, of the Quar-
tsrly Returns Of the Banks the lat instant which
ali banks excepting the New York state stock Security
Bank &c.n This appears to imply that the Now York
state stock Security Bank Is bound to make quarter
report and insinustes O. insure for not making one
The aIbanv .arexs ought to know that toe above
mentioned bank has never made any quarterly report
although it has been for the last nine years;
the reasons why have been once before given to the
arpus who acknowledged them to be satisfactory a.
| viii be- shown further
The COMPTROLLER subscribes the quarterly statement
of ths Condition NJ the hanks In thu tarm, -
The preceding statemept IA an bstrsct II the quar-
ter,v renorts made to this oce hv the noorpo
Banks Banking Associations and private Bankers,
n,,id A. At 20 aho,sh tho oa,os ~ Rant cnn,mis
sonsr ana ,or otbsr nnrnosa. nss,.d mi; is,h Ia
- & ~ 90 s,I . go ~ rssar nxr tho thi,d
and fourth sections referred to- that not word sbous
r;rats h.n a. to hs found ,hers;r onsrrsrv =.
por,s az. rsnmired in clear and exnict language from
such banks and banking associations as may b.. with
under the re neral term If
tai r.tock hanks the numbrr and Kind OF items de-
mand.d are infinitely specified the form Of the printed
blank ststsments sent 20 tns esnss.o msns 'ne
hsn contained that hss the least bearing 70 the pri
vate banker whQ,hss capital stock to for
Well thia act 18th Aur, lo49. by virtue whereof
are r. ouirsd had been enacted x months when
he aIbu. Of ~, alst August IsdY atatsd that
ha Nav Work state sock Sscuritv Rank WAS hect 10
snne Oh ohe nunu,eu uoinis ~. w. Nsns oo,APa'o.