The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-06-30
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COMMERCIAL AFFAlRS.
MONEY MARKET.


MONEY MARIkET.
Thursday, june 400 r. M.
Quotations for stocks continue to droop, and the
transactions are only TO limited extent At the first
board to-day Treasury notes fell of u per cent Farm
ers Loan u Morris Canal, al Erie Railroad. new, y;
Canton, Il; Harlem, a; Long Island, d.
At the second board, there no change OF conse-
oueuce in any Of the fancies and but few sales.
The money market is comparatively easy although
there has been slight strngency within the past day
or two. This tghtness cannot but be temporary,
very large amount of money will be distributed within
the next week or ten days. in the shape of dividends
II ia estimated that full three millions of dollars viii be
paid In this city, and larger amounts in Boston and
Philadelphia on or about the LIST Of July This must
relieve the market very materially rs the bulk Of this
money will be seeking Investment in some shape
failure of some extent is reported in Boston, and
several in Cincinnati, including liabilities amounting
to one and half million of dollars due principally in
the Atlantic cities.
The New Haven County Bank has declared dividend
of per cent for the last six months new plate Of
ves and tens he old emission Of those denomination
having been countcreited has een engraved and the
bank is now issuing from It, No of the old ves
and tens will be issued.
The New Jersey Insurance Company have declared
semi annual dividend of per cent, payable on the
5th of July.
The Franklin Bank of Baltimore has declared ditil
dend Of per cent for the last six months \
The steamship Cambria from Liverpool is due 1t
Boston. with sven days later intelligence from all par
of Europe SIC will probably arrive before we issue an
other editio5; and the news, in that event. will bel
given immc}ate in an extra.
The folofng new c,unterfsits have recently been
put in cird ation:-Fives the Farmers and Mocha
MICS Ban) Hartford; ives altered from ones vignette
Indian al female-lady's head on the right end and
femalsh the left. Elves, on the Danvers Bank Mas
sachus(s Twos, on the State Bank, Saugerties
Three( bn the Agawam Bank Springfield Massachu.
sets, fiftAs, on the Biddeford Bank, Maine COS
cour ffeit well executed, but rather pale Tens on
| the PINK OF Louisville, Ky. Twos, the Bank of
| WIhed, ~ Y. Threes on the Sandusky (O) City
By Elves, on the State Bank of Indiana Tens on
| II Waltham Bank, Massachusetts Threes on the
fstern Reserve Bank, Baltimore. Beware of the spu-
bus notes on the New Haven Co. Bank-the old gen.
Inc bills are being called in Elves, on the Mechanics
Ind Traders Bank, Louisiana. Twos on the CONNER.
'cial Bank, Kingston, Canada. Threes on the Mer-
chants Bank Elery. Threes, on the Bank of Smyrna
Delaware.
decision has recently been made by Justice Smith
Of the Marine Court which, if correct will cause con-
siderable utteIing among the notaries 1t appears by
u n
to presented by his clerk and does not himself pre-
sent it, cannot protest it, The act Of presentation
must be by the notary in person. he delegate
to an agent an official act This is very sensible dec
sion, and will without doubt, be confirmed by the
higher courts. notaral transaction is very solemn
and confidential one, and must be performed by the
individual employed to do by act Of the legisa-
turc. Any person can protest note; but he must
make affidavit of every act Of that kind to make it
legally binding; whereas notary officially recognize
ed by the law and his acts therefore, legal without
the oath affixed to such protest This decision will,
compel every notary public to transact his own bust
personally, and this may induce many who have
heretofore employed clerks to protest notes and per-
form other notaral business, to abandon it altogether
Several applications have recently been made to the
legislature of Maine for the renewal of bank charters
about expiring, and for the increase of the banking
capital Of the State by chartarins BANKS There
applications have called forth report from the Com
mittee on Banks in the lower house, reviewing the
history of some of the banks applying, and giving
brief synopsis Of the banking movements Of the
State for several years past In the bill incorporating
the Bank Of Halowen the annexed clause was ordered
"his bank shall not issue any bills make my loans
or renew more than IS per cent Of any demands due
it, whore tho amount Of its bills in circulation, and its
liabilities for deposits Especial deposits excepted shall
exceed three times the amount of the specie in its
vaults three dollars of bills in circulation and depo
sits to one dollar Of specie in its vaults and depo
sits shall be considered special deposits unless the
Famc shall be made and remain under the seal lock
f the depoitor and such deposit shall not be used
part of the available funds Of the bank and all the
ills of the bank, taken thcrefrom for any purpose
hatever, shall BIZ entered in its daily account, and
eemed part Of its circulation If the bank shall
plate the foregoing provisions, 10 shall forfeit
arter and it shall be the duty of the Bank Commits
liners to close its concerns
| v'his is bank and should judge that the
fslature was determined to place such restrictions
| it as would secure the public against all losses,
prevent those cha nges and revulsons in the bank
| invystem of the State which had marked previous
ye Several sections of Maine have suffered
ly Consequence of loose legislation in these matters
ThevA. Croix Bank, the Washington County Bank
the Oh Gown Bank the saltwater, the Brewer, the
PeopIe tie Commercial, the Lafayette and the Frank
fort bsnks have all gone down. and the losses by them
have been immense These banks no doubt, present
ed in their APPLICATIONS for charters strong
sty for existence, any others in the State and the
fate Of these nstituonsi sufficient to the legis
ature sgainst chartering recharering institutions
without warranty that actual bona fde, capital
to the amount asked for had been, would be- paid in
before commencing business. Laws regulating banks
were generally much more stringent than would
Judge from the operations of these in other
States II they governed by the laws they woul
be much better regulated than they now are; and II
may be areed and justly, too, that any new
law made. vii have no influence in restrict
ing them tAn any of the old ones now on the
statute BOOB IL Is we'll known that there are
banks In evy State which have recklessy disrc-
s"rded every Nv almost from the moment they came
INTO Ind still they suffered to exist, and
pracucc with tpunity whatever infringements they
please SO lonSss these things permitted there
IL very little use passing new laws in placing
strictons upon NV institutions which the old refuse
to submit to.
II Is stated Thu in 1896 batch of eight or ten
banks went into peration together In tho State of
Maine. They wer all small banks, with nominal
capital stock of $4,000 They joined together and
we're enabled to ge,a keg Of specie from Boston on