The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-04-18

Island Sound Shore Railroad, ct New London. This
come elton viii make this the shortest ana quick
EFT Boston; and the construction Of only about
twelve miles of road will perfect the line, theru
Is very little doubt but that it win be
plished Norwich and Worcester was more active.
to-day and prices improved Several projects have
been astat, d TO connect this road with through
route to Boston that viii throw most Of the long travel
upon nearly the whole length OF this road Some Of
these plans vii doubtless be carried Into operation
Holders Of stock IN the company rest assured that
nothing il likely TO occur calculated TO injurc the
ducveness their property but on the contrary many
things likely 10 happen, calculated TO increase their
receipts and advance the market value OF the shares
Reading Railroad sppoars TO be in better demand an&
outsiders have toon induced by some kind OF influence
10 enter the market buyers Several operators who
have for sometime past been large sellers, have Deen
taking in their shorts during the past day or two and
making themselves long. The bulls speak confidently
Of dividend in July of three four per cent and offers
have been made to purchase it, This, however shows
nothing Of this kind il frequently practsedt to-
draw in purchasers The stock has advanced about two
Per cent within the past two days, and the bears are,
more cautious about selling than they have been We
do any good basis for this Improvements and be-
eye that prices at present more in favor of falling
than rising 1t would appear from the sales of Hudson
River Railroad stock today, that oi.expcoted
decline in prices. Sales made Two per cent below
the cash price seller six months Very little has been.
late in this stock, aud hear very little about
the earnings Of the road movements of the company
Canton Company is fr1nly maintained but the opera
tons have for sometime past been limited Morris Ca
nal continues quiet The argument concerning the in
junction of to-day at Trenton. but hers is very
little probability Of its being removed We know of no
why it should be, but the contrary have
given many Why it should not only be sustained, but
ftIl.
The steamship America at Boston from Liverpool
brings days later intelligence all parts of Eu
rope. The news Is not important Tire commercial
counts favorable Cotton had fallen oil slightly with
moderate ales Consols previously quoted. No
change in American securities either regards quota
tions demand.
The bank note redemption law passed by the Legis
lature Of this state, is, in short nothing ese
than bin egaziug the suspension OF specie payments
by the banks located in the interior of this II
quros every bank not located in either the city Of New
York Albany, Troy to provide for the redemption Of
all their circulating notes IA at least If those cities
at a rate f dtcount not exceeding equarter of
per cent. Any country bank offer in payment for
its circulating notes presented at the banking or
place of business for redemption the circulating Of
any bank which at the tlme par in the city New
York, Albany, or Troy, draft drafts any bank
banker in either Of the above cities With an
affidavit if required that such draft or drafts are inn
mediately available TO the full amount No action can
be commenced against any bank for the redemption
circulating notes before the expiration Of fifteen days
from the first oenand at the banking house usual
place Of business; and in case the bank is prepared
to redeem such notes in the lawful money Of the
United States, at Its counter at the expiration if
teen days from the first demand with interest at the
rate Of per cent per annuIn the plaintiffs
shall not recover any costs fees or any damages
W al init tba
per cent per annum shall be recovered unless the notes
sha again have been presented for payment on or after
the fftet nth day and before the twentieth II any
country bank not located in New York, Albany, or
Troy, suffers rs bills to be legally protested the Comp
troer shall upon receiving such protest Wit the notes
protested give notice in writing to the maker makers
to pay the same; and they paid within fifteen
days sft,r such notice, he shall give notice in
the State paper that all the circulating by
such person association win BE- redeemed cut Of the
trust funds In his hands for that purpose
This is the substance Of the Bank Note Retention
law, and il would do credit to the Legislature Of Penn
syvana celebrated for the niquy Of it Laws affecting
financial affairs The banks Of this State did require
the passage Of such Law protect them against the Me-
tropoan Bank any other created for the purpose
osmskng provincial bank bills current in tins city This
blu may not affect injuriouy the credit any country
hank for the security Of the bill holder. far beyond
all doubt that the circulation Of such bank Is obtained
without the slightest regard TO the location even the
actual existence Of the institution represented by the
note The passage Of this bin sows what an influence
the country hank have in the Legislature Of this State
and how dcult would be for any bank located in the
city Of New York to force the banks Of the interior to
make their Issues current in this city 1t require
capital Of at least twenty-hv millions OF dollars to
extend IL operations to banks this city and s en-
tire capital would be at all times aoat passing between
1arl L..sf 49,, n.
annum, from which would have to b. deducted all the
expense Of travelling collectors to say nothing about
the dangers attending the transportation Of 90 much
money in small packages 1t would cost tea times az
much to present the notes Of any bank located in some
remote section u the state would received from the
bank in the hac Of interest for the fifteen days allowed
by law.