The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-10-25
MON Ely M A Il X Il +.

n
FRiDAY, October 2i-sPM
Wan street was comparatively quiet to. day There
vac No alteration Of consequence in the stock market
The excitement produced by the failures Yesterday has
partially subsidized, and matters assuming
gible shape Jacob Little Go. have offered to settle
iher stock contracts upon the quotations at the
rst board yesterday. 1t must be understood that all
Of their contracts will not be paid in full at those rates
hut it became necessary for all those who wished to
range the differences at to establish standard
Many have accepted the standard and compromises
that viii baby be made the aars Of the
concern more definitely developed This will take
sometime, There are many who prefer waiting the ma
turty Of their contracts and settle the differences upon
prices then current. Those who have determined to
let the contracts along must be believers in greater
imitation Of the stock market and have confidence in the
concern being ultimately able to pay all, nearly all
the differences against them All the legal claims against
the house will be paid in FULL and any delinquency
viii be upon stock transactions As general thing
there claims compromised at The fret offer i,
usually the highest and is accepted for the best
in the world because there is power to compel those
indebted to pay FARMING than they please Stock
debts sss than debts of honor and
considered in the street The pursued by Mr..
Little in regard to his stock operations is Of the
honorable character sns there but opinion about
it at the board We have doubt he will be in his old
at tie regular sttipgs Of the board in than
month.
At the first board, TO- day Erie, Harlem, Reading
Railroads in active demand at slight decline in
prices Erie Railroad fell of per cent; Norwich and
Worcester, u; Canton Company, u. Nearly all the
sales Of Erie for cash There fewer transsc
in the fancies day time than have noticed
for time past Parties disappointed in receiving
stock have compelled to enter the market pu--
ehssers to make good their contracts This for few
days, will make certain stocks active than they
otherwise would have been after which look for less
hrmness in prices
The receipts at the Office Of the Assistant Treasurer Of
this port, to-day, amounted to s7ss2o2 20; payments
$73S sea 02-balanee $326S,S $50 co.
The demand for foreign exchange, for remittance by
the Atlantic to morrow Saturday. for Liverpool has
been moderate There has been no variation in quota
tions Bills on London 10 lo1i per cent premium;
Paris ST. Is Of 13A<; Amsterdam 414 s4l1s; Bremen,
7'1 rs; Hamburg. 80 3sA. The steamer viii not take
sut q very large amount Of specie.
The interest the per cent bonds Of the State
ef California due the let Of January 1851 will lie paid
the tfice Of winslow Lanier Co SO Wall street, q,
maturity.
The failure Of the Commercial Bank Of Perth Amboy
created at the time considerable surprise and asonish
Dent at the place Of its location and has been pretty
generally believed that bill holders would get nearly the
full face Of their demands account Of the personal
liability Of the President and Directors 1t appears that
ppen renewal Of the charter Of this bank the annexed
special passed by the Legislature Of New Jersey
AN cHAKrER COMMERCIAL
lection l. Be 1t enacted by the Council and General
authority Of the that the charter Of the CONNER.
cisl Bank Of New Jersey at Perth Amboy shall be and
,ssrs rem AID after the ssnh dsy Of November on
thousand eight hundred and forty three.
Sec. And be 1t enacted That the President and Dl
for the time being OF ad corporation shn ind
vidualy and jointly and ssveraly, be and continue liza
ble TO every creditor holder for the payment Of
bis obligatory Of credit note notes that may be
issued and erc usted by the said bank at any time and
upon demand Of payne being made ut the bank daring
the usual hours Of business and on refusal thereof an ac
cn may be brought sgan the said persons then sctng
President and Directors OF the said Company jointly
s<vsray and 1t shall be lawful for the plaintiff OF plain
csved, with specification Of the dates sums payees
and numbers Of the said bills or notes demaadd and
payment whereof hath been neglected or refused and
upon judgmen, being rendered execution shall Issue
thereon.
This Is strong enough to bind any director n that in
stituton and make him per,onaly responsible for ali
the issues in creust on wehave not hovever any
faith in th. than have in all other passed by any
Legislature for the regulation Of banking nsttu tions In
any state in the Union. All laws are evaded
lees tut those affecting banks mere bagaele. We
have known an instance In this country where
the properly Of individual taken to quidate thee
claims 81 bill holders. In the Of the Commercial
Bank ofPrh Amboy In the face Of the above law, the
bill holders must lock entirely to the assets Of the bank
and the fohuness Of the receivers appointed under
the In urction We have before n document showing
that the whole portion Of the real belonging TO
cheer Of this hank transfored from his possession
nbout week previous 10 the b. INKS failure This oct
speaks for itef 40, word Of comment necessary
60 bow the object Of this movement and any inter
n. ..f,x
srsbe by application at the place Of record In Middle
81 county New Jersey This shows what folly Il To
make laws for the security and protection Of bank bill
hods Tn. only real safety In the deposit OF stock,
IN hands entirely nds pendent Of the banks deposit
Ct such securities with the comptroller or some other
state teer beyond the control and influence Of parties
eorrrctsd with any banking institution, gives the bill
holder hdenee in proper appropriation Of that pro-
rerty fer his benefit Without system similar TO that
In operation in this State the creditors Of bank have
gusrntse that the assets will be devoted exclusively 10
IL. payment Of ts debts AZ the time Of its failure It
nsy have had property enough to pay at least its bill
holders hut before injunction could be placed upon
that property receivers appointed TO protect aud pre-
any director fromcaryns IL OF, everything hsd dis
appeared and could be found who knew anything
about them We have little faith In the honesty and
integrity Of bank manssers generally that would not
trust them with the sete moment after the credit
Of the institution had been destroyed and nothing
vas to be made BY preserving the banks good name
Tie free banking system Of this State and the new
banking system Of New Jersey about ~ near perfec
ton II possible 10 get them. We have amended and
improved from time TO time, the free banking law Of
this state. At frst, IL very detective and lasge
icses realized BY bill holders. very Important
change In the eharsctsr Of securities deposited with the
Comptroller, required and Al once made, and We
have not yet Uncovered the first defect In the sv II
nov stands whatever oes holders Of bills issued by the
free banks Of this state which have reocoty suspended
psy suffer will be osused BY the early imrerfections In
the law None o. the banks Of this State, which have
commenced operations under the lav a. Il now resds
can take one cent from bill holders Their securities
~ A. ~ "a etafA