The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-08-08
FINANCIAL AND COMMERCIAL
HOHEY MARK n r.

At the close Of the stock market yesterday, prices,
were little bett err but the transactions limited
and prinep ay for cash. appears to be the impress
sion that a. soon the banks have made their first
weekly port the principal caSse Of tho present strn
gcncy in thu money market will DO removed, and that
No shall have easier times in financial affairs. This
mistake The law compelling the banks to mako ave-
rage weekly statements may have had influence In
bringing about the contraction but it has been BY
means the frst great cause Had not the banks been
much expanded we should not have experienced
such contraction; but the of the imitation Of
credits and the decrease in specie hand have pro-
duced all the difficulties under which
laboring. It is fortunate check has been given
to the banking movement Of this city and State
The numerous banks which have been
rapidly rising up In every section of the State
have been competing with the old banks Nor business,
and have discounted all classes Of paper freely We hsve
in this city double many banks existed five
years since, and all hare kept their discount line
stretched TO its utmost limit The quarterly returns
Iacedsno restrictions upon their operations and they
have been free TO expand they pleased Now the pos
ton of things has changed Average weekly statements
viii keep them within pl oper limits and sha have
greater uniformity in their operations Each bank VIII
strive TO strengthen itsel, and the effects cannot be
otherwise than Of the most favorable character To
bring them down to this pon. will require great deal
Of Equalization and the remedy msJ operate for time
dastTously upon certain private interests but viii be
wholesome and the result most satisfactory. For
than eve years banks have been running Wild, with
restraint without apparently, the slightest fear Of
collapse. But for such check as that given
by the law requiring average weekly returns We might
have gone on. perhaps year two longer with AL the
outward evidences Of prosperity, when might
have been Suddenly arrested in progress by.
Ct those Ievuzons which in former years proved
ruinous in their operation We must look for stringent
tnies Heretofors when the banks have mulaneousy
contracted tight money market las been the result for
short period when a steady expansion would
all embarrassuents but cannot expect any such
relief now. The banks cannot for time preserve a
moderate movement, ard then suddenly let out en-.
couraging speculation and general increase Of credit
They are tied up by the strong arm of public opinion.
They obliged to sho- their hands frequently thst
the slightest variation in the condition OF the
leading and most important departments We the
form Fixed By special Legislative act. for the weekly
returns
Statement Of the - bank as required by chapter
80, laws Of 1853, FOX the week ending Saturday, the
Average amount Of Icons and discounts. ......S---
Average amount on specie ,...,..............s- s.
Average amount CT circulation. ...............$ S.
Ayera &c amount OF deposits. ..................
To be 10 by the Pre- dent cahier Of the bank
We the law requiring this weakly average state
nens, which eomnsneed operations on the LIST day
August -
Sec. /. In addition 10 the quarterly report, nov 70
quired by As be rade to the guper ner6ent OF the
banking department BIZ incorporated banks banking
sccaons Individual bankers In this State every in
corporated bank banking association individual banker
located ard doing business in the city Of New York shall
pubh o. caue TO be published the morning OF every
fuesdsy in newspaper printed in said city 70 be desg
mated By the supc7nterdent Statement unss the oath
of the president cashier sho ring the true condition
the bank ban king association individual banker
Ing such statement the morning o. each Day Of
preceding the date Q. such statement. respsc.
10 the following items and particulars, TO wit average
amount OF loans and DISCOUNTS specie, deposits and cir
culatio1.
soc. q Such .tsemfnt shall be pubiahed at tbe-ex-
rense Of The bsnk, bankirg association individual
banker Akng tbs ssme; and any bank, banking
cation or Individual banker shall refuse or nexec. to
make tbs statement required In the FIRST section OF this
act for two successive Tuesdays IL shall forfeit us charter
asscc!ston individual banker snd every such bank,
banking association OF individual banker may be pro-
ceeded against, and s Affairs closed ia any
required BY law in OF insogent bank banking
Associson The terms banking association and 'indi
'hua banker, az used in this act shall b deemed 70
apply ony 70 such banking associations ard individual
bpAtrs a. are o. may be orgss4ed under the act Of April
10 i-S snd he several hmsndmeats thereto.
Sec, This act shall take effect the 1s day Of Au
gust ore thSufand eight hundred and fifty TIRES.
several OF the bsnns have had to shin about Wall
street pretty sharp 10 make good show in their specie
items and bat for help from their ghbors would bays
been CON ,eIied 10 make a slim report.
Tho contraction Of bank loans hypotheeated fancy
stocks, without doubt the Brs Of the recent
grest decline IN market values and the is likely 10
main permanently in operation, Ioaos fsacy stscks
hersaticr viii be comparatively moderate aad spscua
tes must look TO their individual resources than
10 any aid from banking Institutions Fancy stocks
FOR the future depend more upon their intrinsic yaiacs
tran from any artificial value, given by speculative
opere tions made with facilities derived from the banks
q he l,ur nck nv on he ma kat
again reach the points from which they have rscsntly
fallen, until the banks becon1e sgaia intimately con
oscsd With spectators As they bse bsvvtsf,s beea,