The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-04-20

ousy advocated this system of weekly returns and have
the satisfaction now of giving the law
AN INCORPORATED BANKS, RANKING Asso.
CATIONS, AND INDIVIDUAL BANKERS, LOCATED AND DOING
BUSINESS IN THE CITY OF NEW YORK.
The People Of the State of New York represented in
Senate and Assembly, do enact as follows
required by made the Superintendent the
banking Department. BY Incorporated banks, banking
incorporated bank banking association. or individual
banker located and doing business in the city of New
YoTk shall publish or to be published on the
morning every Tuesday, in newspaper printed in said
city, to be designated by the Superintendent. state
ment under the oath of the president and cashier show
ing the true condition of the bank banking association
individual banker. making such sta emit on the
morning of each day Of the date
particulars to wt-Averagement of loans and
specie, deposits, and circulation.
Sec Such statement shall be published at the
pense OF the bank banking association or individual
banker making the same, and if any bank banking as
ISOLATION individual bar kerr shall neglect or refuse to
make the statement required in the first section Of this
act for two successive Tuesdays it shall forfeit its char
ter incorpor. ted bank and its privileges bank
ing association or individual banker; and every such
bank banking association individual banker be-
proceeded against and its affairs closed in any manner
required by law, In of an insolvent bank
banking association. The terms " banking association
and "individusl banks used in this act shall be
individual banks as are or may be- organized under the
act of April Is, 1885, and the several acts amendatory
Sec This act shall take effect August rst thou
sand eight hundred and fifty three.
The absurdity of the quarterly reports made under
the present law, is clearly in the publications
Gently made The returns made in February last have
just been published period Of nearly sixty days has
elapsed before the public is informed of the banking
movement Of the city State. This is Of no use. 1t
gives no Information necessary for the guidance of dnan
cers merchants They do not what spec
Gle the banks lad hand three months ago. They
want to know what the condition of certain departments
the banks is at the moment; and the above law, If
strictly enforced will give them this knowledge. We
that the quarterly reports to be continued usual.
These will be full and detailed statements, like those
made at present. while the weekly returns viii give only
four items loans, deposits, specie, and circulation.
The Cumberland Telegraph says that the coal trade
upon the Chesapeake and Ohio Canal for the week ending
the 9th inst greater by 22 tons than at any pre-
viou period-ory three boats having been loaded with
4473 The canal continues in fine navgable order.
coal transported Mount Savage Iron Com
panys Railroad during the week ending Saturday last,
SOL tons and the Cumberland Coal and Iron Com
pany's Railroad duriog the PERIOD 1859 tons Of
which the Cumberland Company sent ISL Total trans
poraton for the week coo TONS and since the LIST Of
January last 92S66 tons; of which &C. $50 were trans
ported the Baltimore and Ohio railroad and 263la
descended the canal. The Homecoming Railroad wau
opened Monday last when train of passed
it. We may therefore, shortly look for largo shipments
of coal from the Georges Creek Valley.
In the above, the Telegraph has inadvertently given the
entire quantity 49, sS6 tons, received at Cumberland
the amount forwarded from that place. and evidence OF
this inaccuracy, we refer to the following
In the month of March, appears by the official
port of the 18th Of April the Baltimore and Ohio Rail-
road transported but 51the trade Of all the compa
nesthus, deducng this from the 66 $685. (the transpor.
taton stated for quarter should have 02 for the
months of February and January which is impossible
Jooo 1oeh 10 f,I
pacity in March, and secondly because the strike in
February general falling off in the coal business
of nearly fifty per cent.
In his vaedctory resignation of the 18th Of April the
President of the Baltimore and Ohio Railroad Company
when noticing the coal trade makes the following remark
able admission, showing, either that the company
nsncere in their representations with regard to the coal
transportation that they have most grossly neglected
their duty
The report states that the company has contracted
for the construction of several hundred coal cars but
that engines yet to be provided with view TO the
coal trade-say thirty of the first class should be
tracted for at early day. these intended to pay
for in the bonds of the company.
The report to forge-at least it not to
dersand-that the coal trade is limited by deficient mar
ket and the want of sufficient shipping carry the coal
from Baltimore even in its present moderate supply
brought by the road-of which there has not been
commencing
than 35, COO tons.
The books for subscription to the capital stock of the
Delaware, Lehigh, and Wyoming Valley Railroad, were
opened Wednesday, the 18th, in wilkesbarre. This
road designed to stand in the relation to New
York city as the Reading Railroad holds to Philadelphia
ard actually brings vastly richer and extensive
thracite coal field equally the former city, by
equally favorable grades. The importance Of this i'm
to New York can scarcely be conceived by the
most fervd imagination The capital stock Of the pro.
posed road Is two and half millions Of dollars and the
terms Of the charter all that be desired By tho
laws Of Pennsylvania it necessary, before the Cover
nor could issue letters patent incorporating the company
that ten per cent Of the capital stock should be sub
scrbed and five dollars upon each share of the capital
stock subscribed be paid in The books open
three days. during which time subscriptions were made su
fcient to secure the immediate issuing of the charter
Notwithstanding these disecuraging circumstances,
however, few men, firmly convinced Of the existence Of
great mineral wealth in the copper district pushed quietly
yerance realized ample compensation in the dsyeope.
ment Of the famous 'Cif mine owned by the Pttsburg
and Boston Company The Minnesota Mining Company
next began to realize handsome returns and within
other companies guided by the experience Of
these two productive concerns have commenced opera
tions with more less success The Copper Falls Conn
pany is perhaps. next in the result Of its mining opera
tons and IT believed will prove equal to any pre-
ductivc capacity.
The Ftrest Company, Of whose operati we rave a.
brief sketch day two since il also considered one of
the most promising, and the mining works of the compa
ny are considerably advanced Those best acquainted
with ts resources and prospects express great confidence
IN the success OF the company The product Of the mines
OF he crest Company this year will probably exceed
hundred tons of copper
The Pbonx and Toltec companies e,so quite popr-
lar and under fair deyeopement The henix Company
Is working on the old Lake Superior Cunpapy's loo i
tion and with good prospects. The Toec now c,nsoI-
dated with the Farm Company is ale do"s WELL from alb
accounts.
The Dona, though younger mine, is 'svorte, AMI
the Winthrop Is becoming active from II, lsorable nd
cations and good neghborhood in tn Ming district.
Both the Dana and Winthrop in tie stages o.
de,eoIemeDt
The Boston Journal daily report. the progress OF the
speculative movement in Lake Superior Copper Mining
stocks. Hfays:-
The most remarkable feature to be noticed ia transae
tons AZ the board the sudden and energy which
has broken out in copper mining shares, . class OF
stocks until quite recently occupying but Insignificant
place in daily operation The prominence given TO these