New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-01-18


M slS. ss cent 1900 90 ,,so
Cab in deposit. lS'o' D
Total, Sept 30, 1855 .........:... s25sl4,76o II
Tie aggregate of the Securities held N rnsi for
neluding cash depoa Sept 90 1854 was s25e2lSo -
sbcw decrease during the last fiscal year Of ssHo le
During the last fiscal year sxteel banking assoca-
tious with an aggregate capital Of 1895 600, have
| been organized, of which number eight were organ
lied by the shareholders of expiring safety fund banks
| During the same time six individual bankers have
| commenced the banking business.
During the same period four banking associations
and five individual bankers have given notice OF their
intention to discontinue the business OF banking, and
have withdrawn portion of their securities upon the
| surrender of an equal amount of circulating notes.
| The Superintendent recommends that the issue OF
circulation upon bonds and mortgages be restricted 70
so y cent in their value, permitting them to be re-
ceiyed on farming land to the extent Of oneha instead
| of twofiths as now allowed by law. The greatest
loss sustained upon mortgages has usually been on
those covering city lots. The Superintendent asks
power to enforce the incorporated banks reorgamzed
under the feelaw to deposit $1,000 security as re-
auired of other associations Also power to require
proof that the capital of banks has been absolutely
paid in in good faith. Also, that banks and bankers
winding up business be forbidden from reissuiDg their
circulating notes.
The number of mutlated notes returned to the
Bank Department for burning during the last fiscal
year follows:
az SO his Of INCORPORATED banks amounting log
1892 l78 bills Of banking associations and individual
bankers amounting
Amounting in the whole s5i a55
The number of specially incorporated banks whose
charters have not expired is fortytour with an aggre
gate capital Fi'''i'
That they are by law entitled to circulate I2ts 40
They have in calculation and hand. u,aozS
Leaving their less than authorized sll6'o
Table No. exhibits the time when the charters OF
thirty-three incorporated banks expired, and the
amount of the circulation at the time OF the expiration
of their respective charters and OF the circulating notes
Of each outstanding and not returned to the Bank De-
partment on the 3Oth day of September, 1855. From
which it appears that the aggregate Circulation OF
those banks at the time of the expiration OF then re-
Jn Sept So is55 there was outstanding Of that cir noe
sSaxtnS ;is, Scie had pci to i.; d.te been
turned to the Department.
Such outstanding circulation is used by the assocla-
ots formed by the stockholders of Safety Fund banks
to succeed the expired Safety Fund banks respecgey
and the association thus relieved To that extent from
procuring other registered circulation by the deposit OF
securities in this Department. There u no direct legal
obligation the part OF the new
TO redeem such bills unless it is under the contract OF
sale existing between the new association and the
trustees of the expired corporation, and that oogaoh
must necessarily be worked out through the interview
ton of such trustees The notes being thus continued
in circulation by the banking association Tor ts
own immediate benefit, after the expiration OF the
charter of the bank by which they were Issued, 1t
would be right that such association should DC maue
directly and Immediately responsible for their redemp-
ton and The personal liability of its stockholders under
the provisions of the Constitution be made TO atach
therefor. The advantage gained by the stockholdes
Of the new association more than acopeasaton iV
the risk encountered by its guarantee, and they shoa
not be allowed to and issue that for their OWE -
mediate benefit which they will not thus guarantee.
The statute chapter 1873, OF the Laws OF 1884, mas
prescribed limit of three years within which the
outstanding circulation of an expired Safety una
Bank must be returned to the Bank Department to be
destroyed, one third in each year. -,
Onthe LIST day of May last, the frst year PROVIDED
in the act expired as to all the Safety Fund BANKS,
whose charters had terminated before the passage OF
the act At that time the provisions OF the act were
fully complied with by tie trustees OF such iHsinu
tio1s A. 10 the banks whose charters have expired
since the passage of the act the hrst year WIZ yer
inmate as five of them on the let OF January TOO
two in the month OF june 1885, ana TWO Oh Tue '' VI
July, 1856. - ~ -,
The Safety Fund 1t is shown, will, in 1868, have
discharged all the debts against it, and have surplus
of about s2s 600 The Superintendent closes hls re-
port with the following remarks
1--WE cannot close this report, however, without
commending in the highest terms, the general sound
ness of the banking institutions OF the state ana the
superior and safe circulating medium furnished oy
Them 10 the public 1t is TO be hoped that they will
not be disturbed deranged by any hasty or neon
siderate legislation or change in the fundamental prln
cipes of the system at the same time that nothing Will
he omitted TO be done the part of the Legislature
which NAV De necessary 10 perfect, improve ana en-
force the requirements OF the banking laws and system
as they now exist"
We annex below the statement Of the Land De-
rartmept of the Illinois Central Railroad Company,
comprising full details of the sales Of land. The
total transactions it viii be seen, amount to s5,5ee,
ST. which il largely in advance of the expectations
of the managers both in the aggregate and in the price
per acre. The average price OF the lands appro-
prated TO the Construction Bonds is 81 70 y acre
and the Freeland Bonds ell 81 = acre The lowest
class of Construction Bond lands sold at tl0 20 y
acre; which IL So 90 e above 'he maximum price
fixed by the schedule. The aggregate sales Of lands
have been 52s s63 acres, leaving 2066 1876 acres
sold which at the average of the sales already made
would weld about s24 600 600, making an aggregate
Of s2e 500 OOO The remaining lands however, are
held higher than the average of the sales which have
been made and considerable portion have been
withdrawn for considerably advanced prices. The
business Of the year has been:
P.aae......... as SCI II s4ssi n sSsi97o sS.g75 S
Preisht.......Ie6 90 1884 39ss % 43s9 20