The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-10-05

f,ver to have died out. New York Central, whsl
has been the frme Of the railroad stocks shows signs
| following he Western shares: until new parties are
formed, and combinations originated TO discount thu
approaching Of prosperity, it seems possible tina
/ the market may be declining one-n spite OF the facts
/ which encourage the contrary expectation Contra
opened this morning at $685. fell to so at the close Of tn,
first board and closed at 79x bid in the afternoon Ga
lena opened at 73 and closed at 72 bid Rock Island
| opened at SO and closed at 65& bid Other stocks
generally inanmate rather lower figures In the
afternoon the market heavy at the following quota
tons:-Mssour 6s, S3% x; Canton, IL ls; Cunsber
land Coal preferred IL Is; Pacific Mail, II q; New
YORK Central 1919 y; Erie, ~ 8; Hudson River
34@ 81; Harlem, 90 q; Reading, 42k X; Mch
gan Central, AZ y; Michigan Southern Il Northern In
diana 51s n 6; do. guaranteed 2oI 81 Panama, III
u; Illinois Central 664 a Gaena and Chicago 72ss
q; Cleveland and Toledo, 2o o. Chicago and Rock
Island, 65ss a
The annual meeting of the Clearing House took place
day, in the of the association in Wall The
reporter of the HERALD applied for admission the pre-
sdent, Mr. Tleson, and at first permitted to enter;
but after whispered discussion between the president
and manager he informed that the meetings Of the
association private, and that representative of
the press could be present He is indebted the cour
tesy Of member Of the association for brief account
what passed.
Mr. Tlcston, who has been president six years, re
signed the Office and the meeting proceeded to elect Off
Two tickets proposed headed by the
going president, and consisting mainly of the old officers
the other headed by Mr. Shepherd Knapp, and consisting
chiefly of bank officers who are in favor of rotation in
Office and who also desire to the Clearing House
Quoted a economical and impartial system than
has lattery prevailed When the vote was taken was
found that the latter, reform party, large
majority, and the following officers accordingly
elected
Chairman Shepherd Knapp, of Mechanics Bank
Secreiary-W. B. Meeker, of Bank of New York.
Clearing House Committee-Lucus Hopkins, of Import
and Traders Bank, Chairman; Z. w. Durham, of
Corn Exchange Bank; VIM T. Hooker, OF Continental
Rank; Ed. H. Arthur, of Union Bank; T. H. Lowry, of
Bank Of the Republic.
Committee on suspensions-w William H Macy, of
Leather Manufacturers Bank Chairman; A. V. Stout of
Shoe and Leather Bank; James NJ Morrison, Of Man
haitian Company; Robert s. Oakley, of American Ex-
change Bank; James Barnes, of Merchants Exchange
Bank.
Committee on Administrations Tleston of Phoenix
Bank Chairman; H Blydenburgh, Of Nassau Bank; VIM.
Havemeyer, of Bank of North America; R. Withers,
Of Bank State of New York Moses Taylor, of City Bank
Arbitration Committee-wm Halsey, Of Seventh Ward
Bank Chairman; Parker Handy, of Ocean Bank, R. W.
Howes of Park Bank; Chas Hunter of Peoples Bank;
r. II. Haydock, of Market Bank.
After some remarks, in the of which it came out
that the expenses Of the Clearing House had increased
from 81 900 to $2 900 year. resolution was passed re-
ducng the salary of the manager from 600 to IS 900
year, and the meeting adjourned.
The conduct Of the managers Of the Clearing House in
excluding the press from their meetings demands word
of comment The Clearing House Association is public
body consisting of the banks this city all of which are
essentially and thoroughly public bodies that they are
bound by law to regularly report their business to the
State government The banks themselves have recog-
nized the publicity Of the Clearing House by giving daily
and weekly to the report of the exchanges effected
there and of the averages Of which it is the recipient
Whatever business the banks have to transact at the
Clearing House necessarily and essentially public bust
ness business which the right and the duty of the
public to know and which the banks have no more right
to transact in hole and corner way than they
have TO conceal the amount Of specie in their vaults
For good for evil, the banks of this city exercise
power the trade and the prosperity Of the United
States which can hardly be exaggerated They have in
their power to cause commercial revusion by undue
expansion followed by equally extreme contraction they
hold the profits Of fair traders at their mercy for by
pandng excessively, they may they have done this
year. stimulate excessive importation and cause the fair
profits Of the moderate importer melt away They con-
troll the money Market make money cheap or dear
they please and stocks and real estate TO uctu
ate almost at their WILL There branch Of trade or
commerce. or enterprise or industry or finance that is
not less directly dependent subject to the
variations Of bank policy. For such institutions with
such power and such responsibility and such de-
pendent on their course to pretend that their collective
deliberations in the only place where they meet
together can in any way light be deemed
private, is plainly the height of absurdity
AS reasonably might Congress propose to deliberate
with closed DOORS the Legislature Albany insist on
excluding reporters The banks have received from the
public through the Legislature certain peculiar privileges
which denied to individuals The possession of these
privileges coners upon the public, in return right Of
supervision the banks 1t will never to begin to
abandon that right If the public representatives
can be excluded from the Clearing House meetings next
year the banks will refuse to let the public how
much specie they have in vault To-days attempt TO
make bank affairs secret is a warning which Legs
lature must not neglect
The following the business of the SubTreasury to-
day
loai recelps SOS 1855 IS
49, -! i''n'S 9o,4so IA
paianoe. 4,sSl 262 90
The hinges at the Bank Clearing House this morning
were 81 $50 l47 %, and the balances 81 $40 &c.
We have received in advance Of the appearance Of the
annual report, the following statement of the earnings
of the Hudson River Railroad for the fiscal year
ls5s-5s as compared with the previous year. It will