The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-01-26

--NIessrs De Haven & Brother, No. 40 South
Third street. report the following rates of ex-
change to-day at l P. M.:-American gold, l34S
Dl34B sSilver Is and 4s, l30; Compound Interest
Notes, June, 1864 l63; do, July 1864, 16; do,
August, 1864, l58; do, October, 1864, 14a; do,
December, 1864, 13b; do, May, 1865, III; do,
August, 1885, l0l; do, September, 1865, 10; do,
October, 1865, 81.
-Messrs. William Painter Il Co., bankers, No.
SO South Third street, report the following rates
Of exchange today at u oclocS:-O.s, s, 6s, 1881,
! coupon, l0740l073; q. s. 5-20s, coupon, 1862,
! lC7@lO74; DO, 1864, lO59@lO5S; do, 1866, 1861
@iO54; DO, July, 1865, lO4t@lO4a; q. S.
1O-4Os, coupon; 992@loO; y. 8. 7'30s, lst
series, 1040D1044; do I'd series, l040l044; Sd
series, lO4@1O44; Compounds, December, 1864,
| 13s@l3s.
THE CASE OF THE BANK OF NORTH AMERICA
The following article is from the New York
Herald of this morning.
"On Thursday last considerable excitement was
occasoned on Wall street by the announcement of
the sudden death OF Mr.. Yelverton the President
of the Bank OF North America, and the rumor that
the lameDtable event was in some way connected
with losses sustained by that Institution All man
ner of reports found currency for time, and
miniature panic manufactured; but the tacts
soon became known, and were round substance
to be that stockbroker firm, enjoying good credit
at the bank, had ,overdrawn their account to the
amount of one hundred and twenty thousand
had been certified by the deceased President,
who had confidence in their stability and integrity;
and the of their failure had affected him as
to occasion the attack which resulted in his DEATH
The bankruptcy of this firm was not In itself event
| OF much moment They we're what is known
| open board house or curbstone brokers, and their
liabilities were not OF great magnitude. 1t is said,
too that they had put securities sufficient to
q great part of the debt due to the bank rhe bank
itself was in sound condition, it's surplus beng
nearly double the amount of the over0rafts, sup
posing the latter to be total loss Ii only the
tragical event accompanying the failure that gave IL
its apparent Importance. There is, however les
IN this occurrence which, ii properly studied,
may be productive of good results. bank has a
fdueia character. 1t has right TO risk its funds
wantonly and unnecessarily TO accommodate any of
its customers Its capital is not the property of it's
President nor Its cashier OF any of its officers.
They simply act as the agents and trustees of the
stockholders and depOsltors, and are bound to be
even more careful oil the funds entrusted to their
keeping than If they were their own exclusive pro-
perry It q gross breach of trust for any officer
of bank to certify the check OF any party who has
sufficient securities to cover the amount within
Inc each and control of the insti tiutlon Least of
all should they certify large overdrafts by stOck-
brokers, who stand much in the same position as
gamblers, and whose large fortunes of to-day may
lie broken down and swept away tomorrow DY
some sudden change in the market An unex-
pected rise or fall in fancy stock to any mate
rial amount, will often turn the millionaire of one
moment into the pauper of the next, and the
very fact of stock broker needing to make
heavy overdraft on his banking account implies that
he ls plunginR INTO speculation which chance may
4 make remunerauve or rulnoUs. 1 ne reckless man
ner IN which many of our BANGING institutions con-
duct their business is notorious, and this is espe-
clally the with banks connected with the stOc-
Jobbers and spectators Broad street. The stock.
holders and depositors in such institutions are
titled to some protection and if not to be found
in the prudence, integrity, and frmness of those
who act In the capacity OF presidents and cashiers
II should be secured by some stringent legislation.
The ottcer who certified overdraft in any bank
ing institution should be held responsible in his
individual property for any loss that may ensue from