New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-10

ket already feels the effect Of the vote OF the House
Of Representatives "suspending contraction" and
there is demand for about everything the list at
advancing prices The unexpected strength of the
measure in the lower House, and the great favor with
which this policy is regarded by the people,
makes it's adoption by the Senate matter
of course. The Treasury is in no condition to per-
sue its recent in spite of Congress, and the
question of contraction for the present is as dead
impeachment. REORGANIZATION will give more
courage to struggling traders and present relief to
borrowers of all kinds. The near approach of divi-
dend day makes many stocks upon the list desirable
as temporary investments, and more acceptable to
parties lOaning upon them.
Bills at 80 days on London are quoted at l0SlGl 09s
for commercial; 109s0109s for bankers do at short
sight 1l0g0110s; Paris, at GO days, 51Sa0515 do. at
short sight, 133G512l; Antwerp, 51ssG515; Swiss.
51ssG515; Hamburg, S6086g; Amsterdam, 4Os041s;
Frankfort, 4Os0Hs; Bremen, 7Ssd 49,; Prussian
thalers, 7laQ72.
The following the days business at the Office
of the Assistant Treasurer Receipts for Customs,
$934,OOO; Receipts for Gold Notes, S367,OOO total
Receipts 1894 9OS 81; total Payments, 2,74S23 S.
Balance, $lO4,S5s572 20.
Freights TO Liverpool 100 bales Cotton at 3d. 1900
bush. Corn at 6ld 80 ties. Beef at 5s. 1900 BUSH
Peas at 3d. and per steamer 400 bales Cotton at 3D.
and $50 DO Bacon at 45s To London, per steamer
100 bales Hemp at 3D.. and 500 bbls. Pork at U.s. To
Glasgow $4,000 bush. Corn by steamer at 3D.
The New-York Stock Exchange has appointed
committee to upon what terms the charter OF the
Bankers and Brokers' Association" be pro-
cured. This charter was obtained by Messrs. David
Groesbeck, o. d. Ashley and Gavin II. Watson,
with the intention of establishing Stock Clearing
House." an institution which has been found useful
by dealers in gold saving great risks, and expedt
ing business 1t also banks the risk Of certify
ing dealers checks in violation of the law,
Bankers and brokers now settle their contracts by de-
nyerug the securities at their respective Offices and re-
ceing payment in checks on different banks certified or
uneertifed The securities frequently received
and delivered many times the same day, and as often as
each firm giving checks for the value Dealers keep
accounts In thirty forty banks through which the cur
to 600 daily and the final settlement of this
ment lie made by the banks through the clearinghouse
This system involves the use OF large capital, and is
attended with much labor expense and risk,
balances in bank often losing interest on their entire
capital They subject to the risk of loss in sending
uncefted trusting the whole value Of the securities
lvered 20 the responsibility OF the maker OF the check
the risk OF having to take up checks on the bank depos
day. Objections to this method of settling transactions
have at times been very pressing Ranks haSe
and credit in jeopardy and the necessity OF adopt
ing better system has been freely admitted by all par
ties interested
The powers conferred by The state Of NewYork upon
the Bankers and Brokers' Association OF great value
and ample for the purposes contemplated
proposed that Bankers and Brokers in good stand
ing who now receive and deliver soeks shall establish
this Association first class Institution, owned man
aged and controlled by themselves through which their
may be conducted and that the privilege Of set
Ting by balances through the Clearing Department snail
be reserved TO the stockholders
The purposes Of the Association are these:
]. To establish Clearing Department, through which
dealer may settle all transactions of the day with the
other dealers by interchange balances IL all unite
this the possibility Of loss which attaches 10
movement Of $2OOOO,O0O TO s3O0OO0Oo daily will be
avoided, and movement OF only $2OOOO00 or S3OOOOO
daily will be necessary 10 settle balances.
2. To establish Loan Department Dealers will Keep
loan accounts lending TO and borrowing OF the Assoea
ton ON terms mutually agreed upon.
s. To moneys deposited on contracts and pay In
terest according to agreement.
L. Stock Department-In view OF the great risks IN
Cured in receiving and delivering u 3 stocks ana othe
securities 1t is contemplated to organize Department
i'll which such stocks be deposited their genuineness
ascertaned by competent examiners, and snch restc-
Ons and safeguards adopted may be necessary for
complete security while deposit. To facilitate dey-
cries. certificates proper FORM for stocks deposited,
may be issued to dealers, or stock accounts may De
opened with the dealers and transfers made In account
Authorized Capital. 100000
Commencing with Subscribed Capital. divided
into 5000 shares of 500 each. o0O0O0
Each shareholder TO contribute to the Association
TABLE dividend paying stocks bonds in the proportion
5000 stock 800 shares subscribed or two for one
Said stock TO be owned By the shareholder ana the IN
the owner the stock to be held by he Association
az pledge the payment OF additional cash cap
ital should IL be desirable to eau II; oo,o.,o,
Capital subscribed, $500,0O0--pald up. $4,000
Stocks TO secure future calls. 100000
ro,o, koh0OOO