The New York herald., 1869-02-23
FINANCIAL AND COMMERCIAL.

ana ali the panks and brok ers' of1ces were closed.
m the morning few Of ne more eager specuiators
% whom dies non is . day Of severe trial. assem-
bied IN front OF the Stock Exchange, and, with
great deal of chang transacted very little BUSH
ness. Sales were made OF small lots Of gold at 1885,
and the market closed with ls3 bid. Stocks were
literal "drugn only ono sale occurring Of 100 Ohio
and Mississippi at a4H; s4h was bid for Aicnixan
Southern without any Offering. Afeebe inquiry was
manifested for Pacific Man and 1ol bid. with lolA
asked. Later this stock was offered at 1914 with
ant h.dders In governmental 'o7's were quoted l1oH
n1K. The "market' lastea ~nt short time. dts
persing before noon, by which time all was quiet
ana silent along the line OF Broad street
The following were the final street quotations
ON Saturday night for the stock list:-Adams
Express, "a q e4K; wells-Fargo Express, a21s
: a2k; United States Express IS Sc; Pacific
Mall tex dividend), lo21l lo2k; Western Union
Telegraph, 371 s7's; New YORK Central ioS'A
. 1854; Erie, 35A s6k; Reading, s2A vz's'
Wabash, GO q 664; St Paul, e5k eS@; ST Paul pre-
ferred, IS q 1874; Fort Wayne, lao1s l2o'.; ONO
and Mississippi 34S s4A; Michigan southern,
OK o4gs Pittsburg. so1s soa1; Toedo, los lo54;
Rock Island, 1888 l2SH Northwestern, SS% SS;s;
southwestern preferred, so5l 81.
ine following were the closing quotations for
foreign excnalsa.Sterling sixty days, commercial,
10S4 1855; good !. prime bankers, l0sA l091s;
short sight, 1895 l094; Pari-. sixty days 5lsI
s.leH; short sight, 5.lsss 5.l5A; A..werp. 5ls,l
. 5ls14; Switzerland, 5.iss1 5.ish; Hamp..a s5M
q 50; Amsterdam, 4o5s aiok; Frankfort, 4oss 4o5;
Bremen, 7sss a 70; Prussian thalers. II a MS.
The Harlem Bank, which has been recently organ
ized, win go into operation on the lst OF March,
near the corner Of Third avenue and l2ith street.
It's capital is 100000 and itsoicers are as foows:
President, Addison Smith, Cashier Isaac Anderson;
sroit III
Samuel A. Nolen j. Spear, 5. J. Harriott, Cyrus J.
Lawrence, ]. L. Colby, NJ. D.; William B. As;en, d.
+. Raynor.
With tie opening Of the Pacific Railway it will be
interesting to watch the effect, when the paper
money OF the other states comes in contact with the
gold and silver OF California where all transactions
take place In coin. An article in q san Francisco
journal, written before the late decision OF the Su
preme Court legalizing gold contracts says "the
question will be whether the cis-Apine
or the trans-Alpine currency shall prevail
whether our specie shall TOW into the
channels Of Eastern business. or wAesaer ours
sEall be choksd by irreieemshse paper currency
and goes to predict that when Eastern cspalaa Is
pltted against that Of California and Ae vsss
voir Of greenoacSs finds the barrier hrekea down
which prevents Its fiow westward. the customs OF
business on either side VIII conflict and Ii may be-
UtGcSSdTy tO iudkc dCtudi use Oh stat law
authorizing gold contracts. The article concludes:--
.:Shall not we, then or California press upon our
brethren OF the East the superiorl advantages, to
them as well as to US, Of our specie currencys Let
ne ask OF them to conform to our laws aud customs
I'm this respect and thereby escape any danger OF
having theirs forced upon us'
bill has been introduced in the Legislature to
protect the public against fraudulent and unsound
ME insurance corporations. This Is to be accom-
plished in the form Of an amendment TO the present
hw, providing that 1t shall not re lawful for any
corporation, association company. incorporated
organized in this State, In any other state or
for their agents 70 issue policies OF insurance cerf
ncates OF membership, or any other obligation by
which any amount OF money is to become due or
payable on the death Of any person, by which any
other obligations are assumed IN the nature OF life
policies OF any kind nature whatsoever,
unless such company has made the deposit OF
100000 required by the act, and been duly or
company by the superintendent OF the
Insurance Department. Violations OF this section
Will subject the party violating 10 penalty OF $500
or each violation.
The litigation arising between banking institutions
n the subject Of the repayment OF forged checks |
as been often prolonged and confused. Judge Bar
EFT, OF the Court OF Common Pleas, Special Term,
ms rendered an important decision, which materl-
lily differs from former decisions In analogous cases
1 appears that swinder bought from the Ridgely |
Sationa Bank, OF Springfield. Ill, genuine bill OF
exchange for twenty dollars and twenty cents on |
he National Park Bank, OF this city. The name or /
he fictitious payee, the words and figures "twenty
'o-loor and the name OF the drawer were erased by
lcids The DRAFT was then hed up by inserting other
names and the amount Of So 400 filed in. The swim.
1lQw han rant fpN N.un Tarv tss,I I
was accepted BY the Third National Bank. OF that |
place, which endorsed II TO the Fourth National Bank
,f this city. The latter presented II to the National
PARK Bank, who innocently accepted the draft.
Upon discovering the fraud the National Park Bank
demanded repayment OF the Fourth National Bank |
The Court decided that the latter responsible to
he Park Bank. and that subsequent action may be
bro g1t against the Nashville bank. which first ac-
cepted the forged draft.
The question OF letting borrowers and lenders AZ
the rate Of interest Is receiving good deaf OF aten
tion as proper one for legislative amendment In the
different States Maine has been agltating IL already
A recent article in the Baltimore American dis
cusses 1t as follows
The rate OF interest IN MARYLAND IA nxed az az
per cent and there laws against ngury but thew
might as wen be on the statute hook az they are no
longer observed ny ans one and only serve the pur
ment within our borders. Seven pcr cent A. fha
legal rate IN New York, and generally at tnk NORTH
but moneJ ~ even there regarded as a mcrchanfa-
be article. and commands more or less than me
standard rate, according to its abundance or
scarcity. The rate Of interest is governed by the
laws OF trade, which are paramount 10 all other
laws. Notwithstanding the law Ia Maryand wa
venture TO assert that nine-tenths OF the money
loaned In Baltimore ranges IRON eight TO ten
sad even twelve, per cent per annum. National
banks, too are liable 70 forfeiture OF their cbarter
II they charge more than six per cent; but money
being worth more II commands more. II they deal
dlrect win the borrower they cannot exact more.
but our law makers ought 70 have learned by ths
time that money can be loaned 10 third parties and
paper bought at rates that know no legal limit hut
that OF supply and demand. The state Of Massachu-
sets has abolished oil interest laws, except 10 pro-
vide nxed rate In the absence OF c0nTracts. The
result has been 10 cheaper the rate OF interest TO
obtain loan II ~ no longer necessary 20 Zee third
party 70 obtain y. There n no middIeman there TO
divide the rate with, aud the consequence is that
eight per cent u about the highest point bcn money
commands. In Maryland and Ohio, where the ak
per cent law is sts IN force. money commands from
ten 10 twelve per cent, while IN Illinois which Il not
70 hampered, money u abundant at eight per cent.
Capital s sent to Chicago IRON Ohio to seek invest
ment because II can be done there eight per cent
without any risk OF coming IN contact with the law.
III those who complain Of tho scarcity OF banking
CapltAi IN BalnOrc were 10 tuxulfe the