, 1875-05-18
MONEY AND COMMERCE


Theya 1. a. change "a no.s In ths financial hnstness
Ct tho e.1. There was more activity III tho counter
hrutnrss, but nothing beyond what II usidt On Mon
.lay, The wurrer weather fnsprcd batter feeling III
busInraa crr1ea though 1t caused but Itels change In
trade. Tho oan ynasEc. eewalns very quiet; lsrge
pouns Of money ras oyrred OIL chauss al rer cent.
withopl takers. Hanks With A varied ne nf custom,
crs larn tIcIr discount Hines full, but most Of Tho
others iayo III unemployed surplus tha u growing
thar hands.
Rates Of discount At the banks tAngs from rcs
cent call on tia hest Of colateras, and PR cent
10 outside borrowers on short time With sasfacfory
jndorscmcn, to F0io PER ccnt to regular borrowers,
te latter rate being firmly shsrel 10 In Tho case OF
customers who borrow all lilo year round.
On ths street thcre Ii full supply Of finds, bnt
loans nrs made with great eircumspecton. Iaes src
7t&i8 FER cent.
New York csehanso wsa nrmer. at 7so premium be-
twcea lanka Tor $l,too.
Tie cieariugs were sa,'oo,coo.
BAy1Sas RASRs AND Tnr BAw.
Those hcortsta who coutcnd that Tie savings hank.
aoye State Anrvfaon nught to b able TO explain
the s,,ceeps Of these Institutions in 6tates like New
York and Connecticut, wherr regulation by law IL
rightly nain.ained. They ought sl.o to explain tho
roar Aucccae Of savings hnfkA In Htacn, ks llnn1s
vhcre there IL TO law to project deresltars. For
The benefit Of tho people 10 whom tho argl-
mrut ltat tho savings banks wern too sacred
10 be fupcrysel by tho s!atn hare been 40 iiduf-
lrieutt1 addressed, print A. sanrle of tho thor.
oug aiactrlne to which they are subjected eecwhere
digcat Of tho Inv patsctl by the Now York Leg.
is1aure for the regulation Of Rasugs banks.
Is1novides that tie Superintendent of tna Ranking
Department ahaM havs the power Of ehasteriug sas.
Tugs bauks after certain forms aud proceedings shall
have been complied Etlh following tho prcccenfa as
TO chArtcrjng banks Of laconn snl deposit insurance
companies, re,jgoua societies, aocini nna literary
c,ts manufacturing and railroad corporations, all OF
which nrc chartered under general Ewa.
II also gves itle Superintendent authority 10 rangn
tho nnmn Of savings banks, and consent TO the'r re-
muyal from ono lucaitJ TO anohcr within The nan'e
county wherein such contingencies may afias.
This law Limits tic dcposits III tbs nat,,c Of my
ono individual TO 5000, aud tho inttreat 10 ba
allowed 10 eposltors to rof cent per annn. II per
tuk surplus fund 10 Ike accumulated amounting TO 10
per cent Of tito deposits aer which ali the net earnings
urs to he divided among the doposltorp. It detcrmus1
1ow t,c deposits arr 10 bo Invested, that lH, In bonds and
mortgages on real estate Ia United Staten and Ne" Yota
Htae kosks III stocks Of other stItes Which have moi
deau1ted iu payment Of principal nu1 !nscrcst wsI
ten years In city, couny, village, md town Eonds o
tho State; and In rea1 estate sud buildings necessary
for tho convenient transacton Of their busness limit
lug sui, Investment to 80 per cent Of iheir surplus.
ro!La shcn from loanfng ther dcpoaits Upon notes.
hills of exchange, drafts OF my pshtE personal secus-
tcs; or DIAL or trada in merchandise or waEca; Of
huyne selling exchange, gold or sfver or collect.
lug or protesting promtatory nocs. Their surplus and
uyntlab,o funds must ba invested In. or 1o.nc OH tho
pame kiud Of securities a. their deposits.
Tacy arc to report once ycar 10 the Superintendent
ot the Banking Department full statement Of tic
rreyons years transactone. II ts uado tho hutT of
tie Superintendent 10 examine each Rarin81 Dank
oncc III two ycars at any elma when circumstances
seem 10 require 1t. aut to exercise general supcr-
Sia.on oyer the!s Affairs. :.....
Danks Of discount and deposit are prohibited from
}{af1 f1Nrtt 1pTH h4