New York Stock Exchange Manual: Containing Its Principles, Rules, and Its Different Modes of Speculation: Also, a Review of the Stocks Dealt in on 'change

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J. F. Trow, 1865 - Securities - 405 pages
 

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Page 179 - State, and required those to be or to be made equal to a five per cent, stock. Finding the small banks unsafe, the Legislature, in 1844, required individual bankers to deposit securities to the amount of at least $50,000, and associations to the amount of $100,000, before they were entitled, to any notes for circulation. The stringency of...
Page 299 - Among the most important concessions by the terms of this contract was one guaranteeing that all public lands lying on the line of the road were to be used gratuitously by the Company ; also a gift of 250,000 acres of land, to be selected by the grantees from any public lands on the Isthmus. Two ports, one on the Atlantic and the other on the Pacific (which were to be the termini of the road), were to be free ports ; and the privilege was granted of establishing such tolls as the Company might think...
Page 212 - ... and be imprisoned not less than six months nor more than three years. The court shall also render judgment against the said officer or agent for the amount of damages sustained in favor of the party injured, to be collected by execution.
Page 178 - ... or was in an unsafe or unsound condition to do banking business. The Free Bank System, as it is styled, was established in 1838 (ch. 260). By this system every individual and association was authorized to engage in the business of banking, and on depositing with the Comptroller the stocks of the United States, or of any State which should be, or be made equal to a five per cent. stock, or such stocks, and bonds and mortgages to the same amount or less, on improved, productive...
Page 178 - Associations under this law were a species of corporation. They could contract, sue and be sued in the name of their president, and the shares were transferable at the pleasure of the shareholders, who were not liable in their individual capacity for the debts of the association. But there was nothing in the act that required individual bankers to deposit any particular amount of securities before they commenced banking. The country was then flooded with stocks from. almost every State, and the consequence...
Page 301 - ... established at Panama, under the superintendence of Mr. J. Young, one of the Company's most efficient and energetic officers, and the road was pushed rapidly onward, over the plains of Panama, through the swamps of Corrisal and Correndeu, and up the valley of the...
Page 211 - That all contracts, loans, or sales of gold and silver coin and bullion not made in accordance with this act, shall be wholly and absolutely void ; and in addition to the penalties provided in the act to which this is an amendment, any party to said contract may, at any time within one year from...
Page 261 - ... both roads. The basis and terms of this consolidation are substantially as follows: For each share of Galena & Chicago Union Railroad Company's stock the holder will receive one share of the preferred stock and one share of the common stock of the consolidated Chicago & North-Western Railway- Company, and three dollars in money.
Page 180 - ... the security of that redemption by the pledge of United States stocks, and an adequate provision of specie.
Page 178 - But there was nothing in the act that required individual bankers to deposit any particular amount of securities before they commenced banking. The country was then flooded with stocks from almost every State, and the consequence was that numerous banks sprung into existence under this law. Repudiation soon followed. Many States that did not repudiate, failed to meet their obligations, confidence was impaired, credit was shaken, and stocks generally depreciated in the market.

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