The sun. [volume] (New York [N.Y.]) 1833-1916, 1862-02-01
+ | N A N c | A L.
NEW YORK, Friday, Jan, sl.


The Stock aiSet was more active this morning,
lut irregular la prices The doubts thrown upon
the legal tender clause of the Note bl discouraged
the apCculatprs for rise to some oNtout. The issue
ofptper money not leyn' tender would produce no
Efficient rise ln prices The reports before the III
no,4 Legislature In relation To- tie Illinois Central
Railroad, not only dcpr .sod that stock hut othor
Western shares also, since tho same General causes
apply 10 ALL
After the boarl , slight rally in price, wa, made,
on the news from tho South.
/ The Xclnnges ut the Clearing House today were
si9,s2S Ga balances, s'ta,Gi5.
Tie Long Island Bank pays a dividend u 4 per
cent,
Counterfeit bs of tho Bul'4 Head Bank altered 10
Bank OF Orangctown, are out.
The exchange market WIS firm tlay At llaH a
III Tor bankers names, aud li2 il3 for CONNER
cinl names.
The Northwestern Insurance Co., ~ O'wcRo, has
declared per cent. dividend, payable AT G2 Wal It.
The Lykens Valley Railroad have declared per
cent.
The Mercantile Mutual Ins. Co, per cent.
The interest on the first mortgage bonds Of the
n. Y. Central X nad Is 10 he paid Feb. l.
The Delaware and Division Canal Co. have declared
3 per cent.
Inc hhnkh are coIlttlluk " dtilhil ut WIN
which 10 meet the last instalmcnt due tue govern
m'nt, and which amounting 70 83,5Oo,to0 will be
PAID next week After tina, the banks will have no
use for government notes beyond the amounts they
re-, eiye and pay out ON deposits. The demand from
tho banks hitherto has been equal g. the amounts
made, and this activity has been support t. the
notes, which have however only found buyers at \
discount nom the ustomers Of those banks which do
ft : I'M tnl l.ft,,
Inutnt notes viii have channel Of return, and the
T,ossury, except the moderate ~ the customs. The
ic,l depreciation will therefore then commence.
n the new issue are not made legal iendcr tn sy
All not ho iaken by the banks generally, and wi L
very rapidly deprecIate. I'they are made legal
tender their course will be slower, since they will
enter into all tue transactions of the country.
It Is ~ he borne IN mind, however, that those
| notes are not less than o., hence for sums be-
| tween el and 50 bank notes must be used and si-
vol for le,s than ~, In retail trade The bank cir
cuation u the loyal states is about tl25,2j,lO).
! q. this amount une.hl,fis ~ denominations under
a. aul these small notes will not compete with th'
government. The ii ger that las been coined since
| the reform bi Of 1858, amounts - S3bOOO,pOO, Of
which S20,O0O,OOO Is estimated 10 be Ia circulation
| q, tie North. with tuo issue OF the new govern
ment notes the circulation may be computed - fol-
| luw,i
| G,ycrrmeut notes 70 aud upwarls.u.fl510O 0O0, ,oOl
| Bank notes under Sj,...,.,.,,,,,..,., Gu,OuOiO0
| Silver dollar Tnetans. eo,tunO0|
Total IA .irc.latlou. $50 900 OoO
tbs calculation .,ut,mpldo- the displacement Of
| goll, and e uauk notes under t5 from the circus
Idou, To- be placed ty the Gu,eruue4t .e5 al ten
der ntes. The ag,reg de amount is not large for a
time of peace, but the dprup'rti'n will he In notes
over -. L the system Is perseyerel IN "a will be
u, csslry 10 reduce the denominations u the
Government notes. This was found necessary by
the English during the French wal. The Bink
then Issued FL nntts because the gold leI the gircu-
| l4tiun the moment ur,deemable paper was made q
cgsl tender. The depreciation of an issue o tl''-
| 100000 under such circumstances would not oe
large, but il is very evident that the ahonn1
win not he limited H. 800, O,OJ0OoO Ihat amount
only pays the Government debts now due, and
giyes nothing towards the sSOOOOO,ooO wanted be-
fore July Even Il Congress passes the tax bill
Il viii Yield uothing within moaihs, and borrow