The New York herald., 1863-11-12
FINANCIAL AND CONNER cIAL.
wKpNxspAY. Nov. LIP.

"WEDNESDAY, NOV. lI--O H. NJ.
There was quite . panic in the stock market in
the morning and the excitement did not abate un
vi after the meeting OF the first board. Sellers
pressed 40 heavily for cash that stocks receded An
average OF two to two and half per cent. At
the board Harlem advanced one per cent from
yesterdays prices, and Michigan Southern IA.
Erie declined 2s4. Erie preferred l1+. Michigan
Southern 2, Pacific Mail 8, Hudson River 3. Iii.
nois Central 3',, Galena and Chicago .2T. New
York Central !, Pittsburg. Fort Wayne aud Chi
cago az Cleveland and Pttsburg 2:., and nearly
all the other railroad stocks we're also hsfto one
and a half down. A little better feeling was ma
infested at the second board, and stocks, on the
whole. went up. At the Last sales of the public
board there was still further advance. and the
market wac comparatively buoysni. Harlem
made another jump Of four per cent. Michigan
Central, a. compared with the sales at the q rst
board, went up 2. Pacific Mail ] Hudson River
~ Cleveland and Pttsburg 81, Pittsburg, Fort
Wayne and Chicago "a, Hudson River Ia. and
Illinois Central2. After the board the market
was stlll better, and Erie reached lo31. and New
York Central l3s. Buyers were more numerous
being under the impression that the bottom had
been found but the bears remain memorable and
insist upon further decline.
The money market was very close in the morn.
ing and the cheerfulDess that was evinced on Mon.
day at the prospect Of clearing up resolved again
into elongated countenances tinged with nazarine
blue. The banks now hold twen,y.h .hve millions Of
legal tenders which IL is supposed is their maxi
mum; and whether they will now relax their grip
and relieve the pressure remains 70 be seen.
Upon this point opinions are divided. The old
banks have inaugurated . conflict with the new
government institutions, In which the former must
II the war goes on, become the under dog"
The new national banks are another step In the
march Of financial progress. When Martin Van
Burens safety fund system was established in this
State II became popular, because u was an
Improvement upon the old go-it-alone sys-
TEN, which offered no security whatever TO
billholdcrs or depositoe. Then followed the
New York General Banking law, and the establish.
ment Of banks under 1t, based upon the deposit OF
State stocks, which quickly crowded out the old
safety fund concerns. Now come the national
banks, which have already gained fosthold. and
any attempt TO stay their progress or weaken the
popular feeling In their fsvsr win prove sbortive.
whether II come from individuals, cliques or mo.
neyed institutions
The current Of greenbaoks, which, 40 ve stated.
was setting last week towards the West, has again
changed, and they.ars now returning 70 New York,
st the rate Of half million or more day. This
fact seems somewhat surprising when We consider
that money is worth eight per cent in Cinoinnau
and eight and Q half 10 Chicago The Western
spectators In breads.uffs win bs forced 10 yield II
the drain continues.
Gold opened quiet at lE1s, and reached lU,.
IA
went up 70 ls5T. and finally closed stifB.
Sales Of bankers sterling bills were made 81
leo; bat drawers demand 1907
The business at the ot,cs Of the 6ub. Treasurer
to-day Wa a. followG-
naymesosssss ...ss.s..s....... elEsm
oss.''s'".sss.s....s.,.... ...s.s..".s~SiS0i
sl23 ,s22 Of the above receipts wss Tor custons-
The Commonwealth Fro Insurance Company
has declared semi-annsh dividend Of eight per
cent. free Of government tsx, payable On the isth
nat,