The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-01-03
FINANCIAL AND COMMERCIAL.

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SATURDAY, Jan 2-6PM.
The stock market opened quite baoyant this
morning, and although there was very little yari-
alton from the quotations of Thursday, yet prices
tended upwards for nearly all descriptions except
Pacific Mail, which fell off four per cent. The rise
ia Western railroad shares was not so great this
morning, but all held on to their previous advance
remarkably we'll.
At the gold exchange business was dull. only a
few small parcels offering at prices between l5lT
and 1927, and closing weak at the former price.
Government stocks remained firm, but inactive
There are signs Of approaching stringency in the
money market which may be severely felt In busi-
ness circles If something is not done to avert it.
Mr.. Chase promised the Associated Banks that the
five per cent interest bearing Treasury notes
should be ready for distribution by the lst Of No.
vcmber last. and that the fifty millions loan would
be cancelled BY that description Of currency. The
notes have not yet made their appearance and
the greenbacks are going into the govern
ment repositories at the rate Of two
millions q day, through the agencies Of the
fye.tHenty loan. IF this is an experiment
the part Of the Secretary OF the Treasury look
ing towards contraction, il will not be many days
| be called up with very little excrion, Such q
course would be in keeping with othe blunde rg
movements which he has made but re are not
prepared to believe that the Secretary has sueh a
/ poor conception OF the necessities Of money ope.
ratons as &c attempt to reduce the volume OF cur
rency in so open q manner. lie should dis'fibute
lis new currency in very nearly equal proportions
| 20 the AMOUNT Of legal tenders paid Ia; for thc
| present and before any contraction commences he
should be fully satisfied thst the interest hearing
! notes will remain in circulation, o.. which i the
same thing, 60 to make up the depps.s5 = the
banks. To thus test them win fe4nife ihrec
months from the tine Of issue. whaa, +. va that
| amount of accumulated interest uFoa hem, hey
! will not to great extent be boarded As clreu
lating medium they might be pronounced TEN.
porary success, and the grecnbacks could after
that be more safely Withdrawn.
The Assistant Treasurer reports the business ut
| the Sub-Tressury to-day as foalows:--
Receipts. ACKNOWLEDGEMENTS. ...Sl ,90s l2l
peo io'''-
Included in the receipts is s27I 900 FOR .ons
The total value Of the imports, other than dry
| goods and specie, at this port daring the week
| ending January was sl,070,3lG.
The Court of Appeals has decided in the case Of
the Bank Of America against the Commissioner Of
Taxes for New York, that so much of the capital
as is invested in the new stocks Of the United
States is exempt from taxation thus sustaining
the law Of Congress and the decision OF the United
States Court TO that effect.
The charter of the Albany City Bank, which
was granted by the Legislature OF this State in
1884, expired with the past year, and the insti
{,.f;ou With fha came name nd fbe mo hon ri
of directors and officers has organized under the
General Banking law. Hon. Eiastus Corning was
chosen President when the bank first started
which position he held up to the close Of its exist
cnce, and he has again been honored with the
Presidency under the change.
Counterfeits on the new twenty-five cent frac-
tional currency have appeared. The paper of the
coanterfeis is little lighter than the genuine: the
faces are not slke-neither Of them, however, be-
ing correct portrait of General Jackson. The
imprint is National Bank Note Company"-the
genuine note being by the American Bank Note
Company
The net profits Of the Reading Railroad during
the year ending ON the 30th Of November were
as follows, compared with the profits Of the pre-
yious year.
Year ending November 90. IS ,I42
Year ending November 90, 1862 2O95,ss4
Increase 81. ,e6s
II appears that the Atlantic and Great Western
Railroad is now completed TO Gallon, Ohio, for
merly connection with the Pittsburg, Fort Wayne
and Chicago at Mansfield, and with the Bellefon.
tains and Indianspoli, at Gallon. Tie works be.
tween Gallon and Cincinnati are also nearly COM
p!eted, and further opening may soon he ex-
pected. This line will join the Ohio and Missis
sppi Railroad az Cincinnati, thus connecting st.
Louis viii. New York by one continuous track Of
six feet eusge--a distance Of twelve hundred