The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-12-28

A. =.
lI2sA A.......... 2lsH 3;soP.A ........... 2i1A
i2soP. a........ als% tio r n............ a,ax
On sbs stock Exchange railway and miscellaneous
shares, which before the meeting OF the board
were depressed, synpsthized TO some extent with
tns course Of gold; but the market generally
dull and steady. The closing sales a tho
nrss board showed . decline from those Of Saturday
In Fac OF * New York Central y, Hudson River l.
Reading u. Michigan Central ~, Michigan southern y,
Burlington and Quincy Ohio and Mississippi Certificates
u Cleveland ana PHtsburg advanced X, Chicago and
Northeastern y, Rock Island la< Fort Wayne y, Quick
silver y. Illinois Central steady. Government 90
curities quiet.
Coupoa skies 1851 steady. Coupon Eve twenties
improved v now Il. Coupon ten forties declined
N State stocks, railroad bonds and bank shares were
dull
Tho Of The printers Of tho stock list was
this ing report OF the sales at the nrst
board which headed "Second Board December &C."
Al The open board al O'Clock the market was
stronger Inactive and at the second regular board
was steady, but duh AS compared with the closing
sales the morning. Erie advanced u, New York. Cen
trial 4, Reading u, Michigan Central u. Cleveland and
Pntsburg IL, Northwestern y, Fort Wayne y Rock
Island declined y, Hudson River Msriposi Illinois
Central Michigan Southern aud Quicksilver were steady
Government securities continued quiet Coupon SKIES
OF 1881 decioed T. Coupon dvetwsntes and tenforties
were steady
Al the open board at hat-pas threc the market was
generally higher. Mariposa, however, declined l,
making fall o. AZ since the first sale OF the morning
The supply OF oanable dim uished and there
is = moderately active demand for money on call at
seven per cent, chiefly from speculative holders OF gov
ernment securities, who avail themselves OF every
upward turn OF the market work OF , part OF
their stocks and so they depress quotations. The
policy OF the Treasury with regard 70 gold bearing
securities 10 not yet announced, and tho public
Ia distrustul OF IL to venture upon active
subscriptions or speculation without ofcial Information
subject 1t is however, believed that Mr. Fessen
den withdraw the tenforty loan Al an early day.
although notification TO that effect has yet been made
The statement OF the Clearing House banks for the
week the very large In The deposit line
426 mainly 10 consequences Of the undue specu
IatIon IN the forty loan last week Tho loans also
show decrease q .o2s, which shows certain
amount OF calling in but which Is small
considering the reduction OF deposits Tho specie has
the extent Of SECS S27 and therefore
the statement tho least favorable ono have had for
some months
i've may judge BY his late report kilograms nom
Washington Secretary OF the Treasury Is In favor OF
meeting temporary Withdrawals OF currency from the
great centres BY fresh but, nothing could be
more .ata welfare Of the country, Is to
DO hops that Congress will place the further imitation OF
paper money system beyond the power Of the head
OF the Treasury.
BY the suspension o, the periodical statements Of the
condition Of the national debt the peopeAre blinded With
regard 70 IT, the impaired confidence resulting there
far more DAMAGING than In. n.hiiaalon Of the
ssous amount 70 the enormous OF nearly two hun
dred millions, and therefore the Treasury 10 10 urgent
need Of money than the receipts from internal
the sale Of securities produce for the latter has
fallen % largely since the middle Of last week. with the
omission withdraw the second half Of the ten forty
two hundred millions loan as was expected
Subscriptions the latter are now all bus entirely
stopped for the bonds purchasabe In the
the Stock Exchange less than the price
OF par and interest," while the thirty notes Ian
gushing under the prevailing uncertainty The govern
msut must BY ns policy MAINTAIN the market prices
OF the securities already issued the demand for
issues cannot bat suffer accordingly, as at present
Instead Of directing his efforts TO the appreciation q
the currency. with view to tho gradual resumption OF
specie pay within long time the Secretary
Treasury appears disposed pernicous
pauiatvss, which, adopted. could only result In max
4ng the certain and disastrous the financial revul
in which tue present policy threatsns
70 Involve the country, while military successes,
which should be regarded furnishing fitting
opportunity for restoring our deprecated currency
90 hrner basis apparently looked upon
for adding the weight OF the evils under which
country already groans.
The supply OF first class commercial paper Ia light, and
Che general discount rate varies from eight to per
cont.
The foreign exchange market dull, and rates
favor OF buyers. Bankers sterling, at sixty days "a
quoted at 1921 y; at three days, IioX x. Mer-
chants bis 1854 X
The disposition among the State banks TO reorganzs
under the National Bank gaining strength only
throughout The country, but In this city 10 addition to
che Bank OF Commerce. the Bank OF the Republic, the
ths RrOad 81 nd nre 10
be contemplating the change from the old the new
system Considering that at the date the last
o. the Comptroller Of She Currency the paper issues Of
che national banks amounted TO $7439o 400, within
aong time may expect TO the country deused with
She full Of three hundred millions authorized by
She act
Ths subscriptions 70 tho sovsn and thrsstenhs loan
received the First National Bank to-day amounted
slor.7oo The bank paid 81 $50 900 Treasury
drafts
The subscriptions the for the week At the
Histn National Bank were ss34 $50
Yesterday observed q Close holiday on the
Rtock Exchange, the gold and In Wall street. and
the down generally deserted by The
financial, mercantile and speculative community
A correspondent sends No the following
There appears 10 be some the part
OF the community with reference 20 the nsttcnazpg Of
ns sais sas es e. o"s sant
greater advantages than the state system Should
abe supreme Court OF tbe United states I'm january
decide, ~ 10 10 thought u probably viii, AGAINST the
etse taxation Of the United States stock Gle med part
nj capital would not be simply necessary for the State
10 enforce ION the spot the against the individual
stock holders personal property protected by its laws
ord at ia proper cxpensei
me state Assessor the right 70 inspect the stock
Es OF apy bank national al ell times will be
necn by the following extract OF the amended National
Isnk act and toe equality Of the taxation would
apparent ind 10 section Al OF the same, which
Bays Provided, that poshng 10 this act shall be
utrucd 20 prevent all In any OF the said
Citations, held by any person body corporate, from
eBg iDcuded the valuation Of the personal property
Of suon person or corporation IN the assessment
OF taxee IMPOSED by under state authority