The New York herald., 1864-09-26
FINANCIAL AND CONNER GAL.

among the lparc.aI commercial community, as well
as the people generally for military successes and the
decline OF the gold promium are affairs OF universal
interest And although men whose sphere of
operatiops is limited 10 Wall street tho Pro
daoe Exchanse Immediately interested
10 the events which have marked these recent days
IN the history Of the war-because they drst
20 feel their eecisthe whole nation has reoiced
Victories 10 The field and the appreciation ci tie
currency, by which every mans paper do.ur has 40.
quired sptcsvGue o; City cents with god at 200)
Instead o. forty with gold AZ 25o less than
thirty oenis when sold luctuanS between
27o ana 2s5 10 July laet
The gold masket opened weak on Monday, tho arsi
sale beipg nj 2o5 from which price declined 223
aud lten reacted 10 225s. on tuesday the narke,
excited, but, notwithstanding me news Of Sheridan
victory Early the Shenandoah valley, s natural
downward tendency was he'd In check The opening
Price was 225, froIa whcn !. advanced 10 2265, and
then tsl back to 22s1s Wednesday the market was
steady the rsl sale being 2Z2 followed by drop
two per cent ard . recovery 22l On Thursday the
market weaker tho opening quotation bong 22l i
and the closing 2lSA. Ga Friday the market
greatly excited The hrst al 2l7, itom which
nearly steady to 2ll the fall being
accelerated by the news o. sheridaI's sec nd
victory Early. On saturday the excitement
intensified and the n arket IN state OF panic
was rapid decline 20Igs thon momentary dip sln
lower, and salo in instance al 200. An immediate
rally took places and the pr'os al hal! past three had
reached 2V3A; but shortly beore hye O'Clock it had
dropped again 2o2h 2OS Later ia the evening, at
the up town exchange, 1t sold as low as l99h, and
freely offered at 200.
The stock market sympahized actively with
the fail ~ gold, and heavy decliDe took
place throughout the list tho single exception
~ hrcla a1nNrp
late on saturday evening together with all the ohor
leading stocks, the fail after the call at the hight
board being much six per cent in some
OF the railways lhe call prices previous TO this
further drop wese:-For Erc 9S preferred 100
New York Cearai 49, nadsoD lo7,
Reading ll7, Flushing 49, Fort Wayne 96, Michigan
Southern 727s Illinois Central lis, Rock Island o7s4,
Northwestern ASH, preferred 70, Ohio aud Mississippi
certificates S4s, Cant Company SON. Cumberland Coal
59I, hariposa 3914 4 e
The stock market was hammered down vigorously By
heavy ashorr' sales from Thursday morning although
this sggrayaton OF the depression
which had previously characterized the market The
decline gold assisted the bear aud precip
tatcd the downfall ill Saturday the excitement Of the
few preceding days eliminated in panic which
became quite as violent that OF the memorable
Saturday last spring which heraded the crash
that marked tho following Monday with financial
there apparently less havoc to be created. In the
former case the panic occurred on a highly Inflated
market and 1t WAS like fever laying PROSTATE strong
man but the fever RACES comparative SIX els
ton, and wastes the strength OF the market with
the game consuming energy although II has less to feed
upon fortunes which esteemed sao will stilsbe
wrecked by It, Tue extrome decline out OF proportion
with the fall n gold thus far and the productive and per
anen value OF railway and other property represented
IN hat tka ~ thnA Aa.l,H nF
the gold premium was ard still is too uncertain,
the consequent OF great and the
public mind too unsettled TO inspire holders or stocks
with confidence in their market value to do other than
invite speculative brokers to throw their cus,omsrs'
stock overheard, and sell short all 10 their power.
To their contracts these short sales
they have borrowed muGA stock as pos
sble, not only from each other, but from outside
investors The "buls have been unable resiss the
rapid Of The "bsars backed by the military
successes revival Of public confidence In the future
the country and a heavy fall in gold. Railway shares
are selling than their real vaue but IL is ques.
ton OF aud momentum, and not OF cool CALCULATION
upon which market price depends time like
present
Tue money market has worked easy Al per cent
call during the week. under limited demand, but In
she discount line has shown striugency, which
increased towards the close with the continued fan
aiteea por cent for good commercial papor,
with transactions at sight. Foreign exchange
du the closing quotation for bankers bills (stsr
nng) being 400 Io9k, and merchants per cent
10 gold Government securities were firm early in The
week, but closed heavy.
We have from time 70 time drawn attention 10 the
evil so least the government 10 concerned. OF
having conflicting banking systems simultaneously
at work-the State and the national II the object
OF Mr. Chase In framing the law authorizing the latter
snsrge al the old banks into the system but the
influential f these refused TO be into H. and they
pursue their business usual, while . crop Of banks,
under the order Of things Is springng up around
them with mushroom rapidly all over the
uy. This rivalry has considerably weakened unauy
Of the State banks the especially tho national
banks ENJOY privileges both In exemption from taxation
aud their bong constituted repositories OF public funds,
which the others DO DO, enjoy. In some places II ,s
therefore becoming improbable 70 continue the banking
bussss under the cid system, aud In view Of the
rsry advantages be under the National
log there movemont iu quarter hitherto sup
poed 10 be strong enough TO resist tho OF
the MAJ ouai abandon tho old rctws and adopt
the Thus Is reported without contradiction that
tue directors OF twelve Of the nineteen State banks
Philadelphia have summoned meetings Of stockholders,
g hed their respective banks the Goth Of
mouth take consideration the rropresy q their
enrolling themselves under the National Bank law. The
motives are described to be escape from the
present heavy and unequal taxation imposed
apon them, well The unpleasant rivalry
beiore referred 70. II s also observed that
che OF the old State banks into national nst
tuous would srure tho maximum Of banking capital
allowed TO Po.ssyvana under the law Of Congress to
sssvcstioos Of established credit instead Of TO adven
tuers The capital OF the existing banks would bo pr
poonaey Increased and the creation Of large number
Of oew would be prevented. whether or not thc
sckhooers the banks referred 20 viii consent TO the
proposed arrangement remains 70 be seem but Il
thoy 10 1t will only so to show the damage