The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-11-23

A. Il
40 7 h...........221
In the afternoon spectators were asking each
other what put the market down, and crop Of
r,Insors was manufactured for their satisfaction,
that of the capture OF Macon among them; none of
which, however, obtained much currency Specu-
latiou was rife respecting Sherman's move
Iuents, aud the old report that Governor Brown,
OF Georgia and other OF the State authorities,
together with Vice President Stephens, were
ready to meet Sherman half way and surrender
Lhe State 10 the federal government, was revived
aud stouty persisted III by some.
The stock market sympathized with both the
rise and fall of gold. AT the first board il was
active and higher and the closing prices showed
the following variations from those of yesterdays
second board Erie advanced Ia Reading Ia,
Hudson River IL, Michigan Central /, Michigan
southern 21l, Cleveland and Pittsburg q. Rock
Island 2ss, Burlington and Quincy l, Fort Wayne
~, Ohio aud Mississippi certificates u, Cumber.
land Coal ~, Quicksilver Il. Mariposa /.
Government securities were, ON the whole firm
but less active. Coupon fve-twentes sold at
I04ss 70; new issue, l041s: coupon skies of 1881
ll021 "a; coupon ten-fortes, 81; one year GER
ti6cstes. 96T =, showing an advance of 4 u;
seven three-tenths Treasury notes, llJ lis.
State and bank stocks were quiet and railroad
bonds dull.
After the call and at the open board.
at O'clock the market was duh and lower.
At the second regular board il was de.
pressed and quotations underwent further
recession. The closing sales, a. compared
with those Of the morning. showed de-
rline in Erie of ~. Hudson River IA, Reading
IL, Michigan Central a. Cleveland and Pitts
burg l a, Michigan Southern ~. Rock Island q.
Fort Wayne "a, Cumberland Coal ". Quicksilver
= Mariposa /.
Government securities showed decline OF !. in
coupon skies of 1881, and an advance Of !. in
coupon five twenties
At the open board at haf-past three. and after
nj fractional decline.
The Stock Exchange will adjourn after the first
board tomorrow till Friday morning Thursday
being Thanksgiving Day, and all contracts falling
due on Thursday must be settled tomorrow.
The money market is easy, and the limited re-
ooiremcnts of stock houses are promptly met at
seven per cent. The discount line shows no
change. The rate for first class paper ranges
from eight to twelve per cent, and the volume Of
busiuess is small. The foreign exchange market
tor bankers sterling at sixty days, and 1lOs.
Ri at three days. Merchants bills are quoted At
los \ "a. and francs at SO a 5.l4.
The Bank of Commerce is about To organize
uader the National Banking law. as ''The National
Bank of Commerce in New York" with . capital
Of ten millions and the change is expected TO take
effect from the lst Of January next. It's original
articles of association under the Law OF this State
hnca ali of
its directors--which were for life, unless in the
event OF vote Of expulsion for csuse-under its
present organization will have to take place an.
nusliy. in accordance with the national law. One.
third OF its capital viii have to be lodged, in
yhe form Of United States bonds, with the Comp.
jroncr OF the Currency At Washington and
linety per cent of the market value Of the bends
deposited will be restored to it in circulating
Sotes. But the law gives any bank the option Of
increasing its depos;, TO the full amount OF is -ub
scribed capital and its circulation in proportion
The minimum amount of currency placed al i,s
disposal will thus be more than three millions. Its
circulation now is only one thousand seven hun
bred and five dollars Thus the evil OF imitation is
rapidly spreading and unless Congress interferes
in the matter there is little doubt that in the course
Of no long time the whole three hundred millions OF
will be issued. At the date OF the last Official re.
turn the aggregate circulation under the Law
amounted to s64 $50 40. and ts increase has been
progressing steadily for months al the rate of
more than two millions per week. The Bank OF
Commerce alone will be in position to increase
the tota! by ninety per cent OF the full amount OF
its capital If it, directors are so disposed
although the probabilities are that il will contne
action of this bank will of course furnish prece.
dent in favor OF other State institutions organizing
under the new law: but it will not perhaps. exert
much influence with the old chartered bank. Of
this city, whose directors regard the Bank OF ON.
merce a. a comparatively new institution. That
the national system Is rapidly unversaiizinr itself
cannot. however, be doubted in view OF the
recent recession from the old system Of
considerable proportion Of the banks
al Philadelphia and Boston. The advantages
oil the new law are entirely in.favor Of the banks,
in freeing them from much Of the taxation 30
which they would otherwise be Liable, and aug.
pcntiug the amount or their loanabe funds. To
the government and people the system ia hurtfu;
tor il fosters that currency imitation, which may
be tkened TO o cancer eating Il, way INTO
the vital elements OF the nations credit.
The State banks appear 10 have resigned
themselves 20 the ene~oachments oil the
new banks. and the opposition which they AZ 6rst
displayed is no longer openly expressed. \ reso-
luton was passed by the representative OF the
associated banks about year ago to the effect
that al the National Bank currency be treated
- ancnrrent money. unless each bank redeemed
a. rar through member Of the association, but
ms oa@ become dead letter, and the philippe Of
Mr. SNNmau. tho President ri .be MYrgh,nt.'