The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-12
FINANCIAL AND COMMERCE.
MONDAY. Sent. lI-6P. NJ.


MONDAY, Sept u-6P. NJ.
yAs .tock market was dull but steady at the open
hoard at ten o'clock this morning. Erie excepted which
aeclinsd to sex AT the first session Of the regular
So.rd there ives slight but general improvement with
which Erie only partially sympahised closing TX lower
than II the same tame on Saturday. New York Central
a,osed Y higher Reading u, Michigan Southern ~,
savsisnd and Pittsburg n Rock Island ~, Ohio and
Aisssppt certificates n Hudson River was unchanged
Government securities were shade lower. Coupon
sv.tvsutss, Of the old and issue, were Il lower.
fen fortiss were steady ct s4x.
II The open board at O'Clock the market was
fraction higher At the second regular board 1t conn
ned ARM New York Central closed 4 higher than at
ths nrs board, Erie ", Reading x, Michigan Southern
4. Cleveland and Pttsburg 4, Rock Island l, Fort
wayne r. Ohio and Mississippi certificates n, Quick
s,ysr TX Government securities quiet but steady
A the open board at halfpast three the market was
rather heavy Erie closed the call Al S6H, Reading
A9 l07x, Cleveland and Pitasburg "a, Michigan
southern s7N, Rock Island 112K, Ohio and Mississippi
esriAeatss 49, Northwestern 2sK, preferred e2X, Gen.
mi Osel eek Quicksilver 4eX. Afterwards, on the
Srss Ess declined TO sex. and the whole market was
AuA
me course Of Erie puzzles the &reet in degree
From being the strongest stock the HIST has become
he wsaksa notwithstanding that Ne general market
d comparatively Arm- Opinions divided - TO whether
ths fall sales ~ ths speculative director and his
party particularly TO outside influences But In
any case It well understood that the former bull clique
ere the best looking without making any effort 70
sustain stook Under these circumstances the bears
disposed 70 soil Il down. and weak holders TO close
their contracts disgust II does not seem likely that
the general market will sympathize actively with the
downward course Of this particular stock SO long as
money costumes easy as 1t is at present.
The bank statement indicates increasing activity In the
money market, but call loans are made freoy q
Per cent me increase in loans Of 81 Is partly
due the increase Of business the Stock Exchange
~ week. and the decrease Of $685. lat in the deposits to
Withdrawals the West and South, while the further
decrease Of $es in specie raceabe to remttances
20 buy cotton and other property in the Southern
~.
There Ia prospect Of the loan funding certificates
OF indebtedness and interest bearing being placed
on the market within short timc and it understood
shat the bonds which these floating securities may
DO funded par with the accrued interest allowed will
DO hve-twentes bearing the usual rate Of six per cent
interest.
The gold market was remarkably steady at N4s till
near the close of business, when it sold at 144k.
Foreign exchange dull, and bankers sterling at
sixty days quoted at 100 q r.
RI
tho FIRST board Webster closed &c. lower than at the
same time Saturday, Buchanan Farm 1c., Germania
lc. United States &c. Excelsior lc higher Phole
Creek and Montana unchanged. At the second
board Pitholo Creek closed at So 90 d. 81 Webster 81 6S
Cherry Run $50 Manhattan &c., United States $27.
The adjourned meeting Of bank officers to take into
consideration the proposed plan for the redemption Of
country national bank notes at New York, Boston or
Philadelphia will be held the Clearing House at two
O'Clock The country banks 1t is needless to
say, opposed TO this system Of redemption which
would compel them to constantly keep balances of
the financial centres named but the banks in
thcss throe cities excepting those with country bank
aooouuts) are, may be readily supposed,
anxious that il should be carried into effect They com
plain that ct present. while they compelled to take
country national bank notes deposit demand may be
made upon Thorn for tho payment Of checks in green
backs, and they urge that the redemption system will
impose sauary check upon the country banks disposed
10 increase their circulation and reap the
maximum Of profit from the minimum Of
investment, regardless Of the safety of the
funds entrusted them Although the national currency
guarantees the redemption Of the notes by the sale
the securities deposited against them with the Treasury
and In the event Of the latter not realizing sufficient
Day the OF par the Treasury has first lien upon
Ihe property Of any bank that may have failed, is
into irresponsible institutions far as their general liza
blilss arc concerned. By the adoption Of the
ruls, however, Of each country bank keeping a
balance at one Of the three centres, in default
u which its notes would fall to discount less scope
would be afforded for Encouragement, and weak points
would DO ikey 10 show themselves the surface
Of In Affairs.
OF Ne 1SlS banks established under the national sys
ZEN 40 have selected New York, Boston and Phila
Asaphh - plaoos Of redemption for their notes.
while 2oT have selected Cincinnati, Chicago, Pitts
burg and other provincial points. This leaves a12
banks which have made selection whatever
II " believed by not few that If this system Is
adopted will be sblow struck at the national banking
system and first sight that would appear to be the
general impression and the natural Inference 1t will
have the effect Of ocazing, In limited sense the
tonal bank circulation, whereas ought to be general
and herein Is revealed a defect in the National Cur
rency act, which makes national bank notes legal
tender from national bank to another, but
not from national banks to the public. But even |
II this projected action should prove the entering |
wedge to various important notifications In the law
cannot but be said that II Is step towards arresng the
evil tendency towards overbanng which present pre-
walls, and which threatens consequences the
sountry in the end
Mr.. W. P. Fessendcn, exsccretary Of the Treasury
and Chairman of the Finance Committee in the Senate
IVES In town to-day.
Tho following figures compare the last weekly state
msnt Of the New York Associated Banks with the
returns Of the previous week.
September @ September o. |
Loans. $2ll, 1874, $40 $214. 1S9, $40
Deposits. $50 1858 179,353,611 |
Specie. ................ H,A3,s2T 1879, s2l |
Legal tenders. 57271,730 58,32O,7
Circulation ............. S,509,l75 S,s14,142
Tho deviatons from the returns Of the previous week
are follows