The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-25

Monday Observation-Disclosures. .143A 143H
Tuesday. l45T l4o7s
Wednesday,. .l44 !4Szs
THURSDAY. '.'.........-.'.....is ,s38
Friday 1850 1904
Saturday. Observation-Disclosures. 143A 143K
Foreign exchange opened Hrm and advanced to 1097s
ITO for bankers sterling at sixty days. but the demand
for Saturdays steamer light and the market weak
ened to 109x u for the best class of bills and closed
dull these From the active demand at advanced
quotations for FIVE twenes and other securities it
evident that these were being shipped by importers
In preference TO bills drawn against gold. These
a temporary substitute for specie; but it is
evident that while present, imports range in
value from five to nearly eight millions per week (gold
value) and exports reach only between three and
four millions currency vaue) that important differ
must be RENTED in some form to balance our
foreign accounts Notwithstanding the weakness Of
change the steamers Saturday took out 1910, $50
making for the week $6i6012. The demand for
toms duties during the same time aggregated So 600
than which there could be better commentary the
activity Of import trade and Of business generally
This has shown itself in an increased supply of COM
mercia paper offered for discount which has made this
branch Of the money market more animated than for
months past The dry goods trade lost Of Its
business during the week. and prices especially for do
mestc goods decned considerably under heavy stocks
and light demand but with regard foreign mercba.
The produce markets steady, with the exception
provisions which have been firm at advancing quota
tions The demand for loans from the Stock Exchange
has owing TO the prevailing dullness been very limited
and readily met at a per cent
The bank committee appointed TO inquire into the
views OF their brother managers Of the banks of this
city respecting the proposed redemption scheme for
keeping the Of country national banks par
found the great majority Of their number willing
operate IN carrying out the project Fortyone banks
reported have thus far assented It, while twelve
remain either doubtful opposed it the Bank Of the
Commonwealth being among the latter. That plan
nj redemption for the notes Of banks situated
mote points is necessary cannot be doubted; for in
The absence Of such these notes will assuredy fall
10 . discount they not legal tender from
lhe banks 70 the people, although they arc be-
tween national banks well TO the government.
Moreover, the redemption Of country bank notes at
central points required by the National Currency act
The plan by requiring each local bank TO keep balance
with bank Of the three centres-New York,
Boston and Philadelphia-woud impose check upon
Its solvency well lessen the reliance which Is
placed upon circulation in the establishment of national
banks Al Il is they issue much currency the
law permits and eager thor capital for
the sake Of getting They pay out their notes with
the wish that they may return and these find their
way 70 the great money centres where unless provided
for they form incubus In the hands Of the banks
The country banks burdened IN like manner
b. plethQa Of New York, Boston Philadelphia bank
nos for those always tending towards the points OF
issue; whereas there is strong backward current to
take the country home through the ordinary chan
ne Of trads the financial centres being many whir
pools In WHICH they arc held.
Tho strong feeling In favor Of further issue Of ma
tlonal bank notes. beyond the three hundred millions
already Authorised and apportioned, which prevails
among national bank managers was shown in resolu-
son adopted ct convention Of nineteen bank officers Of
Vermont held as Burlington little more than week
ago, and at the same the attendant hostility TO the pro-
posed plan Of redemption equally shown In another
OF the resolutions adopted namely
Resolved That the business OF the State requires
increase Of bank capital which shall secure additonai
circulation. and that our representatives oe
requested 70 procure an amendment OF the Nationai
Banking Law for that purpose.
Resolved, That while we cordially approve the pro.
vision Of the National Currency act which requires
every country national bank 10 redeem its bills at some
national bank In Of certain enumerated cities, and
and viii unitedly resist any effort by certain banks in
OF such cities compel us 10 redeem IN any oher
In such cities, and thereby become tributary 70
such banka
Tho country b already troubled with overbankins,
and iaborng under the evil Of highly inflated and de-
prscatsd currency and plan Of enforced redemption
would aasurediy srer restraining influence upon the
issue Of bank currency would not be without its ad
vsntaees although u 10 OF itself q merely artificial
measure for keeping local notes at par all over the coun
try And most certainly the duty Of keeping them at
mar devolves upon those who Issue them. Meanwhile
the agitation Of ths question OF redemption not cal
cuIs.sd 10 strengthen public confidence in national bank
notes issued by other than metropolitan or other well
known banks and the prsuics against receiving those
mot redssmabe al one Of the three centres named VIII b
likely TO increase.
The Panama Railroad Company have declared divi
dsnd from their sinking fund In the proportion OF two
sharos 70 every Ave shares Of original stock, which
squIvalen, 70 forty per cent $4,000 each 81 ooo
This increases the capital stock Of the company In the
same proportion. The original mortgage upon the pro-
perry has been paid OF In like by the operation
OF the sinking fund.- and the quarterly cash dividends
have been raised from i've 70 six per cent
The earnings OF the Chicago and Northwestern Railway
Company for the third week in September were:-
1s65............".........." .$IlS4 ~ q
1854 .............s.s....... ioO,'so "
Increase. ................s..s.s. Sof,'~ ~
The aggregate value Of the imports other than dry
goods at this port during the week ending September "a
VS. ssiosSs2 Tho total imporss Of the week compare
wssi s~ds,v SEPT "a sqk 1s SEPT 9 SEPT 1
DRY F SS:. s ss ss4Sss
rosal ooa sos o. sss $50 sAiss,oos 90
s Now York imports Of dry goods compare - follow
win former rstuns:-
zss.s.s .sss Yssr.sl, e!s' g s1,osise. slssscs