The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-10
FINANCIAL AND COMMERCIAL.
SUNDAY, Dec. 0, 1868.

fNANClAl AMI SOWMIRNiAIs
SUNDAY, Dec o. 1865
The railway share rnarke. was without any decided
activity buoyancy last week. we except the North
western Stocks ard to some extent Erie and Michigan
Southern The greatest recovery from the depression
occasIoned by the panic was in Northwestern common
which sold as high 53x on saiurday-an advance OF
sixteen per cent the lowest point touched while the
storm lasted The Improvement in the rest of the list
however was comparatively light owing mainly to the
general duness OF business, and portion OF the list
submitted TO trifng decline The market, noverthe
less very stubborn in yielding, the large hold
ers were not Sellers while considerable amounts OF the
leading stocks including Erie and Northwestern prefer
red were Withdrawn from tho street by outside buyers
The fact that tho bears have hammered the market
20 the best OF their ability, without producing any mate
rial impression upon H. goes TO prove that II has
usually nrm undertone Stocks have found their way
into strong hands and the large holders quietly add
ing their lines preparatory fresh upward
nent which has been temporarily checked by the pre-
ssing uncertainty with regard to the future action Of
Congress-
The money market easy throughout the week Al
ak aud seven per cent for loans to the Stock Exchange
with exceptions government securities Mt five. Tho
next bank statement will doubtless show larger
10 proportion to liabilities than the last one but It will
10 snow the extent OF the drain from the west,
owing TO the rcmtanccs having been largely in
tiona bank Hence increase.in the OF
legal tender notes not to be looked FOR but the
deposits likely to show reduction OF several mil
Hons the banks will be in stronger position proportion
the decrease In deposits exceeds that Of the Legal
tenders. The disbursement Of more than ten mil
lions and q half OF interest on the second
series Of the seven-,hirty loan on the 18th
instant. an OF smaller amount
count OF tho third series the 18th OF January will
contribute to swell the volume Of currency in the open
MARKET The supply OF commercial paper Offering
small, and the best grade passed at q Z per cent
The market for government securities was dull but
nna Miscellaneous shares neglected Pacific
Mail advanced to isl2 Railway shares closed firm at
.half.past I'VE Saturday at the subjoined quota
Observation-Disclosures 521 aia-do preferred 705s
II, New York Central 1905 q, Erie 7ris q, Read
ing 1osis q, Michigan Southern 79ss x, Cleveland
and Pntsburg s4k IS, Rock Island l03JS a -, Fort
Wayne lo5 q "
The gold market was heavy under large prepondcr-
ance Of the bear interest and steadily declined from
14lx Monday to 1875 Saturday. The
exports for the week from this port aggregated
$3.50, 597 aud the demand for customs duties
81, ,0o0 The receipts from California we're
81 "a 900 and the coin payments for interest made
by the Sub Treasury s555 600 The gold clearing
house association has place OF business at % Broad
way Il Is to be known the New York Gold Exchange
Bank, and It's capital is half million, all paid up It's
transactions will be confined to taking in deposits and
making transfers OF gold for the convenience Of brokers
IN making their deliveries.
The foreign exchange market was inactive, but steady
and bankers bills England at sixty days wer quoted
q the close at lO9 l0s. at three days o9,s ll0.
Commercial 0s 100; francs ct sixty days BIO el7k;
u three days SIX a5IsK Bills on Berlin !: 72h
on Bremen 70 7sz; on Frankfort AZ All; on Am
sserdam Ak s4h; Hamburg s63. 36ss; on Ant
werp 617h a5.16.
notwithstanding the strong objections there are to the
ssiooa banking system II is very doubtful judging BY
the general temper Of Congress and the bill now before
Il providing the OF additional! hundred mill
Iisus Of bank notes. whether the rct authorizing 1t
viii DO 70 far amended to withdraw the privileges OF
circulation from these institutions and substitute legal
ssnder notos for those OF their but, notwh
standing urge upon Congress the necessity Of doing
%. All banks Of issue would be then abolished and
every bank would have do business legal tenders
Tho national banks by the amendment suggest would
simply be deprived OF their circulation and supplied
with equivalent amount In legal tenders, the Treasury
q the sam6tme cancene equivalent amour, OF the
bonds deposited with II basis Of circulation To &C
complsh this purpose and the government twenty
one millions year In gold the amount OF interest which
e nov pays this bonds referred toit would be worth
roouctiOu
nominal amount for tho next year two Meanwhile,
however the following amendments, proposed by the
Comptroller Of the Currency for tho better regulation Of
national banks arc entitled the consideration Of Con
gress;--
Fsra-An amendmehf 10 section eighteen, authorizing
che appointment OF receiver whenever satisfactory ev
dence furnished that any association Us not carrying
on the proper business OF banking that any OF us re-
ports required by law have been false Or fraudulent
that s funds have been wifuliy misappiicd by the
MIR NJ
com mitted any act 81 insotve ncy.
Seoond An amendment 10 section twenty. nine, cx-
lending tho provisions contained thercIn 40 that the
Imiiston 10 one tenth capital shall apply all
liabilities for loaned or deposited, except BAL
due from one nationa! banking ASSOCIATION 70 an
other
TAivd-An amendment 10 section thiry.four, dong
away with quarterly statcnents and requiring monthly
attachments showing the condition Of each bsnk Dc.
tai Provision should also be nado for the collection
6f penalties imposed for deinquences IN making re-
ports and for the disposition 70 be made % the iGpds
arising from such penalties wren collected
Foartt--Ar amendment TO section 80, providing that
whore the capita stock ASSOCIATION he become I'm
paired BY losses or otherwise y shall 90 inc duy y 'e
directors reduce tho nominal capital and The crcula.
on OF the bank 10 such amount a. may be rendered
necessary as 20 epres nj the actuai cnpai OF ne
Assoc ation provided In section IL OF tho acf upon
n vote ~ the Stockholders owning two-nirds % the
capital stock OF the bank TO make pro rdf1 lent
upon the stockholders Tor an amount Suhcent 70 MAKE
up the ioss sustained
Hfn-An annendmcn, 20 section 50, making Il penal
snsnce person TO have In HIS possession With IN
tent 10 pas CT u's"t any i"ss.t '"ik4 " We"
tlona bank note and requiring every national banking
association every counterfeit note that may be
presented at It's counter 10 DO stamped win the word
tsconnterleith
Chicago despatch dated TIE 5th instant says
An important decision has just been rendered BY our
Supreme Court which viii greatly embsrrsss CONNER
ssi transact this city and state. IL IL 20 the Of
feet TINT warehouse receipts are not negotiable NTH
srto they have passed from hand TO basd among com
mission men, and readily purchased by banks the
Same as bank any negotiable paper: Nc re.
sut OF tuc decision be that ths tran fer ~ all grain
or oner property warehouses viii have actually to be
made. or the transaction conveys no responsibility. II
n that application VIII be made TO the lesis
faturc for place warehouse receipts on tho same
footing that they nave hitherto held
Tho highest prc,s Of the leading stocks so'd at the
erst session Of the Exchange each Saturday Of the