The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-12
FINANCIAL AND CONNER GAL.

FINANCIAL AND CONNER GAL.
wrnsrspAy Nov. 1I-0 r. n.
hos heen on the whole weak ana
c.a,,,aa TO-DAY nrices having declinea 'nioueho1'
-. ~, rotw,thsta nding that money was IN aoun
aant suppy at seven per cent In currency.
-, o,,o,o, stockiobbng dispatches were received
-. u,ssn,noton and the Treasury has made no
srtemnt TO reissue three per cent certincates OF
,Nhervise tamper with the money Market ior the
,,eneat OF the Treasury ring In violation OF the law
.na sound policy. The banks report that they
are sendlpg large amounts OF currency to the So' -
and Southwest and they are already SO large, Sex-
handed that they confess their inability to I'D fur
ther on securities OF any kind. IN many ymstances
thew have made time loans speculate stocks-a
practice fraught with great danger e1d much to be
condemned-asd In some cases they have become
the virtual owners OF these in consequences OF
the decline in prices and the inability OF
the borrowers to put up fresh parglns. That this is
bad banking admits OF question and me attention
OF the Comptroller OF the Currency thculd be d.
seced to investigation the affairs such OF them
a. are unduly expanded on stock lars. the de-
msnd for currency TO move me pfH crop has not
Jet been felt but 1t soon will be, and the Western
money markets continue very actre, while the drain
southwark viii doubtless hcreae az the movement
Of the cotton crop progresses.
The railway share market vas very much demon
allied during the forenoon md Northwestern pre-
ferred sold down to s1,G Ny York Central to 1lsa,
Hudson River to 12lH atd osher STOCKS IN nearly
the same proportion, wiz one OF Two exceptions,
while late I'm the day Yie declined to 37k in SYM
pathy with the sall N London to 28K. The
closing OF the New fork Central transfer books
on Nc Hcay, after Sne days notice, has occa-
stoned considerably remark, and street rumor
has 1t that the gliding spirit OF the company
parteei with his stok short time previously, which,
II tru T. Is suniciet TO account for the unexpected
clos ngof the books. The open board at its last
sion cook into Consideration the proposed amend
rs to the constitution and bylaws, when, after
o,ki6erabe dbcusson, they were all carried. The
plkre of admission for new members. therefore be-
comes s1OoO0the same at the regular board and
members cess are allowed to be sold either during
life or after dath for the benefit OF themselves their
hers or creditors.
The gold market has been steady and free from
excitemeItall day, and the fluctuations were from
lsa to lax, with the closing transactions prior to
Tie adjotnment Of the board at three O'Clock at
1s41s, following which the latest quotation on the
street vas l34k 1341S. There was brisk borrow
ing depand for coin and loans were made at rates
varying from one to four per cent per annum for
carTyhg and at 1-64 1882 per cent per diem for
rowltg as well rs "nat." The gross clearings
amounted to $780, ooo the gold balances to
e38 and the currency balances to $4,040e2A
The subject Of certifying brokers' checks is engaging
attention among bank officers and others. One OF
eht Boston law courts recently pronounced 1t illegal
for national bank to make such certifcations as are
usual in Wall street unless the drawers OF the checks
had the funds which the checks represented actually
deposit at the time Of cert6cation According to
shs decision, In tie event OF the failure of q
bank the unpaid checks Of bankrupt firms
which It may have certified cannot DO regarded
- . part Of il liabilities, the certihcation
IN the absence Of Q corresponding deposit
being unauthorized act Wherein, therefore, lies
the safety OF taking certified checksa 1t Is noto-
xtous fact that thecertncatons Of some Of the New
York banks amount to from I'VE to eight millions
day In times OF speculative activity, and It therefore
follows that some Of the principal customers for
whom these banks certify were to fail In making
their accounts good the latter might be forced
% suspend and place their affairs in the hands
Of Q receiver. 1t would then be found
mat the usua certincaton Of the check Of
arm which falls to make good Its account Ia
worthless because illegal, and bank stockholders
should direct their attention to the dangerous Gus
BON OF certifying for stock houses for large amounts
without the latter having anything deposit at the
time Of certifying It is obvious that any bank may
be suddenly rendered insolvent by the failure OF
few stock houses under the existing system, and the
present time
Now that the almighty negro has passed gut OF
sight the financial question looms up as the most
important one Of the time and that reforms are
caIed for In our currency system Is very OBJ
vious from recent experiences. The monopoly
OF the national banks must be guarded
against and the influence Of these and
the bondhoders counteracted by legislation
IN behalf OF the peorie at large Hence lhe taxation
~ init INV fa mt fynp
bable, while the outcry In favor OF the payment Of
me principal OF the bonds in currency IL not I'M
likely TO be revived In the conflict between the bull
Monists and the people. This question win agitate
the country for ten years to come just as 1t did In
England after the termination OF the Napoleonic
wars.
At the commencement of business the stock mar
ket was weak and unsettled ana at the early session
Of the open board New York Central sold at 11ot4,
Erie 3s1 and Reading e6k. At the first regular
board there was further decline Of prices and on
the call New York Central closed 33s lower than at
The same time yesterday, Hudson River AZ, Read
ing ~. Cleveland and Pittsburg Ia, Rock Island
IN. Northwestern 8, do. preferred az, Fort Wayne
IN Milwaukee and St Paul AZ, do. preferred az,
Ohio and Mississippi Il Pacific Mail AZ, Western
Union Telegraph u, Tennessee skies, ex coupon,
IN; new issue u, and North Carolina skies new
issue, ~. Government securities were 4 1
per cent lower. At the open board at O'Clock
prices improved, New York Central selling at 10. A.
the second regular board the volume OF business
Night but prices were bid up by the bul cliques and
on the cell New York Central closed q higher than
at the FIRST regular board, Erie u, Hudson River !,
Reading Ia, Michigan Southern u, Cleveland and
PttseurS Ia, Cleveland and Toledo u, Rock Island
Is, Northwestern Ia preferred " Fort Wayne az,
milwaukee, and 81 Paul 2, preferred 2, Ohio and Mis-
ssssipPi II, Pacific Mail x, Tennessee sixes, ex
coupon u, new issue, Il and North Carolina SKIES,
new issue, Il. Government. securities were 4 q Y
higher At the halfpast three open board there was
On executive session, and the salary Of Mr.. George
uenriqne', the frat vice president. was raised to
$4,000 per annum, the advance to cate from the
1st OF Ma last, by an almost unanimous vote