The New York herald., 1862-04-25
FINANCIAL AND COMMERCIAL.
THURSDAY, April 24-6 p. M.

aWount to nearly $Z1 ,VOO,OOO, of winch about $zz,
600 900 belong to the banks The ub-Treasurer
ssssvea instructions this morning TO allow five per
cent TO the banks their deposits, but only four
20 the public. 1t is hoped that the Secretary Of
The Treasury will see fit TO modify this rule, as
10 allow five per cent to the public as well as to
the banks II should be the object of government,
not so much to save one per cent on few mil
lions, but to obtain as large deposit as possible
and TO keep it as long as possible. Four per cent
b no temptation to the public TO leave money with
Ne Sub Treasurer, and deposits.a four always
anickly disturbed. Our bankers, who make
trade Of lending money on call could give Mr..
Chase a hint on this head. Wise borrowers are
never anxious TO get the very lowest rate for loans
~ experience tells them that such loans are al
ways the first disturbed. At five per cent Mr..
Chase will get quite handsome sum of money
Asm the public, which may save him from
he necessity OF going into the market
70 borrow. At four he will get little or
nething. The Sub Treasurer received this morning
so,s0O,o00 Of the new Ngal tender notes in hun
Areds and thousands. The small notes are used
exclusively for paying the army.
The money market continues quite easy. Call
lsAns are quoted at a 6 per cent; certificates
u deposit, 9s14 a Us 7.s0 notes, 1907 "a; 6 per
cents, loo%a -; 6rst class paper, sac.
There is nothing doing in exchange. Bankers
bills are quoted At ll21s a "A. Gold is steady at
1ol1s a. The speculators sell 500 900 5000. 600
every day at the market price, sellers OF buyers
option, and so supply the demand.
The stock market continues firm, with mode
Sate activity The feature of the transactions to-
day was the advance SO long predicted in govern
nent stock TO 942. a =. These skies will go to
Ill T,sfc.
saiA no reverse. Erie and Central continue active
md strong. AT the second board to-day there was
sene realizing, and Erie and Central both closed x
lower than yesterday. The business in these stocks
las been interfered with by large traffic in puts
aAd "cals,, which naturally tends to check fuctu-
atisns. The earnings of the roads and the tone of
sHeculators would probably, but for this have caus-
ID both stocks TO rule higher. Toledo was again
strongly attacked by the bears. At one time to-
aayit sold at 40, then rallied 401l, and closed
<01S bid The dividend will be paid tomorrow
An Ontcryis being made about some bonds of the
sompany which mature this year and next. They
give the directors no concern whatever. The
second mortgage bondhoIders are quite willing to
bake sinking fund bonds, which are worth more
than their security; and the first mortgage bonds
which are selling at and above par viii be either
please, just assthe Galena and the Erie bonds have
been. It is time that people should cease to ex-
pect railroad to pay of its funded debt, except
by the operation of sinking fund. No railroad
ever does and none ever can. When railway
finance is better understood here no bondholder
viii ever object to renew his bond where he OBJ
tains as good or better security than he had be-
fore, and no company will be deemed in a
dangerous position because the period of
ahe maturity of its bonds approaches. At the Sc.
eond board the general market was dull. Govern
nents were firm and closed in demand.
The business of the sub-Treasury was as follows
sas:- sscs,S,s. aeO sss s.
Esr customs. -....,.... ............. 23s 900 90
tsynien@ 1898 902 10
baionce. II $50 223 35
The exchanges at the Bank Clearing House this
morning were s22, OILS ,O90 80, and the balances
4l, ,5ss, ,044 AZ.
Railroad for March were
lSoZ 500 800
aeoi' s240s
The following is report of the bank meeting
held Yesterday -
general meeting Of the representatives. OF the banks
composing the Clearing House Association was held az
tAsn rooms yesterday Afternoon Mr.. Thomas Tsston
q the Phenix Bank, presiding
Committed
stated that the meeting had been called 10 take action in
relation 70 the deposit Of tho United States demand Tres
sGIy noes for the i've cent certificates Of deposit
authorized by the Clearing House meeting Of March TO
bs used in the settlement Of balances He informed tic
meeting that the amount OF such certificates authorized
70 be used limited million OF dollars and
shat nineteen milloa Eve hundred thousand dollars had
already been deposited He reported under Instructions
from The committee, the following resolution -
Resolved That the OF the United states Trea
sary demand notes chat may he deposited with the
ssant Treasurer OF the United States for certificates Of
ba in
Cssring House now limited by the action OF the meeting
q March !, 1862, TO $40 900 900, be increased TO
40 600 GOO provided that the certificates eive for
such deposits boar interest rate not le.s than five
per cent per snnu, and that any bank may deposit at
its option until The aggregate deposit shall reach the
-vf 80 . a.0 600.
; The rssols.ion was adopted
M. vermilyo offered resolution that banas hold
ing United States or loan certificates may paw their
balances TO Clearing House United States demand
soter and Mr.. williams amendment that the balances
may DO paid either in United states or de-
mand notes at hs option OF The debtor bank Roth
Withdrawn, and the following resolution, offered by MIR.
balances the Clearing House eith.r The certificates
tbe deposit Of tue United states demand notes Ia the
On motion Of Mr. Coe, il was
Resolved That when the demand notes paid 10 the
Clearing House, they must be in enveopes under
she seal Of the bank in sums Of one OF more thou.
sand dollars mot exceeding I've thousand dollars in any
came, aud the date Of The payment 10 the Clearing
House, and the amount distinctly marked each pack
age.
Reclamation for found the packages Of notes
made upon the bsuk from whom they wore re-
ceved ~ or before three O'Clock p. NJ the day fol-
lowing their payment u the Clearing Honss bsyond
Which time thsre sbsl be no reclamation.
On motion Of Mr.. Vail,
Resolved, That the Clearing House COMMITTEES be sn.
powsrsd 10 arrange with the government tor The pay
OF the interest accruing the United states ave
per cent certificates Of dspce a. stated periods prsc
lsable
On motion OF Mr.. Howes,
Resolved, That u, by any possibility los. ssold arse
from the deposit OF United States dems od for Ger
Ancases bearing 1ve per interest," 10 bs ussd in the
ssttlsuest Of balances 81 the Clearing House IL shall be
borne by the banks IN pro rata oi capital.
On motion Of Mr. Price, the as resolution ordered
70 be sngrssssd and presented 10 the members the
scslaton for their written thereto that they
- recommended 70 the approval " The rssou.
Tea by Their several boards OF directors.