The New York herald., 1862-04-19
FINANCIAL AND CONNER cIAL.
FRIDAY, April 1916 p. N.

FRIDAY, April 1916 p. N.
The money market grows steadily easier. The
amount Of deposits at the Office of the Sub.Trea-
at five per cent is increasing daily, and il is
evident that Congress should lose no time in en-
iarging the limit fixed for these deposits to one
hundred millions Of dollars. Government will get
all Of this, and authority should be given to Mr.
Chase to repay such loans, when the money mar-
ket becomes tighter, in new legal tender notes.
Tho $3.50 ,00C 900 now authorized are not sufficient
for the wants OF the government or for the con-
sumpti IN OF the country. Call loans to-day
quoted per cent the lower rate being, we
think, more general than the higher one; first
class paper, a 6; long commercial paper, G
per cent. Certificates Of indebtedness are quoted
9T14 L. The Secretary of the Treasury gives
notice that he will redeem, from the original hold
ers, 20 per cent of the amount Of certificates issued
TO them, but that he will not redeem any certif-
Gates in second hands. In order to claim the
benefit Of this redemption. it is not necessary to
be still holder of the total amount Of certificates
issued. For instance, q man who received 800 900
in certificates may have sold $50 600 Of them, and
may vet claim redemption of his remaining $40 900
from the Secretary.
Exchange was dull till the close of business
sprang up. Bankers bills are held at 1I2 lI21,
for sterling ard sos 5.o71% for francs. Gold
was dull to-day at 1917. The course of the bu
lion market has disappointed our most experienced
operators, and is the subject much astonishment
abroad. foreign banker writes that it is unac-
countable to European financiers. These critics
not aware of the enormous bear operations
which have been made here in gold. There are
Z,
millions of gold short, and who stand ready to
supply any demand at present prices, relying upon
their interest account to bring them out If these
spectators should ever lose courage and buy to
cover, the bullion market would jump. Tic i'm
ports of dry goods for the week ore 81 ,222 ,204,
against s629,37i same week last year, and $685., :
$50 same week Of 1850. These dry goods win
have to be paid for in part, at least, in bullion.
The stock market was inactive to-day, but GO
vernments and dvidend-paying securities were
better. There appears TO be no particular move
ment among the bulls or tho bears: the latter are
understood to be rather increasing their line, but
are not moving with any energy. The bulls seem
to be awaiting calmly the course of events, rely
ing upon victories and the expansion Of the cur
rency for general advance in the market. The
stock argument of the bears is the small decline
OF the past week or two in some Of the western
railways. II speculation sets in, however, this will
not prove a formidable obstacle to the rise. The
Western roads are going to run against very
heavy earnings last year-earnings which en-
abled many roads, such as the Michigan
Southern and the Toledo, to pay off theil
floating debt. They can afford to run a few
thousands behind without imparing the soIidity
of their position. five have peace, it is OF rea
sonabe to expect that our internal traffic can fal
of. At the first board to-day governments ROSE
| "a, Pacific Nail T., Panama and some Of The
bonds "A II; the Western shares were not 81
| strong, and some Of them declined 4 n Il. Re
| tween the boards the market was inactive. A
| the second board there was not much change, AM
very little business was done. Comparing th,
closing quotations Of the day with those of yester
day, we note decline Of l per cent in virginias
| "A in Missouris, in New York Central, u in Erie
| L'in Michigan Central, "A in Southern old, Il Il
guaranteed, u in Illinois Central, "a in Galena
| "a in Toledo and q in Rock Island. The marke
| closed inactive.
| The business Of the Sub Treasury was as follsw
to-day
Receipts. ACKNOWLEDGEMENTS. &212o,I23
For customs ...s..........'........ ItVOV
Payments x,tSe ,Oo4
Balanco... I.I0l,49s
The exchanges ct the Bank Clca.ing Hous
this morning were SIS, ,e52, ,443 80, and the balance
q, ,4or,6o9 2s.
The Ariel, from Aspinwal thjA morning, brinl
$8l7 900 in treasure.
Comptroller Haws invites applications for ne
Corporation loan Of u $50 ,0OO to be known a. Il