, 1869-05-14
MONETARY AND COMMERCIAL.
MONETARY.

THrH4nAr EvKxl0, Nay Il
Twenty -1our Of the National B8nkB Of Phladel-
phi1 declared their 2em& annual dividends LAST
week These, sdded to thar Last semtAunuA dlvl-
dends, rn2kn the following net pkuasa for the year,
viz: one hank, twenty-five per cent: two osno.
twenty per cent; one bsuk. Hxteen Per cent;
th5ee oAnka1 dfteen per cent; one tank. fourteen
per cent The lowest net annual prodt dechftd
by my ODE Of the tWenty-foCf was eight and
half Per cent, and the ptonts Of the greater pro-
portion Of them range between ten 4nd twelve
per cent net per nnnum- The Average OF the
fwenty-Iouf was thirteen per cent net. Some
months azo VIC published statistics showing that
the average annual pro1ts Of Al the Sauora
nAnkx tn existence ktuce the eSt2bllshment Of the
National Banking sy1tem hsd been fifteen per cent
per Annunu. During the 1rtt years Of the s5s:em
their average pTocts were much larEer than
ntleen per cent, though, owing 10 legislative
restrictions, they are now probably considerably
less than that average. The Philadelphia hanks
would probably show larger average pfont
Than The country banks, and from twelve to t1ir-
teen per cent net was probably neas the average
annual net proslt on the whole capital invested tn
Sational Banks throughout the country for the
rast year. The recent notifications Of the Law IN
regard TO statements may also have 8ume effect 70
diminish the future rate Of prohta On the whole,
theIr profits are not moee At present taan The
profits Of business IN successfal private enteF-
rTtsea, though they are uuduubtedlF more faan
the average pronts Of corporate enterprises o.
pablo character. Railroads, canals, etc, do NOT
pay more than half thai 80 far II Is shown tn heT
dividends declared, though railroads and canals
are In almost ali cases constructed with 4
view to the prpnt TO be derived from other
sources IN addition to Dividends as for instance,
the enhancement In the value Of iaud owned BY
the stockholders. Of from land grants from the
government, or with the view OF securing trade
for particular cities 20 that IN one way or another
the whole return 70 the owners cl the capital tn
vested IN railroads Is more than appears In their
dividends.
The St. Lon1s papers have uttered good deaf
OF nonsense In regard to the grain movement down
the river during the past month The character
OF sonr OF It may be judged from the dc1plte au-
Dourccment made BY the most prominent nctn-
ber OF the St Louis delegation now on
VISIT TO New Orleans that "st Louis
had succeeded In Interesting President
Grant IN the movement" This An-
nouncenlent made By M. sh1oek. OF St. Louis,
before the assembled Chamber Of Commerce OF
Sew Orleans, Is an inp1!a1on cast upon the GOOD
sensc Of the President, which nobody VII believe,
and which shoRB that The few thousand bushels Of
GTnu that have gone down the river have entirely
upset the St Louis people. Perhaps the same
inventive genlrs who NOW states that PreMdeut
Grnnt has become interested tn the grain trade OF
Sl LoGl-. Is 'uc sA1At WHV 6A0t<A &c" HSEAn Aeuy
thhl Chicago p.aan dealers were "fAiun9 by The
dozeus."
There Is moderate degree Of activity IN the
money market, not outstanding that business has
lecn greatly interrupted by the extremely ungayor-
able weather Of the past few days. The whole
sale merchants are having rathes light trade,
and are collecting With only moderate success Ia
the country, that they obliged to borrow Of
the banks 70 some exteut This, however, seems
10 he atuut the only source Of de-
nard for money, as the grain dealers, who
are usually the heaviest borrowers are calling for
but little ut present, which leaves the banks with
an ample supply. Notwithstanding the ease In
| the money market, 1t docs not seem 10 deselope
speculative disposition tn any drect1on and there
has heen no time for year past when all kinds Of
| hnsness were on more legitimate basis
Exchange was sold to-day between banks ri
par, and at &C rer $1,000 premium Rates At the
I counter continue ~ before, bankers huy!ng oi
their customers at par for straight sight bills on
I New YORK, anil 1-10 discount on grain bills, and
| selling ut Lie premium.
| The result OF the actual beginning OF the ex
| tiGgulshment Of the public debt by the purchase
Of &, 100000 s-e9 bonds BY the Secretary Of the
| Treasury yesterday, hsa had the eject to nj
| vance the price OF bonds but little yet Tht
4 whole adyauce In the New York matke
since Monday has not been over NC on the ave
raEc and las scarcely Affected the price Of golt
st I'LL Their can scarcely Re doubt, however
that bends wilt soon advance largely IN pl1re uudcl
the continuance Of the present policy Tie Lon
don quotation this afternoon was TX against 4
| yesterday
Dealers quotations for buying and selling gov