The New York herald., 1869-03-31
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
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TUESDAY, March aO-6P n.
1t will be seen by the Washington dispatches that
the Senate Dy test vote this afternoon took up the
consideration OF the bill for redistribution Of the cur
rency. The House committee have decided TO await
the action OF the Senate, and make their amend
ments to the bill when 1t reaches the House. They
received letter to-day from Comptroller Hulburd,
in which he proposes to issue fifty millions OF four
per cent bonds an additional capital to the ma
tionaI banks and to retire similar amount OF green
backs. With all this 1t is the impression In the
street that no change will be made IN the
law during the present session OF Congress.
The change which should be made is the
repeal OF the law entirely and the adop-
tion OF measures which Wal give the governments
the benet OF banking in SO large an amount OF cur
reAcy The national banks were created to make
market for government bonds, and that object was
long since attained. The cancellation OF the ma
S0nal notes and the issue in their place Of additional
greenbacks would MOB impair the national credit.
except wilh the gold gamblers. The great mass OF
the community prefer the greenback to the other
note. Their confidence would Offset the SPECTATORS
disparagement. The Boston banks are seemingly
anxious to dlsclaim participation In the movement
proposed at the meeting Q few days since in
aid or expansion. The cry that redistribution
Will curtail capital In New England Is aptly met
by correspondent OF the Advertiser, who says
'The capital Of the banks was lent to the govern
ment and the interest-Dearing bonds OF the United
States taken therefor. Those bonds were then
deposited as security for the national bank currency
with q margin OF ten to twenty per cent. II the
notes are called the bonds can be sold for much
more than they cost. and there viii be new
demand for them made by the new banks
organized In the West and South, to which
the circulation Withdrawn nom Massachusetts
will be distributed. The banks Of Massachusetts,
Will lose the profits Of circulation but VIII have
more capital TO lend to the business community than
they had BEFORE as they will have the margin be-
tween the amount Of circulation and the market
value or the bonds now pledged as security for
them to lend TO individuals, after the sale OF the
bonds" And the Post suggests-"lf their circua.
ton Is reduced they will get portion Of their bonds
from Washington. Gould they not be sold, and the
proceeds loaned in lieu Of the circulations In fact
would they not bring ten per cent premium, while
they are pledged at Washington at ten per cent dis
countf Could not the difference be added to the
loan, and thus afford the business community In
creased facllitiesW
The money market showed the steady approach OF
the stringency expected with April l. The banks
are shipping currency to the country and receiving
very little in return. Call loans to-day were made
ut widely varying rates Of interest. There are
houses who never ask more than seven per cent
currency. Outside Of these instances and OF cases
where mutual friendship or the question Of favor
entered the lowest rate was gold interest Between
stock houses loans were made at as high as one
eighth per cent per day in addition to the legal in
terest. Stocks were turned at eighth. For scar
ryngn during periods extending from ten to thirty
days one-haf per cent was paid in addition to full
interest These high rates have demoralized the
market for commercial paper where the best double
names Offering at from ten to twelve per cent dis
count with very little doing. Those who are calcu-
lating the probable duration OF the strngency look
for an immediate return Of funds commencing on
the LIST Of April New York being the setting point
for great many country engagements Last year
the money market did not begin to work comfort
ably until the second week Of April.
The feature OF the street to-day was the "brcakp
in foreign exchange the choicest bankers sterling
sixty days bills selling at loS with fractional con-
cessions for large amounts. The same grade OF
sight bills were offered at 100. These figures make
1t profitable to bring specie this way and some
s4000,o0o IN gold are now en- route. or this sum
one million IN sterling coin Is coming to prominent
German house. Two millions more were to leave
London to-day 10 catch the steamer to morrow, con-
signed to q wen known Ang0-American bank
ing firm In the lower end OF the street.
Gold shipments turned this way once before
since the suspension Of specie payments-viz, at
the close OF tue war; when there was as now, very
large foreign demand lor our bonds, WHICH, with the
exports OF produce and cotton left the balance
OF money IN our favor. Rates to-day were nominal
In the Generalization which this decline produced,
but the range OF quotations IS comprised in the
following list:-SterIng, sixty days. commercial,
1O7 107; good to prime bankers 1918 los; short
sight, 10s< loSis. Paris, sixty days, 5284 5.22s;
short sight. 5.22n $40; Antwerp. 627Is 5.221s;
Switzerland, 5.27Is q 6225s; Hamburg, o5 q 35H;
Amsterdam, 3914 a 4o5S; Frankfort 39I 40is; Brc-
men, TIA q rs; Prusslan ihalors, 20 70A.
Government bonds were steady and shade frmer.
The activity OF money has exhausted its powers
upon the market, apparently, and weak holders
have et 20 OF their bonds. Present sellers are not
inclined to part with their bonds at any concession
from the rate which has prevailed Tor the past week.
The London price Ii slightly lowcr-s31s The fol-
lowing the closing street quotations this even
ing:-Unlted States skies, 1881, registered, lis
1I6h; do, coupon, 1854 1l5h; do, hve-twcnties,
registered, 1l3 all3; do, coupon, 1852, lis 11s1s;
do, 1854, 1884 1l37s; do 1895, 1i5s< ll6; do,
new, 1866, l125s 49, do. 1867, 112Js lis; do,
1865, ll2ys 113: do ten-fotes registered, 1047S
lcs1s; do, coupon, los q 1851; crrency bonds,
10l54 o 104la.
The market for Southern securities has been duh
since the greater activity ia money, but prices have
remained steady. Louisiana levee eights sold at
SIX. ex-coupon, In tile recent auction sale Al New
Orleans. They are quoted here at So. Tennessees
are quiet. The North Caronas are rather pressed
for sale. Tho Aidbamas are strong. Old yir2inas
are 81 bid. The Mobile and Ohio sterling bonds are
dull but firm.
Gold was strong at the opening in response to tho
more active demand for cash gold, then weak
through a reaction and through anticipatons OF
tie payment Of the government interest, and then
firm again la consequence OF the calling up OF the
Redistribution bill in the senate and the lower quo
tatlon for bonds IN London. Loans we're made at
from six per cent for borrowing to seven per cent
for carrying during the period to Clearing House
time, with the bulk Of business at Cat. The range
OF price was Us follows:- -
10 A. A.M.............13ls 2P. 13las
1885 A. A.M..........131ss 3P. .M..............13lh
IL A. M.............13ih $3.50 r. .i3l&