The New York herald., 1869-04-12
FINANCIAL AND COMMERCIAL .
SUNDAY, April IL, 1900.
The weekly statement Of the associated banks
compares with its predecessors as folloWs:-


SUNDAY. April II, 1900.
The weekly statement Of the associated banks
compares with its predecessors as follows:-
ApriIa April TO-
Loans s............. S26i, ,93j,675 $2o7,4sJ, 22l
clec,S.... lU,7o1.S33 6,19a,54.
SACuid-ioh.. 3i,Slt,Yl6 $4,000, t1t
Hepos!ts. ,.......... lio,3-o,.s ~ Hl.49J,9Se
Leea 1uuess...... 4jf9i,D3 4o,Ol3,1Sl
The following are the ch lnyss:-
decrease IN loans. s.................... $4,453,44S
DeoIe1,c III specie. ................ s4 i.3oU
decrease In circulation. 2O7,65t
Decrease in deposits 38,O. lO9
increase IN legal tenders crs................ IL, ,373
The la ge decrease in the line of loans betrays
more conservative tendency the part of the
banks, but probably the Washington story that the
Comptroller OF the Currency Will call for the state
ment for Monday next Ii the secret OF contrac-
ton. The decrease IN specie s not as large the
customs payments. There IL therefore gem from
some source, while the increase in legal tenders
shows the beginning OF O return of currency this
way from the country. This latter feature Is the
most hopeful one Of The entire statement II con-
firms whaG was reported at different times during
the week that the BANKS were In the receipt Of
rency III amounts making 1t probable that the ship.
mcnts which were Sill In progress were less than
the arrivals from the country. rhe unsatisfactory
feature is tine actual loss of despite the great
talins or IN the liabilities OF the banks and the
amount now On hand In excess OF the legal require
ment Is less than six mi lions OF dollars. the drain
OF gold at this season IN payment OF customs con-
tnues to deplete the specie held by the banks and
little diminution or this outflow may be expected
until the imports OF foreign goods begin to decrease
which win be towards the beginning OF summer.
Last year tre banks continued encroachlng upon
Their reserve uail the last week OF April. and diff
icren coarse can hardly be expected this year, when
the season has been so backward in general trade
IN with
oriskness and the merchants have delayed. macy
engagements, owing to the difficulty OF obtaining
money at rates short Of usury. The active specua.
tion III the Stock market has created demand there
which absolbs great deal OF the funds usually
available lor mercantile purposes. Commercial paper
cannot pe discounted at less than 10 TO IL per cent for
the best names. Ordinary paper is subjected to q
"slave' OF as much as fifteen per cent. The conse-
qucnce is tha many business men who act from the
priaclple that 1T Is unwise and unsound to borrow
money at such rates. refuse 70 make any movement,
whie others hold that they cannot make profit
enough to allow their paper money to 60 at such a
discount.
The condition Of the banks at the corresponding
periods OF 1868 and 1869 is thus con.rastcd:-
1868. 1862
AprL IL. ADrH TO-
Loans $252, 933, 725 $751; 4S0. 227
Cneo.e s,@ ~ .........'.'.'.. lo43,lo0 Sl94,643
Cifcllalon. a. l94,272 "a Cos, 800
Dep ,aits................ 179.S51SS0 ILL., 495,5 $50
i-e9di tehucrs............ 5l,9S2609 4S644,732
u cess over legal reserve in 1868. .Sl4Sl422I
EXCESS over legal reserve In 1862 5913,040
Inc difference is to be accounted for by the re-
vival OF business In the SOUTH which has drawn
greenoacks from all portions OF the North probably
to the extent OF fifty Millions the contribution Of
our banks being the amount above mentioned. This
money mas gone to stay in the South.
1t has found Its way into the pockets OF
peop, who have earned it by growing cotton
Dy laoorng in cotton culture, while not little OF
it was taken there by Northern capitalists who went
South, bought plantations and devoted themselves
to cotton raising Business in this centre win have
to accommodate itself to this change. The plan Of
redistribution Of the currency would have greatly
facl atsd the adjustment of the relations OF bust
ness to the circulation, but the adjournment Of
Congress has postponed 80 desirable remedy for
the spasms Of the money market Until the South
has its share OF the national banks It will keep
grecnbacks In preference to the national notes.
The former viii naturally drift there, and our banks,
while comparatively AMPLE In their resources Will
be compelled to be conservative, II not to poor
from the diminished supply OF legal tenders with
winch to maintain their legal reserve.
The god market was quite dull at the opening Of
the week, but became active and excited at the
close. The large falling or In specie In the banks
produced scarcity for mercantile purposes which
was aggravated by speculative manipulation. 1t
was expected that the offer OF the Treasury to pay
the May coupons In advance would afford some
relief, but the plan has been comparatiye YaiY.
ure the total amount presented being about $3.50 ooo
The specuators had sold "short' In anticipa-
ton OF the supply from this source, and under the
leadership OF prominent banking house made a |
sharp attack upon the market. rival firm, who were
'ong" Of gold, or supposed to be So at figures one
or two per cent higher than the market has ranged
Tor few days past, organized O CLIQUE In opposition
70 TINS "bear' movement, and made = decided raid
upon cash gold, which they have been locking up to
ur'her 'uelr scheme. Tneir efforts pursuance Of
ms OBJECT led to rather curious complication of
Affairs today. After the usna c,earances OF the
iola sank tney wee entitled to about 81 900 IN
god for which .ney received certified checks OF the
'ank Jam. oi n ev York. On presenting these one
nllnon w.as paid, but the bank refused to pay the
= oA" ~dier, alleging that 1t did not have the coin.
&c checks were about to go TO protest, when somo
was arranged The "squeezen produced
by this Withdrawal OF cish gold was a severe one,
and the shorts had TO pay high as l-2 OF per
cent. per day for the use OF gold 10 Monday while
others took the alternative OF covering" running
the price up to 135Z. II is que stion whether the
Secretary OF the Treasury would not be justlfed in
authorizing the prepayment OF the May coupons
without the rebate. IL would certainly oe very
gratifying to merchants. The Treasury Sold bal.
ance is now sloo,oooooo, which is earning no inter.
est. The demand for rebate is therefore very in.
consistent The range Of gold during the week was
o. loilows:--
HiJhesi. Lotcest.
Monday. 13lA 1873
Tuesday .................... 1875 1917
Wednesday .......s......... 13lT 1917
Thursday ay................... 1874 1917
Friday ay...................... 1889 1929
Saturday. y.................. 133z 1924
Foreign exchange lost the activity with which II
opened at the beginning OF the week and declined
about thrce-eignths for prime bankers sixty day
sterling bl 5, the market closing heavy on account
OF the hrn Leading rate for gold.
The money market was less stringent than during