The New York herald., 1869-06-20
FINANCIAL AND COMMERCIAL.
SATURDAY, June 1916 p. M.


SATURDAY, June 1916 p. M.
The weekly bank statement Is indicative OF
strong confectionery effort In response TO ne with
drawal Of currency from general circulation. The
totals OF the present exhibit show decrease In loans
OF nearly seven milnOns-which Is further reflected
In correspondingly large falling OF IN the deposits.
The loss in legal tenders is about a million and q
quarter Of dollars and portion OF this Is known
to have consisted OF three per CENTS the actual loss
In greenbacksi Ii comparatively small. The currency
shipped westward must therefore, have gone in
national notes. to great extent. The totals Of the
last two statements are as foows:-
June IL. .T,nae 10.
Loans .........$ $271, ,983. 1856 $265, ,341, ,908
Specie .....,.... l9,053,5s0 ,444
CHculaSOn... of'l44,iS 39lso,oSS
Deposits ......'.. ieo,ooo'ouo ioo -, ~
Legal tenders 5OSo9,25S 49,6l2,45S
The loss in deposits is so large as compared with
the decrease In specie and legal tenders that the
banks while losing actual reserve, gain in the excess
above the twenty-five per cent reserve required by
law. The gain as compared with last week amounts
to over six hundred thousand dollars. The change
in the item OF specie is insignificant, but shows that
the customs demand for gold has absorbed more OF
the precious metal than was disbursed by the Sub
Treasury. The following are the dinerences:-
Decrease In loans. $6641 800
Decrease In specie e....................... 2S,136
Increase in circulation. 54,O39
Decrease In legal tenders. 1248,77O
The money market was again active, but IS be-
ginning to show the results Of the drain this point
of currency from the country and neghborng cities.
The effect upon the latter has been TO arrest the
usual enterprises In progress at this season and to
cause an advance in their local money rates, which
will in retract money again. The figure tapered
down as three O'Clock approached from i-;6 and IN
terest-equivalent to thirty per cent-to seven per
cent large balances being offered at the latter rate
for the two days. interest to Monday. The currency
balance in the Sub-Treasury in this city was
$l72O5 900 at the close Of business last evening,
against $l5. .S29, 600 the day before. This makes
total of $780, 600 currency In the vaults
OF the government.
The government market was heavy, lower and
dull, the weakness being most perceptibe in the 62's,
which fell Off to 12lX The activity Of the money
market and the decline in gold have been the chief
reason for the decline, but the frmness with which
home quotations have been sustained in spite Of the
fall in gold leaves no margin for export, IT, indeed it
do not permit a small percentage In shipments this
way. Hence In the prices made to day the yielding
was greaterin the 1928 which extensively dealt
In at home and abroad. The foreign price came soA
ssoM. ,ouo--,u .u. -. .,o.,,r ..roo,
quo tations:-Unted States skies, 1881, regis
tered, 116,s 1l6X; do. do, coupon, 1905
1907; do., fve-twenties, registered. 1l6 ll6%;
do do, coupon, 1852, 121ss l2l7s; do. DO, cou
pom, 1864, 116s 1l69l; do. do, coupon, 1885,
ll8 q 11Sh; do. do, coupon, 1865, new l19
l19K; do do, coupon, 1867, l19 1lsh; do.
do, coupon, 1858, l19 1191s; do, ten-forties
registered, 1o7A a 1O7h; do. do. coupon, l07A
l0s; currency bonds, 100 1864.
Southern securities were lower for the Tcnnessees
and heavy for the general list which closed as fol-
lows:-Tennessees, ex coupon, 60 a 6a; do,
rspia
81; do, new, e1K 81; do, Georgia
sixes s3X do, sevens, 95h; North Caro-
linas, coupon So 591s; do, new, 55s 561s; Mis-
souri, sixes 90 a 93H; do. Hannibal and St. Joseph,
81 q 94; Louisiana slxes II; do. levee skies. 66s4
81; do do, eghts, SO 81; Alabama eights,
OF a 100.
The following were the bids for the city bank
stocks to-day:-New York, 1885, Merchants, l27; Me-
chanics'. 1856; Union, 125; America, 14O; City, 200;
Phenx 100; Butchers and DrOvers 134; National liz;
Merchants Exchange, 11s4; Leather Manufacturers.
$780, Seventh Ward, lis; State OF New York, 10;
Commerce. 1913; Ocean, 107; American Exchange,
1I3H; Chatham, 100; Bank OF the Republic, 1872;
Hanover. ll2; Metropolitan, 143; Peoples, 143;
Nassau 105; Shoe ana Leather. 132 Corn Exchange,
13O; Continental, 102; ST. Nicholas, liz; Common
wealth. III; Park, 1887; Manufacturers and Mer-
chants. 1Ol; Central National, 1l5h; Fourth Ma
tional, 1o7; Oriental, 15O Gold Exchange 14o
The gold market exhibited a continuation OF the
features which have characterized operations
during the past week. The activity of the money
market early in the day caused decline to 1853,
which is the lowest point gold has touched In good
whine. In fact the market has lately drfted into a
condition very analogous to that of the stock market
Gold now rises and falls conversely to the interest
rate lust as stocks do 1t Is no longer the repre-
sentative OF money. 1t is value in Itself. 1t Is
commodity bought and sold like any merchandise.
Hence 1t moves with the general market for stocks,
railway bonds and the like 1t is "carrled" just as
stocks are carried and 1t Is so abundant in supply
lust now that its exact equivalent in greenbacks
commands extravagant rates OF interest. The fol-
lowing shows the course Of the market:-
10 A. M......... 1867 T. M............ 1884
10.io A M M. 1877 2P. M........... 1919
n A MI -. - 1867 P.M............. 1861