The New York herald., 1869-04-08
FINANCIAL AND CONNER ClAL.
WEDNESDAY. April Top. NJ.

WEDNESDAY, April Top. N.
According to a telegram from washington It Is
expected that on the 1st OF May the Treasury wiz
hold about one hundred million dollars In specie.
There are over eighty-two million dollars now ON
hand. and the customs receipts for the month are
estimated at nearly eighteen million dollars. Iwen-
ty-etght millions Of coin interest come que ON the
Ist Some few applications have been nade ior pre-
payment OF interest in response to the secretarys
recent offer, but not TO any consideiaoie amount
IL is predicted that this class of payments will be
considerably increased and after the lst proximo
The action OF Congress IN the matter OF proposed
redistribution OF the currency Is likely to induee
many OF our city banks to forego their national char
acter and resume operations under the State law.
About dozen are now doing business under
state charter. bill was introduced IN the Legis-
lature day so 10 amend the banking laws as to
grant facilities to associations for establishing banks
equal to those afforded by the National Currency act
IN places having population not exceeding 5000.
II provides that any number of persons may asso-
cate to establish offices for discount and deposit,
with capital of not less than s50000 upon condl-
uons imposed in the law OF 1855, and must De
subject the penalties for usury as national
banks.
The activity OF the money market continued the
feature of interest In the street. the prevailing rate
being oneeighth OF one per cent per day on call
loans, with pledge OF the ordinary stockcoateras.
As nigh as one-sixteenth was paid on governments,
while three-siXteenths paid for carrying some
OF the high. priced stocks. borrowers were early in
their inquiries and were accommodated al the above
figures, the demand falling OFF just before the close
Of banking hours, when money was offered at seven
per cent in com and even In currency. The receipts
OF currency again variously reported, but
it is significant that some OF the banks had
a
Between the extensive operations Of the
chques and the intense rivalry OF interest
IN the branches OF speculation it is difficult
to obtain clear conception OF the exact state of the
market or attempt to form conclusions as to the
time when easy money may be looked for. The mer-
camille interest s urgently socitous for accommo-
daton, and the banks plead poverty, although it is
shrewdly suspected that many who lend money at
high rates the sidewalk before the Stock Ex-
change are agents for some Of the banks Some
prime paper was sold to-day at twelve per cent dis
count, and some double name acceptances which IN
ordinary times would pass at nine or ten per cent
went at shaver of fifteen The persistent specu-
lstion in the stock market and the determination OF
holders to pay extra rates absorb large quantities Of
money which would otherwise go TO the more legiti
mate channels OF finance.
The recovery OF government bonds in the face OF
the monetary strlngency was quite surprising. To
portion OF the speculative fraternity it was unplea
sanity astonishing as the upward turn 'twisted- a
number OF prominent short operators The London
price came steady in the early forenoon and was
maintained throughout the day. There is q war OF
banking houses in bonds which is likely to be quite
interesting The '62's the special object OF con-
tention aud were 1le under the pressure OF
"corner'' which includes, to some extent the 'o7's
and sone OF the other domestic issues. The closing
street quotations at haifpast five this evening were
as follows:-Unted States skies, 1884, registered
ll5h ll55s; do, coupon, 115s4 I16; DO. FIVE
twenties registered, 1OeIs 1099f: do. coupon
1862, 1lsH 11914; do, 1864, Hay 114s,; do,
1865. lI6h 1169+: do, new, 1885, I13,s I135&:
do, 1861, IlSI1 1885; do, 1868, 11s5k 1I3sS:
ten-forties registered. lO4a4 1O5; do, coupon,
io5H 1851; currency bpnds, 1857 l0s&.
Transactions in gold were Oh limited scale and
the market was repetition OF that OF yesterday the
premium remaining firm, not only through the
absence OF any serious attempt to depress H. but
through an apprehension that the failure OF the
recent advance in the Bank OF England rate OF dis
count to repress speculation in bonds at the Lon
don Exchange VIII be followed by further increase
from four TO four and half or five per cent. The
directors hold their usual weekly meeting tomorrow,
and their action is looked for with great interest
The range in the price to-day was follows:-