New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-04-04


The decrease In legal tenders is evidence that money s
wanted in the country the legitimate purpose trade
for moving forward the surplus productso the famer
&C. We informed by one banking house that during
the week they had sent TO the country nearly OOo0 IL
is better that the millions OF money piled mp IN bank mere
should set the wheels OF industry in motion throughout
the land than lie idle here or DC loaned on call"
for the mere purposes OF speculation. in
excess OF the legal requirement in banks We do not re-
gard the statement for the week as unfayorabe II there
il demand for money in the country, the rates Will be
hgher the city the least demand puts up the rates.
and to-day they from 10 per cent. We are in
formed that the of rst-eass commercial paper
on the market is small and buyers SO ANXIOUS TO take
it, that the rates have not been advanced
The State OF NewYork Is paying lite interest on the
Canal loans, in gold, at the Manhattan Bank some
100000 due at this time. IL IS with pleasure We make
this announcement. Hereafter 1.-The Empire Stale
pay its in gold, the currency OF the world
At 10 O'Clock gold quoted in the Gold Room at lli
loll Ii 1870. IllA; 1882, ms El3. llla; ll6, ms;
3O5, ll1l-hghes ma lowest lll8 The transactions OF
the Gold Exchange Bank Cearings, &i,9l4,000;
Gold balances s2sGl0; Currency balances, sl370425
Holders OF gold paid from to 81 cent for carrying
over balances.
Our 62 30 bonds at 9 in London. to-day, are above
par with Exchange at per cent; 65s quoted at 9oi
and SIT Here tho 6s of 1ssiareiquoted at ll3
nearly "a above par-and the 52os OF 1862 Hob worth
1917 in gold.
Messrs Fisk Hatch, letter dated August 20 1862,
say:
ain July. 1854, the Fiye!Twenty bonds sold both at
home and abroad for 80 per cent m gold OF their par
yalue in July 1862 they sold at over 80 per cent III gold,
showing average and, IN the main, constant m
advance in the market value OF tho Zen Fores since
March, 1865 shows about the same relative improvements
year to place the Five Tweniies above par gold, and
less than years to bring renFortles also to above
par in gold Indeed, under the faithful policy OF collect
ing the pursued and the cumulative action
OF the Sinking Fund purchases out OF the large surplus
that early day. the Secretary OF the Treasury
will able TO fund the greater part of the debt at rates
not exceeding four per cent interest he will then be
able 20 offer to the holders OF the bveFweny bonds tho
alternative OF bond bearing four per cent interest
Or the par value OF their bonds In COIN"
All present indications that these gentlemen will
prove to be true prophets to bonds We cannot
doubt that the Secretary Of tho Treasury has assurances
that he place the bonds he asks for in his Funding
bill at the rates OF interest named In theand as to the
banks A per cent bond whla tax Of cent only on
circulation will give them in fact per cent bond for
banking purposes and with this they ought 10 be salts
fed although their surplus funds may not always show
such gigantic productions as they DO now.
With exception of the Is of 81 and 6os Of a. Gov
ernment bonds faction lower than the quotations
yesterday. late in the afternoon, Governments
stronger and prices fraction higher For s2os Of july
1885, bid and for loi bid currency,
ia
There was only Board OF the Exchange held
to-day. and no noon Board OF Governments.
The business In State bonds Railroad bonds. and Bank
shares merely nominal. but prices were steady.
In the stock market transactions light, with op
eraons principally in Lake Shore SCI ASA; N Y Central
and Hudson, 9lia92 and Chicago and North Western,
72i 672i, and In Pacific Mail at. S6i6 36S
The stock market, as n whole, during the week has
been heavy and dnl with the exception OF Thursday,
when 10 unusually active The movement Of West
products ard freights to and from the West will In
the receipts OF railroad lines. and give en-
ergy and life to every department Of business The
Western papers beginning to speak OF the wheat aud
fruit crop, and say that thus early everything indicates
excellent and abundant creps that the and cold
weather have prevented the roots Of the wheat from
being killed. and tho fields in good condition. And
SO with the fruit, very important interest.
The following the Government quotations Of Messrs
Fisk Il Hatch at p. M: