, 1870-09-19
MONETARY And COMMERCIAL.
MONETARY.

SATURDAY EVENING, Sept II.
There is no now feature TO note in the local
money market to-day. Business is exactly in
the samo condition as noted in cur issue OF
this morning. The banks arc doing but little
in the yyay Of loans, accommodating applicants
hut Bparingly, as they hand their favors to
those regular CUSTOMERS Who oi1or No. l pa-
per, for short dntc. There is no doubt Of the
fact that the hanks have refused h1st-class
paper when offered by outsiders, As they arc
not anxious to increase their 1oans at time
when tho lines Of depoeit are run down quite
low, and the bankers are mpnleutari1y nntlcl-
ratipE call from the Com ptroller OF the Cur
rpncy to mske statement Of tue condition Of
their af1aira for day rot yet named, and per-
hars not decided on.
The general impression seems to DO that
the call will be made coon, as no c.ll has been
made since tho 9th day Of June, and the pro-
yision is made for five III each year. But the
probabilities are that the c11l will not bo made
this mouth, The most likely time to be set
is the fret or second Monday in October, that
being about the time 10 which the official has
heretofore msde out Ills annual statement OF
the condition OF all the National Banks III the
country. The day named last year was Oct.
., aud the returns made for that day we're
published in lis annual report for 1869.
It is not probable that the issuance Of tho
the volume Of currency placed at the com-
mand Of commercial cities, but it is certain
that it would do eomething toward lessening
the tig:;tnesa Of the rein which seems to be
drawn hhsdo more strongly every day, but
almost imrerceptibly. The banks would
scarcely care to make an abundant exhibit in
the face of a stringent policy, and many of
them l,avc given up the fancy OF making 3
eupe1atundant show where it does no good.
II the legal reserve be defined as showing the
limit Of safety, then (many Of them argnc) it
10 Of no uee to be safe overmuch, and tho
n~$ $o$ 11Nrv ,1,zx, &fHH+1 uhrI $n%+
argues an unpleasant indieposition to ac-
commodate the public when it is in their
power to do 70.
Business in mercantile circles is quite brisk,
and the applications at the banks for loans are
slightly on the increase. The shipments Of
currency to the country are also growing,
though still not large, and tho collections
from the same source continue moderate
The lncoue from this eource ia about equal to
the outgo. With the appreciation in prices Of
grain during tie past two days an Increasing
desire to speculate Is noticeable, bt.t m:,ny of
ers fer this purpose, though aaording all tho
aid that il necessary to shippers. The lSte OF
bank interest continues steady at 10 per cont
per fErum, except where G@9 per cent is
charged when governments gro deposited as
collatcrals. Tho street market is brisk, at
1Is@2 per cent per month.
Eastern exchange ie qniet and steaoy at 50c
per 81, ,O0o discount between banks. Counter
rates are par selling, and al00@1.25 per
S1.0C0 discount on purchases. We heard Of
bnt few sales Today The quantity Of e1-
change making is only moderate
Cold il steady It former prices s@11i11a.
United States bonds arc drmer in this coun-
Try. in consequence OF purchases By the gov
erImeut for cancellation, which reduces the
volume Of those On tIe market The came
cause ID operating to produce equal GzmncsH
in Europe.