, 1870-10-25


the deponto1s In savings banks represent
near one-fourth Of the entire population,
While in Chicago they represent less than one
fifteenth We have not the means Of know
u,g Whit Is the aggregate number OF savings
deI,oaitors in this State, nor The aggregate OF
fgures given above for chi:ago constitute
rearlr nue-teuths Of the whole in the State-
and, assuming this to be correct. it will be
seen that both in the city and the State there
has been very little Development. OF this
branch of banking. The busi ness, however.
has begun to attract attention here lately, and
| number Of new savings banks have been
started. Atogether, there are fourteen n.ti-
| tutions thst profess TO do "sayings" bust-
ness, but only two or three arc
s1clusively savings banks; the others
banking and savings business at the same
time OF those which do exclusively u saw
1 inge business. the only one which has yet
| grown to be an important bank il the Aer-
Chants, Farmers and Mechanics, Which has
sss2, Goo. or those which do mixed busi.
ness the State Savings Institution has tho
largest savings businees, having now II GA
| depositors in its savings department. Whose
aggregate deposits amount to s2,f0l Cos. In
fact these twoiustitutious haso together about
nine-tentbs OF tho whole savings business OF
the city, The accumulation IN the hands Of
the LATTER iphtitutio; particularly, has melted
other commercial bankers to endeayor to in
cresse their business BY adding ''saringa
department" and We 500 that even one OF The
National banks Of this city :. 4ss b. pu: sp p.
business. There il no authority in the
National Currency act for ANY National Bank
| to do - eavings" business, and, though il
maY be urged that neither ,s there anythint
there to the contrary, It il ut least contrary II
the bpir,t Of the act, ~ the National Eanks ar'
more. But, assde from this view, the gEea
difference In the two classes Of bus'nes
. | nskcs the propHety OF mixing them cues
! tiopable for the good Of either branch OF tn
business 49,.
, The week opens with more active demao
for money. Nearly all departments Of trad
, are represented in the applications, aud th II
i | eeeus 10 be general tendercytOwArd CLOSE
condition Of the market Tho bauks xse ~
comnod Ating all thri1 regular customers !
!, some extent OF their demands, but In som , y
STANCES applicants have to cut down Their d
!, manls before they eau be complied with
4 In the open market there ia consIdcrao
!. first-class paper =foat. Not that frst-cla
!, houses are ia the street for money, but it
:. frequently the case that Chicago msrchAn
q having bought goods in New York on time: q
+ Eew York house holding the paper gets sho
= OF money, and il its discount line with
= bank in that city is full, tho paper OF the Ct
csco dealer is sent here, where 1t ia known,
!. be sold for the New York holder. There is
= ways considerable amount Of dtst-class nf
~ chant paper coming into the hands Of broke
:. IN this way. At present such paper is read
i casled at l 4 per cent per month Anott
- class Of paper which Is made By tho part
~ hero to get money to uso in speculations
~ taken At about per cent PEI month.
:. Exchange WAS ecascer to-day than 1t
|, cloee OF last week, and reflects ths falling
~ !. in produce shipments. Sales were made
!. tween banks to-day at 50 cents per Fl {
- premium. At the counter bankers sell at /
"a. premium and buy at LILO discount.
Gold closed at Ills to-day, against 113
10 Saturday evening, showing decline OF
K per cont, which Is probably due in part to
4. improvement Of peace prospects In Euro
az md IN part to the prepayment Of tho Move
he bcr interest on tho 5-a0s Of 1s62, Which nlA
n cash gold more plenty In Now York, and P
~ mits tho pr1ce 10 obey ita natural tender
"a 10 decline In anticipation Of = revival Of
- | ports OF domestic products.
IL IL The following quotations for gold In n
~ n. York and securities in London, to-day, y
~ received by Bs1rntt Il March: