, 1873-11-22
MONEY Ag1 COMMERCE.
MONETARY.


tn1pAx 1svKs.Ao, Nov ii.
Tho money market Of this city may now DO
ssaid to havo nearly recovered from tho oloots OF
:the panic and to have resumed itB normal conll-
4lon. Money is tight hero yot, but It always Is
80 It ths Hoaaon Of tho year, and iB not more ~
NOW than nt this ti1no last year. Solno Of tho
banks hore aro still acting on tho boarding
principle and Ito not lot out as mitch Of their
funds rs tho favorable aspocta Of business would
seom to Justify, bnt others say thoy are taking
al tho good paper ofRered by their reBular o,,s-
toners, though thoy nro taking no "outaldo "
papor.
In tho open market thoro ia.a m evident IN
creaae In tho supply Of money, but as much Of 1t
has boon drawn Into tho market by tho inluoo-
menta OF high rates, thoro Ia Il strenuous effort
to keep ehom up whioh, however, doeH not seem
likely to DO successful mitch longer.
Now York exchange WAS moro plenty to-day.
though thore arc scarcely amy mics between
banks yot and thoro aro nti1l bono shipments Of
currency to New York.
TUE pnorosED hank REFORMS.
Tho chanccH Tor bank reforms ftl Nov York
toriy Withdrawn from my further consideration
Of tho subject. It Ia true that four banka out of
si1ty Is not groat many, but Of thoac four,
three, viz: the National, Dunk, Of Com
National Bank Of tho State Of New York,
represent nearly ono-fourth OF National Dank
Q capital, and about 10 Per cent Of the total do
posits in tho National Banks Of tho CITY,. Tho
Is sboat s21, 100000, and tholr aggrogato depos.
its before tho panic wero about 100000,
while tho total National Bank capital md snr-
plus Of tho City Of Nov York Ia about S92 000 00O
before tho panic. After this important secession
tho voting indicated that nearly one-third OF
the remaining sixty banks were opposed to tho
adoption OF tho proposed tofornatory measures
in tho ahnpe presented by tho Committee, aud
though they arc ostenBibly In fayorof thercformB,
It Ia possible that thcy would give thom but d
faint support Il presented in any other shapes
than those drawn up by tho Clearing House
COMMITTEE. We believe that tho majority Of
tho National Banks, not only in New York but
in all tho cities, would bo honrtily glad il tho
practice OF paying interest On deposts woro
abolished. provided that the Btate bankB nnd
private bankers could also be made subject to
q M as 30
q great disadvantage in their compoti-
zion With tho stnto banks and
PPTcbt the e1qaSss Nao.a 4 from copEresG Cos 4s ss9qa
daily balances. Tho only wuy, therefore, iu
Which tho refusal to pay interest Gun bo mado
unanimous is through the Clearing House Asso-
Citations Of the various cites. II tho Now Yorl.
this reform, tho Clearing House Associations OF
all other cities in tho United States would uu-
doubtedly do tho Same thing, though, Of course,
it would be impolitio for tl,om 10 do 30 II the
Now York Association did not. We are inclined
to think that tho authorization Of a3G5-1O0 pcr
cent bond, into which groenbackB should be con-
vertible at par, at any United Statos Depository,
would haye 4 tendency to prevent the funds Of
tho country banks accumulating in the cities, as
these bonds would afford temporary invest
ment for tho Idle funds Of tho bunhs at u fur
compensation, aud yos tho money bo always &C.
cessihle on domand.
THE sAvINdB DANKH.
I'll pretty we'll understood shat the attention
Of the Administration Inns for so1no tirno boon
directed to the savings banks Of tho country with
viaw to somo goneralroform in tholr prosoutprac-
tioo OF business, and 1t is Burmiaod that there
is some idea Of making them subject to
Comptroller Of tho Currency Was directed by tho
last Congress to report upon the condition Of
Tho savings banks in the several Statos, together
with their legal relations to tho respective State
Governments. The results OF these inquiries
Indicate, says tho Boston Commercial Bulletin,
that thoBavings banks Of tho country arc III gem
erol conducted in q lar mannor. Iii some OF the
States tt,ey appear to be under no legal restric-
ton whatever in .othor States thoy ovade law
tiou Of the Swings banks in New England Is the
best. In eomo Of tho Middle and many Of tlte
Western States there arc no Laws regulating
Haviugs bankH, and the banks in thoHe 6tatos arc
frequently maraged by irresponsible porsone,
under no restrictions to the State Government,
and governed only by tho general lay Of debtor
and creditor.
LOCAL sTocK AND BOND MAHEET.
Measrs. Preston, Kean l. Go. quote as follows