, 1873-06-28
MONEY AND COMMERCE
MONETARY.

Fn,pAx EVENING, Juno ~.
Money mnstors continue oxtrcmoly quiet, The
supply Of lonnablo fun1a Ia abundant, md tic
bailks wonld bc glad to noroaao thoir loans II
they could got 10 per cont, or ovon q In pomo
oaaes. Dnt, rather than establish tho procodont
OF offering money nt lover rntos than theso in
this market, baukors generally adopt tho po],oy
of sending thor surplus money to Now York,
whore thoy aro certain OF per cent. and yet
can draw for tho money C.. C. III; irstlax, The
CUSTOM OF tho Now York banks nlloyinn por
cont, and In Home instances per cont. on our
ront balances, thus operates to maintain o much
nighef aVorage rate for monoy hero than would
otherWlso bo tho rule. 1t will OF coursc, DO said
tlat II tho ba1,kB In Now York can afford to
pay 4por cont for n1onoy On such terms,
tnoro must bo somo use for It
there which jnsti0cB tlom. But It Ia well known
TINT tho grcatost dema,ll for money In Now
York at this season Of tho year is from enooula-
tors In railroad stocks and gold, md tho abort
explanation OF the whole Hun,mor movement OF
money to New York is, that when mon in leRiti-
mate business in the West cannot airord to INV
IT, or II por cont for money, they don't got II ALL
Whon tho price Of money Boos below say, Dor
cent, the only borrowers who can got II at tho
foduood price arc tho New York spootllators, Tho
Increased supply Of foanable funds in tho banks,
therefore, dooa not help legitimate trade, excont
TINT II may mako It 4 httlo eaBior for thc mor.
Chant to borrow ut tho sAmo rate Of iuterost he
pays whom money is tight. Tllisia tho owl Of tho
payment OF intorcst on deposits: that 1t enoonr-
agoa tho speculation in stocks at tho Bxponso Of
higher rato Of interoHt to the busiuoas COM
munity.
New York exchange was n.m to-day aud in
pes6sss Sss e E. e. ooos doony d5smq National pn.
Of this city decided yeate1day to make an in-
crease Of $250 600 In their capital, to bo paid in
during the ensuing month. This will make tho |
1'he Comptroller Of tho Currency has already
called upon tho National Banks for three reports |
during the first half Of tho current year. Tor tho
last threo years it has been the custom to call !
minimum number required by Law, though the |
Comptroller has the authority to call for more II
hodoems It expodiont. Should hs call for only two
% mere during tho remaining hall Of the yoar they
months. Thore will not bo much variation in the
condition Of the banks between this and the mid
do OF soptember. But, even i the no1t stnte-
middle Of Octobor il would only ioaye one e more ore
statement for eome timo In tho two and half
months from that timo until tho close OF tho
year,-a period whom tho busineBa md condition
Of the bankB aro subject to mora fluctuation than
any similar ono in tho year. II tho last state-
ment is deferred Go usual until near tho close
Of tho year, theso luotuationg would not
be shown in tho reports, These cir
thau tlyo Statements will DO called for this yoar
!naHmuch rs aome approximations have boon on
toTtalnod about tho courBo of finances and trade
next fau, and as tho remembrance Of tho or
trome etringcncy last fall has excited more in
terost than usual in tho condition of tho banks,
m lnoreaao OF tho statements during that period
would not be Inappropriate
TIE ENDEAvoR TO RETAIN THE EnANKNa rn1y1- |
LEnE. I
., Tho Washington correspondent Of the New
York J0tt'7sdt Of Commerce givoH an intimation
Or proposed plan to oyatlo tho repeal OF tho
frankng privilege OIL public documents as follows:
"Wagon-load after Wagon-load Of public docu-
mentb is pouring out OF the Capital to different
aectlons OF tho country. yet it is almost certain
that several tonH of books will remain after the
repeal OF tho franking privilege on July /,
1hafo arc only oi6ht days in which to soc,,ro |
those public documents through the mail free OF
exponse. and tho rush will probably bo kent IN
to tho last day. As several hundrod thotsani
books will be on hand, or in course Of prppara-
lion at tho Government print,ng-offico, on tho |
5itst day Of July, Bome members OF Congrogs
have determined to press plum whereby 1t
tho next session q spoctal hand-atamp |
will be provided for al public doou-
monte, the mar1 to answor tho same Durnose M |
tho frank now permitted by law. IN case this
proposition succeeds, the abolition OF tho frank
ing privilege will not, as was supposed it would
eurtal tho isHue Of bound volumes of Depart.
mont reports, eto. On tic othor hand thora Ard | +
good roasonB for believing that the quantity n
you'd DO 1noreaaaod each yoar, as has been tho
'aae Tor ten years past" +
LooAL HToCK AND BOND MARKET. :
Messrs. Lunt, Preston i Kean quote as fol- 4
oWs this p. m,;