, 1873-04-18
MONEYAND COMMERCE,
MONETARY,

THURSDAY EVENING, Aprl17,
:. Tho demand for money In this market ia III.
oreasing, but tho supply Of funds is good yet
Deposits at tho banks havo experienced no DO
crease, and aro now M large In tho aggregate rs
they havo boon al any ttmo this yoar. 1n tho
opon market thcrc Is good supply OF money
offered at 10 and Ia por cont on 1rst-cass col
latorsls.
Now York oxchnngo is In demand at 50 ccntn
por 81 900 premium, but the supply Is ema and
eome Of tho banlis nre shipping onrrenoy to Now
York from day to DAY.
aAerc is scarcely any currency going to tho
country, but considerable amounts aro coming in
from ali tho interior oitios.
Wo published somo figures yesterday showing
That tho banks Of Now York, Doston, aud pllla.
dephia had lost oyer s21 900 600 in tho aggregate
hmount OF their deposits from March to April
O. Tho inquiry Is naturally suggested: "Whoro
mas the money gono2" It was reported that o
oonalderablo amount had boon drawn out Of Now
aofk banks and sent to Philadelphia, but
Is tho banks of tho lattor city show decrease
OF aeposfts to tho amount OF e1,00o,000 In tho
month ending April s. this explanation ts not
conclusive. a moro reasonable EXPLANATION ia
ahat tho money has simply been transferrod to
the hands of private bankcrs in New York, who
are looming It out through brokors at
high rates Of intercst. Tho geuoral
opinion has been for several months
snat stocks havo baen carried at inflated
PRICES, and 1t Is probable that thero was d een-
elai movement on tho part Of the bauAB to rot
~ tSa,n St me burden snd danger Of carrying them
profitable harvest by loaning their money at hEgh
'sates ae, through brokers Whom tho prices Of
E e wv se 169 ana sT9 G. %
1hom. The strlngency In Now York Inns un-
aonbtodly drawn considerable money to that city
tage Of the high rates Of interest. Currency is |
also going thoro in considerable volume from |
1ho Wost and whom tho money lenders
epeauatnssy oy uho can aro no onser 1,o bleed the
On margins, and when the stocks hnvo beon do
pressed enough to induce capitalists to buy and |
pI pay Tor 70 them as IN Investment, tho stringouoy
Tho fact that gold keeps up, and has export
encod but little decline, Notwithstanding tho OK
s1ene stringoncy Of money in Now York, indl-
catcs q strong feeling on tho part Of thoss WHO
modify, and, like other commodities, it's price
must faol souo effect from the money strin-
genoym; L. When the latter disappears, tho price OF
g9ld, hko That Of other commodities, Is llko]y to
advance again. Tho experience OF pnst yearB has
beon that the highest prices Tor gold In tho year
arc IN July, when monoy Ia plonty, and when tho
d,mnahing nst II exports of cotton require larger
!ators, that tho prico Vii go nboye 12o IN July
from natural causes, and that, whom It Inns
reached that point, tho Treasury will not DO in
condition to control 1t by extra sales ia bnaed on
the Sound argument that tile stock Of gold III tho
country Is 20 email that the price will be entirely
IN tho power OF tho spooulators.
TIE $25,000,000 REDISTRIBUTION,
IT seems probable now that tho redistribution
Of S25, o00, 900 Of National Bank currency pro-
vidod for by tho law OF July, 1870 which rc-
CURED that amount to be takon from tho National
Banks l. IN the Eastern States and givon to now
latter should demand 1t. will not be carried
into effeot. The whole amount of circn-
lation to which tho new bankB in Tia
West and South wero entitled under Tic a54 o(0.
oOO act OF July, 1870, laB boon applied for and
npportioned to them, but tho amount Of surplus
capital In tho South IL small and tho banls Of
those States arc taking the amounts apportioneil
to them yery slowly: Tho Comptroller Ii report
Cd a8 holding that he is not Obliged to call on
the Eastern banks to surrender auy part Of the;r
circulation until the wholo 454, ,006, 900 provided
Tor tho Southern and Wastarn banks by tho INV
q 1870 has been actually taken and mid for |
Ibis ID not likely to DO done before tho mort |
meeting Of Congress, when it ia expected tic Inv
Tor tho redistribution of the 925 200, 600 will bo
repealed. Tho whole idea Of rciistrsbuting tho I
National Bank currency Is an absurd {
ono. Not only the, redistribution clauen ! {
but all legal restrictions on the total volume Of
There Is no moro BonHo in restricting tho amount
OF circulation Of bank than there would be- In |.
restricting the amount Of its loans on good &C. {
nurity. Both should bo governed by tho amornt +
or It's paid-up capital and it's abilityto Hquidate
ltH indebtedness, but by no other criterion
LOCAL STOCK AND BOND MARKET
Messrs. Lunt, Preston s. Kcan quote as fol- 9