, 1874-05-18
MONEY and con MERGE,
MONETARY.

SATURDAY EVENING, hiny 10.
There has been oil this wools, as III those thnt
preooaed, a supply OF ioa,,able funds conBldora-
bly, III oxcesa Of tho domnnd. Tho adyont In
congress OF nov Currency hil tho fato Of
which Ia still undoo|lod haa anhauood tho indis-
position OF capitalists md luonoy-londora to OK
tend thoir operations beyond tho narrow, aafo
ltna OF everyday necessary busfneaa arorat1ot'a
This has boon ttoir policy for months pAst, nlta
1t IL forced upon them. From tho language Of
aotne Congressman and como financial wrlters,
one would imagino tint this conservatism waB
mnlevo1ont, and prnotieed for tho solo purpose
OF oppresaipg ''tho Poor Boy ".olass. In truth,
capitallstu nro absolutely unable to foroaoo the
value Of any Investment, or Of tho money they
are asked 10 loan, AZ long rs tho possibility ex-
lists tint Congress- may dorange oil bnsiness md
disturb oil values, by tho legislation TINT infla-
tionists arc crying for. It Is for this reason that
capital hugs tho shore. 1t acoumulatos ii, bans,
Hoohs Investment In Government bonds md Sc
ouritioB like :hoso Of Chicago City and Cook
to tho old and tried channels. 10 finish tho fig
uro, IT tho iniAtionBts want TO reBtore conil-
donce, and allure capital into the wider oxpanse
Of now enterprises and Legitimate speculation,
thoy must haul down their black tng.
Tho ratio Of discount Ia per cont at tome
banks and 10 per cont ut others. As has ofton
beon exp}nsned In this column, tho rato varies
with tue nature OF the busineas Of the bankB,
tho amount Of country deposits they hold. and
similar causos. One thing is oertain, although
It hna boon frequently and almost willfuly mis-
represented, that tho banka accommodate their
regular customers en- tho same terms that thoy
have always extondcd. customers, however,
nro not asking as large loans nj IN previous sea-
aonR. They find less employment for their
money, owing to tho causes suggested above.
Now York exchange has stiffeaed during tho
wook. It opened at par to '25o premium, be-
tween baukH, and closed firm at ,6oe premium.
aro aan sad Tonoa 9t sss 70 Fsris sis5f e
5lo; Hamburg, 9G to Of; berlin, "a to 729l BEL
giuna, d16sS to 6111(; Holland, II to 419G; swo.
don, 2s; Norway. l11}5; Denmark, b6; Finland
Cable transfers arc: London, 4o2s1; purts,
Tie clcnriugs for tho wook arc s19, COS, 1912.
1lo balances are 90, ,082, 13S.12. Tho correspond
ing figures for tho same weslz last year woro
$12 13B, ,88902; $2,11G,G12.49.
e1,150,0 600 otfha banlts in this city at per cont,
for ninety days, to moet' obligations falling duo
III New York OH the lat of June. The loan was
apportioned as follows: The Loan and Trust,
Exchange, $780, 600; tho First National, $780,
900; and tho Fifth National, 100000.
Tho bill reported May 7 by tho Senate Finance
Committee was passed by tho Senate May II, aud
now awatts tho action OF the House. Az amend
cd, 1t establishes FREQ banking. removes tho stp-
uIation FOR zesarsoa against circulation, exoept-
ing a per cout reserve which is to be kept in
Washington for tho redemption Of National
Bank note9, requires tho IaukB to keen ono
fourth OF thoir bond interest each your as part
DO kopt by tho bankA IN their own vaults,
aud. as measures for tho appreciation of the
valuo OF greeubaeks and The resumption Of the
specie standard, directs the Secretary to retro
,tn11f in &ha lin ~ -
erease OF National Bank notea, down to the limit
Df $500, 900. 200. and to redeem them aftor Jan.
!, 1875, in gold or in gold bonds maturing in 10
years and bcarlng gold interest at ~ per cent
year. The provision With regard to reserves
will havo the effect Us we showed on Saturday,
to increase the reserves that must DO locked up
by more than S25, 100000.
In the country banks, the increase Of reserves
which must be drawn from New York will bu
On tho other hand, tito bill will operate in Now
York to decrease tho reserves $15S07 1886.
Thus, the total effect will bo an increaso III ro-
serves Of S25, ,753. .73,-. O., y withdrawal from
circulation Of shat amount Of currency.
At tho annual meeting OF tho Atockholders of
ho International Bank, the following wore
plected oficorB for tic ensuing rear; b.
Loewenthal, Presidont; lacob Rosenberg, Vice.
Prshiaent; 3. Etthnger, Cashier.
The Directors are: D.. Loewcnthel A. Bauer,
Jacob Rosenberg, Fl. A. Holm, Clarlea II.
Hchwab, George Hlbben, Thomas Lynch, Il,
Brand, L. Walnpold.
The Union National Bank will add 500, 900 to
lta circulation within the next thirty days. 11B
circulation has been already increased by e100 900
bince tls panio. This makes it's present amount
10000, and the Sl00 600 just about to be added
will raiaa the entlre volume Of the circulation Of
The Union National to $4,000
noSDs AND GOLD.
Preston. kean Il Go. report the following
mmuaary for the Xock ending Mnv IT, 1874