, 1874-07-01
MONEY AND CONF MERCE.


FINANCllAA.
TUESDAY EVENING, Jrno 30.
The dcynand for loans iB reported by tho banks
to 10 atrongor than was expected. Hooupcrativo
forces arc at work In commercial circles. Trhdo
Is trIghtoniug under tho anticipation Of tho
auporb crops tlat arc now bong harvested. Tho
rate of discount Mt tho banks Ia 8@10 per cont;
any loans undor thesc ratos ara exceptional. On
tho stroot money is B@o19 por cent real estate
loans are 0@10 per cont.
Now York exchange Is dull md nominal al par,
botweon banks, for $1,000.
Gtocnchaum Dros. i Co. qnoto foreign OK
change, 51o@5l119; Frankfort, 41l1l@41h'; Dor
lin, 7?to72ys Dlemen and Hamburg, 0G@0B4.
The cloarinRs were %, 48o,000.
RESERVES UNDER THE NEW Law.
The provisions Of the now Curronoy law cor1-
corning resorves will produce aomo singular and
probably unexpected results. Tho National
Granite Bank Of Qnincy, Mass, has circulation
OF S1Y4O0O md individual deposits of sol, 600.
Tho per cont roaerre required againss It's
s,roulatou will amount to $1,000 tile 15 por
nont reacrvo against It's deposits would equal
97,850. From tliis may be subtt acted, according
to tho law, tho g. 70orcscrvo against circulation,
thus leaving $3.50 ~ tho actual roHervn re-
anired agninyt deposits Take anothor instance: 60
circulation Of 918o, 900, and individual deposits
Of sGD, 900. It's per cent resoryo against cir
cu1asion will be 81, ooo; its 1t per; cent rosorvo
against deposits will bo $4,000. Tho tor
lawful rosoryes agaiust deposits, and therefore
legally no roaorve whatovor noed be kopt against
deposits. III tho case Of the First Nahonn, Bank
Of South Weymouth, Mass, the circulation Of
43s, 900, tho rcRorvo againat depoBite will bc a
minus quantity OF 81 ,050. Thcro nre hundreds
of such banAs In the interior. and thcro is tho
same or larger number whose deposits and cir"
poalt.reseryos will therefore bo but 10 por ccnt.
or course, "a matter OF fact ovory
ono Knows thai bankots, rs rule, keep
moro rcHorye thnn tho law requires. Ihoro arc
banks IN thia city whose resorvo against deposits
is greater than tho total reserve required by the
old Law against deposits and circulation. Willie
this il true, it still remnina that tho Goveri-
ncnt while pretending to regulate Reserves. hna
altogother fni!cd to mike them adequate. An
opportunity Is offered for zocklesa banking at
tho sallo tilno that tho community arc lullod
into security in the boef that the dovornmeut
is throwing tho amplest safeguards around tho
National Banks. Eithor tho banks ought TO be
lett FREQ to regnlAts thorpwn business, or, II tho
Government assumes to bo yigilant for tho de-
positors, it ought to fultill the taek properly.
No advantage maybe takon Of it,. but tho fact
Is tho new law giyca opportunity tor consider
eblo initiation. Tic First National Bank Of
qurad to keep total roacrso Ok 9j6, ,000; lts
future reserve need bo but $4,000 against
S2l0, 100 OF deposits md circulation.
Tho oxpensireness Of tho new system Of TO-
de1nption ls unpopular With tue banks. 4 Now
York financial palor, which Is known rs emf
nently conservative, snYs Oh this point !" In re-
gard to tho Now York banks, We arc at liberty to
say Of aome OF them that 1t is their intention to
give up their cutiro circulation and, vo 1lopo to
10 able in short tiuo to add, to give mp entirely
tho National Bank system, and organize under
tho laws Of the State OF New York, which assume
tlat bankeTs know as much about their interests
81 do The people engaged in other branches Of
busineHa."
United States Treasurer Spinner has forward
oil circular to tho officers OF National Bauks
Throughout the country calling upon them to de-
posit forthwith tho per cent required on their
circulation. In estimating tho circulation upon
which the percentage il required thore nanBt bo
included, lie HayB all itx notos, either hand or
in circulation, III well M thoHe whsch hnyo been
returned to the Comptroller of tho Currency by
tho bank for new currency.
Comptroller kuo1, a. the telegraph announced
this morning, will call upon the National Banks
for statemont Of their condition at tho close OF
bnsiBesg Juno 20. Tho last statement was for
1lny l.
There will be 10 changes OF redoeming agonts
to report hereaflo-. % the act Of Congress- Rp-
proved Juno q, 1874, provides for the repeat Of
NJ uluCu u ku6 aGk u! d 40G3s IttlAAAAE VI
permitting the redemption Of circulating notes
elsewhere than at the counter of the bank Of
Issue, aud ut the United States Treasury. Re-
doemins Agents III tho several cities arc thore~
2ore abolished
NEW NATIONAL HANE.
1,155-Peoplo's National Bank OF Rock Island,
uGnois. Authorized capital ss100, 600; paid III
capital, $50, ,Uoo., Bailey Davenport, President;
John leetz, Cashier. authorized to commence
huslnesB juno az, 1874.
BONDS AND GOLD.