, 1874-04-15
MONEY AND COMMERCE.
MONETARY.

TUESDAY EvErrxd, Arril ID.
TransActtons over the bnuk co1tntors were brisk
to-tlny. Tho aemnnd for money was bostor than
yesterday. Ihis demand is attributed in differ
ont quarters to different cauaos, rs tho kind Of
buslneFB and the clasg Of customers vary. How
evor email tho oasa may DO, tlioro are Bomo NOR
chants borrowing money to carry paper which
has boon oxtondoil. Iu other casos, aud those
tho majority, tho fomaud Ia legitimate,
and Indicative OF q healthy nctivity III
cusront trndo. Aa an instnnco Of tho Int
tor dotnani, largo number OF dry
"EoodB ant1 other iobhers aro borrowing to
discount their own bills hold by Eastorn dealers
Of whom they hnyo made tloir spring pnrclaHos.
Most OF these bills run for four month";, ut
per cont. by llBoounting their papor IN this
city at tho c,lrront rnteH, which woni1 10 ut tho
ratio of about 3]]a per cont for four months, md
naying thor bills, they save about 116 por cont.
ers who pursue this lracttco gain tho additional
advantage of strengthened credit. Az rulo,
tho bnnNB report that notes due werc noyor paid
moro promptly than now.
Ratca OF discount rcmnin nominnly ut 10 per
cont, but those wlll bo at,adol for good onston-
orr. a large loan was placed By ono Of tho banks
to.day at per cont, Oh four ulontfn' time. Low
or rates aro reported among tho brokers. lit
airy falB to verify tho statement TINT loans Ind
boen nlado on real casato at Per cont.
Tho Clearinghouse statement to-day was
about Sc, ,00o00u.
Exchange WAS agmcr to-day at par. Duyers
woro not humorous. There Ism disposition III
aomo quarters to hold bnck till navigation Opons,
whcn larger amounts Of exchange will bo oGorod
for salo. ...
ing their balances with their agauta horo. but tho
movement OF currency to tho country Inns also III
croasod. Tho rcnaittauces Of currency t. tlo
country aro largo enough to Indicate consltlor-
abie movement OF grain and cattlo to this city.
TEn Gf1Hr oinJ 1ff mi Inv
the. region for which It ia tho hoad
and front. is undoubtedly good,-as good
ns tho interference Of Congress-, thnt could
lug indefinitely will permit it to bo It's current
everyday business was novor bcttcr, Tho eeaBon
being considered. 1t ought, in compliance with
tho lawa Of our growth, to be botter thqu It over
tho causos mentioned aboyo For everyday COM
mcrctal and manufacturing needs money flows
oaally. But capitalists large mud small arc grow
Ing worry conservative It ia In their conduct
that tho rosutts Of tho action Of Congress may
he most plsinly felt. Business must 90 on, aud
thore is n prosperous basis for 1t In tho
usual movement Of society. But Investments
arc not for this woek or tho next. They must be
good indefinitely. Investors distruRt almost
be changed by law.
TAXATION OF BANK SHARES.
Tho decision Of the United States Supromo
Court making tho shares Of National Danks tax
without rofcrenco to tho place Of tho owners
e eepted ruio has bess been ihat tic A siiss OF Of
shares in M incorporated company, for PURPOSES
or like other personal property. Tho full text
Of the decision lna not been published yot, md
it will be- necessary to walt for it before tho pub
lie cau understand how far it will covcr tho case
.apital stock Of railroads in Illinois. Tho two
cases aro not exactly parallel, but tloy have
enough points Ill common to make tho present
decision an object matter OF considerable lntor-
est to tho lawyers who are conducting tho rail-
road CAGES.
Comptroller Knox has written tho following
letter to Gen. Garfield, IN answer to hisrequest for
Information as to tho eiroct upon tho reserves OF
which WAS passed today by the House OF Ropro-
dents signature to become law. This
measure, has been generally under
gal-tondor circulation by 3aA, ,000,0uo. At tho
sumo timo, as will be seeu from Comptroller
Eno1s calculations, it increases tho reserves
Hhiel tho National Banks must keep in their
tefDShse efSas sny ho s' Danls asns' to Tns keep
more thnn ono-fourth Of their reserves
In tho shape Of balances with their redeoming
b5on permitted to Eeop Go per cont, and tho
banks in other redemption cities than New York
so por cent, Of their reserves aa balances with
;loir rcdccuinG agents. BY reducing those bal-
lnces in al to 25 per cont, tho bill recalls
with tho left hand tho additional circulation it
Issues with tha right hantl.
0FI1oE OF THE COMPTROLLER OF THE CURnENCY,t
WAaHiNa1oS, y. C., April II; 1874. {
SIP: In accordAtee with your verbal request, in-
Gloss hcrowith statements showing tho amount Of
1cg4l-trndar llel by National Banks Feb.
~ April 25, June 10. Sept. 1a, and Dec. o. 1915 aud
also the amount 10 bo hold under thu Seinto bill, now
pending III the House OF Representatives, increasing
the National Bank circulation tn S400 LOCO, frol
which will bo seen that, under the penli bill II 1t
had hcen in force ut these dates, additional amount
Of egnl-tenor wul]l haye bcen required to be
Acld BY banka III 1878 tho amounts we're:
Fob. 4s, 1873.
HP1A 4dtdi uu5
U"ao fatJbat'
tl - aa,tt4a aN
ocs. tU,n6ltobt
Tie amount OF legal-tenlcr actually hold by
National Banks ut each of these stcs III Of
the amount nov required by law. The amount re-
guircd to be held uler the pending bill in Ut
the amount actually held at those dates would layo
been ~ follows:
Fob. OIL Csc
nEt!l %1.53lb3l
vu11 s43f,6a9
The AMOUNT Of lcgEl-teuder rcserye held by M
Hn1y1 nnItGu rnB1 U f.l oF