The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-03-15

During The squeeze" Us 1t Is termed, borrow.
srs were forced to pay as high as 4 ~ per
.ent per diem for the use OF gold, and they " ere
aot encouraged at the close OF the market by the
act that the banks lost 50, 229, 600, and now hold
but ST. 05, 000 the bulk OF which Is doubtless The
shape OF certificates, Tor 1t is SAID that OF the
largest Of the institutions found 1t inconvenient
70 promptly pay the the amount OF comparatively
small checks In coin.
THE MONEY MARKET
shows signs Of greater activity, and is srr ongly
suggestive Of revival IN business At one time
there was an advance to and per cent ON call
loans, but this was due TO artificial causes, and
manipulation was quickly compelled to yield to
reaction and the market closed at from
az to per cent. The attempt Of the
bear clique to produce strlngency was failure;
for capital Is too abundant to resist the tempta-
ton OF blgh rates. Prime commercial paper was
quiet at five and seven per cent, with small Offer
lngs. TIE Treasury operations for the week In
Guided the disbursements OF $4S6,000 on account
Of interest, $1,4e6.oCO In redemption of fve-
twenty bonds and tho receipt Of 1929, 500
for customs Foreign exchange closed at
Lsl 4.slX for prime bankers sixty day
sterling and ass As51I for demand. The Score.
ssry OF the Treasury has decided 10 return to the
old method Of redeemtng muttlated United States
currency under which deduction was made pro.
portioned to the portion OF the notes missing.
The change will take effect on the LIST prox.
BUSINESS PROSPECTS.
The trade journals which represent various in.
austries continue to publish encouraging facts con-
corning the Improvement OF business This is
especially true OF New England, and 1t is predicted
that the 1st OF April, which is largely settle
ment day throughout that section. will usher in a
period Of great activity. The merchandise mar
kets present hopeful aspects, and the Increased
demand for money is unmistakaoe. In many OF
the towns OF Massachusetts factories are reported
as running on extra time. In the West the farm.
ers are in a much better condition than was gem
orally supposed, while the reports Of many of the
railroads OF that section show increased
earnings 1t Is said that the business of
the last week shows a decided improve.
ment on that OF the week before, although
buyers continue to restrict their purchases to the
supply OF necessities. In the produce markets
especially higher rates have prevailed and trade
has been stimulated on foreign account.
The trade In cereals Is reported as much
better than at any time since last
fall. Referring to the business OF the railroads
the Bulletin, in review Of the situation, remarks
that the net earnings, so lar from showing a re-
AUCTION under the effects OF the panic, exhibit an
Increase. This result Is not remal Kable, when it
8 considered that the effect OF the panic wss lelt
most severely by those interests which depend on
The railroads. The iron trade and the me chanical
traces which supply engines rolling stock and
other supplies have suffered much greater de.
gree OF depression than has the general trade Of
he country, and this has told Immensely IN favor
The roads in their pun chases OF rails and supplies
IND In outlays for repairs. Most OF the roads have
walled themselves OF this temporary period OF
sheapness Tor making OUTLAWS which might other
wise have been delayed, and thus the condition OF
The roads has been improved at time when 1t
might have been expected that IL would be al
lowed to deteriorate. The exhibit OF gross earn
n2s also affords satisfactory symptom as 10 the
condition Of the general trade OF the country.
Considering that The rates OF transportation have
been exceptionally low, the TACT OF an increase OF
receipts shows that, after all the complaints OF the
depression OF trade. there has been 10 general re-
iuction in the tranc and travel Of the country,
Ind that, whatever may have been the condition
81 some branches oil business, upon the whole
the wheels of industry have been kept well in
motion
THE BANK STATEMENT
10 as follows. 1t will be observed that the excess
over legal reserve Is very much reduced:-
March g. Mare. Is. Differences
Eesss tend. S So R Ss
Deposts... 2S0,llo,9 900 22350l. 200 Dec G. 60e 700
Circulation. 22,4l0.1oo 22z29,o00 Dec. 1871, 100
The following shows the relations between the
Total reserve and the total labiliies:-
March Q. March 49, Differences
Legal tends 6O,l59.soo 5l,S42,sOo Inc. lls8.O0O
Tot reserve sss, 4osooo Ss4ls,sOo Dec ,o4e,2oo
Reserve re-
CURED agt
deposits. 67,627.726 56.s16,3o0
Lxc's OF re-
serve ab'v