, 1875-03-13
MONEY AND COMMERCE
FINANCIAL

Tbs 1nrt that lins characterized Tho hu.fneaA ni
ths banks fur The lsst two nr ihTce days continues.
There waa l.lo doing ycascr'lay In TIC nay Of now
leans.
Collections arr !mrrogng. anit thn amount of ,ncr-
camille borrowing 10 corFcs1oiltlt,Ely timlnishnd.
Ratea Of discount ar 10 fer cent at tho banks.
On The street tho market Ia lui and rates aru ~ s
per cent.
New Ynrk exchange was sold ut &c 10 soc p7nn,lun,
for 900 between banks and acaEre and firm.
Currency was shipped by aosne Of tho banks to New
Iork to keep up their balances.
Tho c1earinHs wrre p,00i01,.
REDUCTION IN IxTEngar ON DErns1rs.
Below givo tho circular which tho icatln9 hanks
af tle city erndtng 10 tItIr country corFeApond-
eix. Informing them that interest OF their average
daily balancea Will b. raid only at3 per crnt ycar
afLcr APRIL
Cn1oAno. March II, 1877.
DrAn s,n: The nn1orsIgnrd take this method nr
svl.!ng their respective corrcsoncnsF That aft tho
1sl OF April next, 5ntDrrHt average daily lalaea
will 10 computed and allowed nj 1rr cent per n,lnil
Tic change thus indicated t. rendered necessary by
Aini.ar action the pa,t OF Boston and Now York City
lnnha, many Of tho largest bauks III those c!tlra ,le
eIininH 10 allow sny 1nterest on ''a1nsec., and also
Ing our balances hero during large portion bi tie
year. Respectfully yorrs:
ss Saona ts Sy 9 T. Gae Cy ears ea'F os
Merchants National panl, 1,y John Do x,scu,
!;!!o' National nank, BY George A. Ives. Cashier.
Fifth Sa.nnnt Bank, hs !: q: Lombard, t'aa'.Ecr.
National lank pf Illinois, by II. II. Nash. Cascr
cesitai National D.nk. by ". +. EualcaEt, 1'res'.
ti.y National Hank. by i. Il. slusr. caphicr.
National Bank Of Commerce, hy +. c. Maynard,
~ airnt.
Hide 4 Leather nank, Ly ". NJ. Boulder. Cashier,
J. II. Atrlt. Ilankcr.
Ths Chicago banka cannot pay per cent when they
I,,,k
respondents In New York und Boston. Tic ChicaBo
1auka It mist be remembered In ad dillon, lave no
such opportunities foRusina hatauecs ar, cnjnyel
By banks III tic netghborhood Of Wall ssrcet III Now
York. and State sFccs in Boston. There IL very lits
borrowing hero on "ea1l,H anl no rlying On "rnlIt
whatever. Paying ou "eall " In Scw York rncaup Ia
ecttlo before n'cluek: ln Chicago. when lIanker
"cals" a loan he does mol expect 10 bo lalI rurl
within week.
Az II rule tho weaker banks ray the higher rates
Tho Cook County National Iaid 10 per cent Ia sonp Of
isa dcrositors. II is evidence Of The strength Of
bank TUT Il can rIta!n business, and pay very low
rate OF trt,Ecst npne at sl When spu1d nil,
wealthy instItuiions like thoso whci, lava aubserDca
thip picr cannot afford to fay mora tha, per cent.
tho Presumption Is against the nbllity Of smaller III
susons to pay moro without Injury 10 thcir own
tercsts mud tl.use Of thelr cpopors.
INSURANCE LOANS.
Tho Daiiy Grdphte of New York sA5a that money
"' oeeuo ~ ao'uoast au 60 u1Elcnle 20 lnhu ut tho
usual rates that ono OF our largest Insurance co,a-
neA IL seriously considering tho rrupr1cy OF making
loans without charging The borrowers RuythIn9 bpt
Tho legal rate at Interest," iferetoiore Tho borrower
assbecn compelled 10 pay heavy fecs for searching
W-s aud other legal expenses, which have practically
augmented this rate Of Interest charged. If the Com
pany III qneaou tocs undertake suc reform Il, OK
aMpe IHust Of course be followed, especially ,vhes
hete In 70 little demand for 1oaus u there IL ii
present.
GOVERNMENT noNns.