The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-08-22
MONETARY Matters.
Prepared Weekly 5yJ. jay Knos d Co., Bankers, st.
anthony Street, st. Paul, Phenic Block.

We propose to furnish hereafter weekly TO the readers
of the Mnnesotan short article for the Money Col.
umn." We intend in doing this to give each short
quotations from the leading Exchanges Of the great
mercial Cities Our chief supplies Of money, emf
grafton largely, and in fact almost whole business
prosperity depend upon the prospect in the East. The
events of the coming year in great to de-
eide future financial The organization Of
the State, the formation Of banking laws, regulating
our Banks Of ISSUE and the Of great
system OF Rail Roads all to be decided; each
which is hereafter to require and direct large OF
money into new channels. We shall desire then mors
than that the older States should have confidence
the new State of Minnesota, and the feeling and senti-
ment of our friends upon the Lakes and the Atlantic
coast will be more eagerly sought and read.
We have little doubt therefore that our readers will
prefer concise statements of the dongs Of the "Buis
and Bears" Of Wall Street, and Of Chicago they may
appear in the columns Of their financial Journal to
any considerations, however wise, which might
gest
With the certainty of good and abundant crops, the
tone of the eastern Journals has more cheerful
and lead to look with confidence for the investment
among US of portion of the "surplus" which good
farming always pours into the pockets of
er, and pours thence into the hand of the capitalist
has been Gerry close in st. Paul. The best paper is dis
counted by the Banks three per per month;
ond class paper finds few purchasers at any rate.
There is little demand for Land Warrants Exchange
is growing scarce. We quote:
Exchange on Newport, y per Ct prem. l per cent.
6 St. Louis, n ="
4" Chicago, 4
Galena,
4" Gold,
Duncan Sherman Co.'S Foreign Exchange IS O5 to the
The following Banks have recently been dscreditsd:
Merchants Exchange Bank, Bridgeport, Ct
American Bank, Trenton, New Jersey.
City Bank, Cincinnati, Ohio.
Sandusky City Bank, Sandusky Ohio.
Union Bank, Sandusky, Ohio.
The Tribune of August 10th has the following remarks
about Minnesota Investments and the seasy" money
market of Wall Street:
Let us correct for the teth time the current wes-
tern presumption that money is abundant the East
and seeking investment at low The fact is far 9TH
erwise. But few years have elapsed since money was
freely advertised in city journals to be loaned on civ
houses at seven and at six per cent there being
more money seeking this favore and eminently safe
species OF Investment than could find borrowers
per cent Now money is hard to find at per cent
on the best City property and none is advertised for in
vestmsnt at any rate. We presume Five Millions could
at once De safely placed at seven cent? on buildings
worth at least double the amount.
But if there were millions seeking investment
gage in the seaboard cities, would be difficult to obtain
1.-THE of it for investment in Minnesota even at high
er rate. The City houses paying good mt quar-
tery their income is not likely to be cut off and the
ment of interest the mortgages postponed by vista
ton Of grass-hoppers and the mortgages collec-
ted or sold at any time. mortgage Western lands
may be Just safe, but the value of the property and
the goodness of the title so easily ascertained
here There have been of bogus mortgages got
up in the West for sale at the East purporng
loans OF many times the value of the property which
they were lien And, where the title good and
the property worth considerably than the face
the mortgage is that pa even of inter.
of ,>riy,
cipal on an emergency very great Capitalists there
FORE prefer to invest their money home on
ty whose value they know held titles they know to be
good, and where other capitalists be found to buy
them out in they hould at wish to realize
1t idle therefore, to hope that Eastern capitalists
class will send their money to Minnesota loaned
seven per cent. They can do better, and they will
When moneyis here reported abundant in the street,
at six or seven per cents the explanation is follows
Certain capitalists, mainly bankers obliged to have
large sums in hand to meet accrung liabilities some of
them holding large amounts deposit for distant bank
and dealers, who may draw 1t all at a moments
warning OF course, the holders here want to make
something on this money while they have it, but they
must hold in hand throughout, be able to
repay when required. They only lend it sson call
that they knO it will be forthcoming at flash of the
electric fluid; and, being of this they can and do
lend it ct six per cent? when they could not be tempted
to put money into Minnesota mortgages at twenty
per cent Probably borrower who could pledge U. s.
stocks might carry loan of 100000 lower average
rate than six per cent? but that would not help the
dy pioneers in Minnesota.
FINANCIAL OPINIoNs-BRIEF.
al Our oninion is that the scriss so lonc tooa ~
by the whole tribe Of longfaced BEARS has been inde
q Ne believe that the money market will con,;nno
to improve that the present street rates of interest will
be maintained through the remainder of the season. and
that the bank rate will be easy att per cent.
o.. III reearu 70 e crops, having had the privilege,
ae OF personal IN AT least thirteen OF the
Nofhern Stas we OF that the aggregate
yeio VIII DC Iar srcater tns year tnan ever peIore
~ Is our opnlon tnat most descriptions OF stocks
nav .uuIne1 uo.o, anu .nae tnose VINO nave money
yus iuc h"" "e''er NC III has'e ABOUT making invest
menus;
encouraging. = "1' se"'' ""' IS
9. II u opinion based upon private advces from
CahIorn'a, Una. INC yieu ~ goiu AT the mines ana the
nenvc @ 81, Oh 'ne year wili De larger
az; - la . i 'i'nS my o'aer correspond
'"s peluoI ho !; o., .Sn, ' en.n;.,
,; ,. a; ;nn ah na'ers aoIoaa viii from
VII. NE, T e al. MP .sat Ine nanks oi Epsiahu
anu VIII 70 reduce tneir rates OF interest
III oose i " ip suou :. Oh sPece.
Q. Al U' III "I s'e ~ 40 ou opioh 'at al
e ',d ~ n. r,i ,, .a. .e.s souu 20
70 %oIh, anu wa. sno,io eAPec' prosperity
r,ey '.,nie . ',e e,i,, OWL business 'a:
ms S a., ,:'u r.: e o'''' Da'Su upon leeui,
ar anu i u'lapie may De mistaken