Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1863-09-17
The Money Market.


The market continues well supplied, but
there is some increase of demand, and some
disposition on the part Of lenders to limit
their advances on the more speculative kind
of securities. Government stocks are the
tavOrite and acceptable basis for call loans,
and on these money is easy to obtain at 6 to 7
per cent. Business paper is scarce and wanted
at to . per cent. for well-indorsed paper,
and 81 to per cent. for single names, accord
ing to date, from 4 to 8 months Gold has
risen again On Monday it reached 278 per
cent. The export OF specie last week was
heavy, being 81 ,379, 74O, making S29, 3Ol, 1882
since lst January, against $50, 76l APO similar
period of 1862. The banks show an increase
OF hall million specie in their daily average
of last week, which is returned by them at
$50 ,030, 055. The same returns show a large
increase of loans and deposits, which now
respectively stand at Sl76, 74S, 6lS loans, and
Sl56, 76l ,695 deposits. Money is in demand
for moving the crops from the West, for
which the balances in bank are being drawn
out The rates of foreign exchange have
advanced, and quotations are now 40 to al
for bankers sixty-day sterling and 4.05 to
4.U54 for francs on Paris. The receipts of
gold from California are light, but instead
there came from California drafts on London.
the imports are increasing. Imports for the
week, S3,2SO,64l, and since lst January,
Sl20,6O4, 512; exports of produce, S3,0l1 POS,
and since LIST January, SIG, 10000.
The large yield of crops in Europe have
given marked check to our exports, while
the great abundance Of wealth distributed
widely among altogether new recipients, and
the low price of produce increases the con-
sumption of goods foreign and domestic
French jewelry is coming in in heavy amounts,
and our newly -made rich are eagerly taking it.
The receipts OF customs in August at the
New York Sub-Treasury were So, OPS, 500 :;
| loans SIS, AIS, 3Sl, Internal Revenue 81, $685.
324-showing our principal source of revenue
TO be from the Post-Otfice department, which
yields SS3,7 The greater part of the Gus
tom receipts is in gold.
On the stock exchange the sales are very
large of all the speculative securities, but
prices vary up and down continually The
| market, however, appears substantially strong
under az easy supply Of money, yet the ne
cessIty to realize to pay off loans called in
and to make good contracts, compelS reac-
tions followed again by forward movement
temporarily. Regular nor-speculative divi-
| dend-paylng securities are well-held, and do
not iuctuate materially.
| The volume of money exchanges has be-
come immense. The daily exchanges, through
the Clearing house alone, are 500, 500,o0 an
| unprecedented sum. Last year this time they
were only S25,000,OO0; and two years ago
only Sl4, 100000. We have already remark
| ed on the great steadiness of Government
stocks. l. 5. SIS of 1881, coupon stock, are
| 1919, Z. S. SIS of 1874, 81. The 1905 are
| 1919, Z. s. 1-year certificates 994@IOI4, and
the 5-20s at par and interest. These latter
continue to be subscribed for from all parts
OF the country. The savings of the country
are, in part, flowing into this favorite invest
ment. The city of New York has put S.
| 000, 900 of its per cent bonds on the mar
ket, partly to pay the riot damages and partly
to provide draft substitutes The Banks and
Insurance Companies are subscribing. The
Broadway Bank has taken 100000, and the
Lorillsrd Insurance Company $4,000.
| "A Boston hos