, 1865-09-21
FINANCIAL AND COMMERCIAL,


| WEDNESDAY EVE.V1SGs aept- ~ lSi5.
The money nantket to-day was reported rather
cEtcr hut the banks arc stll exercising close d1s
| c-im!uation between borrowers, and second rate
Haper Is thrown OFT. Efrst-c,sss bo:to7c-s, ho.r-
| c,cr, end 10 difficulty IN obtaining rca=o1abls
accommodations Mt 10 per ccut per ananm Spccu-
1a,oss nrc, 1or the present, shut o.r-thu o1tsloc
r:cssr,c on i!,e banks being too great to ndl. Of
r:sl:rg tlcIr finds IN any such Nay. Out
side brokers, however, arc lending money At 1@1H
Per cen: per month.
A correspondent ask. re- what Is tho difference In
| Specializing II 1a1-oai atocIs aud e2ecIlatIn. In
whtaH We will answer: Specializing In s,ocks
docs not Interfere with any Other business; but
speculating in grain of any kIna intcs:eres very
materially with lie Legitimate business Of receiving
anl shipping, In wh1ch millions OF dollars n,c in
vested On e prafries and The l2kes. It nnsottles
valuce to such cxtrntthat In orer 10 do business
operator 1lns 10 greater risks thau merchants
ecncsuily urr willing to ineur. irces depressed
and Inflated, not aecot1ins to The state o! o:les
markets. Int purely at the capricc Of men who
choose 10 engage on The one Side OF the Other. At
Que time the strongest party azc ''short-selcrs."
md prices fall 5csfec per bushe1 below teIr natural
level; and at another timc they aro buyers, when
pzicts ndy1ncc 10 m unnansa1 height. In this way
the purchaser III The country has nothing to guide
him, and The Eastern ehippcF Is III just tho snme
position. Neither can do business with any degree
OF tateiS.
n tkosc vho are now engaged in mere epccula
ton would lcyote their attention to stocks, 1t
would be better fos all concerned They might sell
.sEde" short Of buy 1t Wong" from dawn I'LL mid
night, and they would not infect einglc branch OF
HE Legitimate Trade unl commerce Of this city. We
hare Stock Exchange In The city which Is baud
somcly fitted Up aud well conducted, and We azc at
G 1ess to know why this branch Of speculation ia
comparatively neglected. DnE II they do not de-
efrc 10 engage iu the Iayorte stocks OF the East
they can erotc he'r attention TO locsl shsres such
a. Illinois Ccntrnl, Rock Island, Burlington or
Northwestern railroad stocks; Or II they do rot
favor railroa !nscs tucnts, they turn their
te,Iou to tluk a1ll insurance shares, horse r:l1-
reads, mining eiotks, &C., &c. For purposes OF
speculation they altogether ear and better tim
wheat Or corn. They have neither insurance nor
storage running up, uud they do not "heat or be-
co1rc 'n,u.t1'' In InGAycrabls weather.
In this connection We woatd state that tho Stock
Exchange las ,nadc arrangements with tho Eol1d
ofT,ale to occupy their Change room for morn
Ing ard afternoon session. which viii! give epec-
ulato,s an Opportunity to operate In stocks, bonls,
.ro,1, or ANYTHING else which they may elect.
Within thost psriod she new rooms Of thc sto,:s
Exchange, In smith & Ni1on's building will be-
rtaIy' for occupancy,
Tie market for castcrn exchange WA somewhat
Irregular, Orc or two Of NC banks, being short OF
currency cold round lots carly In the dag at par,
cEd tie nlaskct had IN easscr aspccl but before tho
close the demand wae quIte brisk, md round lots
were eold al Sc per Thousand premium. There Is
no chpnsc, however, in the bank rates. which re-
! min At paE buying, and LILO prem. selling.
TIC rtoducr masXrttu-day Nh. moderately peisk.
Flour was l-rn. Wheat advanced 1,sGe:c per bush.
! el. Corn ruled tsc loyer. Oats declined A@Hc
Rye declined 112c. Barley wns hctive aud &c high
ct, uirhwtuee ruled ehada lower Provisions