The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1865-12-16

The following arc the rates in Chicago fo
| Compound Interest notes: Dated June. 1854
sloe; July, lo4i; August 1o4; November, lo3
December, loe.
| A banking house in St. Louis quotes low,
currency At two per cent. discount 1t Is 70 scares
here that 1t would command premium over any
money from across the raging "river Of the
Monks"
-Philadelpha has just had judgment o.
s49s,eeo entered against her for taxes due the
State.
Coon Apvrcx.-The Chicago TriS..e, in CON-
menting on financial Matters gives the following
sound advice
Our advice to AL Is, 70 ON With business in q
legitimate manner; FILL your orders promptly at
the market rate tst 6sy aosAtnS on credit At
present the jobbers and mechanics IL the East are
urging Western DEALER to lay in heavy stocks, at
four and six months time. This is unsafe. Stick
to the cash basis At least till We have resumed
specie redemption.
We learn from the St. Paul Pres., that com
pany has been organized to deyeiope the newly
discovered gold lands in Minnesota. 1t il called
the Sermillion Fails Gold Company. The purpose
for which the company 10 organized, is TO mine,
crush, smelt gold and other precious metals in ST.
Louis county" and the capital stock Of the com.
psny is 5000 600, in 5000 shares Of So each with
a capital stock already paid in of $4,000.
The piece of land proposed to be worked BY this
company contains eighty acres, and is located "on
point extending easteriy from the southern shore
Of Lake VermiIlion, in ST. Louis county. MINI
The New York Herald of Monday last, in IN
article on smuggling, says:
Already the illicit traffic between Canada and
the I nited states il enormous great deal of
this is carried from the port Of Saruia the ter
minus Of the Great Western Railroad, 1t the head
OF Lake Huron. Thence sehooners and other crafts
make their way to various inlets on the Michiran
shore and via the Straits of Nackinav from the
Huron into Lake Michigan, landing their freight
generally In the neighborhood Of Milwaukee
which Is . notorious depot for smaggsed goods"
The Gillian blockade has already seen raised.
causing decline Of three cents per pound in cop
per Stocks, of course, sympAthiae, and are fas,
losing the handsome advance made
The WHEAT TRADK.-It 10 estimated that SOC
goo bushels of wheat have been shipped from the
Minnesota Valley this season, which IL iess than
half the amount now waiting shipment. g. 900
barres OF -four have been ex ported, \ large Dor
ton Of which was manufactured At MenneapoIs
and St. Anthony.
In New York money on cali was easier.
but all long engagements steadily declined BY
lenders. The New York Tribune OF Monday
says:
The high interest to be made by purchasing
commercial paper at Is per cent. per annum Il
attended with risk careful people are slow to as
sumo The pressure upon borrowers in some of
me western cities has caused several failures and
more are soon to be announced as the year draws
o close Relief from pressure such as now ex-
SITS can only be found in extended liquidation
among the large class of merchants and specula-
ors who for years have been taking risks redicu-
ously in excess of their capital
The N. Y. Financial Chronicle of SATURDAY.
asst contains the following with regard to Western
Railroad Stocks:
In some quarters there is incipent feeling |
# distrust as to the roads maintaining their nov
nFrent large earnings. 1t j. significant fact that
estern stockholders are selling short very free
y, in anticipation of decline in the earnin~s Of
be road in their section. They report that there
. general disposition among Western merchants
o encourage the river transportation lines, a. .
means OF reducing the present high rates CHARGED
y the roads. A large amount Of produce is. in
Get, sready taking the Mississippi route for En-
ope, and there would seem to be little docht th.t
he roads must either reduce their rates Of freight
Z suffer q loss Of traffic"
The New York World, in commenting on ths L
nanciai position, says:
1.-The summary Of our financial future IN. there- |
ore, Is follows: First, no contraction Of the cuI
ency can take place until after 900 900 in new
pans are negotiated to pay for Government
rrcars, probably not before next May or June.
roviding tho money market 10 then in . condition
extraordinary ease. Second, our paper MONEY!
'sues are certain to be increased immediatelv
"a, 600 600 in national bank notes PLACED on thu
iarket every week at the rate Of three or four
'iiiion dollars. Third, SLOT, 1000, 600 Of nasisnai
ank notes win soon be authorised BY Consrsss -
further addition to our paper money issues, in
omptiance with the recommendations of Govern
lent. The future, therefore, ~ far ~ the pext
sasons business il concerned promises not only not
No single step toward contraction Of the currency
ut, ON the contrary, increased pspes money issuea
It'll increased bank expansion based thereon. n
Their words, the national banks can proceed with
npunity to increase their loans to greater extent
Ian they can ind borrowers in the country. The
ty national bank that discounted Last snrins
5e0, 900 in one note for FIRST class dry roods ann
N, with equal prudence and more safety this
psings discount ore for $l,oe0,eoe 10 ~ ssnme
lstiss. In p1ain terms, this bank, ~ the stroke
pen, and IN the space Of half minute, last
'rns created eseo, 900 Of practical lawful noney.
discoanting the note for that anount and il can.
ith equal esse and moro safety, proceed TO GRAF
public or million dollars BY the same process ~
the same space Of tilAs, in . view Of the Mem.
aaneisi course Of events"
i