, 1866-01-01

$saE122 22e1.fe
Besides the above there Is quite large number
ofhtma engaged NOR or less in th= banking and
exchange rusiness; but they do not properly
come under the head OF bankers and some Of those
even, whote uRmea are given above are largely en-
gagged In stocks, gold, &C.
The advantage which the Increase Of the banking
capital Is 10 the merchant and manufacturer. can
scarcely be oSerestimated. It Is only within two
years past that our banking Institutions have been
ol any service to the community, Formerly, in
ssead Of being lenders Of money. they were iarge
borrowers, and tt too often proved ha. their c27l-
tal consisted only Of their deposits. In those
days 1t nas almost impossible for pork or beef
packer to obtain accommodations tor longer
period than thirty days, when he had to sell his
product to pay hiA notet. no raattcr whether the
market vas favorable OF unfavofnb1e- The rame
thing true with regard to manufacturers whose
operations caanot be successful without aid from
outside capital The merchant. too, when he laid
In lis ta1 and spring ttocks. y:as compelled, hom
the want Of proper banking tacilihes, to buy only
where be could get the requisite Accommodations
as to time. Happily Ill thus IL changed; and AZ
though there Is yet room for much larger hank-
Ing capital than 1t present possess slll the In
proremeut within the past yEaE is apparent In al.
nnst every bs1nch OF trode or manufactures. All
over our city large establishments have boon
erected for the manufacture or euth wares dpd a
ready market In the Northwest and IN this way
the population Of cur city has been greatly in-
Geased. Our merchants, too, have warehouses
and Etorea, many Of which will compare with the
largest houses IN The East.
Dut pe1haps the benefits Of this increase In opr
banking zpitnl nre nowhere more Observable than
tn the produce, provision md live stock trad..
When our crops bad to he moved only with Eastern
capital, the producers were 1t the mercy Of the
Eastern busrns. Whenever VIC had heavy Wheat.
corn o. ho. crop, the great CIT nj orcr the Wes:
wn. The "ecs1rity Of money" and, a. the result OF
this, prices Immediately fell below their nstprnl
level Now, the crops are generally held with
Western capital and when the East wants Our corn,
our wheat, or our provisions, they hive to buy Of
Western mcrchante. The market vnlues arc no
longer dependent solely On the Eastern quotations,
fos tho Chicago market for two years past has gov
erned that Of New York in Ill the leading products
Of the country. This never could have happened
but 1os the great increase which has taken place In
the banking facilities of the Northwest, partIcu-
lnr1y Of Chicago.
The result OF this Improvement has been higher
prices for Wettern staples. Il may be ss,d that
apecuNtIon hat been encouraged TO an undue ex.
tent. This may, in rome instances, be tEue: but
there is no more BARN In epecn1arng In prodpce
In the West than il the Faith Chicago
thau In New York, Much Indignation has
been expressed by eastern Journalists with regnnd
to the grain fpecnlAtoss IN our market for twelve
months past; but We have get to lca.n tha& grain
dealing Is yIrtue in New York snd a tica In CHI
cago. This is the lAteett grain market in the
world, and 1t Il natural that ii should be tbs mos
attractive for spcculators. In former years our
merchants had TO purchase the grain with Eastern
capital; but now they purchase # With Western
capital, and this mikes ali the difference In the
world 10 the producar. .
The same thing is true Of the Live Stock and Pro.
yieson trade. For years our cattle were forwarded
to the East On eastern account Now We have droy-
ets engaged in the business who buy The stock With
western carlta and cell only when The marEetsutts
them. Our beef md pork. k.packezF, too could only
ehnshiel End pack for eaaten houses but now they
car1y On the business independently, and hold their
ptodnct With wettezn capital for market
COURSE OF TIE CHICAGO xoxET NAEEET.
With regard to the ccurse Of the Money market
dn1tne the past year 1t Is proper to state that not
withstsndtng the increase In the banking capital It
has generally ruled stringent and cloee The nc
tisty IN trade and commerce has been snch th1 The
demand has genernlly been In cxcess Of the supply.
This hne BEEN uorc particularly the case within the
past s1x monthe-the result partially Of the great
REDUCTION which has takcn place In government de-
pot,tt, md the henry purchases which have been
made Of goods at the Esst-oy which the balance
CT trade has ruled largely against the West
- Is.s.,,. a. -. -,.,.. x,.tors.r
me lates o. a,tsoan. oo ~. ,1sy .a ~ ~ ~.
3he teuta1 te'e a. .e 4oa.toa.a r NV ~ w p
cent peF acna"' aua II neset sA1r1 4.o1n .Aat ls
use; oa' orf?ne Ios essy pa.t o. 1as' ., ,S ~nen
t'o'annent oepor'.s WEE annsosa, ass,s, t'ans ls
in GONE int'anecs lover. She private bankers also
gehefal5 cna.se ~ pe, W. !. s'aaA W. u.s
eonn9s, oa. 9uas n1ns " o.a. e s, =.
MISSION Pl u' nte,Ts' 49, s.''
actua! fA,e o' o1seoont w - - - ~. ~.
Note orokess On tne t.ss. ua.us ~. ps'A W.
months hase neeoued loana 70 ,sss Muos'
olseouna unfs .aes sss.os. ss,, .a ,nt NV @ 49,
~ '71tEs p1 Ell pe1 aona. ~ sss -" -.e -,
elass metenana nAse oecn unae use -. .,ss ng ~
fefosons % 1s eusn 49, ~ go 49,. -
A. oustneas II 70 eunuocu " us nesouaaon ~
loans 10 seeoau ano tanu iae nouses' "Ao's es1AA
at INC bAnfs etauo io":
Acans On mossgaeesa IN ens carly psi1 ~ VI ue ssas
were eatHs aefo'lateo IL '91o Pet een' let
md eomc ts7nsacnons sook Place. I'VE ses4s un,e'
On 1nEt1e properly. a. loW ds per Ceut S1uc& Ale