, 1869-05-01
MONETARY and COMMERCIAL.
MONETARY.


seldom conc 20 my rcIJ lucid conclusion On my !
point Each delegate usually ca17lea q particular
tden nlong when he goes, md generally succeeds |
In taking II home again nnlmpalred. The conycn-
tion which met here dsy before yesterday, how
ever. were something OF m exception 10 the usual
rule, and came TO the unanimous conclusion that
frelghts on the railroads terminating in Chicago.
and also the elevator charges. arc tao high. II the
convention had added to this conclusion, that |
there nrc niso too muny ciiQ1es connected with !
the elevators hnd the railroads. who speculate In
grain. they would have gof at nearly the whole
gruln that should conc to Chicago Ia
now going over the through routes
running cast, Just south OF M, and why great |
deal is going down the Mississippi River. 1t Is
only few months since that q Clique who control
the only elevator ii one Of the principal MIEsts-
stppi River cities west Of as, AMI some Of whom
are also Directors IN one Of rhc railroads tesnat-
ing In this city. tried to throw the whole Of the
eFainbuyinE trade Of TINT city Into the hands Of
aselected few. Not Tor the purpose Of inrucuc-
Ing the wheat TO come to Chicago, but for the pur-
pose Of controlling the grain market at that place
The remarkable pe.ststenee With which the recent
runors about heated and Spoiled corn were ctrcu-
lated and magn!1ed beyond what the facts In the
case warranted, points nlso to the same sort Of
cl.que-manjp jpulatlon hcrc. Whether Chicago shall
lose part Of her grain uadc, or whether It shall
continue to Increase As 1t has In past years.
will turn almost eut1rrIy upon the nct1ou
OF the rliroad and elevator companies here. There
Is no new CIemcE: In the case. Chicago hns gzoHn
10 he Ereat city simply because she ls at the
western terminus OF the cheapest possible means
OF Transporting heavy lre1gh:& The expense OF
transportation h} The Lakes at least, his not been
increased OF late years. neither has the expense cI
transporting freight BY rall been diminished so
tlat ttTluSh uucs can carry freight for any less
ID proportion than they did few ycars ago, when
they found II impossible 10 compete With tho
tre1srortation by the lakes The only dilerelce
tetwecn nov md then IL that the Eastezo Canals
hrc snallcr and more crowded. IN psopostlon 10
TIE .us,ness In this respect everyllJ begtoa :. =,
/ sec now that something more definite st1onl have
b.en done in regard to Stagara ahip canal :lDut
as tl,at Is enterprise that will require time, It
does not come Into the calculation for
| any speedy effect on the transportation aad
A marketing Of the grain crols OF tho West aud
| Northwest Al tilat Is required now t., that the
railroads terminating II Chicago shall reduce their
Rates OF freight, 70 as not only to compete with
through rail routes, but Also compete with the
movement Of grain down the Mississippi Rirer.
| There Is no obstacle, legal or Otherwise, IN the
ray Of their dung this but ther own erasp!ng I1s-
] posittou. The Fuller Railroad BILL which L.
mentioned " some IS an obstacle, "a, In reality.
| none nj nll--the railroad companies pay no nt.en-
tion TO IT, nnd 1t ar1oun.s TO nothing, except, nos-
etbly to r1eycnt some discrimination by the rail-
roads In favor Of one shipper oyes nn-
4 o:hes At the same station. What needs
| to bc slpnc now Is for the railroads terminating
crc 70 put down their rates Of freight and for the
! eleya1or nca TO reduce inelr charges tn prppor-
t!on nad nj the Ramc time to conduct their tusl-
ness 50 that buyets In the river lowns shall have
confidence In them. The railroad nad elevator
ncu have their choice now to make, VIZ: high
1rc!shts, high elevator charges, and speculative
clique operations to mako up for the drntnu:1on Of
Legitimate business caused thereby, OF. oathe oties
hand, moderate cnnrges md constantly inc1eas'
| Ing business.
Secretary Boutwell, has been an1oas the ssoek
l hrnkers In New YORK, and has announced that be
Will apply any surplus revenue that the Treasury
| Eas have 10 the reduction Of the national debt
This Is Interpreted 70 mean that be wit comply
! with the requirements Of the Sinking FuId aet ol
! j., O., which We print below:
.s. III I,asr IT,. .s :, Tn, = aa,n, n ati
tscrc ap,,r,> ID 70 r. Issued ri " Nv 10
s s az s:s T.. -'s 81 .3s = ''' q *
f ss;. Z ths @ 'a'*'''F oa The ''aa'
e e. - - =; j s: Is -: 81. I &,
rAte4 !, I" ~ e,T q. akne tTxn = asd - q. stts
ss 81 &: & = stsa = & ssi ssss sss
ThiTa r. I.;a9s .h<reus to ba paid into tie rreas
The Treasury hss now 4 large su,plu8 Of golI,
hut Its CuRency balance Is unusually low the
amount In the Sub -TfrzSu1y u New York being
Something less than s&Acpo,coor md the present
R2es Of gold n1c understood to nc for recaperatOn
| IN that respect When the Sec1ctlrJ begins TO
1 bs.y tonds under tic nboyc act II viii probably bc
the cheapest series Of o-c1s Dut whatever Issue
Of l.nls II nay c, The reduction Of An. portion OF
the inteIest-1earnR debt wiki the prospect that II
IL 10 b. the settled policy, will have the saue en-.
hanclnR eject un the ta!ue OF all the rcst Of the
bonds, nd also on thai Of Rrreubacka lfthe rcv-
| cnre OF tho government can be 70 administered
4 that such policy could be StcaIHs puEsaei, NC
| ,aeIld reach specie pay uents Aiulo,s teteTc VIC
kncw 1t, and without any serious financial tsou'
| .les>
Tue demand for money in the local 1askc; con
;inura to 1iul.1lAh gralIallt. Aua tie majority o
| he banks arc experiencing lack Of desirable Ell
,.lorIuc:., for their fuuilS TIC Wholesale mer
:hau,s. thouEa tac.r trade Is Only moderate, AZ
collecting IL u.o country with tolerah.e sauSfac
ROE, and a1e III wnnt Of no mooc7 fruua the banks
"a The cont1ars llclr deposits afu Increasing tit
lie. In the grain trade legitimate business Il dul
there arc but few orders on tho {naEAet ffuu
l 1s.ont. and tho Speculative spirit secHs TO hnyI
departed cot Of many OF the usad operators
, | Thu. an, OF COURSE always boT1cwcIs, VIII
, ! would willingly taAe MI the banks wo1ld len
1,leu bit they arc no: In general persons IN wnoE
! bank. WALT to take vcrJ large iateseIs- For q
regular trade purposes, however, money Il easy.
= 10 saipucnts OF currency arr l,clnr malc 10 tn
country: on the contrary. country bank ,alance
!, herc arc AccuMu1stn3. ........
Exchange continues TO Erow t1f7Dtr, on Acco1ts
Q | Of the Light shipments ry the lales compared
= what Is usuaily done At saia season Of the scI
+ Ssles were made between banks to-day at 6oc 81
7oc ter II .0o premium At the counter rates col
| ,,nup n before bankers selling at lilo prtfntu'
= and tnytna It rar for bankers exchange, aol l.
/, discount for grain bNlA ....--....
Il ana government bonds caused somc wide DC
{, t,a.,ons IN rsiccs to-day. and largo adran
~, Effected In tho particular stocks which Il
| c,,nne& are manipulating In New 1o'
y E-nm the openlne price this morning New fo
ID 1,ent,si a..7anesA3 pei Cent, st&, from Inn
&, ,---s. Harlem advanced PET cent: 81 lanl col
Is -,on sdynnped IN PCT cent; Nortn"csseFn p'
Z. .e-., IL and many others en- the A9s nom y
~ .,ar aen, Donds nrc lover tn London to-di
aatna nnotel 81 soh, against soh yes1en's
:, Ns,rh n,s caused q reaction Of about Ac II
cn New YoEk MARKET .. .,a s.u,nr =.
" .,-,n,e7t hona,. local stocka Sold aaa sAses'
Nd sa's naasAs> ~'-' Bye!ns. stni
y, g. s. a, 1sSt. .iEx IL
" r. Aaox 1864 T1-E II
Sl- n x qnT 1ek4. ~
'nr 1nn u, g. b-sos, 1853. ii
III, {. s beos, 1s6s-new tssuc II
A. {. s tSa. 1888 ia it
rs lo4Os-iaIRe.
the coos coun,y y7s.............-........s4 y .
pad Cnicaco city - (mun4ctpA). .........;;
hen Chicaeo city q {water md sexefase'
TOTE lmeEicAn gold. .-...-.'.'.....-"',i9 10
snl1 | suTeG. ..s-.----'"-'-
9.5n nsy, The HtocrntAn Banking Association sns