, 1869-07-24
MONETARY and COMMERCIAL.
MONETARY.
FAlpAr ErEK1S0, JulJ p

fAlpAT EFEhISuI July -.
II any arr DISPOSED 10 doubt The de.Aora1EE!1g
tendency u speculation, mud particularly Of the
Wall stree, specu'at!ons In Stock, they might hnd
tneJutroeal proof 10 the contrafJ In The recent
dcfuica.IorB Of two olct II Of prominent loanc!al
Institutions In Srw York: that Of ". II. Sanford.
Cashier Of tho Central Sntionnl Hank. only u IT.
Tic over wnek aRo, by which the baos and Its
country bauk customers 1nsc over s1oe, 900; and
tue oiEcr Instance, announced By tele-
graph this morning. Of the dctatcatlon Of
Frank ". ballard, Eecrctasy OF the secunt5
Insurance Company, Of New York, " which
tic eomI any loses between s6n.0uo aud $4,000
f.uth u tht.c e1lnlrs were lhc direct result OF
gambling Ii stpcks In Wal! strict, And both were
canaIittcd By t1cn who BY years Of close nrrllGa-
tlou 10 baslacsa, had earned enstahlc poaItsons,
both In bus,ntts anu toclcfJ. mil had aclutrc'i
regulations for bcluE kecu anl Tnlek-wittcd bu'i-
nc: men. and, ut the same tt1t, snrn OF NJ much
integrity as any In That city, ami II Is almost Ger
taIn Lla: II they Ind nylE touched stocks. the!r
names would not now ac dtGracc1. Nf. jiatlati
Inns been honorntly krowu In insurance for NUM-
,rs Of years: waS for long time Secretary Of the
Importers and Trntlrrs' Ins1raDca conPany-apo-
riuun which nc resigned year CT TWO ago, to take
the more lrctntisc OLE Of Secretary
Of tho security Companv.-and his ability
In Insurance waa so well Known that he coulf al.
Ways hnvc tccn ture OF high porftlon. 10th
Sanford and ballard were considered nrss-ratc
luR ncka u,cn, qualification which, instead OF ALL
lng thcln thcIr Wall Ftscct operations VAS rrooa-
ly one Of the Of their fall, for tho genuine
rAu,,tcr, the one who has. pcrhnrs. most chances
10 win, is In n1l hts tcas anf hahits tho opposite OF
tho true brsfness man: hc docs not place The batnc
valnc upon money. docs no, rcSas'! !ts loss ~ =
natter Of so much Importance, md II nercr ah'c
10 krep whcn he docs by rume 1ucky turn get
hotd Of IT, and Just IN proportion n tho business
nun approaches thctc qualifications o! tho gan.
b:cs, ho loscs his hablts OF indnftsy.
economy and canton, which arc
,rc clements Of GucccaA III bratacSl Tho sudden
acquisition Of wealth IN week or month 10 or.
.iIpary business, Is out Of tee question, aud the
.u.ncss man who lets this tasctnas1on Of the sud-
DIN requirement al wealth ouco get hold Of iia
mind, generally takes greater hazustfs thar the
most !nsetcra.c gambler, but without his cooncsa.
This Is the temptation that the gnc IN Wall street
| Ia alxays holtlrg ont to cyert man In New York
artlDG In ndadA1 capacity. Soc'ety h1s asoit1a-
r1'y agreed to consider speculation In socSs ~
moro respectable thau playinE "iaro or ''po.
kcs," II Tie atnounta involved uaf9 the players
any more respectable. there may bc sotnc reason
Tor the distinction otherwise there Is uone, for the
| kp,r1t IN 10th Ia cx1cuJ tho same- Hut
there Is another rn1se Of the matter thai worthy
OF the consideration OF Western bankers, and that
II, the risk thcT run In placing largo proportion
OF thc'r funds IN TINT city ~hers such sing H.
ttA1cf3 q INC TWO AJSSE tI1tiEN
! ~ every large decline In stocta- nankeFs outaoe
Of New YORK knor that the Whole object Of tho
tnka Of that clty In paying four per cent interest
On aianccs Is thai the money may &c used IN STOCK
gambling In WaA strcet; and, Il son1o Of Our
! Western banks should some time cone to Gr!el b.
! rleaus Of come such want Of fidelity in bank of-
cen or Gnancal Agents there. they will only hare
themselves to bamc for aiding the Cause which
| oeessloned their loss-
| The local money market remains IN su5stAntl1l-
| II the sanae condition ss for the hst four OF Ere
! days The demand Tor Accommodations E mod
erztels ne1tye, and Is promptly net BY the haaea
Some hanks still say money Il close, while others
| hare 4 surplus and zre tsktng considerable out
side paper, though there Is still good deal Of
speculative paper anoat In The opca market Which
| Is offered through brokers ut from to per cent
! pes month, IN accordance with Its quality.
| Exchange WIS higher io-daJ. and hales Wcie
| made between ciiF banks =: par. DanEeEz arc
selling to customers 1t the counter and RENTING
fer country llarks 1t pa., and nre baJtaT Of CHS.
| touels 1t the counter ii l-l0 discount The snp'
| rly Of exchange on the market = thought 70 be
dinlnlAhl1G.
A considerable amount OF exchange on san
Francisco vas offered n one OF cur city banks TO-
day, acainst shipments Of bntter TO that mAsket.
! The rate for exchange on that city will PROBABLY
I be about per cent discount
i Deale1x' quosasIous for buJing and selling GOV"
| rrnment bonds- local 81ocks, gold nad Euves, In
I