, 1869-10-02
MONETARY AND COMMERCIAL.
MONETARY.



The row hAlt11pt house Of lockwood CO. OF
New YORK, was one Of the wealshscst u thaf CITY.
haythQ capital which has been Vsf1ooty 70"
ported at fEom taooo. 600 to gl0 Ooo ooo From tao
best Information VIC eau gain hers, nc afe lo'
ellucd to believe The smaller amount to nAve been
tue tua ore: but whtehever It was, the5 ha'e ios&
It m, and are In deht besides. They hsd not ouiy
an tsnMenae hoEnes4 In New Tork, but hsd also
cus:omer8 IN nj parts Of the We4r, the most Of
them capitalists who, having spare funds. p1e-
fcfTtd ''dolnz uttle In stocks" to keeping II 1t
hone, and coufcnttng themselves with the mod
crate gains OF interest Al one time, two Or three
years ago, The house had reEular agent IN post-
neu IN Chicago II they bad, we beilort, IN some
other Western ciues II the dne Of 1allufe-
They hAd. however, nombe1 oI customers
IN This city, aone OF whom will probably
bse considerable Aunouut. They Netcs however,
wen Known aa speculative ho2se," and draw
the custom Of that clAsa Of men They invested
largely themselves In the Hocka which they ad-
vised their customers to buy, and 1t Wal IN the
enJearor TO sustain the lunat1on pr.cc Of certain
kfocf1 which they had tdDpted Is <pocIAlIess and
endeAvotcd to control, that they lost their own
mi1llops and their cuatomers money bestde& II
was commonly understood several months be-
fore The recent panic that they NsFo earring
stocsB which, II par, would amount 10 something
orer thirty millions Of doltars- Thcr epectsltfes
1Hlh tut WE&E f1Ah 4AAEC q o. AA44 ~
Southern, Toledo NaoaAh, And Pacific Nail.
\ The average decline in these foaf stocks
from the pr1ces Of six mouths ago To
| those Of last week, WA Just about Thirty
pee cent, which VAS more than autlcent To sw&l-
low up all thets capital and their cussoners' mss-
g1nA Their failure presents for the copstde12-
| tton CT bustneft men AND thinking people some
points that arc of eren more importance than
the immediate lossek tha1 MAY fall upon theis
custornersL Their capital was not only lost IN the
eIdeavor to Keep up an unnatural lnoaslon, In
sested IN water and v,od, which have disappeared,
but It has gone to strengthen the mooe5ed power
Of thc!f rtvAlA Vanderbilt and the rtpad.atIu8
F1sk arc stronger to-day By several millions than
they were month ago. Ttip mar prove In the
future to be the most harmful result OF this whole
great fcraEble. The lnordnate wealth OK these
Individuals Increases thels power to do evil
aud any evidence Of their disposition to DC
otherwise IA yet entirely W1nt1n4. They ars
| as unlike such rich men as A. T. Stewart and
George Peabody. a blsck II unlike white. Tneil
rote aim ts to grasp and to keep the railroads -o
the country 70 that the major portion OF tnt
40e, ,00R,O10 OF ANIMAL revenue which the soad8 o
the United Suites 3leld, may be poured Into tht
eotIe1s Of . clique whose weaker members VII
te gradually crushed out BY the stronger ones, a!
In lockwood i Co. failure, which Il knoWn to be
to preas extent. tic work Of Vanderbilt, IN orde
that he might get hold Of 70,0oo ahates Of Lax
Shore stock, which the former held aud wer
obliged, tn their distress, to SCI
10 hIn It hIa own price. 1t IL It'll
concentration OF railroad capital that Is now III
dominant ldea Of the great gamblers OF Wal
street. and thre2tens to make . concentration Q
power that will hold The commerce Ct the couusr
Al the mercy Of d tyrunn!ca1 aud inscription
money olisArehy.
The tendency OF a1atra In the mones market l
toward strtrgency, which Is mainly the iuanedi,t
result Of The falling OF IN Srs1n ,hlpueusa ftot
here eastward, aud the consequent accumulate
OF gram here which ahsorbs the capital Of the des
ers and 1nakcs them borrowers At the baaka. N
check to the shipping movement Is partly due I
| the tiEors1pized condition Of finances In Ne
York. araia and dour dealers In that city c1I
rot get the necessary accommodations Of the
banks 70 pay for the grain. The Buffalo and O.
wcsp hanks, on which our shippers here can uss
ally draw At sight, have but small capital Of the
own. and are merely dependencies Of the Ne
York bsntR, and cannot tate eight bills to any q.
lent now, willis the want Of confidence In Ne
York uakes every banking Institution there ho
on to their money with unusual Nervousness
t There IL, however, every reason TO expect tn
the *ueHtd[nX Of the panic III New York will
layurshly Ielt ht1c In the courEe Of a feT days-
!. Shipments Of currency 10 The country Et'il cn
!, time lar9r Ard, "a far as can be tadged from tn
. circumstance, argue u continuance Of heavy ga
receipts here,
Exchange waa weaker to-day, and sold be, re
c banks nj from pat to c9c per $1,000 llscount.
p the counter, bankcsS' rates are unchanged; n
q rake New York sight bills at 1.l0 to y OF, y
a DInsto sight bills At = ca, and eell New To
J. funds At par.
{ The following table gives dea!cn' quotations
= inning znd selling government bonds, local atoc
\ gold and silver Ia this market This afternoon:
i semtannusl interest periods OF the Unltel Stsi
it bQEds 21e also given: