, 1869-05-16
MONETARY AND COM MMERCIAL.
MONETARY.
SATURDAY EVENING, Nay I

SATURDAY EVENING, Nay IS
The business Of the week Just closing has been
Interrupted ~ uniayoy1ale weather and other ctl-
comktanees, the Effects Of which were to consider
ably diminish noocJ transactions, Is II shown tn
The large falling OF In the weekly Aggregate Of the
cieaSt1gs as compared to lAst week Money has
been Ah1ndant during the whole week, and the
banks have, In general, been gtsd 70 take ill the
good paper that was offered. Cnllke the New
York money market, there a1r no railway Stocts
here for the Idle capital to take hold Of and fnnate
for Temporary speculation, only to let them drop
agatn when the capital u Needed tn regular trade.
Almost the ontJ speculative employment that id1e
capital can md hers Il IN grain, and a. the course
Of speculation ID grain does not depend on Chicago
capital aion1 but On the tendency
OF the pliccs Of hreadEtutf IN al the
principal markets Of the world, Il Is only oeca-
Aona1ly, wien IN upward tendency o! pnees in
the principal consuming countries happe1s to be
concurrent with = plethora Of money here, that
Idle capital can be used In speculation tn E7atn-
When regular trade Ia dull here, and money begins
to Accumulate, It soon geLs supelahundant and
bankers arc An11ous to WORK thctr balances on TO
New York. where they can get Little Interest On
them. This Is the condition into which money
atlalss seem TO be working now.
The calls from the counu5 for currency hsTe
teen little Larger this week than Last, but the
amount going out Is Email and indicate 4 light
grain movement In the country.
Exchange continues arm At from par to &c per
&1,oeD premium for salcs between banks At the
counter, banfets continue to sell to customers At
lilo premium, and - buy At par for straight sight
exchange and lilo on for grain bills
The continued advance IN the New Yotk quota-
tons for government bonls Is due, largely, " tho
purchases by The Treasury, but, also, IN consfd-
ernb!e measure, TO the advance In tte price Of
RnJH Ehirh TnAkn4 htnhar
bonds necessary, On the zane principle tha; II re-
qu1res higher currency prices for commodities,
only that bouds fetl the effect Of II sooner than
commodities In New York the Average advance
on tho whole list Of bonds has been about TX per
cent since the beginning Of tho Eeek- tho .62s pe-
Ing quoted to-day at lse against 119}5 On Monday.
though IN lLondon the GA are only
quoted to-dsJ at 7sk, against .s1t on
Monday, showing the anomaly Of ~ per cent
advance n New YoEt, concurrent with Z
decline Of y In london There Is Some ground
for tatnktng that good deaf Of John Bulla pre-
tended hel3ef IN the Wntlke intentions Of thenlted
staics arises from an inteuton on the Part Of the
Dank ef England to check the speculation and In
sestmeat Of British and Continental capital in
American securities; 21a the supposltlon should
pruve correct another advance tn the Official rate
Vi discount which IS In fart, creating an artificial
strineency In the money market there, may be cx-
l.ected before long.
Gold continues to advance Notwithstanding the
aa1cs tF the Treasury, and also the TACT thAs ex-
ports Of gold are very light. The only explanation
for this, which s contrary to former experience,
Is G.a4 there u greater commercial demand for
gold as money In this country, and that the price
u gold Is gradually recovering from the artificial
depression to which 1t has been subject from rot
being so uscd.
l'ealers' quotations for hay,ng nnd selling gnv-
c1nEnrns bontts, lGcl stocks, goli and silver, tn
this MARKET this afternoon, were n golloEa: