, 1869-04-07
MONETARY AND COMMERCIAL
MONETARY.

4
There Ia Rcarcely any change to notice IN the
money market A few Of the banka report = fur
ther falling od In the demand Tor money, and
consequent dtmlnutton Of husintss but attribute It
chiefly to the general understanding that the
money is mol to be had- Other banks report money |
tighter than before. Banks, however, arc tho !
mone5-lenders and naturally LOOK At the Bubtect !
from their own point OF r1cw, Speculative oper1- |
ti0ns are In great measure out Of the question, |
except for those who hare ready money Of thelt !
own, md legitimate trade Is c1amped to some ex- |
tent, there is, however, no great dtstress among
merchants IN my department Of trade.
The financial feature which, perhaps, comes the
nearest to making datress with any, IN this CON-
me1c4.l community, Il the Indebtedness Of
the Onion Pacinc Railroad Company TO
merchants tn this city, which Indebtedness the
company have not been able to pay. The company
tnSe, ait along, been purchasing Of our merchants
large supplies Of lumber, Iron, hardware, groceries
patutg and oils etc. etc. to be used In connection
with the construction Of the road and Its station
bu1ldlnga- Al the settlements ntJcus two months
ago. the company wss unable To pay the money for
| these III 1t had bten previously doing, and gave
sixty and ninety day New York Aoceptances In
stead: and h4s been unable to pay any cash hese
Knee that time on subsequent purchaser. The
| debt TO Chicago merchants has thus continued to
accumulate until 1t Is now believed that not less
than million and half Of dollars Of purchases
| made for "cash hare been TINS deferred from
sixty 10 ninety days Some estimate the aggre-
gate much higher, though after considerable
iuuuzyWe are inclined to think this to be the
correct amount Some have thought that large
proportion Of this had been re discounted "W!th-
out recourse' IN New York, but there Is good rea-
son to think this has not been the case, and that
the merchants nre deprived OF the Of very large
proportion OF the whole amount The amounts
held thus By single nr1ns here against the company
are said to he, in some cases, equal to more than
half, und In few to nearly the whole oi the
cash capital Of the crcdltors- The nrst OF the ac
ceI tances above referred 70 will now soon begin to
fall due and for the benefit Of those interested,
whose apprehens,onn uaJ have been aroused By
whlsperings which seemed to discourage the hope
| OF prompt payment At maturity, we CLIP the follow
lug from the New York 17iIun<-money article
OF Saturday: "The reports circulated Festerdiy
and to-day that the Union Pacldc Road had gone to
protest on their call loans and acceptances were
false The company have paid every loan called,
| and all maturing AcoeptsnceS"
Exchange WEE quite urn again to-day, and the
price YVES fraction higher than yesterday. sales
! telng made between bankR In the forenoon. al ac
| rer g., ,0oo premium In the afternoon some hold
CTS were refusing to sell for less than 6oc- oni
latest ady1ces from Cincinnati and st. Louis, re-
, port New YORK exchange worth 75c premium In
: both eltics, and IN the former come Of the banN
were contemplating the shipment Of currency, &c
that 1t Is not improbable higher rate for New
| York funds may ru!e before long. In this market
bankers are selling to thei1 customers, at the
counter, at LILO premium and taxing st par.
The New York money market Is stn subject e
daily spa81ns Of great str1ngency, proof OF which
xns shown, to-day, In the price Of government
bonds, which were Depressed during the forenoon
nearly one PCT cent In that MARKET though there
| was partial recovery In the afternoon. The Lon
don market remains 6teady At SAX, a It has for
eF week past The advance In the rate ot dlscoun
a. by the Rank Of England Affects the forelgI
y bankers In New York more Immediately than an
other clAss as they have been specuanng In bond
+ 10 an immense extent selling Sterling cxchang
end buying the bonds Tor shipment against It Wlt
the proceeds Of the exchange, starting curren
la Of bonds one wny and Of Temporary credit III
~ other, which threatened to draw lmportatons Q
il. specie from England to this country In pay 70
H. | the heavy how Of bouds and which the Bank &
England has cndeavored to check At the ratc
which this process has been going on iot the las
II three or four montns-4oo, ,oo0, 900 ancc Jannar
1st-t would take but q few years to transfer tn
T. bulk o! CUT bonded debt TO Europe, and II II Nh
D. done 80 rapidly ns to overcome the natural oa
ance Of trade ngainSt ns gold would be importe
e 10 this country in largo amounts, though i's ssa
g here would be only temporary, as 1t would 500
~ 50 hack III redoubIed volume, to pay the mteres
IL IS well as the legitimate trade balance, and OF
I'd last financial condition would be worse than II
present ......... .......-...-. -..-
Dealers quotations for buying nud selling go
ernmcnt bonds, local stocks, gold And silver,
this market, thls afternoon were Is follows: