, 1870-11-01
MONETARY AND COMMERCIAL,
MON ETARY.

~ Nt,H Ia H.
The week opens with considerable improye-
mont in the sspecss OF business. The principal
soason OF this il that tue grain-particul1tly
Wheat-whish has been aecumu1ating in store
here, Aas began to move ont froeiy, and, dn-
r,Iy tho last three buhiness days. tho amount
OF EEsin IL onr warehouses has boon largely
reduced. This IL releasing considerable capi-
tai. and enables tho banks to asaist other
brspches Of trade.
Notwithstanding this favorable change. Tue
money market il tight. and seems to grow
n4ore 50 cyerE day There arc well-known
business men borrowing money Of their bank
e's no* who have seldom borrowed money be-
tostB. Tie Immediate CAUSE Of this ia tha
diitltosty OF making collections in
The country, where money ia o8.rouely
sca1ce. Tho lumbermen scom to feel tbs
most effect from this condition OF thinea-
probably because the farmers, who hare re-
ceived low prices for their grain, are feeling
poor. and are not busloE as much lumbar Is
build fences, barns, and new houses a. usual
bat the same cause aflecta all other branches
OF trade in the city, and even such merchants
bs have a liberal amount OF capital in their
business are hsrd up for resdy money, and
are applicants for accommodations from their
bankers, 1snee , While others who re tying to bore
business on small capital, are Tin The
cent per month for it. Many Fach
find that, in the excessive competition
to cell goods. they have credited
many customers who arc clos to psy, anu
the expenses Of doing business arc higher
than the condition Of trade iustiaes. Store
rrnte. the greatest item Of o1pcnse, arc too
high. and, in many csses. nothing but tbs
rrosrect OF reduction In store rents, which
eeems pretty sure to como. will induce tho
trader TO continue BUSINESS another year.
Exchange wla in mnch better eupply to-
day thar during last week. and sold as low az
par between barka. At the counter bankers
aelt Al lilo premium, and buy At LILO dis
count
There is only moderate movement OF cur.
Iencr to the country. though country barks
1raw for currsncy a. fact as tho very suall
balance. to .heIr credit hsre viii pcrnis.
showing that the currency is needed in the
country, and that as last ~ the grain co,nes
in, and makts credit here in -iaror OF the
country, the country hanks will cali for mare
currency to market other products.
We end that the amount OF to<u and coun-
bonneca 10 aid in tho construction al new
railroads in various parts Of this and soma
adjoining States, are Increasing in this mar
ket largely One Of the relsons Of ths increase
ut present Is that. in the caso OF counties
kna towns in this State. it WAS known last
spring tAAt u the now CONSTITUTION WAS AdOpt-
ed al further bonuses would bs prohibited.
ard, even for oibsr purposes than railroads,
counties, citica, and towns would be p.ohlb-
tied from increasing their indebtedness in the
aggregate TO exceed per cant Of the taxabla
whine Of their property. With this prohibition
in view. many counties Andtowus issucd bonds
for everything they thought they might some
time want money for, 80 as to have them ou,
before the prohibition went into effect hence
tho incrcaeo of such bonds in the
market at the present time. Whilt
the new constitution. Was thns the
n%ans Of temporarily increasing the amount
Of buch sound securities ~ Chicago City u
Which were increased before the adoption oi
the new constitution to eradc its pzphhitor,
ciauae, it WAS also the means OF increasing !
Glars Of county and town bonda-given in aii
Of rpilroads-that are not desirable invest
ment, owirG to the doubt about the paymeu
Of even the interest. In Tue TR1nuxE OF Fri
dag was printed list OF twenty counties il
ttis State. giving the amounts OF their aesess
ments Of properly for taxation. and showing
by the reduction Of their assessments for 1870
=. compared with 1868. that these counties d;
not teeu to contemplate paving the interes
on bonds given In Aid OF railroads, and issue'
just before the adoption Of the new constitu
ton.
The following qnotatioos for gold in Sev
York aud securities in London were receives