, 1870-09-28
MONETARY AND COMMERCIAL.


TUESDAY EVENING, Sept q.
Busineas 1t the banks to-day is reported as
very quiet, about the only thing doing being
in tho transfer Of Now York exchange, which
vas f1mer, selling at par to Soc per q 900
discount between bspks. Tho cause Of the
greater strength is that many Of our mer-
chants are now paying of their indebtednees
in New York. incurred in the Purchases Of
their fall stocks OF goods- There " not veEy
much exchange hefe, aud hut little making,
as our shipments Of produce are still light for
tue eeason. Hence tho article WoFks tiruaor,
though the payments OF seaboard accounts are
not heavy. Over the counter exchange was
selling At par to 25c per 81 600 premium. and
huying at el.O0 par 81. 600 discuunt.
Bankers continue to report the deposit lines
as working low. As already indicated, many
of our merchants are paying OH, while their
collections in the country are rather slow.
In the amount Of currency owned by the
banks, and which secsna destined to be an Gu
during one. Tho mercantile world 10 hecom-
Ing aware Of the fact THAI cash purchases are
90 much the cheapest th1s they can often
down; Instead Of taking tho a.usl thirty days
credit, 80 that it ia absolutely to their advsn-
| txxe topay the street rates OF 11<@2 per cent
per month in orler to DO able to buy with cash
| in hand, il they cannot obtain the required
accommodations at the banka. They bare
thus no Inducements to keep credits At their
banke1B, when time billa are cut agaiust their
purchases; and the natural effect Of this to
| reduce the deposit accounts Of hitherto large
Glars, to comparative zero. This g.vcs the
bankers much less money TO operate With in
the granting Of loana to othora; and though
the offerings Of prime business paper are
rather Light they are fully equal to Tho ability
OF the banks To accommodate them. especially
~ the quarterly statement Is expected to be
called tor rc15 coon. Th4 grainmen are, how
eye1, moving tie Hhipments Of grain East
ward are again free today, and our receiptti
from the country are increasing, though the
movement Of currency to the country ia
slow.
merchants In making their purchases, We have
what will undoubtedly prove to be the begin
ming Of change in their business relations
I With the retail dealers OF city aud country.
"What ID sauce fot the goose, etc, Is An old
provetb, and the country dealer will soon find
; that his true interest lies in buying for cast
: snd saving the difference, which he cansca1ce'
Is do without insisting On present payment,
: and the avoidance OF al risk from bad debts
| This will bring forward our crops moro regu
| laxly and surely. It msy destroy, to Soma CT
tent, the elasticity which speculative holding
allows to quoted yalues, but i it the1oby d
ninishes ZONE individual profits, it will adj
. | whole, by increasing the amount OF property
! pu1chasable with given sum OF money.
q The general trade OF the city continues goot
! in I'LL departments, aud prices continue stead,
outside Of produce circ1es, while our increAs
ing receipts ehnw disposition on the part o
country holders to realize aud pay their debts
&, Money is reported scarce in tho country, an'
! more Of 1t Is needed in order to meet the OK
penees Of winter. It can only be obtained b
. the marketing Of their goods.
Tic following guotAtions were received to
!. lar By Ba1t2tt 4 March: