, 1870-07-30
MONETARY and COMMERCIAL
MONETARY,

I FRIDAY EVENING. Juty ~.
Inc CEicaSo Il Northwestern Hallway Com
pahy Elvts evidence OF new and better man
agemeut " itn plan now being put in opera
! ton for direct route to st. Iauul and Man
! kato. An air line from Chicago to st, Pau
runs few miles west " Madison, ten ol
fifteen miles east nf Winou.. and lirectl,
! through Reeds Landing. aud thence along tile
already have line along tnls route.
from Chicago to Madison, aud nre
now making preparations TO build tho
tctond link frun Madison to Winona. Depot
/ grounds iu Madison LAye leeu secured, and
tic contracts for the rad from Madison AZ
far toward Wihona as Earaboo have been let.
the rnsd TO be completed to the latter point
by July ], 1871. Arrangements havo also been
made by which, On condition that $l75,O0O il
voted By the towns on tho route beyond WI
t'ona, the road will bc completed to Rcelsburg
W the close Of ISL. The whole line to ST.
something leB= than two years, thus giving a
nearly All Line route, FROM Chicago to St. Paul,
Of little ever four hundred niles, Tie
Northwestern Company own the vi
mona L st. Peter Railroad, which
IL now il operation. and when their
next summer. this will give them through
route from Chicago to st. Peter and AIauk,to
I'll the Minnesota Iiiye1. Tie line from Nadi-
ron to WinoEa is ono that should have been
built long age, AZ tho want OF it has left the
trade OF Wcstern Wisconsin and Southern
Minnesota 10 outlet but by the roads that
traverse the country in an cas,er1y direction
and terminate in Milwaukee.
The receipts of the government from Ill
sources for the ycat ending June 80. 1s70.
we're sios. .ooo.ooo. There were expended
q balance Of sllG. .ooO 0N,, which Ia. been AZ, =
rropiiatcd to tho purchase Of bon5s for tic
''rinking fund aud '.spacial fund" Tic
total anlount Of bonds in the special anll sink
ing funds now amounting to $3.50 00O, 800 are
to le burned in accordance with the reccut art
Ct Congress.
Tie advance in the rricc Of Cni,etl ssater
bonds in London tetlsy, md the decline ar
Entd III New York. notwithstanding Tue war
IKE a=rect Of affairs in Europe, ehows that
the European situation has srentit full effect
!npon our hnauces. Even il there should be
i'casy aEhtliE u Europe, it probably would
not dsrress United States bonds any more,
at'd the prospect looks moro favorable for
love prize for gold.
The large aculand for bonds for bAnk pur-
poses is also maliug all advance in tileir
1r'ccs; hut as gold declines thu advance in
ihelr currency price will be .couuterac,ed TO
considerable extent.
The general disposition of railway stocks to
advance. aud the easier candi.ion OF tie mar
ket in New York, elbows that the '.lt,.k up Of
money has teen discontinued. Exchange il
now in favor OF New York i'll nearly ali the
Wchtcrn cities. and temporarily t'nre viii he
flow Ct funds to that city which will aid the
ta-e in money aud serve to stimulate prize.
The local money market i. dali AMI easy.
lie speculative trading in OPTIONS III the grain
markets makes very little demand for money.
Grain shipments nro light, and tho banks e1-
tsrienee serT light demand for fl,,,ls for
that purpose. Merchants, however. still com
plain of unsatisfactory collections i1 the cuu,i-
'ty, aud thir lc!re to cnntit 4, the f.l;cf that