, 1870-10-29
MONETARY aNU Gu nlERCllL.
MONETARY,

FRlhAf EFESfSn. Oct ~
Tue money markets, both hare aud in New
Gurk, asr il an uneasy condition. We men-
toned. yesterday. the unfasotAble turn af-
fairs Feetonl to be takiog hare in connection
u1tl the grsin market, shipments Of grain
having fallen OF un'tl the produce bilfa on
the market we're insufficient to meet the cur
rent demand at the bank countara for Eastesn
exchange, and obligi"g bankers to contem-
p1ate the shipment, OF currency to NaW York
to make exchange showing that, when grain
ia heaped up in our elevators ut ttmo when
it should be going forward 10 clear of the in-
debtedneas Of our merchants to tho E1st, its
effect is to drive the currency back to New
York 1nd make money tight.
In this respect, hoHhyer, there WIS some
improyena iu the aspect OF Affairs to-day.
Exchange whs in better nuppl:, and Ehipmonts
Of currency to Now York wcrn not NECESSARY.
Ono Of the reasons that shipments hare been
Light was becaute there we're 70 few vessels in
port fot char ter, but there il nov reported to
te nf1ost of nearly zoo vessels in Lsko Michigan
On thtir way to tits port. and slcl will be
for charter to carTy grain aown tho lakes. The
price Of wheat atao is getting down near 10
where Shippers will take mold. having fallen
orer seven cents per buahol in tho list three
days. These circumsta. .ces point to I more
active movement of graiu from here eastward
next week, and 4 better supply Of exchange
that will prevent 30 unusual and unfavorAbIe
circumstance ~ ! t1o~ OF currency eastward
30 mnc!. in tho country to move both gain
Ind hogs
Sales Of exchange uese mado between banks
to-day Ut 6Dc per II 100 premium. At tho
counter ls,lkcts sell at LILO premium. and buy
1t Lilo discount.
The decline III the pzsc. of wheat ye.terd.y
caused tl,ree small failures" among option
t1a5ers - on 'Chauge" with Yone Of whom
failing 1s chronic, aud eesms 10 IaAyo beeu 10
duced to = regular system.
m, -r>S foz f>ara ia
and the l'abks flld it difficult to accommodate
all Of tt,e,z regular cu-,o,nazs. They hare
fonnd it necessary 10 rinlnirtl their sdvaucea
On grin, and to that, III part, tho decline in
wheat IL attributable. The tendency Of the
market il A;itl toward atsinEeucy, though not
30 positively ~ tho ptusptct lulic1tsa. .yester-
day.
1t Is fact worthy OF Iotice that while
money il working 70 cl,ee with the banks,
money TO lo.u in large suuls n real estate is
Increasing in OUT ma1ke:. Tho an, ,unt OF
money coming here fsum rlliladelph;a, Boston.
Hartford, and other ueaithy cities Of tho East
ss increasing. a1ld Aas had hc elect tn re-
ducc the r4,o OF iute1..-: All large ioaus. Sums
of S15.0 aud upxatd. can uox be had on
Eret-c!ass real estate security at 8 por
cent per anuuul, wheroas for noasly voar
previous to = mouth ago the lowest rate WIS
9pcr cent Fol- ali pnuas under e, 900 the
rates are get mach the same, - they hare
been for tho past year, viz, from to 10 par
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