, 1870-09-08
MONETARY AND COMMERCIAL.
MONETARY,
WEDNESDAY EVENING.

~ =.
>. The local money market is gradually work
Ing cioAer, though it IL exceedingly difficult
10 comprehend the Ieaeons therefor. Our
banks arc reducing their New York balances,
aud are growing daily murn aud moro couaarv-
ntive in regard to loans, while yet there ia no
Ter which is adequate to the growing tight
hess experienced. Ono can scarcely conceive
Of any other reason than the anticipation OF
another call for bank statements before long,
and desire to make As good = showing ~
possible when the call shall be heard
Now York exchange is decidedly weak.
Sales wete made to-day between banks at
S1.00 per Il 900 OF, aud Some offerings wora
difficult 10 place at that figure. Orer the
counter New York exchange was buying to-
day at s1-50 per 81 900. diacouns. aud selling
favored At shade less. Now York exchange
is plentiful In this market, and the only as-
aignable cause for it is that our banks arc re-
duciuE their credits at the East for tho PUP
poee of being able 10 uso their money st
home.
We note an increase in the numbar Of ap-
plica,ions for loans, aud an increasing fnahili-
y to obtain accommodations. First-class
paper for terms not exceeding 50 days is still
taken at tho banks, at the nominal rate Of 10
per cent per annum; but un-
e1ceptionable paper, running 60 days,
has been refused in several instances,
21 Pr cent per month has been charged.
The usunl street sates nre quoted at l,I@2
per cGut. per month, but au additional etave
has not unfrc4ueutly heen submitted to. 1n-
deed, the street market Is now quite active,
By coG1parison under the growing in,lispo.i-
| they aro underyteod to he discriminating
largely agaiuet graiu speculators, aud this
| class IL the one which il -eut into the street.
| Good commercial paper is still taken rather
freely The applications from 1unbermen .re
nn tie increase; theg are preparing for
! the winters work.
shipments OF currency 10 tho country appear
| 10 be falling OF, and 10 wonder. A consider
| able amount Of grain IL already on the way,
| having been ordered forward before tho 70.
cent heavy decline in prices. Dnt tho receipts
ere lighter to-day, aud must fall Oft, unlers q
reaction ahould set in in our markets. We
can scarcely expect country holders to send
! Forward their grain, ut current quotations, &c
long a. there remains the ghost Of hope oi
| aDythiue better, aud The recent drop has been
long continued and 80 great that most
holders think themselves justified in looking
! tclow those Of fewY0rk-a factwhicl can onl,
beaccouhted for By the Increasing difficulty o
obtaining money for shipping purposes. Oul
shipments Of currency to the country, nov
light will drop of to almost nothing, uulesi
there be IN Improvement in our markets TO
the cereals.
Meanwhile onr city trade continues good
Our Wholesale merchants arc btil full OF or
dert. but those eome in, principally, by mail
and the country buyers IN attendance ar,
more spar!ng in their purchases. Trade i
slightly falling off, sud tho collections fton
the country are ali glt1y falling Oh. Int til
deposit accounts OF our city merchants con
tinuc fair.
On the whclc, it would appear that ths in
creasiu9 ssringercy OF tho money market |
largely upon the action of the New York bank
. in contracting their outstanding foaus, in pre-
ratation for the great fall movement VI pro
! auec. Them arc great quantities OF grain re
mining behind, in addition to tho new crop
and toou there will be calls for aid in forward
preparations for the event n,ay he so strir
! gent x to defeat the purpose in hand to som
extent. Money, like all other commodities
may lie made s0 valuable that the people wi
decide to dispense with it in some measure
though to tho evident detrimcnt OF then
| selves and OF the whole community.
Hon. F. c. Caprcol and Mr.. Lindsay. {
Canada. arc in this city. and will meet Ii
Commercial Committee Of the Doarl Of Trad
Tomorrow (ThuIedsy) afternoon, for the pm
pose Ut discussing the important question {
more direct water communication Between Il
West and Europe ria the st. Lawrence. II
grant Of ten million acres Of land has bee
asked from the Cauadian Government
fuTthcIance Of u.e scheme, but tho ecntlcrne
think they should obtain come aid from tt
West. which will he 20 largely benefited t
the work. farEa preliminary expenditure
necessary, part Of which has been alreat
made. and they think that come aid should
obtained from among us.
The St. Louis Journal of Commerce gise
the following as tho Official standing Of Il
Dsnk Of France on the asth nit, showing TIL
the lsank is in y perfectly solvent condition
and that the Suspension OF specie payuen
was only precautionary war measure: