, 1870-09-21
MONETARY AND COMMERCIAL,


TUESDAY EVENING, Sept 20.
The money market grows tighter daily,
though the tightening process is worry slow.
A few Of our banks etill report money as easy,
but with tic majority Of them currency Is de-
cidedly SCARCE, and there Is but little at COM
mand with which to meet the wants Of bor-
roWeFs.
The causes Of this stringency aro various;
the PRINCIPAL one We hare already indicated in
these colunlns-it il that the lines of deposit
arc run1,ing unusually low. Tho minority Of
t at class who usually lave money to their
credit on th7 books Of tho banks, now have q
use for it elsewhere; some of them in their
business, others in tho lands OF street bro
kers. where they can readily obtain 1@@2 per
cent per month for all they want to lend.
Then, good deal Of money has recently
gone out to Western railroads, to pay for con-
structiou account, and the country banks have
Withdrawn the greater portion OF their credits
here, to lend tho money to tho farmers to bug
stock, Which Offers greater Inducements than
usual, owing to the Low prices ruling for
grain, which leaves ve-y little to the farmer
after the expenses OF transportation have
been paid4 The condition Of the banks in this
city is, therefore, one of comparative dullness,
willie they experience all tho effects which
usually ensue from having thrown out long
lilcs Of discount They havo but little money
to use, especially while anticipating the cali
for a statement Of their affairs, and arc 10th
to lend, even where the very best OF security
is offered.
Tho amount OF prime business paper ofrer-
inE ut the banks il but moderate, because
many abstain from nsking whero they nre cer-
tain of meeting with refusal Aecomuloda-
tons are sparingly dealt ont to prime short
date paper, and to no other. The rate of in
terest is still quoted at 10 per cent per auuum.
There is little money going out into tle
country now, and no present indications of an
i: crease in the receipts Of grain in this city,
while tho shipping movement Ii sdecided'y dull,
and there is less OF desire to speculate,
consequently less OF application for loans
from that Glass; The banks arc willing to aid
the shippers az much as required, but the
margin Of trade is against the operation, mud
The couree Of grain transportation is slow.
We lave now about 1000. 900 bu Of all kinds
Of grain in store hero, which locks up fully
s22.700, ,00e, at present prices. II this grain
were moved forward, we shon(d have that
much more money to work with in tue West
But the shipping movement il slow, and our
purchases from the East are large, the latter
being augmented considerably " tho rccant
| fire, which has probably made moro than a
million and l. half dollars difference in Cur gen.
eral account with the East.
| Eastern exchange vas easier to-day, sales
l,cing made between banks at 50@75c per ], 600
| discount, and moro offered for which there
vas no sale. The amount of exchange At COM
mai,l il not large, and tue increased weakness
| can only be accounted Tor On the general prin-
! ciple Of lack Of currency to buy it. Counter
[ rates are steady at par selling, aud buying at
| S1.00@1 SO per LOCO discount.
Tho following totag17ms were received to-
tfar fyr Harr3tt Il March.