, 1872-10-30
MONEY AND COMMERCE.
MONETARY.

the country freely, and the stock OF currency
here is increasing. Deposits arc not increasing
much. if anv, but the banks are endeavoring to
decrease their loans as q means Of recovering
from Their expanded condition. This is being
acconp1isbed to q considerable oxtont, and as
t,e margin of funds between capital and deposits
m The one hand, and loans on tho other, is the
measure of their ability to loan, it may be
assumed that the banks are getting back to q
condition where they will soon be able to extend
q, ore aid to such Of the mercantile community
rs are entitled to it.
New York exchange was firm to-day at Soc per
st 600 discount. Tie amount in the market is
email compared to what is usual at this season
OF the year, and collections in the country are
improving, the demand from merchants to meet
liahilities in the Eastern cities is also likely to
increase.
TIE MERCANTILE INTEREST.
The old liabilities Of good many merchants
which, by the compromises and e1tenslons made
about this time last year by Eastern creditors,
we're deferred-are now beginning to fall due.
In good many cases the extreme backwardness
Of collections. this fall, has disappointed
the reasonable expectations Of merchants
who have in fact done q large trade,
and whose business this year has been profta-
Bile, but who, in view of double the usual amount
Of maturing liabilities, find themselves in ex-
t1emely tight quarters at present. But 1t ls be-
ieved that, as general rule the mercantile
trade Of this city has not been 60 profitable for
half dozen years as it has in 1872. The mer-
chants have nearly all done much larger busi-
ness, and with about the same percentage Of
profit as in past years; but, on the other hand,
they haye given more credit to country dealers,
by ceiling goods on longer time. The crops we're
large, and it was reasonable expectation that
farmers would be flush Of money, and collec-
tions come in promptly. But the low
prices of grain, cattle, and hogs in! in !otls the
have disappointed this expectation, and colec-
tions have been unusually slow. The worst con-
struction that can be put upon this situation,
however, ia simply delay. In nearly all cases
their engagements, a little time will straishten
everything out. There is reason to expect that
money will be tight in the West all winter; With
oats at 10 cents, corn at Is cents, and wheat at
not over an average Of 50 cents per bushel in all
the country tributary to Chicago, it could not
we'll be otherwise, but, even at these prices the
crops are moving slowly, and, notwithstanding
the extortionate charges Of tte railroad compa-
MES for freights, the prospects for the nercan-
tile department. Of trade are improving, because
the merchants are collecting with better SUCCESS
than week or two ago.
CHANGE OF BANK OFFICERS.
Mr. John De koEen, well known to the COM
me1cial public as Cashier of the Northwestern
National Bank, las accepted the position of
Cashier in the MERCHANTS National Of this city,
and taken cona1derable interest in the capital
stock.
REASONABLE TINE,
at: Is veil understood in financial circles that
check to be good must be drawn within O .
reasonable time. Courts differ about the period
included: in the phrase reasonable time
Judge Woodbury., in tile United States Court,
decided that check must be presented within 50
days. Three months is the extent to which
any OF the tribunals so. Three years ago check
for 1000 WAS drawn which vas certified at the
bank It was stolen and lost to sight. Three
years affer it vas drawn, it was presented and
payment refused. Tho holder Ta6 bona fide
owner, hoving loaned money on its face. The
case came into Court, the plaintiff claiming that
the certifcation of tile bank took it out Of the
rule of q reasonable time.' It. also assumed
the form OF 9 bank note, due any time and any
where. For the defence it YVES argued that the
party who took the check knew that it WAS over
due-took it with his eyes wide open, and sub
tin"
TIE BAEE OF ENGLAND RATE
Nas not raised to per cent last week, as WAS
planation We find in any Of the foreign adviceB
OF the failure to do so, is, that the open market
rates for money are even now below the mini
mum rate Of the bank. The appreheusions of q
founded mainly upon the fact that some Of the
London joint stock banks hnye accepted largely
for French bankers, who have turned
these aeceptances over to the Ger
indemnity. These acceptances not presented
yet, represent deposits to the credit of the Ger
man Government which are liable to be called
for At any time. As the joint stock banks de-
pend mainly on tile Bank Of England for their
specie, the Withdrawal OF the German deposits
Eonld call for specie from the Bank Of England
The London papers, however, argue that the
danger Of heavy drain Of specie to Germany
IS imaginary, and the fear Of serious trouble
therefrom preposterous- The London Times Of
Ss]. Cmoney artic1e) announces the advance in
follows:
The accounts published this evening do not furnish
absolute the movement. On the contrary,
Ley show an improvement in the comparative position
y e reserve, which last week stood iu the proportion
As nereSvar, the period is one at which return Of
part oz tue escessive home circulation may be c1-
distinctly favorable tendency lie inference seems
nnaVoldabe that the has been adopted rather in
Difference to that portion of the public Who always
feel comforted by precautionary steps than from any
demonstrahle necessity.
onethird has Tor tie last forty years. at least bean
looked upon the true amount, that is exactly the
proportion now held. Under these circumstances
there could certainly be urgency for an upward
b ad That se @ bsng a ao pon Is
there can bt Little ground Of complaint it's having
have coatriyea to Ecep tier movements in almost
exact accordance With the slate OF the demand
gus ~ eacn case slightly IN anticipation Of it.
oudeing from existing symptoms . little delay
might s' now have been warranted except for the TACT
taat, win tue vague notions entertained in GONE
quarters that no matter what 1uny be the banking
rostton Of the Bank Of England stotE Of gold viii
run away unless we resort to special means ita
- protection unecsincss would be generated if the
large decline Just exhibited had not in this way been
met supposng the reserve in the Of the next
week or two to experience reduction below SO per
cent the rise had it not been mnds, would then
lave become ueces-ary, while, the other hand il
the rise should be shown to hava been needless there
ought to be no difficulty in rescindicgit.
LOCAL SIoCK AND BOND NAnKET.
Messrs. Lunt, Preston 6 Kcan quote buying
and selling rates in this market this afternoon
Us follows:
Butfng. Selling.
u. 5. IS OF 81. .1l6LI ll6I
b-20s OF '62.. '62..-.-..--...........-..115H 115:z
o--oS u 1loA
b-20s Of 'G5. 'G5..................-.-..1l6 ZIG 1lG:i
5-o9s Of '6s Jan. end July. ..1147< 7145s
5-c0s Of '67, Jan. and July .l14I lis
5-20s Of '6s, Jan. :ud July .u4H 114a
1Q-xQs. 1nRlz 1nR4z
q s. 6B {new issue3. Hog 1ll.z
q. S. currency Co. .11355 1131s
"