, 1872-10-17
MONETARY AND COMMERCIAL
MONETARY.

4 1
MONETARY.
WEDNESDAY EVENING, Oct. 10.
Thu monetary situation continues Ve3atlous'
rno demand for short commercial 4oafs IL LII
.1cess of the supply of money, pat ior lonS
mans on real estate the supply OF capltal y eti'
1900 and rates of interest are but little higher
.l.an zrhen money is easy in tho commercial
r1sr1.ate The difference between the demand
- sho,t commercial accommodations anu long
lo,na m mortgages, shows that nearly all the
horrovers are looking forward to tiding over
eome abort emergency. This is not only the
eontion of affairs in our local market, but 1t ls
general throughout the Vest y i7x;. ana' s.o3o 70
eensidsra0!a CO.. nnle nssfS?1 It The merchants
a. tzho are The most pressing in their applications
far loans. and the universal plea is that they
cannot collect what is due tns L. B Bo1 @nG as
and cannot pay? In brief, it may be answered,
s:The farmers and the railroads" It is estlmat-
ed that in all the country tributary to Chlcago,
for bis corn is only Is cents per r. bnahel' uahea
and for his oats, not more than u cents.
wheat is low in nproportion. and the high frelghts,
which are Of the main reasons tor tnese s ,ow
10 some extent in the same way. rlse IN
prices in foreign consuming markets,
would, Of course, partly overcome tms
oh5traq0n o,a Of high ffegnen fsn ees ges s ths
are to q large extent responsible for the present
general inability to hquidate indebtedness. 1he
enormous |
EXTENSION OF WESTERN RAILROADS
ia carried on almost entirely By the En!e OF
bonds Of tie companies. When anything lnter-
feres with the free sale OF the bonds tue compa"
ries get hard up and cannot pay Their eontIae t1a
in
laborers for constructing the roata nor the mar
chants OF whom they have bought supplies IN
the nearest cities, and these latter again cannot
pay their creditors in the East, and SO the stop
enIire iinaucial circle. An instance of how
this affects merchants in Western cities
will be remembered In the case OF the unlon l
Pacific Railroad three or four years ago, when
the contractors On the line owed the merchanfs
OF this city considerably over 81 0oo 00o ang tne
delay in the payment Of which caused consldera~
bic distress in mercantile circles. Another ~
stance of the present, is in the reported lndebt-
cduesa of the Northern Pecifo contractors to
merchants in st. Paul, which rumor states at
100000 100000, besides probably Woatac. ucn
cities But this inability to sell bonds and get
money to pay debts is not confined to the new
@ sresau Fen ~ tSd 1e sgt tRs 0aSst tst
lave Law been doing an enormous bueiness
Ger their main lines, and paying dividends Tor
Years, have, in the race of competition during
The last few years. built, Or indorsed the bonds a,,
direction, depending, in either case, on the
marketing OF bonds. either in this country or in
Europe, to pay for the new road. The recent
POLICY oF THE BAt;K OF ENGLAND,
in raising it's rate OF interest from time to time
Curing the last month or two, until 1t mas
reached the unusual figure OF s per cent, mas
had q great influence IN preventing the sale Q! o.
the possible drain Of specie into Germany. and
more 80 at the prospect Of having to buy large
amounts Of wheat from foreign countrsee tt
supply the acknowledged deficiency in her OWE
crops. Here, at Lest, We come upon
TIE FIRST GRAIN COMFORT
for the West that there is in the whole situa
ton and one that nay yet Pc ar the IN meanh al e,
to set everything in motion again.
There is, however, another and more encour
aging view to be taken Of the present situation
in the West in connection with the fact that al
the debtors ..
HAVE SOMETHING TO sa0W
for their debts. Even the railroad companies
notwithstanding the plunder system upon N who ~:
ners have the greatest portion Of their gram y,e
on hand thst Will be sold just as soon as th
prices will leave then, ANYTHING for, for tai
ing It. oss Of propsry ayWnar
since the great fire in this city, and Is that va
good while ago, and the loss WIS distribute {
all over the civilized world, it appears that II M
the situation One thing to be borne in mint
however, is, that while the business commnnltle
are solvent to as great az extent as IN more II
vorable seasons, they all require time to tur
themselves. Creditors must recognize the s't9
alton and not press their claims. si1 Woei
hence the demand for money to move the
BOG CROP
will help to make money temporarily more stri,
gent here, but the large amonnt OF money that
will place in the hands Of the farmers thus e.
ablinR them to pay their debts, and also tt
amount Of business it will make in Chicago, "
be of great benefit to the business communi
here and to the West generally. In the
IMPORTANT RAILWAY CONSOLIDATION.
We publish elsewhere the full text of the ci
cular to the stockholders consolidating the Ch
cago Burlington d Quincy and Burlington
Missouri Railroads. one of the mos! lnporta'
recent railway events
LOCAL. MONEY MARKET
there is no special change to note fromthe co
dition Of yesterday. The banks are refusing
good deal OF really good paper, which conH
qnently goes into the hands Of brokers and
offered in the open market at from 114 to 2 p
cent Per month.
The supply of currency in this market is rath
email yet: and some considerable amounts 9
going to the country, which help to din,inish Il
New York Exchange sold between banks t
day. ali the way from Csc to 81 per 81 600 dl
count The most general rate YVES 75c discoun
At the counter, bankers sell at par and buy
sieEsrs. Lunt, Preston T. Kean quote stoc
and bonds in this market, this afternoon, as #
lows: e.,..
e. 8. 6s Of 81. .-l1O t1oa
6-2os ci 62........-.....-........1177z ll6
6-2os Of ,64 4.---..--.....-..--1n355 135sz n5sz iiS iiS
5.5os Of Of ,S5. Jan. and july. .u45z ll4H
6-20s Of '6T, Jan. and july. .114I 114M
6-2cs Of '65, Jan. and July. y...-....14M lddN
Z. g. IS (new izsue) .1loZ II H.