, 1872-11-18
Tot,1. sci ,495, ,1o4 80 s. 0o6, ,7o2. 80
orresp'ndins w'k last yssr. 1864
The following quotations OF local stocks are
furnished By MessrB. Hammond Watson:

Chicago City Railway. .130 16s
West Div7Bion Railway t9o
North Division Railway. lW
Pullman Palace Car. .-...ll0 ~
Iigin Watch Company. ....-........-..lo lo5 !9s
& s 1ooe5$
The following letter to the London Economist
Of Nov. eesms to be from German IN Lon
.len and is valuable tor facts and for reference
to threo important things. Fust--The legal
standard in Germany second-Ihe Bank Act
in England and third-the want of banking
facilities in Germany: .-.
THE CIRCULATION OF GOLD IN GERMANY.
,'Ta the Editor of the Economist:
j 'sSm: Having read your valuable article on
the money market Of last Saturday, beg to
draw your attention, with regard to German
fnances, to certain facts perhaps unknown or
1aisunderstood in this country. I quite agree
with you that Germany is in possession, IS We'll
Ut the 10000. coo disappeared from the PARIS
tank since 1870, as Of the many millions more
drained from he1e but according to parnament aa,
it holds OF it only e., 500 900 sterling mora than
Railways 1ad before 1870 or 1866. The SIT QUO,
60 sterling worth Of gold coined already into
1fp new German money are certainly IN clreula.
tin, OF a. least as much open to it as any hard
ca,h in the Bank Of England; and 1t we do not
rel discover 1uuch Of it in the hands or pockets
of the public in general, it is because since the
admission Of gold in Germany as . legai stand
ard,with a great chance Of Boon becoming the
sole legal standard, the German banks, private
and public. try to Keep their spare cash quietly
in tle new gold coin and to get rid OF Their sll-
yer. }Ihe present overwhelming demand Tor
gold i, therefore, not the consequence Of Ter
man financial misnanagement, but naturally fol-
lows out Of the adoption OF q standard altera-
ton in country where cheques and Clearing
Houses arc almost unknown, deposits there
a. The Bank ot England, balances hun
drcas Of millions without the use OF 3
single eoysaegn or bank note. Yet Germany il
- thriving acountry as any in Europe. But We
have to desl under these circumstances, WIN
sudden c,iaage of money standard suggested
and supported by = colossal ransom to be pala
in hard cash within given time, which VIII. and
must, drain the gold market till either the re-
tanning OF the louble standard is settled aues-
ton expected t, be decided BY the next REICH
stag--or till = bitter outlet for silver than ae
present iaciitatss the exchange.
"The raising IT the discount in this country
cannot th"ert tie purpose OF dovern9ens NJ
bound to certain changes, and possessed OF
ample means to do it. On the contrary, me
higher the premium the more these means VIII
lead to command IN the market; and aitnouen
by that process We shall undergo certain tempo
7ary case, We must expect, for time, sudden
fluctuations, and will again be made aware that We
Labor u.der Bank act based more upon hgure
than pr:nciple-a figure which, at time ~nen
o. geld we're considered com1orsap.e a,o
stock at the banf, because it allowed an Issue
Of $50 cent uncovered notos, with 20, ,O00, ,000 OF
95,0090 900, and claims grown in proportion,
limits Tie issue to Is or 60 per cent. We're Ger
many encumbered with the same act, the Prus-
riaa Bank, with upward 24,000, 900 hard cash,
and a circulation Of over 0,o00, 600, would have
succumbed already, while the principle that one
:1.ird or two-ftths Of issued notes, covered IN
zold is yufcient for general purposes, SLOWS the
.aIt, and still to be considered powerful, with
cut having the benefit OF the Prusaian E1~
.hequer, overaowing Tor the present from
ordinary sources even. I beg to enclose my card
md remain, cir, your obediont servant, II.
CITY, Oct 20, 1872.
NEW YORE, Nov. 16.-Mouey less active in the mortr
ne, ranging from to 1a2. short time betors the
lose Of banking hours and after nearly all the banh
int ss 8 I fes
Sterling wss heayy at 1857 for 6oaoy and 1lo7llos
aold was quiet and hrm at 11sK@us;zz. zoans 1s.
were made early the day fat to 164 for use; laer
10 to per cent for ca1rsng GIearings
$4,000: for the week, nearly s., ,eoo,ooo ,os
Goearnnents closed firm at about the hgnes' pfiees
gtate bonds dull and steady
The , banf Is ho3 ; S n abaye
tocfs opened @ and " weak but steadily improved
prices from to1M PEI cent E Gs aa s1e 49e s
-1:o large dealings in Western Union and United
,ates zxpreas, both having adyanGsd Net N p91nt t
arket closed firm at about the highest figures Of the
cline in stocks On Monday, has been readmlttea tc
membership on the Stock Exchange
The Peat says the Chic,go NorthVestern Hallway
Company have under confederation the issuing ot .
consolidated mortgage their property, 1nstesd of
issuing ten million convertible bonds as recently au-
shcr:zed by the Directors. This change in form Of
Fecurity viii only be made Oh eertain f. conditions,
ar1cug which are TINT these bonds will be taken By
soae of The large holders OF the common stock, who
interested in seeing further increase Of that
class Of tie Conapany's securities.
Sterling, 81.
GOVERNMENT BONDS