, 1872-11-30
MONEY AND C0MEESlERCE.
MONETARY.

|
FRIDAY EVENING, Nov. %.
rha week OPENS with but Ittlo aoate1nens ~ ~
ia atr;,oency in the local money Market !ne
'z-.o,,+ of cola weather will, however, stimulate
ha killing aud marketing OF hoss' ano sno
49, z,7l, he to nut more money In the hahos "
ees W. xrhcb. in week or so, will find lts
uo a.,.,5 into the hands Of the city merchants.
Icy ,o eoct;ons of the surrounding country the
- .~ .,ar,-a seem to be a little easier, and /
heir applications for accommodation mere ha'e
fallen off some- ro
New York exchange continues firm at 5oc to
Tic per $1,000 premium for sales between
banks.
WESTERN RAILROADS AND TaEln BONDS.
The New York Bulletin takes exceptions TO
ha reflections made in this column OF LIE 1R1b-
7sE some DAYS ago, on the finances OF some OF
the 1,ew railroads in the Northwest, and 1nIi.
mates that these comments are MEAS IL Pao sPltaio
# ;nviiious discrimination against sucn 1oaos
"a ucannot have convenient depot 1of tne!I
sTodncts at Chicago" We assure the Butct'n as
+. m;staEen. The fact that American railroad
oonds, and particularly those Tor oulluluf loaqS
,ava fallen under q general cloud Of dlscredlt IN
he European money markets during the ias1
;wo months is one which none can deny, ana Is
therefore Legitimate, subject jssas OF CON- IN
present monetary stringency: t is x,'aso also
{ fact that the extension OF railroads from
This point westward into unsettled countries Ii
cow vastly disproportionate to the 1aclnIles
from here aa'i 4 ef resut d The
Bankruptcy Of many Of the Western companies
whose roads will be completely at inc merry VI
the few trunk lines from here to the East, whose
farmers along the lines Of the new roads now
iird that. no matter how cheaply the roads may
.hr;ng freights from Iowa, Nebraska and kansas "a.
10 tits s1ty the charges sn f4m 3bat heie It 1ai Vii
;ra ;Eard VII H. be nroauccps so msn nosling @ for
.Ssr ,axe Labor but tic mercst pittanca that viii
euiice to keep them alive. There is now $
legitimate and profitable field for the lnVestment
eailroads from here Eastward, but until more o.
tuch outlets sye supplied, and the dispropor1lon
between our Western roads and their East"aTa
outlets is diminished. it is injudiclous TO pqna
railroads from here aa M tue
railroad system. like tree OF lu1ur1ant grown,
is getting to be top-heavy by an extension OF
branches to points too remote, and SO osi,ro-
portionate to the trunk that nnanc.al a. sao1 ara
would do it and the country ten tlMes lne 11oie
damage on tlst account.
An instance OF how the present difficulty OF
negotiating more railroad bonds is Affecting Lne
money markets Of the West. by preventing Tue
railroad companies from paying their contrac,
tors. is shown in 81 important tailuro reported
Iy the Cincinnati Gazette as follows:
1.-THE sensation in financial circles is the
failure Of ". p. Cutler, md ,he various INNS n
with which he is connected, at Matletta, y.
Cutler, Dawes L. Co. are large railroad contrac-
tors t. q. Flemming : Co. arc dealers in rail
road supplies, nnd ". P. Cutler & Co. run ;, the
iron works at Marietta. These firms are ~ u
tinaatelv connected in their business relations,
and have been prosecuting an enormous bus-
iness. We speak of them collectively, because
It Is difficult to distinguish the oper-.
ations Of one firm from those OF
another: They have bn1-t many talltoaas, ta,dt 4h
we're large borrowers OF money, not only mere,
but in many smaller places in the West, and, Ee
understand, in some places in the East. Ihe
immediate cauEo of the failure. we understand,
to be delinquency On the part Of railroad
company in Missouri to make prompt payments
of heavy sums due on contract for a railroad
they we're building. The paper OF these Trims
Was well known here, but for several months It
capitalists who haye been tempted to take it ty
the high rates Of interest bid have recently e1-
acted collateral security, which has been 1ur-
nished il The bonds Of the various railroads
ing. II is Impossible to state tho
amount Of the liabilities Of these firms, but they
must ba very largeTuanlng, perhaps, INTO the
.nillions-whilo their assets, it IS thought, Will
which can be realized On them may be quito
another thing. As far as We are able to learn,
very little Of the paper OF these firms ls held ~
banks here, but there is considerable Of 1t In
=he hands Of private capitalists Thch rs Is gen
orally covered By collateral eecuIity.. The sus.
pensions Of these firms w1l1 be felt IN many OF
The river towns on the Ohio River, and even as
far south as Memphis, and even If eventual pay
ments should be made, many people will sutter
Inconvenience in having their money meanwhile
locked up"
LOCAL STOCK AND POND MARRET.
Messrs. Lunt, Preston l. Kean quote as fol-