, 1872-12-26
Financial and Commercial.
SEATTLE, Dec. 26, 1872.

The Puget Sound Banking Company
report gold in New York 112, currency
buying, S91a; SightExchange on Portland
and San Francisco. u per cent. pre-
mum, on New York l per cent. pre-
miu for Currency, ~ per cent. pre-
mium for Gold. Sterling Sight Drafts
on Jay Cooke. Mccullough & Co., Lon
don, England, $5 10 Per c. These
drafts are-cashed by special agreement
all over Ireland, Scotland and the Con-
tinent free of charge.
In our local Money market there is
marked scarcity of loanable funds and 1t
continues to work close. owing particu-
larly to the scarcity of loanable funds
and high rates of freight for our lumber
and coal. Part of our mills are now
running on three-quarter time, and the
supply of lumber is steadily increasing,
for there is no profit in shipping it at
present prices and lower rates for ton
mage can not be looked for until the
grain crop of California is moved.
Any thing that affects our lumber
trade influences to a great extent our
other business interests for it is our
chief export. Another drain during
this month is for the payment of taxes.
Our exchanges from New York and
San Francisco report the money mar
ket working easier and cheerful feel
ing for the coming year We clip from
the Commercial Bulletin of Portland:
From San Francisco We are advised
of the market working easier with the
rates of discount shading. This was
looked for, but we are under the I'M
preston that the rates of discount in the
California money market will still fur
ther droop after the regular annual
semi-annual, quarterly and monthly div
idends next month. From New York
we have an easier market under the
stoppage of the flow of bullion to Ing
land, and also the;near approach OF year
Iy and semi-annual settlements next
month, when large sums will be dis
bursed by private interpretations and
States and General Governmental
ready has Treasured Boutwell, began dis
bursting the January interest, or at least
he advertised that he would pay the IN
terest without rebate from December Il.
From Europe our advices give an easy
money market. The Bank of England's S
rate of discount has been reduced to B
per cent, and next month, when the
new gold coin Of Germany is disbursed.
the rate is expected to rule still lower. >"
The Walla Walla Union speaks very
hopefully of next years prospects for
that section. migrants are constantly
arriving. the majority purchase lands OF
else take up homesteads, and the old
settlers are improving their farms. In
reference to grain it says; Between
this and Spring there Will be large guam
titles of new land fenced and sown in
grain, in addition to the already large
crop that has been sowr. and next year
will be " flush times" if our produce
commands fair prices, as the Fall sown
y grain now lc coks, as a general thing, very
well. 4hsInian also says that tie
city of Walla Walla is growing quite
rapidly. The improvements erected are
of substantial character, and reflect
credit upon the city.
Good times throughout the country
will soon be felt on Puget Sound at the
s ginning ofthe year. Contracts will
~pe let for the building of 40 miles more
of the NJ. R. on this Coast.
From private advices from New York
We learn that Jay Cooke & Co. are sell
ing bonds as fast as the money can be
used judiciously; and that the loan is
popular and The bonds are sought after
by investors, being safer and paying
larger interest than other bonds giving
the same security, and that the coming
year will be pushed even more than it
has been this yer.