, 1872-10-29
MONEY And COMMERCE.,
MONETARY,

MONETARY.
MONDAY EVENING, Oct. %.
There are some evidences OF an easier condl-
tlon in the local money market. The deposits
Of, perhaps, a majority Of the banks have in
creased 3 little since the middle of last week,
and, to-day the receipts Of currency from the
country are largely in excess Of the amount being
sent out. Tile moyemen Of currency toward
the city is pretty conclusive evidence Of better
collections in the country it is paid by the farm
e7s to the country merchants, who deposit it
in the country banks, and buy exchange to pay
their Indebtedness here. The country banks send
the currency in, and either draw against it
here, or order the exchange to meet
tho demand Of their customers to pay their bills
here and in New York. Notwithstanding this
tendency to relaxation Of the stringency, the
amount Of really tirst-class paper offered the
banks is much larger than they can take, and
there is still plenty Of it offered in the open
MARKET where the rates demanded for money
still Obliged to renew good deal OF the maturing
paper. and they find it hard work to recover
from the expanded condition they have got into
during the Inst three weeks. II deposits in
crease they eau do 80 without its having any ap-
parent effect to increase the strlngency.
Now York Exchange was frmer to-day than at
the close of last week. and sold at 75c per 600
discount, with one or two exceptional transac-
rons at 81 discount. The firmcr market for ex-
change is G favorable symptom, as in the present
situation. as il slows that the banks are not SO
pressed for funds that they are obliged to con-
vert their exchange into currency at once, as was
14e rule last week.
MONEY IN NEW YoRE.
Several times we have called attention to the
f3ec tLat tie rates quoted for money in New
l;rl, OIL call loans ON collatctals were delusive
:.:,:l did not represent the real strin-
:,ca:y that prevailed. The correctness OF this
Eu!et;a OF Saturday. 26th. which says: sand
speaking Of sales Of New York business paper
which havo been mado here this week, VIC must
note the important fact that these sales to the
National Banks within the last few days have
been unusually large. The high rates and strong
character of the paper are attractions hard to
be resisted Some Of this paper bears the prom
isc Of houses of high rank in the leading cities
Of the Union together with the Endorsement Of
New York parties who have unlimited credit
with the selling agents of our large mills. In
case OF t.io suspension Of these sorts Of ln~
dorsers our banks would suffer very little direct
loss upon the business paper purchased. but tho
indirect losses Of the banks, coming from the
s1.frerings Of their customers in the manufac-
turing line. might be pretty severe"
STEAM ON TIRE EEIE CANAL.
The effects of the horse disease on the grain
markets have been made painfully apparent to
shippers in heavy losses on tho grain in transit.
lu New York Is cents per barrel was offered by
commission merchants on last Thursday and
Friday for the carting Of flour through the city,
Ell advance OF Is per cent on the charges on
Wednesday. In some parts Of the city the rates
for cartlng all kinds OF goods wese advanced 50
per cent, and d New York paper gives an ill.,
SO :1e for % tho canrting ns'' OF T load Of
hogs from Cunmunipaw to the city, With
out finding any one to take the job. On
c5114 NoyvV Vrr1 or1-1 rnft tao1 to
count drafts on cargoes in transit on the canal,
AID everything seemed about to come to stand
still. 1t is impossible to say whether the worat
las been experienced yet or not or when towing
uan be fully renewed on the canal. The delay
may be the means of q large amount Of grain
being caught and frozen up on the canal 1t
see.ns possible however, that horsepower uay
soon bs dispensed with altogether on the Erie
Cal4al. The Buffalo Advertiser gives an
account Of recent experiment, which
seems to pro,e that steam on the Erie Canal
is SUCCESS: The canal steamer William Baxter
which started for New York on her second trial
trip with full load OF wheat on board. made
the voyage from Buffalo to that city in 4 days
and l615 hours. If ehe makes as good speed
going down the river as she made on the first
trial. the whole time consumed between Buffalo
and New York will be less than days..
This is doing quite as well as the most saug71ine
friends Of steam canal navigation could desire.
The Baxter has already demonstrated that by the
Use of steam great saving of expense can be eff
lccted, and that the round trips from Buffalo to
New York can be made in about half the average
time taken By the horse-boats. On the first trial
she made the down trip with over 200 tons on
board in nine days. On the return from Troy
she brought up 1131z tons Of freight in five
days. and consumed only. i've tons Of coal. On
the last down trip it will be that the Baxter
made much better time than she did on the first
one which is probably due to the fact that the
machinery is now working smoothly and the
boatmeu are more experienced.
It now looks, says the Adrerfiser, as though
the steamers will be able to make the round trip
from Buffalo to New York in 20 days or less, in
stead Of 80, as is the case at present, This will
add st least onethird to the capacity OF the Erie
Canal, and will make that great commercial
route more valuable than ever.
TRANSPORTATION IN BOND.
A Washington despatch to the journal nf
Commerce says: Beginning Nov. /, Section Is
Of tie Treasury regulations Of May 9, 1871, will
he amended go as to require that transportation
bonds be taken for ninety days when the route
than one thousand miles; for four months when
such route ia over one Thousand aud less than
fifteen hundred miles, and for FIVE months when
the route is over fifteen hundred miles.
The Secretary of the Treasury has decided
tl:at seized goods not exceeding 81, 900 IN value
may be released to the claimant by Collector,
or authority from the Department., on payment
Of their appraised value and of expenses inci-
dent to the seizure, and waivlng In writing all
claims to legal proceedings in consequence OF
seizure II the goods exceed $500 in value, and
their releaae is not approved, the Collector 1s to
but if they do not exceed $500 in value, and are
not released to the owner, they should be adVcr-
1lsed and sold, and the claimant notified Of his
right to contest the forfeiture the condition
specified in Section u Of the act Of July, 1866.