, 1872-11-27
MONEYAND COMMERCE.
MONETARY.

TUESDAY EVENING, Nov. 26.
THE 1oca1 money market continues quiet and
ftrinpent. The offerings Of really good paper
1t the banks every day, are larger than they can
AXE. and q good deal Of it is crowded into the
,pen market where the rate on primo CONNER
.ial paper is IL per cent per month. On trst-
.1ass collaterals money is to be had at from
10 to IL per cent for so Gays: but for so and 80
iays cannot be had for less than Is per cent.
Local stocks are still freely offered at consider
able reductions On the prices Of q few weeks
ago. though there are few eales because few
people have the ready money to invest. Some
Of the stocksof well-established and thoroughly
eried institutions like City Railways, Union
stock Yard, and some Of the National Bank
stocks, are being offered at from to 10 per cent
below what they are worth as interest paying
Investments. There are others, however, that
investigation would show we're not worth 5o Per
cent Of the prices at which they arc Ec1inally
deld.
Tbureday, Nov Is, being 3 legal holiday by
proclamation of the Governor Of this State, all
liabilities maturing in bank on that day will be-
come due and payable on Wednesday, the 9th.
New York exchange Was scarce and firm again,
eo-ay, ut about SOC per 81 900 premium for sales
between banks.
, The fact that the corner in Northwestern
caused the failure Of bank in Cincinnati, may
suggest to some, the inquiry as to whether the
@en-known speculative proclivities Of Chicago
men may not have been the means OF losses
here. On this point, We believe it safe to say
that Chicago speculators have had very little
interest in the Northwestern gamble The
corn, oats, and wheat corners Of
the last four months have left speculators here
good deal demoraized. But: even if this had
not been the case, the Northwestern operation
was understood here to be very mixed DEAL, ~
sort Of three-cornered fight; first, between
the parties of bulls for the control Of the
stock, and secondly, between these on the one
side and the bears on the other. Under
these views few persons here would have gone
in anyhow. We hear of no Chicago spectators
who have lost anything except one, who has
parted company with $4,000 Of his money On
the short side.
BELOW THEIR LEGAL RESERVES.
The Boston Bulletin OF the 22d says that since
the fire some Of tie banks Of that city are dis
counting and doing business generally utterly
regardless Of the Is per cent reserve required
by law. These banks believe in what may be
termed the higher law of necessity, and they
claim that the Comptrollerof the Currency coun-
tenanced similar course OF action at the time
Of the Chicago fire. In this connection, how
ever, We would inform the Bullet'n and the
did not run below their 25 per cent
reserve, and as for any f'countenance which
Comptroller Hulburd may have given to that or
anything else, it should not establish prece--
dent to b6 10lloHcC. ConpLTOller duiDuFQ
.4 countenanced rather too many things during
his term of Office. Among other things, he
'tcountenanced" carriage and horaes from
Memphis banker, and it is not i'm
probable that developments may YET
be made with regard to certain
National Banks that will give evidence OF more
countenancing." But as far as running below
the legal 25 per cent reserve is concerned, the
late Comptroller cannot be held responsible. for
the present disposition to disregard the legal re-
quirement. Secretary Boutwell,, however, did
establish the precedent during the stringency in
New York about seven weeks ago, by encourag-
ing the banks Of that city to trench on their
reserves with impunity. The New York Finan-
ciul Chronicle furnishes an elaborate analysis Of
the reports OF the National Banks Of the United
States made Oct. 8. which shows that the 1859
.;country" banks. Of whom only IS per cent
legal reserve is required by law. held an average
OF over 19 per cent, while the 23o banks in the
redemption cities, OF whom Is per cent legal re-
serve Is required held an average &c Of only about
redemption cities the 50 National Banks Of New
York City we're nearly 81 ,ooo GOO short: