, 1872-11-02
iNONEYAN COMMERCE.
MONETARY.

FRIDAY EVENING. Nov. l.
The receipts of currency from the country
continue large. and the return 10" OF caPl1al
oaa eyidentlv begun. This lsthe ELECT OF pet'er
,,,1act;ons in the country, and is relieving, TO 8
.onai1erable extent, the pressure on the part OF
ooarchants for loans to meet maturing AaDlAtles'
The currency, however, which comes IN through
+1,a 1,nda of the merchants makes no accumula-
+;on of loanable funds here; it is imnedlately
tnrnad into New York exchange, and goes Tor
ward to pay Eastern debts. The movement WILL
however, help to relieve the New YORK market,
and in week or so we shall feel the reflex in
thence here. The deposits OF the banks are not
increasing, but bankers who have customers IN
the packing business are preparing to meet
heavy demands from them during the next 1ew
weeks. and to do this. are reducing their loans
IN other departments Of trade as much as pos
New York exchange Was higher to-day, in con-
sequence OF the heavy demand to meet maturing
liabilities to Eastern credtors eales "ere M eoa au
between banks, from par to SOC per 81, pre-
MUM ,.,
with two names, sells at ~ per cent per month,
and the money is not to be had, outside OF panks,
for less. This is, however, an sappreclable re-
duction on the rates paid last week:
Tuesday, Nov. s, is q legal holiday IN New
York. and all acceptances maturing IN New York
CITY On that day become Que on Mouoay, Nos' Z"
PRODUCTION OF BULLION IN CHICAGO.
The reduction Of ores for the separation OF
precious metals is getting to be an important
business in this city. There are now three COM
panies engaged in the business, al! OF them PRO-
51cin~ noore or less silver bullion, viz, the
nSwansea," the 'sChicago," and the 4" Brighton"
The latter is new company, organized curing
the summer. Its works we're built this 1a4. auu
its iiret deposit Of silver bars of its own Proauc
ton made in the bank to-day. AL OF the compa-
MES buy their ores chiefly in Salt Lake CITY, ana
altogether they are now using at the rare OF
abont twelve thousand tons per annum OF the
ores as they come from the mines. This twelge se
thoueand tons produces about 81 ,500, 0uo
Of silver bullion, and, say, S5oo,0oo
OF lead. The whole business will, however,
be greatly increased il 1873. The Swansea COM
pano alone have contracted to take one-half or
The whole product Of ores from the noted Emma
mine for six months. This will be prooanly
hundred thousand tons. The total SILVER Pro
duct Of the Swansea Company's works o IN tins
city will probably be at least s3 o0o ooo next
and it is believed that within two years
the total product in silver bars OF
ali the reduction works in Chicago
will reach at least $1,000, 600. Tie freight
on the ores from Salt Lake to Omaha is sl2 per
ten, and from Omaha to Chicago $3.50 per ton:
The transportation Of the vast bulk OF ores tha1
yill come to Chicago as this business grows, will
he an important feature to the Union PACIFIC and
its connecting lines to this city. Should the
business increase to the extent confidently an
ticipated BY those now engaged IN it, the estab-
lish!uent Of an Assay Office and q Branch Mint
here by the Government will become almost
necessity. -...-
local srocK AND BOND MARKET.
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