, 1872-11-22
M0NEYAND COM MERGE.
MONETARY.

THURSDAY EVENING, Nor. a.
In the local money market the stringency con-
tinues unabated; the banks have but little
spare funds, and are refusing drst-class paper
every day, There is great deal Of commercial
and real estate paper in the open market at
rates ranging from to per cent per month
On first-class collaterals money is to be had in
some cases at 10 per cent but in most instances
II to Is is the rate paid.
The tiehtness Of the money market for the
negotiation Of commercial paper is by no means
exceptional in the case Of Chicago. In New
York, the Journal Of Commerce has for some
time quoted money for strictly prime CONNER
cial paper at u per cent per annum, and the
New York Tribune Of the 18th says the banks
shave been crowded With applications for dis
counts, which they have filled as far as possible
In the outside market the best grades of paper
move at upward Of l per cent month";
Tho Philadelphis Ledger Of the 18th Gays the
banks Of that city are "pretty well drained Of
their cash means," that "cal1 loans range at
from 6 to ~ per cent, and good commercial
paper at all points from to 10 per cent. Not
well approved paper is quoted at from to 2 per
cent month" These are, proportionately to
capital, much higher rates for money in New
York and Pli1adephia than they are for Chi
cago, and it appears that the stringency is really
greater there than here.
From dav to day. for eome weeks mast. the
Nav York desnatches havo referrad to cans;dara.
bic amounts of currency coming West. This
must be error, or at least . partial misstate-
ment. No currency has come rs far West as
Chicago for several weeks. On the contrary,
+ba 1S;ca nf Narx Yor1- a~cbonao bara an5 I,
other Western cities shows that currency must
be flowing from here Eastward, if it is moving
either way between the East and West.
,t T5r Tar II nm nreno;nT tba Troanact s1eo
feinr that the aneunt Of bills On the 1nartet
1x;il Ra further Diminished hv tha close ~ 1aIo
nnviration.
Norti1western common etock advanced ia e9s<
to-day hain q n ner cent hioher +han tha nrica
On this dav ct last week. ana over 2o ner cent
1,;oher thsn the loWesf nnotet;ona w!fthin a
month nast. Tha canse Of tha risa is sunnosad
tn be- tbe conteat betwecn Tracr and VsnderhiIt
fo, the stock tn control the election neIt snr;nc
RAnRo.ns Ayn T4Erp posns e-''''
The praat snow STORM in naisots and tha
the railroad projects in that far Wilderness and
in connection w;th fha recent defsn1ta of ;ntar'
est nayments on honds of serara1 I 1rom;nent %
WESTERN Taj]rosds viii nrohahly throw a cenerai
bonda within tha mast Tnonth wor1-
m several nav roada IN Torra
S5innesota Eehraska ,nd Esnsas
has co1ne 1,ear1v to - sfon }or want of finds in
consaonanca ~ tha fa;1,ra ~ neootiota bonda n
E1ron az +ba m nToactnrs y bad ermeeteg W -
hear 81 nav romn;cofinna in hns;nass hara in
rhcaao ~ fro1, 4;na ~ t,na sr;s;n@ n,7t ~ 3b;a ~
failnre "a nae1nfiate honde and from tha nraaant
tandancV # svants tbase comn1icatona as 5iIav
tn hecnn,e more nnmerona, A r "a veil nndeI,
stond that +fe roais now ha;no nnsha5 into +ha
deneaa orer hnndra5 nils baVond anv aet sde
t1ements. are being buiit. in most @ cases. With
the proceeds Of tie Sale Of bonds. and It Is be-
en +ha honds ;s ha;nr na;d hv tba eaie of Tnora
fo,d ~ 80 ~ ~ 49, r,a1t salo afe ~ -
buV 1 sny more b Bonds to build @ % roads ?9 into
11nInorr3 re1;ona eon,a ~ TIA oroat nro;ac.s
NAV come % to an %untinelT end. Further con
nant hars tha nnIy 1reatrord eonnecton Inn Tnu1d
he oonher ~ trecl-' +hst hoe ;ta tarn,;nns N a
Lo1a ;,e X <-ra-1+,5 s1@1' 017 A'0 N0AA 49,
A''7 - 'As rE2r 61es. ~sTIox.1 evsrrv
secratarv RontweIi sticts to h;a achama of
~ ea1f boo5s ~ ar5 Az 49, ~ 1870 a,5 - $;
fn+ivn.tsd vii wa II y b;e E1 80 a.
art T1ana ~" :; 5o,,.,t ~ - 4lnt NJ na..t1aiff 10.
- ~ ;aua anas ~; I Lao
s adnnta y paI toa e aA = y
the National ,? Banks toe to exchange; But tn there
~ Eer ea,,t dat+ ;a6t "a eo,,.s,ta5 y ;.,4o
a eops pi oads 9t,o,,3 s, 70 s,,ot, 5;sanet1
p1at.e % t1a+ eGs4 ~ ~ s5;eata
orarato1, ~ 80 A,,tho~;ga 4Ia w ;esna ~ q M
mn mn ~ ~. aa.,t ha-aa oo ~ f;s ~ ,I;,
ai ~ %the+ - ,.;+bo1,+ " 11t - ~
e.aA ~ 10 Nts ~ ,I:.S 10y ~ s.o 'aa561S
Sute so4u4e ~ sneu1atpnl. 1et Iueee oo1os
in the bonds also free OF taxes. Retire and des-
troy gree9baeka At the rate Of 81 for every 50 in,
aa ., M rsn1,red 524a ~ AZ
syste or eee Sens 10 vile
s1oefao1y 1noa1led, IL seens tnat the MAIN
GrTen Ter act shoa ~ BE- to break
apa ~ +ba ea1n. +;roa Fcffor I'm 1rosart L,1-,