, 1872-10-16
MONETARY AND COMMERCI CIAL.
MONETARY.

TUESDAY EVENING, Oct. Is.
The local money market continues stringent, the
banks are unable to take all the really good paper
offered them By regular customers, and are re-
fusing all from outsiders. There ls, however,
quieter feeling than last week, though the
merchants still complain that they cannot collect,
and grumble at having to borrow when that is
80 hard to do. There is considerable money
now being let out in demand loans that Will coon
be required to pay for hogs, and when it is
wanted for that purpose will probably increase
the stringency. Everybody now begins to un-
derstard that the cause Of the present 6tr1nSency
is the low price Of grain and other products in
the country, and that these low prices are in
great measure due to high freights.
Good mercantile paper, with two names, sells
in the open market here at ~ to 2 per cent per
month.
New York exchange sold between banks TO-
day at from Soc to 75c per $1,000 discount
We we're shown to-day very dangerous
counterfeit $50 United States Treasury note, OF
which it ia believed good many are in circula-
ton. When critically examined the engraving
seems to be as fine and as accurate as the gen
nine. The general appearance Of the bill, how
ever, is darker than the genuine; the words,
i" Fifty Dollars" in the centre Of the bill, have
q blurred appearance when held at little dis
lance. The paper, also, is SITTER and smoother,
Or rather oily, as compared with the genuine.
The private banks Of this city usually make
End publish statements Of their condition con-
currently with the National Banks, But thus
far We believe that the only private banks that
have published statements at the same time as
the National Banks are the International and
T. T1. ILL.,
of the latter, made at the close Of the fire year,
shows, among other things, that their business
has more than doubled. Their deposits foot up
81 ,095. .965.9o, and their cash means, exclusive
OF 9. S. bonds, $454 1868, which gives ratio
at the present season of the year, ig an especial
good showing, and indicates cautious conserva-
tive policy that enabled them go soon after
the fire to so on without injury. We
ton & Kean have no intention Of disseminating
their West Side Agency, as has been reported.
TIE NATIONAL RANK RESERVES.
From the tenor Of q great many articles that
have appeared in various Eastern papers and
periodicals in connection with the money crisis,
which now appears to be about past, it seems
probable that some effort will be made at the
next session Of Congress to have the rs per
cent 1egaltender reserve clause Of the National
tion cities sshall at an times have on hand. In
lawful money Of the United States,
an amount equal to at least Is
81 its notes in circulation and is deposits" In
another section: however, it ia provided that
one-haf of this rs per cent may be kept f' in
cash deposits in the City of New York" Ihe
Is Per cent reserve requirement., so that, under
any ordinary circumstances, it is requirement.
Of only 121S per cent. Of course, the banks in
the redemption cities must keep the other 12H
Per cent in New York, but their business would,
in nearly all cases, induce them to keep it there
anyhow, as most Of them get 4 per cent interest
for it, and keep even much larger SUMS there,
for the sake Of the interest paid BY the New
York banks on deposits, as well as for the con-
sentence Of selling New York exchange to their
Ellis l2}1 per cent in New York
as it is the other 1274 per cent in legal tenders
IN their vaults, and it is claimed By some that
the whole rs per cent reserye Tas not intended
to be lockedup and be entirely useless but Tas in
tended forusein emergencies that more1atitude
should be allowed in the placing Of the 1219 per
cent now required to be kept in New York; that,
any National Bank IN any Of the redemption
cities; in other words, that any amounts due
from National Banks in any OF the redemption
cities might be counted as reserve to the extent
One effect Of guch a change in the
requirement Of the law would be that, in times
OF extreme stringency, the strain would be more
severe on New York, but much less 80 On all
the other cities.
Still another modification that will possibly
be urged in Congress is the abolition Of the re-
quirement Of Is per cent to be held against cir-
culahon. In fact, as far as redemption OF the
circulation is concerned, there seems no use for
this requirement.. The market value OF the
bonds deposited to secure circulation is from
p to Is per cent greater than the amount Of the
notes they secure, and the margin cannot IN
any case be less than 10 per cent. Even Il the
rs per cent reserve against circulation was not
required by law, the bankers margin in
his bonds deposited is too great to
risk having his circulating notes SO to protest
End the bonds sold. The National Banks would
still be obliged to redeem their circulation even
If no reserve Was required BY law, and would do
it to prevent loss IN the sale Of their bonds de-
posted with the United States Treasurer.
AMERICAN SILVER IN CANADA
OF late the Canadians have been Naging 8
vigorous War against American silver, especially
coins Of less denomination than half-dollars.
In several of the cities and towns, meetings
have recently been held, at which business men
, have agreed to receive it only at discount Of
20 per cent. Under existing circumstances, it
will be best for all Americans travelling in
Canada to provide themselves with Canadian
notes or coin.
DRAIN OF SPECIE FROM CALIFORNIA.
A San Francisco paper states that the great
demand for money-gold-in London. has
caused the Directors Of the London and San
Francisco Bank to draw $4,000, 900 from their
Office in this city. The whole Of this amount
has been shipped during the past thirty days
officials of that institution that there is s'steadv
stream Of gold" flowing out of the State for
New York and London.
REAL ESTATE.
Instruments fled for record, Tuesday, Oct.
Is:
CITY PROPERTY,
Lots 50 and 81 in Block 49, Sec T. SO, IA, dated Oct
/ /; consideration, s. 600.
Sorfh clark IT. tet Illinois and Indiana Etg " I. Lot