, 1872-10-26
HONEY AND COMMERCE.
MONETARY.

FRIDAY EVENING, Oct Is.
The prominent features Of the money market
rec.ain substantially the came as yesterday.
There is not much pressure for accommodation,
but the banks have refused SO much paper lately
that large majority of wou!d-bo borrowers have
come to tie conclusion that it is useless to ask
fayors Of the banks, and, when they have good
paper, offer it ir the street, where ~ and per
cent arc still the ruling rates. On collaterals
money is to be had in the open market at IL to
Is per cent per annuH1.
New York Exchange was quotable at about
75c per 81 600 discount for sales between banks
to-day. though transactions we're not large.
As has been remarked from time to time, the
present stringency is not confined to Chicago,
but prevails nearly all over the country. It has
not been quite so severe in Cincinnati and St.
Louis as here, because the proportion Of busi-
ness to bank capital in those cities is less than
tits in Chicago, and consequently pinch for
money be alleviated to greater extent by the
loan Of bank capital. But in Cincinnati it is still
very difficult to negotiate prime business paper
in the open market at 12 per cent, and in some
cases much higher rates are paid. The st. Louis
papers say that the banks in that city are refuB-
ing large amounts Of good paper which seeks
the open market at high rates Of interest.
HIGH RAILROAD FRE10HTS.
The recent rise in Eastward railway freights
threatea5 to stop the movement OF cotton up
the Mississippi River to st. Louis, and thence
eastward by rail. The papers of that city fear
TINT without reduction Of railroad freights tue
cotton from Memphis and other points will all
go to market uia New Orleans. Tho trade Of
railroed corporations In the case Of Chicago,
many Of our own roads discriminate against this
city so that the grain, cattle, and hogs that
should como in here are thrown upon the Toledo
= H. -Ex Il,
road nagnateE have lately become interested.
STAMPS ON PEoM1ssoRy NOTES.
Trivial circumstances sometimes influence
great results. It has been suggested by an
Eastern paper that the stamp tax on promissory
notes was a means Of encouraging loose way
OF doing business. s'To avoid the payment for
stamps. it las been the custom simply to charge
the goods, the customer agreeing to pay for them
In thirty sixty days, according to the terms Of
sale. II such al arrangement could be depended
upon as certain to be carried out in good fifth,
there Hould be no objection to it; but it has
been demonstrated that there are many men
whose word is not es good as their bond,
and that many who have. too much re-
to 50 to protest. do not hare enough
regard for their agreement to pay their debts
when not convenient, il they have given no
notes which can be used to their disadvantage.
This naturally leads to delay, and introduces an
element Of uncertainty and distrust into trade,
which is, to say the lea6t, embarrassing to the
seller, While it's effect upon the buyer can
scarcely be characterized in any milder terms
than IS demoralizing."
Whether the Saving Of the amount of the
stamp has had as much influence as the Phila-
delplna paper imagines We shall not endeavor
to say, but it is at least aninapproprlate sug-
gestion for merchants in Chicago who may have
fallen into the habit. that the removal OF the
stamp tax is good excuse for returning to the
practice Of requiring their customers to give
their notes at 80 or 50 days for their purchases
OF goods.