, 1872-04-11
MONEY MARKnT

@AAA&AAAANEA4s
Gold in New York lI04. Currency,
here. buying at 903c. selling at o1.
Exchange on San Francisco ] Of per
cent. premium.
Rates of interest varies according to
amount; money can be had for from IL
TO per cent. q month.
The market is not literally stocked,
and the nerch ants, who are our bankers.
do not relish the outlook.
Money is also scarce in Portland. and
the Bulletin complains that there are no
savings banks in the city. which necessi-
tatrs much money to BE- tied up in stock.
inRs. Better in stockings than in some
kinds Of stOeks. However. if this money
was In bank it would relieve the present
demand. a-s at
The bill introduced by Senator Corbett.
of Orgnn, some time ago to facilitate
specie payments. is different from that im>
puted to him by some Of the newspapers.
1t involved the simple proposition that
each National Bank shall, on the lst of
Jolly, 1872 have three per cent. Of its
circulation in hold in its reserves, and
that each six months thereafter it shall
have'an additional three per cent. gold in
the reserve for circulation now provided
By law, On the LIST of July, 1874, it
shall have hften per cent. of it's circulation
in gold in its reserve for circulating notes,
aud thereafter it must always keep a gold
reserve equal to the fll amount Of its
circulation. This is the whole of the bill.
1t does not extend to deposits His idea
is to- -bnild up gold reserve on the cur
rency circulation that win enable the
banks TO resume specie payments when
the government is ready, by transferring
the bank currency TO a gold instead of
paper basis. No measure locking 10 such
results seems to have any chance of pas
sage at this session.
Tads. -
The WHISKY TRADR.-The whisky
business in the United States has been
startlrd by an Extraordinary Transaction,
which was developed at Louisville, KY,
on Frb. IA, by s. T. Suit & Co. This
company has suece, ded in making what
is called q "corner" in old whiskies. The
entire purchases Of the firm aggregate
about % 000,0G0,' their transactions in
New York alone exceeding $1,000 900.
They are all Of old whiskies. and embraces
about all Of that article that there is in
the United States for sale ia quantities.
The {" corner" Of Suit & 60. is therefore
complete, and is the most extensive and
important ever made in the whisky trade
It may probably even affect the price Of
other grades of whisky, as the magnitude
Of fihs1transaction is such that il must be
more or less felt in all branches of the
business. The result Of this operation
will also have strong influence in maxi
ing Louisville the great market of the
country for fine whiskies. as she is now
the great tobacco market of the country.
A tslegraphic dispatch from San Fran
cisco announces another advance in the
price of iron.
We learn from our exchanges that the
wool clip is backward this spring. but the
demand for it is very active all over the
Union, as well as in England and Europe.
The woolen manufacturers assert that the
price Of raw material is so high. as COM
pared with goods that they are operating
at q loss, and that curtailmpnt of produc>
tion must result. Nevertheless, the de-
mand continues without abatement. At
the East all lots of combing wool are
much sought after, aud manufacturers are
picking up all the combing pulled to be
found at from IS to 90c. A manufacturer
was offered 81 p tb for all the Canada he
had.
There has been hopes that the known
large clip of California wool would bring
down he price. but these hopes were
speedily checked by telegram hence from
Eastern agents. to the eff fct that consid>
erable has bren alr-adv contracted tor on
the Sleeps back at 4O045c gold aud in
some instances as nigh as 500524c gold
has been paid for choicr clips. This
would make the price in Bosl on from 50
to so crnts currency, TO say nothing oi
commissions, etc. From the West the
advices aae also exciting. Further con-
tracts on the sherp's back have beea made
at 65O75c, and in some sections con-
tracts could moi. be made at any reasona>
BILE price. 1t is evident that the market
will open unusually high at all points,
even compared with the prices now cur
rent on the seaboard There is no doubt
but that this condition of the market will
nrodhcs its natural result, in greatly pro-
noting the number of sherp. The March
Report of the Agricultural Department
.tat-s the advance in the price 0f wool
vill stimulate the enlargement of hocks
from tho lambs dropped the present spring:
but the stagnation in wool>growing OF
several wears past was not removed IN
season to affect the number kept over the
u,eseut winter.