, 1872-11-19
HONEY AND COMMERCE.
MONETARY.


changed very little from what it WAS a week ago.
The banks are unable to extend much more aid
In fhe business community. Their loans are
hioh. and it seems difficult to get them down to
p satisfactory proportion to deposits. They
have made liberal preparations, however. to
facilitate the movement OF the hog crop, and are
discriminating in favor Of that interest as much
"a noRsib1e. as it is we'll understood that this
viii Indirectly benefit the whole trade Of the
cjty. For the present, the situation is trying
one for merchants, who find it difficult to col
1ect. though the movement Of money in the
country in payment for hogs will undoubtedly
make collections somewhat easier before long.
Tho gtringency in our local money market has
been aggravated for q month past by the neces-
slties Of Eastern merchants who have held the
paper of Chicago dealers and have sent it here
to sell before maturity. 4 very large proportion
Of all the paper offered in the open market here
is of this kind. The practical effect has been to
draw out Of the Chicago market pay in advance
for large share Of the paper given BY our mer-
chants for goods. When money. commands ~
to per cent in the open market, as it has
here for several VERA "esa1 daa OF monee eourse
out OF the banks. The banks themselves buy
the paper in many instances IN other cases,
they lend the money to some one to do it for
them 0Ut, III e1LlGE EASe, IL dU5OEu5 q 1i1R6
amount Of money from the general supply Of
Aoaiing capital here to anticipate the payment of
liabilities. This, of course dir1inishes the re-
SOURCES Of the banks and prevents their giving
IS much accommodation as they might otherwise
extend to the business community. With money
at 10 to Is per cent on commercial paper in New
York, it can readily be seen hos merchant of
that city who could not sc: further accommoda-
ton at Ills bank, would send the paper Of his
Chicago customers here, where he knew it
oa1t frhnyn d1nht that
are practically sS Borrowing money through tbs
market to very considerable extent, and that
this fact has had al important influence to III
crease the 6trlngency here.
Among the local stocks now being freely
offered in the open market are good many
bank stocks In one INSTANCE, the stock Of new
National Bank, which ha1 not begun business
vet, is offered at considerable discount uIdor
par. In other cases, there is reason to think
that stock On which no money has ever been
actually paid in, but which has been carried
along on paper made for the purpose and dis
whole Of this kind of fictitious capital could
ba eliminated by means Of the present
strinsency, it would be one. OF The best
things that could happen. Heal capital would
come in it's place, TIE have ample security
here for great deal more money thsn has yet
come here from abroad.
New York exchange continues firm at SOC to
75c per 81 600 premium Tor sales between
banks.
THE SITUATION l.: BOSTON
Of the forty Massachusetts insurance com
paaies, twenty-five have suspended, though
they Will pay tie largest part Of their loEses and
total insurance loss by the Boston fire, at least
s35 600 600 will lie paid- The heaviest mcrcan-
tile failure in Boston yet is that Of Anderson,
Heath D. Co. Among the losses that exceed iu-
surauce by amounts over 9loo,o0v are the fol-
lowing:
1.-THE Sears estate sufferers to amount Of
1.uyya1ds OF $500 eco; sAe loss Of Z. Fl. IIunuc-
well for self and rs Trustee will reach $3.50 000i
that Of the MessrE. Faxon Hrotnct;. S250, 0uo,
and the Simmons estate S3c0.o00- The valua-
ton OF block on Pearl street numbered 111m GO to
So owned by e. Brooks, y;as 52U5. .000. Harvard
College is q loser to the amount OF about sl50,-
900, and $3.50, 600 will not make the loss Of Nr.
William B. Spooner good. The loss to Patric';
Donahoe on real estate will reach 5000, GOO. aud
that is hut beginning Of his loss; Mr.. William
T. Yields loss ih buildings is upward OF $780,
600; Mr. James II. Becbe's, Sl75,ooo; Daniel
Denny's heire. 513D,U00; IaaHc ]sichs heirs,
$500. .0OO; T. B. Lawrence'e heirs. Sl2o,100
The total assets Of the forty Maseachusetts
insurance companies ia composed OF the follow
ing items:
United States ho,sis market value s2,3is 900
State. city, and county securities :lsr:et ce.s7
.n:S y1us; aiocfs market value 7isssss
Railroad stocks and bonds market ya'e--.. 27lg
Loans real estate mortgage. 94sI 5to
CASH looms, mainly securities 18lsooo
U:l.er miscellaneous assets inciu.ti;s 11an,-
featuring stocks. ..--...-.....-..--.-.-. 4,s@'t''
Total assets Of forty Companies .s22 oco.o33
It will he seen that about 1915 per cent Of tho
assets consists of Government securities;
about 30 per cent Of bank stocks; 1211@ per cent
Of railroad SECURITIES II per cert OF mortgage
loana and per cent q Temporary Ta aoyaneea, n;,
States bonds can be sold at any time for
full ra1ue, and tho bonds of the State
aud those Of the City Of Boston would find
ready buyers in London (where they arc largely
Leld) at moderate decline but the So, 84o,0 00o
Of bank shares and of railroad securities, as
they have o market only in Boston, would, un~
der such q condition OF tho investment marhet
as must exist there for some time, be almost I'M
available for raising. money, The real estate
mortgages could yield no cash, except through
their being sold at . discount, aud, under the
circumstances, perhaps heavy one; the cash
loans, however, may be relied upon to yield al
Bulletin says t6ss IL -;a.v OF these asgets, lie
Companies can really place their ,.a,s mon ,ply
s. 600, 600 Of assets which they can at once
to contemplate. What viii be done, under these
circumstances. is question which most mate
riatly affects the prospect Of insurance aettle-
1neuts and, therefore, the adjustment OF the
Notwithstanding tho foregoing unf&vorable
prospect for prompt liquidation, tho Boston
ddrertiser says: The temporary, although
general, stoppase of the buainsss Of burnt-out
Grms Is materially icsEeElng The den1na Tor
money, and balances are already heing placed to
their credit in The banks, w!cl, will he avaiia-
tile for others until such time as it may be re-
1uired for their nee. On the whole the situa-
1iou presents 1naoc features upon which ali nhy
cunG1 atulate themselves.
TIE DRAIN OF GOLD TO GEEolASY-
The London Economist CT Oct. says:
According to the latest announce
1nepts the Germans are still max
ing progress witt, iAAir gold coinage at
:. rapid rate; and . notification has just been
made Is to their future Intentions, which should
10 received with some interest. The facts as to
tie coinage was that the total coined en- the l2th
Of October WIS:
ltnrls.
rwan;-rnzr picces. 23I ts7: 30 GA sos37
Tcn-n,ati pieces. aa,ea3.s=o 1,724,2H
Tstal. a3sao ,c52 2eso GIG, ,G9a c43
''The total previously reported to the 7th Of
September was E14, l25.474, showing an increase
ct a., sci, 1G9 in the FIVE weeks between that
date any the 18th of October, ut tie ratio Of
$500 uU1 DEF week There has thus at the latest