, 1872-12-19
Financial and Commercial.
SEATTLE, Dec. 18, 1872.

SEATTLE, Dec. IS, 1872
The Puget Sound Banking Company
report gold in New York l12z4 currency
buying, So Sight Exchange on Portland
and San Francisco, Il per cent. pre-
mum. on New York per cent. pre-
&aium for Currency, ~ per cent. pre-
mium for Gold. Sterling Sight Drafts
ON Jay Cooke, Mccullough & Co., Lon
,don, England, $5 10 per E. These
drafts are cashed by special agreement
.all over Ireland, Scotland and the Con-
stinent free of charge.
Money is,in active demand at 2 per
cent. per month, and borrowers find
much difficulty in obtaining it even at
these rates. We find that money is
ndling very high at all our large cites.
In San Francisco, it is to ~ per cent.
for first class names. In New York, at
/ per cent per month for discounts. We
clip from the Neu Yorls World Loans
in the London open market are made at
and below the Bank of England's min
iimum rate at per cent. The worst
there is considered as being past. The
German Government will disburse on
.and after January first sum equal to
about $3.50, 200, 600 of our currency in
payment of the bonds issued by Prussia
during the war with France. This sum
will be paid in the German Lew gold
coin of ten and twenty marks, which
wHlbecome legal tender on January
l. The holders of these Prussian bonds
to the extent of about 10000, 900 will
of course seek other investments.
The influx of about $50, 900, 900 of gold
coin into the channels of circulation
seeking immediate investment or en-
ployment in January, will produce
naturally a reaction towards extraordi-
nary ease in money markets of Europe.
A considerable portion of this sum will
find its way into first-class American So
.curities. The bent of German invest
,ors and Immigrants is towards the
United States in very marked degree.
This is seen in the extraordinary meas
ures adopted by the Prussian Govern
ment against immigration to the United
States, and by the restriction placed on
railroad fares and facilities for reaching
the seaboard. During the week many
orders have been received from Ger
many for Government and other first
class bonds. Some important negoti-
atoms are also progressing with German
bankers for considerable amounts OF
bonds and other securities. The future
of the financial condition of affairs in
Europe is therefore towards easy money
fmarkets and an increased demand for
American securities.
The near approach of the meeting of
Congress is turning the attention of
business men as to what may be the
policy of Government in relation to our
finances. 1t is believed in well-inform-
ed circles that Government will favor a
: free banking law, with no reserve re-
quired for> the <national bank notes. ex-
cepting that they shall be redeemed in
New York City. Enough is known OF
the Administration policy to know
that it will favor bank if not currency
expansion, which is the most powerful
stimulant to activity in trade and specu-
1ation. After January opens it is there
fore reasonable to expect great activity
in business, both here and in Europe.
under the stimulus of the flood of gold
currency, and bank expansions in this
country. The year 1873 promises ex-
traordinary Developments and activity
in legitimate and speculative enterpri-
ses. The present gloom and embar-
rassment are the result of the enormous
and unprecedented locking up Of gold
coin by the Pussian Government. The
Prussian Government is doing to the
European money markets precisely
what the Wall street spectators do
when they lock up gold and greenbacks.
The results are the same in both cases,
viz, stringent money markets and mer-
camille distrust, embarrassments and
paralyzation of legitimate trade.
Easy money at the financial centre OF
the world for the coming year, will guar
eutee the sale of N. P. R. R. 1st mort
gage Bonds. and insure the rapid build
ing of the road at both ends, which will
bring money and immigration to our
Territory. The outlook for the coming
year for business and Improvements on
Puget Sound, is much better than for
the year past, and this year has been
good for our business men. We have
had no failures, there are few of our
mill owners, merchants or business
men but have done very satisfactory
business and have made money. Lumber
in San Francisco is in good demand at
high rates. Our Seattle coal is now
selling for $12 so per ton, being the
highest it has ever sold. 1t is yer pop
plar and preferred to any OF the Coast
coal. There is now some $500 tons
awaiting shipment.
We clip from the N. Y. Tribune the
following:
"We learn that the sales of lard own
dby he N. P. r. r. Company for the
month of October realized Sc O8 per
acre. The average price obtained from
all the sales made has been $5 66 per
acre. The Hon. VIM. A. Howard, form
erly member of Congress from Michi-
gan. has been appointed Land Com
missioner of the company"
This shows what wild land will sell
for when near a railroad in a new