, 1872-12-13
MONEY and COM MERCE.
MONETARY.

THURSDAY EVENING, Dec. Il.
In tho local money market, tho progress to-
ward an casicr condition seems to havo been
checked by some increase in tho demand for
money at bank. It is probable that good many |
pcople who hayo been holding off from applying
for accommodation at bank, because they
thought there was no uso to ask, have simul-
taneously made their applications as soon
~ thcv thought there was chance OF getting it.
TIN fact seems to chow that there is large de-
,nand for money that is simply held III aboynnce
until the money can be had.
venote instances OF considerable amounts OF
napc1. made By Chicago merchants and given to
New York merchants for goods, being sent hero
1,v TIM New York parties for sale before maturity
of the papcr The practical effect Of this is that
New York merchants arc borrowing in this mar
ket.
iicblcduess to the East New York bills sold be-
tween banks to-day at 25c per 81 900 premium. !
BONDS N LONDON.
The recent rise in sterling exchange has made |
what appears to come Of our readers to BE- BE- |
York prices OF the United States bonds.
THIS, however. is only apparent, not real:
For instance the old 5-2oe OF 1865 we're quoted
in London on Dec. IL at 91S$ Sight sterling is
worth l1cll( il New York, which makes tho
Ioadou quotation for these bonds equal to 101
in American gold. The New York quotation on
the same day was 11SA in currency. which. with
gold st 112. is equal 10 loo:. thus showing that
prices Of bonds in the two markets are jus:
PONDS CONVERTIBLE INTO GREESEAcKs.
Within week or two. circular has heen dis
t7icuted s1ncng csnkers. asking their ar2royA
. dis@Tproval OF i've tlnane!al nroroslnoas the
s;st of which are. as stated in the circular. ITO
improve the currency Of tie United States.
eiaa:ize its circulation. sci g!aee il on gold
t3s:s' ry permitting a1s holder Of 8 Slo.ooo
United s. s:es bond 10 present the sane
Lea thereof Sloun i s7es:;$ssks>, @2d ~
rs-sd. 70 present S1o.;nN II S7s;2:*ess st t:a
same r!ace where tie So; ss>a-ls ve-e eaave-:e5-
.,d receive tack lie s-1.e eS-..>ss less to.e e
s:sa,i1e aeve. - ez>,1i $40: .:t;.it'. I:.;> ::
s4sNc,' Q: e-c=1:s5l= eva- a25 shove tie
ss5s.caaa.ls3o 1e:~ 4:s:e-S-2s-22o,;sed tie
IT, t.: i, T tie 4t cu=GSy-tEa. being
what i. z7S-:d cost 10 buy tie bonds acd set the
ea57er?y &: tie E-esea: Price OF gold; We do
il .:4:a proposition. Tie cesl OF converting
t:s:-c;.ss secr-:::y Into currency would be too
ti-h e7e7 to c31 GU: the proposed 81 .00o .000 OF
s7eantacks. The other half Of the proposed
:::.. is 10 make greennecks convertible IN per
cent certificates which shall be available for
ta-.k reser7es. the greenbacks SO retired to be
held IS . special deposit in the Treasury.
The experience Of the 5 Per cent ce7nhcates,
which taTenow been =bout al retired shows that,
il 1i:ev were issued again, With no limit to their
;oiuzne. 4 very large proportion OF the volume
OF creenbacl1s would run into them. and they
would become a permanent feature Of the IN
te-eEt-bcarlng debt, and to that extent Would be
contraction of the currency, except such portion
Of them as were held for bank resources. The
National Baaks might possibly hold S50,000,0oo
of such 8 per cents, as part Of their reserves
and any is3uea Of 3 per cents over that amount
would be- contraction Of the greenback currency,
which would be, to considerable extent, per
rn2nent.
On the whole, We do not see very much to
commend in this elaborate plan of convertibillty
and s n es woao 10 9e @aie seGd eef
tions Of The Government, convertible ut
par into per cent banking bonds, on which
banking should be tree to ai ana without :n,I nmlt
In that way we should get rid Of large part OF
the greenbacka, and the banks would bo Obliged
to redeem their circulation in either grcenbackf
OF specie under penalty OF having their bonds
cold By the Treasury to do it for them.
THE BIG BANK SCHEMES.
Tho New York reporters have been hunting "
46BN3ginators Of the scheme to consolidate The
NF6d8Rl Banks OF the United States into on<
INDUSTRIOUS institution under the control Of tht
proposed "Goyernor and Managers Of tht
Exchequer of the United States" Aftel
many inquiries, among fnanciers ant
e1eeFe sa2 na ns0 traeeI nasG tRo ts esbene e0' to
pretentious private banker in New York, who il
well known to be conhdant and factotu1n O.
Mr. Boutweus. It is, therefore, altogether
probable that this scheme which, was introduced
in the House on Friday, the 9Th, by iIr- Wheeler
Of New York, is another Of A[r. Boutwous tinan
cl vagaries. Ho is adopting tho same
aSaent ss to m SCI Dsop sn { tpPSsF2aRddo Se I'd in tH
"nove greenbacks,' ~ in order to excuse his over
iesue of greenbacks in October. Alr. Freeman
Clarke, Of Rochester, is put forward to fathe
the movement ss coming from one quarter, an
York City.
TIE GREAT ANTWERP FAILURE.
The ocean cablo recently announced the sus
pension If not positive failure, Of the firm 9
Brussels, with branches at Antwerp and Liege
Tho institution is best known es the Union Ban
OF Antwerp. The bnnk has, it is understood, nt
cepted largely on recount Of shipments OF petre
leum ard other American produce from Ne
York. The losses, however, could not haE
been on account Of petroleum acceptance
The suspension was cansed by losses In the Ku
sia trade. Of the nominal capital Of thirty mil
ion francs, only eight and half are yet paid "
go that the stockholders are still liable to
called on for twenty-oue and half million
Thirty days notice has to be given OF any asses
7nent: and this explains the four weeks extel
sion which The bank has secured. Meantime, |
nGairB have been placed in the hands Of Fou
& Co.: OF Paris, and John Henry Schroeder
Co., OF London.
LOCAL STOCK AND BOND 11ARKET.
Iessrs. Lunt, Preston L. Kcan quote as Il
lows, this afternoon:
E,tTng. HI.n,
Us. Cs OF ,51....................117.z 11744
5-2Os Of e., e1. int. .111;t l3,5
6-205 Of :6s, CT. int. .112;5 113x
6-c05 Of 'G5, CT. int. .1131 1l37t
6-2os OF '65, Jan. and July. ....-...115'5 1l5;s
6-.ns Of 'GT, Jan. and July. ILL: 11G5x
b-29s Of :G3 Jan, aud July....116 11GH
50-tOs l09is l0oa1
L. s. Ia {nev issue> e1 int t-1l0I{ 11Oi6