, 1872-12-14
MONEY And co I'M MERGE.
MONETARY.

FRIDAY EvE.71c'o, Dec. 13.
The demand for money in the local market
continues active and is in excess OF the supply
at the command Of tho banks. Merchants, how
ever, report tolerable SUCCESS IN collecting III the
country, and the liquidation Of Indebtedness Of
country merchants to city merchants, and OF the
West to the East, is progressing satisfactorily.
There is considerable good paper in the open
market yet at ~ per cent Per month
New York Exchange was Eeaker to-day, owing
to the large supply On the market Sales were
made between banks at from par to Csc per
s., 900 premium.
TIE RECENT "WNsLow FAILURES
The Scandinavian Savings Bank, No. II Mil
waukee avenue, which failed from the game
cause that brought about the failure Of the Scan
dinavian National Bank, had only $4,000 Of de-
posits, but this sum belongs to 200 depositors
rho are much excited about it. The bank has
essets that Will realize 40 per cent of the de-
posits. The moro tho affairs Of the scandina-
Wan National Bank are Investigated, the moro
It is apparent that the concern is rotten, root
and branch It is now understood that among
the "bills discounted by the bank are $4,000
Of notes made by two parties, one OF whom is
prominent in the present closing up of its Of
fairs, and the other OF whom is likely to be ap-
pointed Receiver. These notes were mnde
in real estate transaction last spring,
and have oae, t,co, three, four, fue,
sit. seren and eight gears 10 run. There
Is reason to believe that these notes we're
tnken by the bank recently, or ct least long
since Winslow, the decamping President left
for Europe. Whatever censure Winslow may be
entitled to, he should not be made the scape-
goat for others who hare manipulated the affairs
Of the bank Eo as to use the money Of its deposi-
tors for their private speculations. Notwith-
standing the books Of the Scandinavian National
Bank showed it Ind $40 600 cash on the evening
Ct Dec. g. the date when the bank closed its
doo1E, it 1s questionable whether it had any
considerable sum of either money or available
exchange on Dec. 10. If Comptroller Knox un-
derstands as he should, that the Bank Examiner
is interested in putting the best possible aspect
On his neglect to discover the rotten condition
OF the Scandinavian National Bank months
ngo, he will also understand TINT he should not
not be governed too much by the recommends
tons from that quarter touching the appoint-
nent OF a Receiver.
THE OIL MONOPOLY
is one Of the instances showing the char.cteris-
TIC financial tendencies OF the times to concen-
tTate money and power The movement to make
monopoly was begun by the refners who pro-
posed to enrich Themselves BY bearing the mar
ket for crude oils and bul1ing the market for re-
fined. The principle on which this monopoly
was started is precisely the same as that Of the
tredes-unions, and the action Of the ring Of re-
fners was the same as TINT in trade strikes. The
producers Of oil, however, found that they were
TO be made one class OF victims, and, in set
defence. they formed 3 ring Of their own, the
avowed purpose OF which is to reduce the pro-
duction and increase the price Of the crude arti-
Gle. They agreed to pump their wells only to
certain extent, and thus control the production.
In order to have harmonious working, they were
obliged pool the earnings, and thus the whole
o1-producing egion has become, practically tie
property Of one consolidation. The producers
ring has had power enough to break up the
refners' first ring" " but has finally taken aome
rules the whole oil market for both crude and
refined. 4 refner who is member Of the pres
ent monopoly, endeayors to excuse it in letter
to IN Eastern paper, by saying that the object OF
as JUS da ana xh SsssR tRo GRas
they have been deprived of-riz.: 8 fair compen-
sation for the capital employed, and the risk run
in carrying On their business. A manufacturer
Es 9aa an Patursy stop atssf pfeaucas ea ss
until the regular demands OF trade re-
ieTe him. Why should not refner, or body
Of refners, do the same with their goods7 It is
when tie reaners Of The country took this step,
and called upon the producers to stop pumping
for thirty days, to prevent forced sales below
cost price Of tho surplus OF both crude and re- |
extortion."
This argument eee1nE plausible enough, |
but it is just that used by every monopoly. The |
trouble Is that strikers, tredes-unions, and otE-
er monopolies never know when they have got |
" what is justly their due, )" bat when they have
the power they take good care to get enough 4 |
combination Of manufacturers and producers |
who have q monopoly OF any special article, Like |
that OF. oil, however, do not simply allow their
own property to lie idle, but they prevent any
one else from going into the business who |
might be willing to do it for smaller
profit. ..-
LOCAL, STOCK AID BOND MARKET.
Mesgrs. Lunt, Preston e. Kean quote as fol-