, 1873-01-29
MONEY AND COMMERCE..


IMAM are able to meet their paper at maturit
" those Who have obligations falling due
usnk, tae majority are asking for 4 little mo
1t1ne. In The aggregate tho deposits Of Il
Banks are much lower than On the LIST Of Ja1
uef5,- While the pressure for accommodation Il.
largely increased the loans OF the banks zinc
that time. There is considerable money comm
here from the East to loan, but
Is mainly restricted to loans o
Government bonds and similar CO.
ta!erals, Of which there a1e worry few in thi
markell The imnaediato cause Of the tightucs
Of the money market here is tho Eeverity Of til
weather, Which has Toiy depressing effect upo
trade generally, besidfs blocking up many Of tn
railroads, and thus aggravating tho transporta
ton question.
II tho open market money is to he had at Il
Esr cent on gilt-edged collaterals, and the yer,
Test commercial paper sells 1T ~ per cent Pc
month. Tho banks a:o accommodating the ma
]o17tF OF their regular customers, but not ali
and c1a refusing to take any outside paper at
al.
Exchange is little securer aud the price is 4
li:e t:raer, with sales letwoea banks at rs, por
=1.6eo discount
srA1E-oTSEEsHR OF nA1LEoAps
In their recent annual report, tho Railroad
':r.7nicnIsacra of Massachusetts refero the efact
'ts:: sEe volume of Western products seeking an
c,:i!ct 70 foreign countries through Boston has
l,ctessed 20 lnacl thas tho freight earnings Of
~ e-;e noa west roads in massachusetts has in
e'ic: III far greater ratio t:1au sl,eir passenger
es-.4i:Gs.. In view of the G1oE;nE importance
r. t,:o ;Tes:orn trade, tho Commissioners re-
:,.5l;'e:sa ting state-ownership OF ono or moro Of
fl:so l.cs il. o-der that they MAJ be kept clear
tom alliances aud combinations tending to
F;;;:sk CT d!Tert that t-ado to other points upon
t4e coess. Iho Boston papers also claim that it
ts 81 tEe highest Importance, not only to that
n:z tut to tie whole State, that tbs State aLo1ld
o"n fach line, aad manage it upon
N Independent as well as. economical
naS.e, 30 as to prevent oxtortionats charges
ef unnatural fluctuations in the freight market,
A. weu as injurious oizcrimlna :ions against the
5:afis which centres a: that point upon tho sea-
6:ard. The opportunity for tho State to taIe
s1cl commanding position. in wh;ch it Will be-
seq TO Protect sud encourage its owr commerce,
without injury to its private capital invested in
52Aroad enterprises, is presented in the inpenl-
1ng consolidation Of the various linen, which will
heraafter constitute tho most direc. route to tho
west tId the Hoosao Tunnel Tho State already
OWES the ileat important Ink in that chain Of
communication; ard instead Of giving Up tho kew
70 sIls gateway Of ler commerce, she Is in duty
bound to step in between the parties who ara
sceIlng TO gain possession Of it, and insist upon
holding III hcr own bands controlling interest
a tho entire line from Boston larb0r ia ber
western boundary.
The fact that tic Eric and New York Central
!.alrceas aro about to water their stocks from
s11uya, ,c0o to E15o090oo each, to increase their
rsIIsins capacity by double trucks aud third
:aiis. u correctly viewed in Boston as q device
- maize tho 'es5 EeT, in dividends on the in |
creased stock, Ior I'll tho relief it will ret in tie
way Of 1nc:cssed facilities for the TRANSPORTATION
:, hsL E1eane to to 70 sea; There roads. when
t;3os. whose fEEs object will still bo to drive |
all compositions Out Of the 1el1, and when their
monopoly Is secured, to a17cuca tho cost Of |
15elgh1 70 poiat vhcrc 1t vii 1eaye
: 'Snce tbs: viii sul3eo 70 keep Tim
aliyo. but in re1petnal thraIdo,n
70 Ike railroad uagnates who will stin hold the
''e:'a IN hoAaage as now. Tie idea Of the afas-
n1n at least cne line Of railroad, to bo operated
.s canl'ettor in the interest Of the public and
IS check to tue ra'acity of corporations. is ore
That deserves the consideration Of tho people of
tie Wcst.
1t seems probable that the TRANSPORTATION
question will finally coz1e 70 enc OF two aIter1a-
flves viz: that tho Western States must own
tho OF road to the Atlantic seaboard, or else that
I'll railroad companies shall bo obliged py law to !
permit Independents rolling-stock companies to
f1n trims oyor. their roads at an established
F2te OF toll per car per mile.
CLIQUE WITH WORLDWIDE scHralEs
OF al the c1iques that are now exercising 20
potent m Influence in the financial and CONNER
t4al Affairs OF this country mono is making such |
enormous strides in power, and none has such
ssnpendoun projects as that which is Represented
Fenasrlyania Eailroaa and the Pannsy,ran;e
Company with its immense ramidcation 81 rail-
OF majority Of stock. and ii fnct h,,t tha anal
part already realized Of nIsns that ara 1;tera1lv
world.wid in .hoir extent. This srsoei,Iion - {
individuals alo among the primo movers in |
tce establishment Of the new West India Com
rany TINT have just purchased he Pon;1s1J,
zud port OF Samapa, and pronose to bnild there j
c :ity Of their own, indepondent Of iii ns+;ona {
On behalf OF this association Gene1o1 Rosacrans !
Is in the City OF Mexico. worlin, (hncEsd hg +
heir innuence) for a SUBSIDY from thr WeT;csn >
Government Of $4,000 per milo in money. be- 7
:ides Errnt Of land. for hpiidinr onn rn;fraa1
from the City Of Mexico to soma nnint m the I
Fec:fic coast. and another fron fha CS+1 of NJ
co northward tI,7ouch Tia entira 1enn}1, - ~ s
1oxican Republic to connect rtI he Ts1aa ~ pa tte
>idc. In eddi!:on to t11esa 1,roiectz "a 8
ne grand Pacific eteamshn scherno ~ r
ne earao- association. In tie furtberance I
Il this they have crrarizci - 1o1,'.. " ne-, E