, 1873-11-15
Money AND COM m ERCE.
MONETARY,

MONETARY.
FHIpAY EVENING, Nov. II,
Tho improvement In flnnncilt Affairs in this
NJ well rs In nearly NIL tho other principal ottes
is noticeable from day to day. Tho advance /,
tho rrlco Of god ind tho prospect tint It vii
continue, Inns alroady impaired a buoyaut fool
Ing to tho graia and stock markets. Tho nd
vauco III tho prcos of grain, stocks, socurltioH
ato,, ose. used rs collatcras for loany. is til,
most important influence that can bo brought K
bear to restore confidence to tho business com
munity. Tho riHo Of gold IT, therefore
IN of1cct'1al mcans Of overcoming tho rroson
paralysla Of trado aud industrial ntorcBts, aud ii
th'a yiow of tho case tho Administration is prob
ably disposed to favor tho advance Of tho goli
premium by assuming warliko atttudo on tht
Quinn question, aud thra making an occaaior
for Issuing tho whole of tho "s44, ,ooo,oo0 ro
aoryo" OF grconbacks In ropairing tho navy 80 as
TO 10 prepared for emergencies. Thoro is nc
doubt that tho navy, What thoro is Of 1t, needs
repairing badly enough, If nc mako any preton-
Blons to having navy at all, md 1t Is probable
TINT tho uoxt suggestion that will como from the
Administration will bo Tho increaso Of sbipa-of-
. war.
This would find plenty Of advocates, aait would
stimulate iron ship-buiidng In this country, aud
indirectly impast actislty to tho whole iron it,
tureat, rs we'll ~ causing a further advance in
the price Of gold, and BY tha nleans also atiinu-
lating. speculation in commodities. 90,
Aside, howovor, from tho presumed willingness
OF tho Administration to favor tho advance Of
gold there is rcal ground for It in tho fnliing of
III tho public roycnuo both FROM duttos OIL i'm
tho last soyon-ycars talk about specie
resumption and tho recent prospects
OF such const,mmation, tho probabilities now
aro that wo arc on tho owe, Of another recoll
currency which Dhaa been 80 greedlly hoarled in
all parts Of tho country, because, "a compared
With conmoditios, 1t has rapidly risen in yaiuo
during tho last two mouths, will now be eet in
motion and hustled rapidly from, placo to place,
because, as compared With cohamodi!ics, it is
deprecatug.
II THE LOCAL MONEY MARKET
there is an evident tendency toward M easier
condition High rates nro demanded for money
IN the open marriott yot. but tho supply offered
at Is and 20 per cent is larger than it was fcw
days ago. Tho disposition to hoard money Ia
undoubtedly passing away.
New York exchange is still go scarce ns to
causo tho shipment Of crrrency to the East.
Some considerable amounts Of currency nre ,lso
going to tho country IN payment for hogs, but
from other SECTIONS There is IN intiux Of cur-
rancy sufficient to balance tho outflow.
Coo k County bonds are now quotnblo ut 81 to
% ecu Is.
TIE 8. G5-100 FER CENT BOND SCHEME,
which, according to our Washington dispatches
Of this morning, tho secrotary OF tho Treasury
will recommend to Congress, is susceptible Of
being mado means Of stimulating speculation
and the moro rapid circulation OF money. If tho
Government Issues the proposed bonds III small
denominations, say &100a aud S25B, there il no
doubt thatit will cause the funding OF a large
amount OF groonbacks in tllom. Tho individuals
who arc now savings depositors would invest
largo portion OF thoir means. Like tho old COM
pound-interest notes, tho small denominations
of these bonds would circulate to d considerable
extent as money. One hinlranco to the circula-
ton Of any Understanding obligation is tho |
trouble Of computing tho accrued interest. But |
i these bonds nro Issued in denominations Of !
800, aud fractions tloreof tho interest ut |
cent por day on the S100 would be a simple cal |
culaton. These bonds, II not legal-tender
themselves, would ut least bo always oxchange-
ablo at par for leGal-tcnders ut the pleasure of
tho holders il any city where thcro was 2 snb-
Treasury. Their value, therefore, would not
1luctuato with the riso ind fall Of gold
III tho same ratio as tho othor bonds of tho Gov
ornmont. All these features would mako tho
proposed 3.G5-100 per cent bonds moro available
bearing obligation ever issued by tho Hovcr,-
mont. and it III not improbable that their Issue
would be, to sonlo cxtont, like the Issue OF moro
currency, only that tho 3.65-100 por cent gold in
whole yolnno Of currency nearer to q par with
gold. by the issue Of these bonds, tho Govern
ment wouid, III fact, DO offering q premium Of
3.G5-10o per cont por anuum gold interest for
a5senbacks orer othcr 1anha1Ec funds.
Tho grcenbacks which tho Government would
rocoivo for these 3,G5-100 por cent bonds would
probably DO paid out by tho Treasury in the fur
ther purchase of more of the 5-nOs, Tho net ro-
arlt, therefore, of the new bond issues would be
ehe conversion Of tho 5-20s into now variety OF
paper currency. Of course, it would bo inpoa-
sible to convert per cont bonds into 3.G5-10O
per cont boutls for popular holding aud limited
circulation III currency without paying Ne cost
OF tho difference in interest Tho point whore this
cost would como in would DO in tho currency
premium paid for the 5-2os when bought accord
ing to tho plan Of bond-pnrcl,asoB heretofore pur-
n-halt years, tho Treasury lIaH purchased $50
bonda to tho par value Of S323 253, 800. Tho cost
Of these bonds in currency was 1868 Ola 332
The aEyregate premium, i'll currcncy, therefore,
was S39, 758, 532. or All ayarago Of 12.27-tO0 por
cent. Now, if futuro purchases Of 5-20s mnao
with grcenbacks drnwn into tho Treasury by tho |
now bonds should be lnado ut as high m aver
ngo premium as in the past, it would tnko hvo
tho per cent interest on tho 5-20s md tl,e
3.G5-100 per. cent interest on tho proposcd now
bonds, to oxting1lish tho principal Of tho pro-
MUM paid for tho 5-20s, md a further period OF
tho premium. III short, 1t might bo said that at
tho end Of eight or nine years tile cost OF con-
verting tho q por cent sos into s.G5-lo0 per
cont bonds would be overcome by tho saying Of
interest.
TIE NEW YORK Dnr GOODS WAR.
:. The sensational reports tecgraphed from New
York to all parts Of the country III regard to tho
competition between tho two grcat dry goods
houAoa of II. O. Clain g. Co. and a. 7. Stewart
d Co., and the consequent reduction Of prices,
ecems to partale Of tic character Of I'LL auction
rueo to draw country buyers to Now York in
preference to othor cities. Inquiry among tho
Wholesale dry goods Aouuon Of Ghicago will show
that tlero is not all article OF staplo or
scaHonablo goods TINT cannot bo bought
1ust as toto in Chicago as in Mem 1ork. 1n fact,
tho gonelul lnnrkin!; down Of prices Of dry gooda
began in Clicago before it did in Now York aud
two weekaago, wllena prominent houso hero took
the Initiative, tho effect waa to temporarily put
tho prices Of Aomo qualities Of goods below lilo
prices i'll Now York.
LOCAL sToCK AND noxp MARKET.
:, hlesars. Preston, kean g. Co. quote as follows
tLis 2, m.:
HuLfng Selling. |
y. =. Cs Of '61.......... ......... LINK 114H
Y. =. h-:os Of G3. .1n745 1072i
y. p a-!oH u VI .1h9H 109
y. 5. 6-2os of t5 .luS1 109H
y. $. 12us o G1 January aud July. NIX 111H6tl4k
y. s. h-205 Of q January aud July INK 1l3l /