, 1873-11-04
MONEY AND COMMERCE,
MO NETARY,


just as littlo as possible until tho aspect of
finances In Now York; and tho East Konorally,
has become moro sottlcd. There haa undoubt-
clly boon great improvement In tho outlook
from what 1t WINS on last Friday but thore have
boon 80 many now and unexpected develops
monts In llnanocs In tho last Btx weeks that con-
adoncoia thoroughly unsettled. pooplo Aaye said
SO many limos that tho worst WINS ovor, md layo
found that 1t was not, that they have become
doubtful about the most favorable reports and
5hstrustful Of flattoring prospects,.
Tho banks hero arc discountiug but little. Init
nre loaning Oh donand, md advancing on grain
rocoipts to d reasonable extent. In tho opeu
market thoro Is largo amount OF papor offered,
hnt there is comparatively small PARTON
OF IT that londers will take at all.
un tho other hand. thoro is a largo
amount OF money ofYorod at IL to ~
Por cent ror month. A. good deal Of tlliH money
IL acnt In hero by country bnnks to their cor
respondents to invest In commercial paper at
tho high rates, and It is probable, also, TINT somo
OF the money Of tho city banks is offered in tho
Hame way instead Of to their customers at tho
usual rates.
New York exchange Ia aB scarce as ever, and
HelIs at 90 centB per 81 900 premium botween
banks. Tho iusutnoiency OF tho supply is still
causing the shipment Of somo currency to Now
York, but there Ii a good deal more currency
coming into tho city now from the country than
is being sont out In all directions.
The position in which many Of tho New York
banks have boon placed by the panic may be cs-
timatcd by the caRa Of George D. Grinnell l. Co.
Tho firm had hypothetical with eight Of tho
Now York banks l05,743 shares Of stocks. and
S3,76S, 900 railroad bonds. When these stocks
and bonds were hypothooated they woro worth
in the aggregate, At market prices then current,
about $16, GOO, 600. On these, thero has boon d
fhrnkago in valuo since Sept. H. Of about $4,-
ted, arc $4,000 shareR Of Lake Shore stock,
zea1a xaisa ses sn ST. o "i5s ss rss'h &e, il
at present prices only nbout &c, 900.
There were 10000 shares Of Northwestern stock,
worth lfor common stock) an aggregate OF
gl.o0o0O0 There were A, 900 shares Of Union
Pacific stock, worth $1,175, 600 on Sept. 12, but
now worth only 100000 But tho apparent
hhrinkage, as shown above, does not represent
shrinkage in the value Of tie collatora1s put up
by Grinnel Il Go. approximate 80 per cent ia
the last soven weeks. The probability
gin as the banks of New York usually
had between tile market value OF the stocks
taken as collaterals and tho amount Of tho loans
made on them The margin has, therefore, in
stocks. and any attompt on tho part OF tho banks
to roalizo now would caugo such decline that tho
Htocks and bonds would not pay the loans made
on them by the banks.
SILVER COIN.
Tho telographic announcement from New
York that tho United Statoa Assay Office in that
city bad lowered the price at which 1t would buy
silver bullion, from tho former price Of 51.20
H7nT r1S14 t4
start tho query as to whetlor this may not
have the effect to discourage tho sending Of sill
vcr bullion to tho miut for coinage, and thus re-
suit In q cessation in the supply Of silver coins
from tho mint for circulation. In this connec-
tion We refer again to tho data given DR.. Linder-
man, tho Director OF the mint, to tic effect that
the valuo Of tho silver in two silver half dollars
y only 90 a-1o cents in American gold. With
toe oas Sriepsy soxp pss o Of ga at x,c aaStsd
IN two half-dollars to be 81 20-100
cents in currency. Fractional silver coius arc
therefore worth nearly 2A per cont less in gold
lhan gree1ibacks, Nevertheless there is . great
dcmand all oyer tho country for circulation at
par, md tho fact that their value for circulation
is creator than It is for expectation as bullion,
will certainly koop them in circulation.
AMERICAN SECURITIES IN HOLLAND.
Tbs amount Of American railroad securities
hold in Holland is estimated by u rnelnber Of tho
Amsterdam house of Elk & Broekman, in
communication to New York Journal, us follows:
The total amount Of all American railroad accuritiea
(socks and bonB inclusive Of State bonds OF Aeri-
can companies other han railroad companies held In
Holland may be calculated At about oo0, face
yae OF tie a9ans at, interest M payment ns been sa.
nera,n ~ 'I aHGI ~ H. auu moFe
hand, payment nas been resuuea Oh about 81 IA otSs
while some Of those companies now in defsult are by
no means In hopeless situation.
The annual Interest thus due but not paid ia limited
to 8 ooo cog 24So ooo gn!lders Dutch currency,
adar dn I'M a1Ge iaGea; nat net We con-
Of At aast ts oa m M ~ M n sner ~ osa
interest by tl,a non If ih sM"ntg,, comna
and the reduction Of ront Of The Austrian debt Celd
ta1) according to tho official figures OF conversion
causes M yearly returning loss 10 or investors Of
$l,43o,eoe Gs,oo eco guilders, Dutcl. currency.
In communication to tho Now York Ro;,,.ood
GdzetEe thu asn,n yyrttnr aflIa
Va, will seo rror, - tt,ot ia n,.,,, ,,.,,,,. l.,
ao WI ~ sec rom II lat tne Dntcn are heavily IN
aeusteu ~ Aieseaa ra1iroaoa-fn,lca more than any
tinn nroa q, Mesohe s IN ropostion 70 s rohnla
W.. tuuaolS ~ AsaFny ~ AheIica ltacls ior with