, 1873-12-25
MONEY AND co MERGE.
MONETARY.

WEbNEabAf EeEStN1, Dec. ~.
Tho demand for monoy haa iAcroasol rapidly
durtnH tho last fcw days. Receipts Of grnln hnyo
increased largoly the accommodations Of grain In
atoru nbaofb great deal Of bank money In car
ry!ng thon; tho po1k-rackor8 nro still heavy
borrowers tho city Ia trying to borrow money,
and merchants nro borrowing to make tho usual
annunl settlements. largo portion Of this In
creased domand for money is only for very
short timo, md tho general bolief ia that,
three or four wce'ts hence, mouoy Will bo
very plenty. THIS IL tl.e usual experience Of tho
effect OF tho January interesL and dividend dis
bursgncnts, aud ns lesH thnn usual will be ab-
sorbel tlls year by nsw railroad loans III tho
Eastern matkote, tho expectation of mn naBy
money market month hence IL not unrcasona-
bio.
New York exchange wnB firmer to-day ut $50
por Il 900 discount to par.
The amount Of interest duo on Chicago City
z par cent bonds Jau. Ia about ai50,000 Thia
interest Is payable in Now York City, and will
require to be ton,ittod within few anyB. This
will tnko 1loatlg tho wholo OF tho available funds
noM OH deposit lii Tho various city halks hero,
and in addition 1t will bo necessary for tue city
to borrow TO at lcnat Tho extont Of tho deict III
tho accounts Of tho late City Treasurer. We do
not understand that there iB my absolutc
necessity for borrowing over 600, or ut
most, $3.50, 600, but tho City of Clicago-rcprc-
scented by The AIayor-is now In the market for
loan Of a750.000. Application las beon n1ado to
tho yarions banls to ndvance portioha Of
tho monoy on certificates Of indebtedness
bearing per cont intercAt. The
Mayor has however, met with but
little SUCCESS thua far. The banks
TINT havo not had any Of the city deposits natur-
ally feel as though they wore under no special
obligation to advance money to tho city now.
They 8 a. that ~ the city ignored Them when Its
business WAS wortl, something, aud again IN tho
roc ent ehange in the deposits Of city fluids, 1t
would acem that the city should ask accommo-
dattons Of tho banks to whom it gives tue keep-
in Of ita money. Tho lanka that had city
funds and had them recently taken away by the
new Treasurer, Of course do not feel III all ac-
comm odating mood. Tho banks that
,vcro recently chosen by tho now Treasurer
to hold the city funds Say they will have to lfay
1t all bnck In few weeks, md that will bo as
much as they can do. Wo presume that the
certificates Of indebtedness could bo negotiated
in some Ehalern city at somo reasonable price,
or loau could 10 secured there OH them "a
cola tera1, but 1t seems to be forogono conclu-
sion IN ao,ne qualtors that, If tlcro Ia anything
10 be mude out Of tho negotiation, It will bo
given into tho hands Of tLo banks TINT now have
Ehe city funds. md, therefore, that it will DO OF
10 use for any oller banks to offer their sor-
vices in TINT respect.
III connection Will. tho
CITY DEPOSITS
wo loaru That resolution hus bonh prepared,
aud will be introduced IN tho Council, author
ixing tho appointment Of the Mayor and City
Comptroller as special committee to exer-
cIso supervision over tho city funds, and direct
lilo Treasurer whore they shall DO deposited.
There il clauge IN tho city charter which au-
tllorizes such supervision, but 1t il questiou
If tho assumption Of any sort Of con-
trol Of the city money by my other
person than tho Treasurer would not ro1easo the
Trtasurer'h hondsnlon from an important part of
tl,eir liability. OF COURSE if tho city fundB woro
lost by the act Of the Treasurer himself, hiH
bondsnon would be Liable. But II tho city a.
gutnes to direct wlaero the funds shall ho dopoA-
tied, and they aro lost in consequence, II they
arc stolou By anybody but tho Treasurer, hie
bondsnlen, undor such circumstances, would
claim that 1t WIS tho result of the cityp acts, and
that tho Trcasurer'A boudsmen could not bo hole
responsible.
LOCAL BTocK AND BOND MARKET.
h1cssrH. Preston, Kean j. Co. quote as folowf
fhS afternoon: