, 1873-07-30
MONEY AND COMMERCE
MONETARY.


ora, and only rogrot thoy cannot proatnbly uBo
moro money a single bank this morning
showed us doposit balanoo OF 90, 900, 900. 1t
had In New York and othor Eastern banks
s3,5OO,00O. OF course, the institution Ia ono Of
Our largost banks. Tho fact shows how easy
tho money market Is, for no good ofticor would
have 30 lnrgo MI amount at only pcr cent In
torost III Eastorn banks, wore thero safo oppor-
tuutioB to use 1t hore at oven twice that figure
Tho reported tlullnoss Of tho soason is thus
fully illustrated. In fow woolks moro active
emnloymeut will be found for those and all other
available funds.
Ii tho morning exchange opened scarce, We
heard OF ono largo house offering ns high aa ~
cents por 1000; but, aB thoro Were 3roe and
large sol1ora at 25 conts, tho market soon DO"
cncd to yesterdays ratos, viz: par@26 oonta,
aud for souo considerable parcelo only par WAS
offered.
Thoro ia considornb!olong papor offering on tho
street, mostly connected with roal catato opora-
tlops. pricoB range all the way from to per
cent per month, depending on tho promptnoaa
and tho responsibility Of tho makers. Perhaps
the moro general figures arc 11}4@lN por month.
THE CANADIAN TRADE.
III sono departments OF our commerce Cana
dim houses arc leading all others. Most Of tho
pork ia in their hands, and since tho opening of
navigation they have bought by far the largest
part Of our wheat. Tho trado haB largely In
creased over the figures Of last year, aud tho
same is likely to be trlo to tho ond Of tho season.
Tho effect on fretghts has boon to nearly oqualzo
thona, while last year they wero 2@5o per bushol
In favor Of Montreal. The larger shipments by
tho St. Lawrence have enub1od tho veBsol-owners
Tbe The -'in tncreaso IN ths trade s Is dao
largely ds to the no facilities ,t..ns1s S'Sgsd ~
ie lo ovo!,ing Montreal doalors to1asraph 70 70
Liverpool tho prices ruling hero, offoring to
purchase and deliver FREQ on board at Montreal
in 80 many days Chicago or Milwaukee wheat At
receive orders, to buy, and, BY the time our
Board meets, the order is hero and tho grain
Is purchased within tho next hour. In this way
BY means Of tho telegraph, and our lake aud
moth elevators. and, in fittlo moro than thirty
days, is found upon tho tables OF tho hungry
crowd On tho other side Of tlo Atlantic.
Tint this trade will steadily increase till
tined for European markets will go down tho
st. 6 o h'ff H. eAp9S Gnaaso. hS pnfss 0ntEs
their canals SO as to pass vessels Of 1900 tons
tho raco for orr commerce In spite Of all the lat
tor eau d. They viii thla soason as above stated,
nonta Of wheat. great misfortune to for
oignore, and to the Wost ns we'll, is that they do
not understand the bost modes Of preparing corn
will doubtless gradually DO dissipnted, and thon
scarcely any limit can bo placed to tho foreign
demand for our corn. It would be capital In
yestment for tho Northwest to send over hum
drcd or two Of our best hotol and steamboat
cooks to teach tho Europeans what delicious
food Gun be made from corn rnoal. Innovations
Of that kind, however, arc of allow growth.
THE MpNEY-poWEn.
Xdrpe1's Weekly has some jnlicious remarks
on the vaBt md dargerous aggregation OF tho
money power of tho Kopublio IN . fev hands. II
gtves., some facts in regard to Commodore YAM
It says he " controls 2, 1b0 miles Of railway con-
Btituting tho main line between the West and the
eenboard, aud the chief outlet Of such citlea aa
g4sosss ese rfs 1ss 1a 1saoassas 4ey
Albany, Hudson, poughkeepae, and tic. other
riyor sido towns Tho property which ho thus
change BY socurtios' equal to sal5, 600 900, and
itH gross income last year was not less than
s4500o. .O00-more than the whole income OF tho
unisea statos doyernmont fow years ago.
It Ia impossible to contemplate this vast ng-
gregation Of money power and commercial con-
troll in the hands OF ono man without feeling
concern for the result. Neither military, nor
pushed beyond certain limits without danger.
It would seom as though the limit In thta case
had bcon roached. Yet. not content with the
mastery OF l5o miles of railway, involving In O
large degree tue control OF the internal TRADE Of
the & states OF j Illinois. Indiana, o6io, and ~"
.oes, u IN wen nnuotasooa tha1 ~ oesooo5 ne1t,
y the annual election OF tue Western Union
Telegraph Company, the Commodore will entor
INTO possession o. thha ~ eI9at properly nkeHlae,
wn w nm ~ ~ or T.. mee ~ ooo o. ~ We ta
wy wv w OF rosonue' Mnen tna oco15e, nos only
XII 5ne % 70 o. H. tno Iouf ontGl ssasea OF the
Norsn DO subject to Mr. Yanderbilt--under such
feeble restrictions rs our Legislature INNS
inpoRe-but tho whole teegraphio correspond.
ence Of the country will obey hls law. I'D may
harrci nS ann =; Nv. "..1s WnI nnaI W tne Pnco OK
pnd ~ .rst naat ~ iosA ous also Wnon, how
hnu AZ HAat coht cltlzohH may communicate With
each other by telegraph.
- Of coursa he will DO subject to legislative
control. What TINT will amount to yo HI know.
In tho past no Legislature in this State has oyol
oarea to beard him. ue will DO bold man, In.
decd, who attempts to do 30 now, when his 70.
sourceB aro 80 unbouuded, and his power so far.