, 1873-06-10
MONEY AND COMMERCE.
MONETARY.


MoHpAx EVENING, Juno b.
Tho supply Of money In the 1ooal market seoms
to incroaao, and ninny Of tho banks arc unable
to 1nd satisfactory employment for their spare
funds. While aomo OF tho National Danks arc
increasing their Now York balances for tho enko
OF tho intorcat allowed On current balances
thoro, good deal of money Ia nlBo boinR sent
from tho Eassorn cities to loan hero on oollator-
alB md on real estate. Thus thoro arc two our
rents Of money flowing IN opposite directions
botwoen tho East aud Woss in aearoh of employ
ment. Roal oatato papor and certain olnss OF
speculative accommodation paper aolls In tho
open market ut about u por cont per nnnum.
though as rule tho banks do not tako much OF
1t. For good mercantile paper thero is o domnnd
in tho street at nbout 10 por cont.
New York exchange wns wonkor to-day than
On Saturday, though thero wns but triaing
change IN prices. Some ealeH wore mado at $50
por S1,00o discount, but tho majority at par.
Tho movement Of currency to tho country ia
moderate, but tho bullt Of what ia ordered is for
tho whoht regious Of Wisconsin, Minnesota, and
lows.
A sensational. and wo bo1lovo untruthful, re-
port was concoctcd and circulnted by some Of
The inpecunious scaipera - on Change" 8atur-
day to tho ofroct that Mr. 3. F. Allen, Of tho Cook
County National bnnk was tho primo mo7er
That ho D'ss lad recent1y ''' como horo oness and
had succeeded In getting himself elected Pros
.e .aent of th9 bank thereby dissatistyng mnny Of
Of tho bank and Of t6o depositors and stock.
holders In tho intereBtBof tho cornor;" also that,
bcing Director In tho Rock lsland and North
western Railroads, ho was "using his influence
to prcyent: wheat from coming into this city,
Evon II thcre wero no other. grounds for pro-
nounoing this q story got up In tho interest Of
parties Who soela willing 10 resort to any means
point, It y m extremely improbable one,
Allon wna only olectol President Of tho
bank on Tuesday, and 1t is not likely he could bo
money, oyon il he were so disposed, By Saturday
morning. Second, the stock Of tho Cook Coun-
y Bank has advanced s per cont since tho oloo-
tion. and solla now at 1o6. L any Of the stock
certainly DO hard to please. Wo don't 500 how
my could be dissatisaed except those who sold
their stock at 100 juss before tho election. The
allegation that hlr. Allen, being ono Of soyen-
thirteen in the Rock Island, possesses such con-
troll over both roads and Directors as to pre-
Won't Or even intorfero With their bringing wheat
to Chicago, ia only q little more r.
story, which, as s. vii whole, rs Is unworthy nv thy
belief or consideration by nny sensible man.
II 1t wore tho rule to put into print all tho cock
and-bull stories that malice Bonerates in tho
e9an9 Of tho ssapers G9 Change We should
morning papora every few days.
TEE POUND sTEH11Na AND TILE NEW TRADE DoI-
LAR.
u, Tho absurd custom Of Valning the pouna'ater.
ling at the old colonial standard 6f 84.44.4, and
adding nominal premium OF s9h per cont to
mako It up to its real equivalent Of s4.868,e in
tho present standard CON Of tho United States,
will cease on Jan. !, 1874. In some COM
hat
our our now trade dollar il pretty % eertain ITO to
carry largor premium than tho Mexican dol
lar." While tloro iR not much reason to doubt
this, 1t is difficult to SEQ wherein tho now Law
cent moro us bullion than 1t iB Us legal tendor
IN the payment Of debts, Is any less absurd
than TIC custom Of calling q pound storl
ing s4.A4 instead Of ita real value Of
law for the new trado dollar is to stimulate
the expectation Of silver, nad in this way crl-
tlyato tEado with China. # tho Chinese
do net tnko our new trade dollar for
paying premium for Chinese trado, which would
only inoite other nations to offer tho Same kind
Of q bonus. II they should take It Of its full
value, there a no roason Why they would not a1so
centH IN silver, which would also be available for
circulation in this country. Tho fractional parts
Of silver dollar, as NOW coined at the Unitod
cents in gold on tho dollar. II tho price Of gold
should ever get down to d fraction below
1o6, It would afford tho means OF par
ttal resumption Of Bpccio payments at that
point, and, though gold might auotuato be-
tween 100 and 106, good supply Of silver
.half-dollars IN this country would have tom
dency to check the riso in tho prico Of gold to
any figure above 10G But tho stimulation Of
the export Of silver Us bullion in tho form Of
the new trado dollar would have an influence to
prevent the accumulation Of Buch supply Of
silver.
LOCAL srooK AND BOND MARKET.