, 1873-04-17
Financial and Commercial.

SEATTLE, April 10 1919.
the Puget Sound Banking Company
report gold in New York 1885, currency
buying, ,S5; Sight Exchange on Portland
and San Francisco. "A per cent. pre-
mum, on New York l per cent. pre-
MUM for Currency, TX per cent. pre-
MUM for Gold. Sterling Sight Drafts
On Jay Cooke, Mccullough & Co., Lon
don, England, $5 10 per E. These
drafts are cashed by special agreement
&all over Ireland, Scotland and the Con-
inent free of charge.
Gold in New York is reported firm,
with an upward tendency. From late
circular of Henry Clews & Co., Bankers
New York, we clip the following, rela-
tive to the high premium:
The Gold premium continues very
firm, Notwithstanding the high rates for
money. The late depression in the
rates of exchange have not sensibly af-
fected it, for the reason that the large
supply of bills that caused the decline
we're mainly borrowed AMI had to be
nroyided for in about six weeks after
the issue of the bills. Indeed, the bor-
rowed exchange simply amounted to
postponemeut of SO much Of our foreign
Indebtedness, and we have now to pay
20 Europe in April what otherwise would
have been paid in February. But for
these special issues of credit bills we
should propably have shipped consid-
cradle amount of specie which has beer
retained ut home; and the uncertainty
whether the settlement of them next
month may not cause a renewal of specie
shipments. is oneshf the elements of the
prevailing sensitiveness in the premium.
The low condition of the stock of gold
in the Treasury has an influence in the
ison shows the amount of gold In
same direction. The following compar-
the Treasury and of gold Certificates
outstanding, ON the 1st of March, for the
three last years,
Gold Gold Gold
Balance. Certifc's owned
ontstand- by
ing. Treasy.
March ISI3 s65 900, 900 s24 10000 si1 900 600
1,1s7a 10l 500, 900 -, 500,i 90 69,09o,000
1,ls7l 1o3, 500, 900 29,Co0,oo0 73,5oO.00O
1t will be seen from these figures that
the treasury held, ON the 1st inst, only
Sal 900, 900 of its own coin, while at the
same time last year it held SG9, 900, 900,
and in 1871, S73,000,000, thus the
amount of gold owned now by the Gov
ernment is $34, 800, 900 less than on ar
average for this period of the last two
years. This exceptionally low state of
the supply of gold happens at a time
peculiarly unfavor,ble. Our importa-
tions of Merchandise are very large, being
in excess of the unprecedented receipts
of last year; while our exports show the
same large deficiency as compared with
the imports. as in 1872. Under these
circumstances, We need to be able to
,lace a very considerable amount of our
securities in the foreign markets; and
yet, the amount of such negotiations ac-
tually effected appears to be quite mad
equate to the req ,.isemcnts Of the situa-
ton.
The review of the trade for the past
week is not very satisfactory. The clos
ind ont of the stock by the assignee of
Stone Il Burnett, at prices that honest
merchants cannot compete with, has
made trade dull, but present affairs
cannot last long; trade p'ust improve
from time; in fact our merchants report
better feeling and are satisfied that
there will be a good trade this spring
and summer. The late large failure
here has necessarily thrown discredit
on our city, and will make wholesale
merchants more careful to whom they
extend credit, and so 1t should, for there
is much yet under cover and many sus-
picious circumstances connected with
this failure.
Referring to the lumber market the
San Francisco Call says: This trade is
very quiet at present, attributable IN
measure to the stringency in the money
market, which curtails building opera
tions. The wholesale dealers IN Puget
Sound pine recently formed a combina-
ton to keep prices up to $lS for rough,
by agreeing to take all outside cargoes
at SIS that cannot be sold at $1S the
outside mill owners agreeing on their
pars not to sell for Kiss than SIS except
to the combination.