, 1873-09-17
MONEY AND co OW MERGE


TUESDAY EvENrNa, Hcpt. 10.
Tho AoH Of cttrronoy to tho country contnucB,
hut It IL evidently IN bnallor volume than last
week, ind 1t now Boon1B probable Lint It wlll con-
tinuo to diminish and that receipts Of currency
from tho interior will continue to iucroaso until
thoy may balance oaoh other. 1t Ia not prob
nblo, howoyor, TINT mitch currency will go baoIs
to Now York at any timo this fall. Tho markot-
ing Of largur GRIM crops than usual will employ
nll tho currency now In tho Wost until
It is required In tho marketing OF
hogs. Tho nlain point Of interest III
connection viii, tho unusually largo movement
OF currency to tho country during tho Inst tlroe
wcoks is that It indlcatos o steadily increasing
volume OF business in the country In tho sa1o Of
proluctH. IN fur na Tho money market ia con-
cornol, tho low Of currency to tho country has
but little olfoot on 1t MS long aB tho products
como III frooly, and nlove stoatlly eastward, 80
as to furnish exchange agaiust tho shipmonts.
In fact the transportation question is tho
nno on which tho money market, and.
In fact, tic whole inspect Of
Tho fall and wntcr trade depend, Evorv otl,or
condition Id favornb1o to tho moat prosperous
fall and winter business cyor known In tho
Northwest, viz: IN unusually largo crop Of
whent and good forstgn demand for tho whole
surplus at moro than average price. All that
ls wantod ia sufficient means OF transportation
Now York exchange WAS very flint today At
s1.50 por $1,000 discount for saloa between
banks. Tho amount Of exchange now OH tho
market ia very largo md currency il so scarce
thnt to convert tho ono into the other is IN ex-
ponsiye business.
Tho tonor Of tho telographio reporta from Now
York indicates now that the arrangement in tho
Fntu 1f 1,xT H.. t..
ny resulting III tho Suspension Of Kenyon, Cox l.
TO. will DO arranged 30 that construction and
equipment operations will aoon be resumed. 1t
!s understood TINT tho paper mado by tho Canada
Southern aud inlorsed by Kenyon, Cox l. Co..
tAtr. Cox, Of TINT firm, boinE Treasurer Of tho
Canada southorn), was main1y for tho oquip-
mont Of tho road. For somo timo past 1t has
boon expected that the Company would be able to
negotiate bonasin Europe tomees this expenditure
but the unuettlemont Of confidence In Amorican
railroad eecuritioa Which began with tho default
Of interest on the bonds Of several prominent
NeHtern roads, aud has been Increased BY tho
:" Farmers Moyomont," has delayed tho negotia-
ton OF tho bonds., In tho meantime the road
IN need Of rolling stock that thcy began Its pur-
chase In advance Of the negotiation Of tho bonds
which was supposed to be only temporarily do
layed: Tho delay, however, proved moro seri-
pension.
There Is no question but TINT public opinion
IN European money centros has undergone D
great change in regard to all American railroad
Boeurties during tho lust sx months. II ID only
few months Since Commodore Vanderbilt en-
aoayorod without success to negotiate $o,00O..
ooo loan in Europe for tho vory legitimate pur~
poso Of donblo-traoking the Now York Contral,
and though some other companies (notab1y tho
ponneylyanin. Company have succeeded in
negotiating large loans there lately, It is quito
evident that for tho present European capitalists
have got enough Of our railroad bonds, and that
the enormous expansion Of our railroad Bystam
which has boon induced by the facility with
which bonds could be ncgotiated In Europe is at
an end.
LOCAL RTOCK AND noND MARKET
MeBsrs. Preston, Kenn L Co nunta M fol.