, 1873-02-28


The price OF gold has risen So, gradually from
an average Of about 1l9555 in December, to an
average of. Liz for the month snf' February,
that few persons have noted the importance Of
-tl.s: thangA, but That it Indicates much more
unfavorsble condition Of our foreign trade and
foreign indebtedness, and that the tendency Of
4ituationl thereia' 40 doubt: il-=~ = -
The stI5neensz i Aey T; Xo1k ia; doubtless to
by the manipulations Of. tha bears in the stock
market, but there has also been 8 great drain
nf cash capital from that city to Europe; .and
New YorE Is unquestionab1y much poorer in
available funds then 'she was year ago, or
even six weeks ago. II this. depletion of funds
Tas in consequence Of q movement Of currency
to market crops, titswould not present SO un-
favorable IN aspect, but It is apparent that this
money has gone to Europe to- pay The interest
liabilities on American securities and that
it will not come back except in the shape OF an
4ncraase Of the loan, and . consequent in
c-ease ct the interest liability next year.
he extremely low rates for money IN London are
York. and: show that the. general scarcity Of
money in the United 5tates Is not due to any
general scarcity in the great money markets. Of
the world, but that notTithst anding the general
appearancel o. prosperity II this country. the
tendency is IN the reverse direction. Moneyia
nos SO abundant IN London that the foreign
hlll-dravers Of New Yor1 are lending their credit
to large extent in tho shape Of sixty-day billa
on LONDON. (which .Bill. ba paid by the return to
Them Of other bills, drawn. as these arc, against
no hgi:tzaatd shipment of products. The Whole
process is practically Dorrowing. money on
call of the London banks, aad any return
pf @stringcncy in the London market would at
3nes cut .pn this teinPorary relef. TO- the New
z-naitcan' markets GENERALLY than it has bean for
years. The 6ltuntlon Is not p datteEiog ouo and
tho ptosp6ct. ct an easar money market is not
very pfomisipg. # there .shanld be an active
demand in England for American. hxeadstuf1s
fh1s spring, it may ameliorate the condition OF
the money uaGket, but the" iact that sirce Sent.
!, 1872, We have already sent forward to Europe
1,5H.265 bales OF cotton, against 1885, ,80S in
the same perlod pf last tyeAr, and that notwith-
standing we have thus marketed fourth more
potion than did last year, it has not made the
money market easy; shows TINT but little relief
can be expected t1onths export Of the less im-
PoEtaEt article of breaastaff8.
TIE Observation-Disclosures RTsNEsa, -.;,
- The amount Of capital invested 10 appliRucea
and machinery for railroad building in: tie West
bus BECOME so great that i: has, in 3 measure,
compelled @ the owners Of it to offer Inducements
hre ultimately tue cause: of tho. failure~of the
ront1actors: Only q few months ago-4a large
xaalroad-building firm, having their works at
G!ncinnau and Fortsmouth Ohio, failed because
could not market = bonds in" Europe The
recent failure. Of the firm .:of- Wood.
Sons e. Coz OF. -Pittsburgh,~ ono +of the
10ess: o. :-fon-manafacturlns concerns IN the
.Mest, Was from airnilar ~cauee. IT appears
stnRe the hrm had a. number ot extensive con
Tracts tor railroad iron and In 'rayimaIit thare
for, were satisfied with .Girtaa w;fh T1nsna,i1
long time to run-4n 7hnt, :;naaa5 ~ ahy
hsn,s 3decJ;y,n1 ~ afas4t4 Hi tt.aso4t LIE. lne
>tion br,n7h shnt ~ 4tsgans kne paper: Iha &C.
a;4e5 aoout . GIlsis, 1or a 1eW. days Ego
ons'de1pe ant 10 anonnt Of the paper Of the firm
vent TO protest, and their business consequently
was interrupted. The total estimata of Cha la
bilities OF the arm haa ,nt hear nra"1aa1s 49,. $500
fajned hnt ~ 1,-,-,sr;t @ ~ o:en +. esin9y asce5
as 30 oos osc LIZ ~ sappos1tlon ia that they WILL
t1oen S1,1sp,uuu. Inc paper WHICH they have IN
Ehe1r possession f6ots 1p to something over
81 8oU, ,ood, and their other debt to over sa0009G
Ina :ASsele OF she Company arc alleged to
70 ample 20 cover all AahlAtles. The firm own
hSt 80 y .A4aoo.o ttupe1tys consisting cl-1 Tour
inssd p..la 1ontag AUG 1aH m1n at Hhear-
1aua' ntasions on fhe" f1ttsbufghs &~ Erie Bull
soaA sAtA9~ItaRl0' Iron NoIKS, IN south Pitts
burgh, vast concern; which together With the
stool, ,:n1c.,e are valued in the agere1ata at
e3 500 OCH 49, ~ooEs.-
- 13,e .nf17r,o77u ,,;;,o,.,t ~
f1,a ~. - y s .t.- y. eep.een - Tot51 ~
. LIS anhs o1 Inese great ral!foad-GulldlnE
AZ u tnt lecess1tJ OF nn01nG t1ftner occu-
laIio.. ;of it in the same line, has doubtless
cortiuuted" to ;atimulats the building OF rail