, 1873-03-21
MONEY and COMMERCE,
MONETARY.


TuunsDAr EVENING, March 20,
Tho local money market continues to work
poderately oAny yot, notwithstanding that q
large amount Of capital is being absorbed III
elevators and In voAsols In tho river. Nearly
ivory available ono Of tho lattor Ia full, and
the storage capacity Of that kind IL llkoly to bo
Ill taken up long boforo tho opening Of naviga-
lion. In tho stroos, tho amount Of papor Of
fered Is largo. No branch Of financial business
In this city has increased moro rapidly within the
past two years than tho brokerage Of business
paper In tlid street. Tho volume Of money
sooking Investment In thoao channels ia threo o,
four timon aa great ID 1t was two yoars ago. Al
tho present timo tho supply Of money in thla
way is ample to tako a1l tho good paror offered
There is an active domnnd from tho country
eor currency, which obltgos some Of the banks to
sol exchange to moot It. salcs OF New York
funds wero 1nado to-day at 25o per $1,000 dis
count.
The State savings institution Of this city has
Increased its capital to 100000. Tho capital
has heretofore boon 9106,00 besides surplus
900. Under tho present nrrango goment for M In.
crease, tho 8105, ,000 Burplun is to 10 divided
among tho old stockholders, and 1896, 600 Of now
ltock subscribed Is to bo paid in by tho 27th OF
this month.
TIE rnoroHED sAvIN0s pANK Law.
Some tinlo ago two bills for tho regulation OF
The savings banks Of Illinois wero Introduced IL
tho Legislature; ono by Senator Caatlo Whien
VAS sa b. o Senate but has oS n9In IN
Senator. starno, which got ~ far as . third
Fsuding. Tho muin point Of intcrcst In botl,
bills III that savings banka bo required to make
fenE i've egnfy yos apg ptSs ta
whoro tho bank III located. Mr. Caslos bill provdoa
also for tho appointment. Of Daauk ..E3anliner,
WHO shall lavo acceso to all tho bools and pnpcrs,
tho tho published statomont Of tho bauk officers
At any tlmo. Some. othor general pro-
Visions might well 10 addod., as
for instance: that thore, nhould DO
but il tic Legislature docn nothing moro Tor tho
regulation OF Baylngs banks, it ought at leaat to
pass law requiring tho naSings banks to mako
reports TINT shall bo @ full exhibit Of tho real
condition OF zach bank, and provide FOR Bans
conapleto exhibit. Eyen il nothing moro than
this Is done, it will he nomotlliug Of safeguard
against unsound savinga banka, whereas thoro is
6alcors know anything Of tho roal condition Of
Any Of our savings banka. Twelve millions Of
savings arc hold by savings banks IN Chicago.
The manner In which this iB disposed Of by tho
rity, whether on land north as much
asthe 1oan or not-of theso thinga tho depositors
aud the public know nothing whatoyor, oxcept
what the bank managers doom advisable to mako
2aot TINT good many Of tho savings banks now
find it advisable not to mako any showing OF
their condition only few Of them have over
done 10, hnd some Of thcln never will until they
arc compelled by LAW. There Is no other d.
partnent Of finances u which roform is so
necessary to the public good. Morchauts,
traders, and commercial bankers ma5 imagine
thoy haro only secondary interest in tile ro-
form Of the system of aayinga- banking In Chica-
60, but II any considerable disaster should
occur among :: the savings banks it
would ut loast cauae great, disturbance
In finances generally, and there is no telling
what tho result might bo. There will Of course,
be some opposition to any such measure There
always iB to any REFORM but the business COM
munIty should uso their influence with tho Log
lslature to have something dono to give III safer
systom Of savings banks.
THE PRICE OF GOLD
vas stronger to-day, and tho range Of quotations
higher than for nearly a.year past. The rise has
been nearly per cont since the last 2lalf OF Do
eamber, aud it Is not improbable that, in month
oE Than ths yns amount Of Of I'D
price Of both sterling exchange and gold will
rise considerably higher.
TIE DowLEs FAILURE.
Tho tono Of both the English and American
pApero-thRt refer to the recent failure Of DowloR
Brothers ut nll-hnB baen much modified Of late,
Ind there is moro gonoral disposition to regard
It as at least nothing worso than o failure NOT
swindle. That the bank WAS organized on q
scale too grand for the purse Of its hackers, ind
thAt at crisia when perhaps tho expenses woro
the largest and tho profits only promiesiyc, it
failed disastrously, aeems to have boon about the
whole fact The absence Of Intentional fraud is
shown by tho fact tlat mono Of the firm have
saved anything from the nrocls, and that thoy
propose to make tho unfortunate creditors good
Is far aB possible. In regard to the pawning Of
tho securities OF deposltors, it was not lono ex-
stand, by Mr.. Keith. Tho Londonmanager, b tile
absence OF Charles Dowlee.
LOCAL sToCK AND DoND MARKET.
HeBsrs Lunt, Preston l. KcRn quote al fol-
5nra fhta nf4