, 1873-02-08
MONEY AND COMH9E:nCE,
MONETARY.

MVNE I FlQD VVisl aaE -siVEs
MONETARY.
rn1nay EvEE1xa, Fch. 7.
THO 1ocal money market renains In worry mrol1
the uame condition as for tho past throo or fou
days. Tho lomaud from nearly NIL departments
Of trade for bank accommodation 10 Bill IafRe'y
In excess Of tho supply Of loanablo funds. Inc
domand from MI parts Of the grasl1.pfo'ne'n8
roeious for currency Ia still 1argo-Ho largo thHt
conaidcr;no the nn,ount that Inns boon scnt out
dnr,n1 tho laat 1hroo weeks. 1t Ia tho subject Of
much ronaark, 40 Indicating nctiylty In tho movo-
mont of all kiutla OF grau. Whether 1t will
como into this city Or not Toy tho present il an
oslor question, but everything indicates that It
is coming in freely TO tho secondary cities Of tho
intcrior; md as tho baiks' III t1o:o pla-cs are
asking considerable accumulation from their
correspondents hero, tile effect to absorb bank
capital in tho holding Of grain IL mitch t1lo same
AZ ii it camo in 1loro at onco.
In tho open market tho supply OF ,nonoy aocnlB
to be improving d little, though londers show m
indispostton to tako business paper evon at ~
per cent per mouth, and GLOW n preference for
loans Oh collasorals at 10 10 u per cent per
pnnun.
Exchange ia still depressed, but II is more ow-
lNE u L4G AeulAuA lNl CAllGuCy kuEA u uHy
excessive supply Of exchange Sales woro mado
between banks to-day ut 76o por 81 600 discount.
CHANGE OF pASr OFFICERS.
Mr.. II. D. buchanan. who haa been we'll known
to the commercial m public ior HMsay y9ars as the
thia city, has 1eaig1od that position to accept
National Bank, whcro he tpkcs an i'm.
nSr'ns seva ns01Ss Sas II n s fSe ssseesnt s9a anS
Of the business. Mr.. Buchanan is we'll known
So q careful aud conservative banker, aud viii,
without doubt. aid largely, in establishing, .
which lo is connected. At o meeting Of the
Directors Of tho Commercial National, Fob. 2,
NIr. George L. Otis, for number Of years the
ctllciont Aaslstant Cashier Of tho Commercial,
Buchanan, aud Is entitled to tho position In
virtue Of bis thorough acquaintance with tho
hanks business and established policy. Tho
Directors Of tho Commercial. through thoir COM
1nitt6e appointed for tho purpoao, pasuod tho
following resolution:
Eesolred, That in accepting tho roagnaton Of IT. ..
Braelofa to s hr reere osn tho
eervicea Of enc who has contributed 90 much to
e n e d1 @ a1 an we s
marked hs of1cin connection with this bnnfs may
secure him HI. future M sness
onr beat wishes ho may carry with him pleasing rccol-
AUCTIONS Of our long association.
'''@'' t. IT,; !; sz:ssss' s5:;z:; zss Committee.
GOVERNMENT REGULATION or THE MARKETS.,
Tho use Of Government fund.- ut the option Of
the ohief financial officer Of the Goyornment.
like nearly al othor bud things, is contagious.
Mr. Doutwclfs assumption Of authority to issue
Gaancd best has sol the example for sir Frencia
Hincks, tho Finance Minister Of tho Dominion
Of Canada, who, i'll Wow Of the prevailing
atringency In tho money marlset has Invited
fhnflara from hanks fnr t1B nElr1pEe nf 1,Dn1nr7
exchange, the proceeds to rcmain on deposit ut
bper co., interest. Tenders for n very largo
sonn hs1s q bsSa eer rs;5s and s sass t. Sta a
mndc. Tho lowest tendor accepted was Mt
the rate Of 92% per cent. premium.
Nobody, questions that; tho effect Of nIr:
a temporary good effect, ,as tie giving Of
arsenic, or prueso ncid, or other loisonB, may at
times have a good effect On sick man when tho
dose nnd tho time arc governed by tho Judgment
finance ministers is in the presumption tint they
markets at al. Tho fact TINT dovornmonts5
ahould have any " reserve fund" on hand at al,
ehows that thore has been excessive and ndunneccs-
eary taxation. Government Treaguries must, OF
course, hold funds that are Bopn to ba ugad III
tho payment Of current expenses, and to meet
anatrring liabilities, Other than this, Govern-
money, except In timo Of war for =" military
chest" to carry on tho war, Which is only
another form of curront e1penso., Onco recognize
the principle that it is tho province Of
Government TO regulate tho money market, and
the argument In ita bohalf holds equally good
for Tho regulation of tho price Of provisions and
houno rent, and for the pnrcbaso Of stock OF
coal when prices are low, 30 that tho supply
may bo used to crush *ho specnlators in TINT
article In times Of scarcity. In ahort, this is tho
protective principle, which has. governed franco
from time to time IL The extremes Of military
dospotinm on tho one hand and Communism oi
the other.
TIE FRAMING PRIVILEGE.
Tho Ncw York Journal Of Commerce denies
that the abolition Of tie franking privilege OF
Congressman takes away tho FREQ exchange OF
newspopera and magazines, and quotes tho now
aot and also another one which was q separate
aud distinct authority for tho exchange OF pub
licntlons Tho following is tho now act:
Bets enacted, de-, That the frankins privilege DO,
Of and at oen s1
correspondence OF whatever uaure, and other aialls
maer sent from or addressed TO ,any oaeer Of the
matter shal1 10 charged with the SANG rate, Of postage
"a may 10 lawfully inposea upon like matter sent by
This does not repeal tho act Of last session,
which proyidcs tlat the following mail matter
ehall so free in the malls:
NswspapeEo periodicals ana magazines reciprocal.
sixteen ounces in weight; to 10 confined to single
copy Of each publication.
sc1bor within tho county whore the SANG ia printed
aud published; but carriers Rhu1 not he required to
distribute aurh papers unlcaa poaago a paid upon
them ut the lleua ratcr.
LOCAL Srocx AND bond MARKET.
Mcssrs. Lunt, Preston & kean quote as follows
this aftorucou:
Bnytag. Se!iing.
o-20e o1 G.. .l!1a< ~
6-e0s Of f'oi.......................l1 iii
.b-a0s Of w5. w5......................llh 1151
6-2Os OF 65, Jau. anl July. .,...,. ..113,f ia
b-2os Of 81, Jau. lnd July. .....,...l16is 1lo7S
6-oos OF 'd8 Jan. and July...,... ,1lt 11UI
1Q-4es .....,......... .................l1tx l14H
y. 8: IS tnew ik6ne}, ex. int..... Lux 113H
Sortlorn Pacific Gold 1905 ..... .... IC0 Il tnt.
Chicago City yis.................. n1i5 l. Int.
Cook County y7s.................. 49,. G0!1 l. Int.
Illinois, County and Township 10a .... 05Gso7tf
Sterling Exchange uargc drattB).. k-110l{
Gald Exchange. go...........,...... -. f131