, 1873-05-21
MONEY AND COMMERCE
MONETARY.

TuERnAr EvENrN0, May 20.
Iho local money market continues tolorably
we'll supplied with funds. Tho National Banks
nro cndeavoriug to kcop protty strong, bocauBc
they have boon expecting oall from tho Comp.
frollor for Htatomont, for several weokB past
though thoro is no moro reason for expecting II
now than thoro waB a week or two ago. As fa1
as the future can 10 foreBcon nov, tloro aoeme
no reason to fcar but TINT nlonoy will remain
tolorab1y easy all this spring and summer. Il.
tho open market, money Is to DO Ind on prime
.collatcrals ut 10 per cent, aud whlo Homo Of tho
banks aro buying outside pnpor at considerably
higher rates than that, thoy aro also offering to
loan on call at 10 and even at per cent.
Owing to IN increase In the country demand
for currency, and partly also to nh increase OF
exchange, tho price Of Now York exchange drop.
pod from par yesterday to Goo per $1,000 dis
TIE spnINa TRADE
Of Chicago has not beon up to tho expectations
of our wholesalers and fobbers. Considering
tho extromo baokwardnosa of tho soason, It
could not well DO otherwise. But whilo
probably would havo Ind II Tho Weather had
boon moro propitlous, We hoar Of no such in
timations Of an cnlre failure Of tho spring trade
as como to US from New York. Thoro, tho lnto:
neas Of tho. soason has prevented any domand
for m important and expensive class Of dry
goods intended for tho intermediate weather be-
tvoen winter and summer. Tho advance in tho
price Of gold since tho beginning Of tho year has
Importers, and involves considerable 1osseB in
caaoa where Importers had sold goods to Gus
tomoEs some months ago On basis Of green,
backs sS Moft 81 to . ss eoqts On the dollar
with greonhacka worth only 81 to 80
conts on tho dollar. A higher price for gold
implios lowor price for the commodities OK
changed for It, unless tho currency 'I prices arc
gold, which Ia not ofton the case. It frequently
requires somo months before prices of commodf-
tios riao in accordance with tho rise in tho price
Of gold. Tho prices Of our products, which are
like Liverpool, and luctuato from day to day
il all the marketa of this country In accord
ance with tho fluctuations in Liverpool,
follow tho price Of gold very qutekly: 7 PIT It
different. Whom gold ADVANCES rapidly their
pricea lag behind, and for a timo they are
lover in gold in this country than before
the advance III gold began, and yico versa, when
gold declinos rapidly and eseadily, their moro
elowly-moying prl,oa make tho actual gold
value Of the curront pricos Of imported and
manufactured goods highor than it should be.
1t follows, therefore, that during the process Of
rise iu gold the importers and manufacturers
suffer, and during tho process Of decline they
gain moro than their apparent profits.
nEDEMrTIoNB or CURRENCY.
4 few days ago the Postmastor- General de-
cdod that after the 1at Of July letters containing
currency sent through tho mails to or from tho
Treasurer Of tho United statea may 10 regiatered
without chnrge, but tho postage on them must
DO paid al on all other like malable matter.
:, THE NEW TRADE s1LvEn DOLLAR
authorized by tho .'Coinage act of 1873" will
tlail the old silver dollar, and will be worth
Sl.0oH5 in silver.
BAN rnASc1sco nANKs.
Tho now "Anglo-Callfornian Bank to be es-
Of &C, ,0ou 000 or just about equal to that Of the
Bank Of California, which llas capital OF $5,-
00O,0o0 aud surplus Of somewhere near 91,-
100000: Thoro are now four National gold
San Diego with a capital OF 5000, 900,
and two in San Francisco with MI aggregate cap
ital Of $2,600,000. Including the new bank first
mentioned tic aggregate capital Of the COM
100000.
TIE posr-oFF1cE sAv1Nas DANKs OF ENGLAND
have been q succoss in that country. Tho plan
was introduced by hlr. Gladstone twelve years
accounts in these postal banks, making deposita
in theaggregate Of $500 000 900. The withdrawals,
portion of which, Of course, was accrued in
terest, amounts to s17o, o,ooo, GOO !; while at tue
savings invested In these banks to the amount Of
$100,000,000. Tho interest allowed on deposits
is per cent One Of the features that rocom-
mend this plan to the public IL that the depositor
can, upon Identification, draw his money at any
post-off1co in the country, thus acquiring, to some
extent, the advantages Of travelling letter OF
credit Notwithstanding these advantages in
cident to tho system in England, it is doubtful
il they would not be oyerbalanced by the whole
inatitution being turned into political machine
II it were established in tho United States, a.
proposed by the Administration.
LOCAL aTocK AND BOND MARKET.
MeAara I.nnt PraatOn L Knan f11la,fa fnl