, 1873-11-13
HONEY AND com ERCE.
MONETARY.

WEDNESDAY EVENING, Nov, II,
Tho local money marAos proHents 10 cla,gcB
worthy Of noto. Monoy la tight at Tho banls,
hut thero appears to be n good deal offerod ii,
tue opon market Mt from IL to 20 por cout por
annum. Thoro Ia also good donl Of papcr Of
1erea' bnt iii nanny Instances tho holders Of papcs
nfo rotuslHg to pay thoso high ratoa. and only
offer about u per cont.
Tho amount Of oxchango now made aua,nnt
sn'pn1ohta OF grain Is worry small. aud to supply
tllo demalld for Now York funds Tho banks arp
steadily shipping currency to Now York. rboro
la, howeVcr, considerable Influx Of curronov
from tho country yot and, contrary to tho usual
experience ct thia tino In tho year, t,oro is yory
little boh1g sont out 10 tho hog-raisnr seotionn.
There Ia no doubt ahout tho Improvement III
tho feeling It'll financial circlos, not only III this
city, but III Now York md IL, Europe. Tho Now
aork 8toct market, which is worry sensitive bar-
ometer Of the financial atmosphere, is higher
and atoadicr to-day. Tho nows comos from
London that D. better feoling prevails thoro
also aud that tic Bank Of England will not
advance its ratio OF discount aboyo per cont,
At least for tho prosont. As remnrked ycB-
tortlny. thoro Is no special roaBon for this
Improved fociing unless It be that peoplo hayo
come to the goncral conclusion TINT tho Objects
Of all tho fniuroH and unfayorablo developments
THAT may happen or can hanpcn. hayo boen dis
cotintcl Everybody. merchants, manufactur-
nrH, and bankers, havo loagcd and contracted
and calfct IN I'LL tl.or means posaible. 1t is por-
halw MISC beginning to dawn OIL tho minds OF
people TINT It IL tlo worry pressure Of propara-
sion FOR nnfavorablo developments that pro.
dncos many of the disasters Which 1t was intend
cd to pfovont and that more lenity must bo tic
rule. -: -
N this connection VIC would say TINT tho re-
llarks in yoaterdays money articlo III regard to
legislative relief for b:ora was not intended to
lavsr tho ropeaf OF tho National Bankrupt law.
which is, az whole, probably tho most ouuit-
able onaclnont for both lobtor aud creditor that
Gun DO devised. Noisher could thoro DO a.,y stay
!aw or othor cnactmont, either by tho Statca Of
BY Congress, that would bo constitutional, be-
contracts. Aud yet it is certain tint there must.
either by common consent or otherwise, 10 a
! general extension Of debts maturing within tic
ncxt ycar.
:. Tho proposed reforms in tho practice of New
YORK. banking, as stated in our dispatches Of
thls morning. arc undoubtedly good ones if thew
can DO made operative. The iact TINT there il
now ID existence a law Of Congress fapproyel
1larch 8. 1862 prohibiting National Banks from
certifying checks when there is not an equal
nmount Of funds to tho trawor's crodlt and that
tiia Inv las boen entirely Intellectual 10 proycnt
tho practice shows tlat 1t would be useless for
Congress- 10 prohibit the payment by tho Nation.
al Banks Of Interest on deposits, and that
tho only means Of prohibiting either OF
tho above PRACTICES III by tho adoption Of rulos
~ tho Clearing Houses in the various cities to
that eject. Wall str1us would Of courso bring |
powerful, infuc1n'' to bear to prevent Tic |
adoption Of tho proposed ruleB aud aH It is we'll
kuow1l ma!ly OF tho New York bnnk8 arc COLI |
tro'lod by Wall street capital, the adoption Of |
the iulca Will bo tho subject Of a conloAt.
CURRENT RAILROAD EARNINGS.
Tho following compilation of railroad earn
inge il Of interest