, 1873-12-16
n ONEY AND COMMERCE.


AloHDAS EVENING, Dee. 10.
Gold advanced again to~day ror cent ovor tho
prices cnrront 1ast week, and will probably COLI
tinue to to so ns the process Of initiating tho
serve" progresses. THO advance III gold nlsp
,auBoa ai advance Of al,out couts por buslol
III the leading corenls In This innrlot.
Money continues plunty in this market, on
primo collatornls or gi]t-edgod commercial paper,
Mt 10 per cont. A fow bn,lka also aro making
aemnnd-loans OIL primo collatorals at per cent.
On the other hand, Bomo OF tho hunks report
applications boing maao by country Lnnks for
accommodation, titus showing TINT money III
much scarcer in tho country than III tho city.
There Hootns to bo no end to tho aupply OF
hogs, and tho amount of currency going to tho
country from day to dny to pay for tlom Is
worry largo.
New York exchange is in larger supply, nn1
sel1s betwcon banks at 25o per 81 900 discount.
with exceptional sales at 50o discount. Tho dc.
maud for currency Is 20 large that 1t depresHos
the price OF exchange, and will probably BOON
cause D. dow Of currouoy from Now York to this
city.
One Of tho principal topics Of conversation to-
day in financial circles WIS tho default Of tho
City Treasurer and the doloit in tho city fl1nda
which j. now acknowledged to he $780, 600,
about tl,e interest Which 1t ina been customary
to pay over TO the city for tho use Of tho fund.-.
But as there Inns been no interest paid into the
City Treasury sinc0 Juno, 1879, 1t IL necenBary
TO add ut least $751; 900 for tho so Of tho aver
ago amount uf 81, 600, QUO reported to be in tho
CITY Irefsury for the last cigl.toen mouths. This
makes ali aggregate docit Of about 9i25, 900 in
city would havo after doducting $4,000
lu two suspended banks. Tho queation
which seems to puzzlo everybody, nnd
Of which no plausible explanation has beo,i made
amount Of $495, ,O0o2 How was it loAt7 II haB
been we'll known for sonlo timo that Mr.. Gage,
tho City Treasurer, Lad been engaged in num-
ber OF corporate enterprises, the most of which
have been losing investmon!s,- tho Rtvorsido
Iolorraph. tho Ab4o Knitting-Luon Company,
Lie Woodmau Cracker Bakery, tho parlnooe
Omnibus Company, the loaBo Of tho Pacific
t1otol, tho Gregory Mine, ETC., .eto. OF these,
paid large profits, and tho loaso OF the Pacific
Hotel has at lcast mot been the mcans Of my
loas. Do:orc Mr. oago took the City Treasurer
slip, no waB peculiarly supposed to bo worth at
least $500. 200 oyor alid above ul his dobts. But
aow. according 10 liu own fguros, Ills entire
property amounts to only about $500 000 or less
:han 100000 over the total doficit In tho city
funds, as mentioned above; and it is probable
;hat If tho property we're sold out within the ncxt
shrce or Blk moutlis, it would not sell for az much
~ the SAYS, 900 deficit. It is, Of courae, UNDER
stood tha. tho city has no legal caim for inter-
hht on its fuhdA in tho hands of tho Treasurer
Tho most TINT tho city can legAlly demand Of Its
Treasurer is the ropaymont Of lilo tutn amount
received by him from tho Collector. The pay-
ment of any intorest IL voluntary act-u fit
Oh tho part Of the Treasurer to tho city. Never
tho!eBs it hna been customary to pay it, At the
sano time, the TreaBurer's salary Is only g. ,5U0
per ann1,u.-an amount 80 potty, compared
with tho amount Of the bond tllo Treasurer
3 required to give that it is apparent tho real
:omlensa!on Of the Treasurer is .',o perquisiies
tho Treasurer could find men to 60 on his bond |
to tho amount Of IL ,0uo,000 nn1ess the bouds-
men wero ill Bolno why to dorive q benefit from |
tho uso OF the nuncy in his hands, and it may be
to deposit city funds in tho banks thnt will pay
tho moas intoross, ind for tho Tseus-
urer, to ,pay over thu whole, or
nearly tic whole, Of this interest to tho
city. Keeping up tho farce OF assuming all tho
liabilities Of the office for nothing, just 30 long
will lie funds he used III illeSltliuate ways mud
hazardcd in tie private spocuIatioua of the /
Treasurer.
ruE EFFECTS or 1NF1AT1oN OF TIE CURRENCY In
AUSTRIA. !
Mr.. Bancroft, United States Minister at Berlin,
in dispatch to Secretary Fish, speaks Of tho
determination Of tho Germans to contract their
paper currency. md saya:
a hope ts sonetimea expressed that the settlement
OF tie banking q,eatIon III Germany may exercise ,
Ealutary influence Oh our own cotnry. Tic most
dent supporter Of our speedy rolurn to Hperio pay
mcnts cali Ana ITO authoritative argument than
the contrast between these contiguous empires 1aper
money toRtorca speculation III Austria tilt t,p
Try las been strnck by caatnity whcl. threw
to many hunlreds Of millions Of doltnrs Into
nbao!nso bankruptcy or q crippled coll
uttion, while tile Bnme crisis passed over |
Gernsany with ttlo other effect than ,nomentayy
Brau Of private credit. In Vionna tho Government
WIS led into the fatal Of seeking 10 relirvc
rsosent lstross Us larger issues Of irrslcenablu pn-
per- In Germany tho ISSUES Of public paper al-
ready dn1inishcd, and the circulation Of to spccie-
Of the prosperity of manufactures. from tho ILL.,
crease Ut inronvcr!iblo paper. 1n tho former tho
stern nn0 honest measures OF the Government recciYe
from tho people hearty welcome. and inspire conf
dcnce In continuance Ut rctuuneratlvs results In a
the species Of industry.
LOCAL sTocN AND BOND MARKET.
MaRara Praatnn Naun Il ca fo1. |