, 1873-02-20
Financial and Commercial.
SEATTLE, Feb. 30. 1878

Financial and Commercial.
SEATTLE, Feb. 20. 1873.
The Puget Sound Banking Company
report gold in New York 1l5, currency
buying, S6H; SightExchange on Portland
and San Francisco. "a per cent. pre-
mum, on New York l per cent. pre-
MUM for Currency, ~ per cent. pre-
mium for Gold. Sterling Sight Drafts
on Jay Cooke, Mccullough & Co., Lon
don, England, SIS 10 per e. These
drafts are cashed by special agreement
all over ireland, Scotland and the Con-
tinent free of charge.
Money is in fair supply at per cent.
per month. From our exchanges we
learn there is general easing up of the
money markets and better feeling in
financial circles. The rate in San Fran
cisco is to 4 per cent. per month; in
New York per cent. per annum, The
rate of discount at the bank of England
has been further reduced to 81 per cent.
per annum. Although long distance
from the financial centers of the world,
we soon feel the effect of good times ard
cheap money. A tight money market
in San Francisco is felt here as soon as
there, as shown in January. Money
was very tight in San Francisco, our
Mills stopped drawing drafts OF buying
logs, trade was almost suspended, our
merchants lad long faces and went
around prumbling. Now money is cas-
ier in San francisco, drafts are freely
offered at the banks, times are better
and we are all more cheerful!
We clip from the San Francisco Bul-
tetin short article on saving banks,
which shows the rapid growth in Cali
fornia, the help to trade and improve
ments and the helping of the working
classes to save their money:
1t appears from the reports of the
ten interior Savings Banks, for the last
six months, that these useful institutions
are in a fonrishing condition, and do
ing much good by utilizing local capital
for the assistance of local enterprise.
and the building up of local credit
Their line of deposits exceeds eight mil
lions of dollars in gold, and they have
been able to declare dividenl Is ranging
from to y per cent. per annunl. Re
membering that the Savings Banks of
San Francisco show a line of deposits
reaching forty millions, it will be seen
that these institutions, which have grown
up In few years from very small be-
ginnings, form very important part of
our financial system, and have a good
influence on our industrial economy"
The New York Shipping List of late
Fdate says: "There is no special activi-
ty in the general merchandise markets,
yet we are enabled to note gradual i'm
provement in some of the leading de-
rartments, consequent upon the ameli-
Grafton in the condition of monetary af-
fairs on both sides of the Atlantic, the
recurrence of more moderate temper
ature and the removal of some of the
impediments to inland transportation.
alues, as a general remark, are well
hpported. particularly leading agricul-
tural prol pthe principle articles of
groceries, most kinds of mar ufactures
and the raw materials thereof. Light
stocks here and III many of the subor-
dinate markets, the good trade pros
poets and gradual return to the nor
NAL condition of the money market, are
at the bottom of this frmncss in prices.
If no untoward event should occur to iu-
terrupt the natural course of business,
there is reason to believe that the year
Just entered npon will be one of more
than average commercial prosperity.
The San Francisco freight market is
unusually firm. The Commercial Reporter
of the z inst, says: There is very
little disengaged tonnage in port, and
some of the ship owners are demanding
extreme rates.
Seattle coal has declined in the San
Francisco market to S12 per ton. Ow
ing to heavy shipments from Coos Bay
and Bellingham Bay companies. Even
at these rates there is very handsome
margin for the company.
We are informed that two new coal
companies will be in full operation, be-
fore the next year. The good effects of
this one on our trade, since it started,
will guarantee to these new enterprises
all the assistance our citizens can offer,
There is more profit in the management
of these companies, than any other en-
terprise on the Sound.
Marine InfellfUence