, 1873-11-11
MONEY AND COMM ERCE.
MONETARY.


NONE FARY.
MONDAY EvENfNo, Nov. 10.
Tho chief point OF lntorost III financial affairs |
.o-dny Ia the condition Of tho London money |
nnrkot whore lhoro aro aomo symptoms Of q |
panin Of precisely tho same character as tho ono
IN this country. What tho general rnto OF dis
count outside tho Danl Of England is, tho dia-
patches do not say, but as tho exceptional opos
are stated at from TO to 10 per cont, 1t is to be
presumed that thoro is somo disposition to lsoop
tho general range Of rates something below
those 1guroA. It Is, therefore, poHBiblo that tho
tho, Directors Of the Bank Of England
may not, for tho prosont, mako any OIL
Dial announcement Of any higher rate than the
0 por cent to Which It was raiBod laat week. It
seems scarcely probable, howoyor, that London
should escape without a panic. The successive
panica and collapses Of credit III Austria, Cor
many, Egypt aud the United statos, within tho
last six months, have each ontailcd Losses on
English capithl. Had tho Bpoculators of LON
don invested In nothing worse than American
railrond bonds, thoy could stand all tho losses
they would cxpcriouco. But tho fact is that
London has invested In a vast amount Of shares
and bonds that aro not half SO good. The deprc-
. citation in tho value Of Spanish bonds alone
has probably boon equal to that In American
railroad bonds. Notwithstanding their common
reputation for conservatism, London f1nanotora
have, In faot been willing to tako hold Of enter
prisea TINT would not hayc received tho insiorae-
Enent Of eypn tho epeoulators OF Wall street.
Whether tho fact DO attributed to the general
progreBs OF civilization, and tho consequent iu-
bridges, mnos, ctc:, etc.,-wo say-whother It
DO attributed to this, or to some other cause, it
is nevertholosB quite certain that for year
after tho close Of tic franco -Prusaan war, thore
3pHnk nf t11Tn11 v111t1f
tho world. France alone, crippled by tho pay-
ment Of her enormous indemnity to Germany,
escaped, and Ia to-day on Boundor basis OF NOR
canti1o erodits than any other country of Europe.
realized by England in holding anentral position
in that war. aud supplying both France and
Germany With munitions Of war, caused tho ac-
oumulntion Of the capitnl in London which has
sinco beon poured out 80 freely to stimulate nil
Horts Of industrial enterprises in all parts
Of tho world, until collapse WAS necessary. In
our own country, this stimulation Of industrial
supplemented by tho bond-bnying policy inaug-
urated BY Secretary Boutwell,. III the five years
gp to October last, tho Treasury Of IT, tho United
toreat;boarng bonds. thus turning that much
capital out Of safe conservative Investment,
and thereby obging it to seek new fields Of
omploymont. Now, aa this money waB first
sSasp 9m Tas the no pGspo rss tss''oe
capital, but only deceptive appearance Of pros
peritv. At the same time tho protective tariff,
turing intorcsts, induced the Investment OF
capital In that direction to IN extent that made
areaction Ii manufacturing industry, either In
this country or in England, inoyitablo. The do.
elino came first in tho English iron trade, and
has since extonled to all kinds Of manufacturing
In this country.
The United States. however, is in position to
recover more auicky than any other country liz, in
country aro aud will be, to n great cxtent
UNMARRIED Be THE CRISIS.
Tho prices Of breadstuffs, provisions, and cot
reaction and ptoppago in manufacturing, but the
farmers aud ootton-plnutors Of the United
states havo 80 much larger crops this year than
usual to sell, that tho difference IN quantity will
more than offset the difference in pricc. For
nearly two months now, tho balance Of foreign
trade, in the exchange Of our breadstutfs. pro-
visionB, cotton and petroleum, for the manufac-
been largely in onr favor. London which il the
great clearinghouse OF the commercial world, IL
payingus this balance in specie, It is not simply
that England wants breadsturs that cauaoB tho
s.. flow OF specio to this country, but that in out
trade soiM al tho .corid there is balance to ou1
credit. This balance
LONDON MUST FAY,
or rosign hor positon Us tho financial centre o
tie commercial world. The policy, therefore, o
the Bank Of England IN raieing tho rate O.
discount to stop the outflow OF specie will b.
<utile. spocio will continue to como to thi!
begin to buy foreign goods to M extent that vii
turn tho balance Of trade against uB then j
will flow back to England or whatever countr,
becomes the creditor at that great clearing
1t seems probable that, as far as the Unitot
States arc concerned, thoro has boon suspen
sion Of manufacturing industry IN this country
yond, what is warranted By tho decroas.
In tho consumptive demand, and thu
We may aoon look for o general rcyiyal at lcae
of tue production Of staple manufactured arti
Economy is, however now the fashion, aud fo
"a time at least, it will DO only stdpies not luru
.'ies, TINT will be IN demand.
One OF tho facts on which this belief in thl
speedy revival Of many OF the most prominen
manufacturing intorests il founded is the condi
tion not the .
WHOLESALE TRADE OF CHICAGO.
that the favorable experience is not con
fined to q few, but ia general amoui
our Wholesale merchants, NO find that they ar
selling now aH many goods as ut this time las
promptly as then. In other sections Of tn
country, where tho cousumptive demand fo
goods comos from manufacturing communities
thora is undoubtedly . large decrease in sales Q
both retailers and wholesalers. In all cities also
the retail trades hive diminished. But in til
chief agricultural sections OF tho United State
= the consumptiye demand for goods has expert
enced but little decrease.
THE LOCAL MONEY MARKET
q. presonts scarcely feature to-day worthy c
special noto Money is extremely tight yet, bt
cause everybody in afraid to lend, and not bt
cause there is not just as much foundation fc
bunk credit or money" al there WAS bofor'
The banks are discounting very little. Some {
them discount or lend just about rs much 8
they collect, and 90 keep the amount Of the
bills receivable ut about the samo average, Will
others are still trying hard to reduce tho amour
OF their outstanding loans in order to got into
legitimate and safo condition.
.R4,ss, Tn B}tff nnff n inc
cheney OF the supply causos steady shipment
currercv IN Ne1S Ynrk to make erchaure.