, 1873-11-27
MONEY AND COMMERCE.
MON

MONETARY.
WEDNESDAY EVENING, Nov. 70,
Tho local money market ren,ntuB ptrinrent
but 1t Ia hoathy strtngenoy resulting from III.
groat activity OF business, particularly In tht
pork-packIng trado. Tho movements Of CIR
roucy arc very active, Lareo amounts aro goinr
to the country In payment for hogs, though al
tho aamn timo thero aro llboral receipts from
other Woatorn cities.
Now York exchange Ia becoming moro plenty
and though 1t ia norninaily TOO por 81 900 pre-
mium yot botweoa bnnRs, tho prospect ia that II
will Boon be down to par.
The concentration OF the hog trado and pork
packing businoas OF tho United States at Obicarc
IL feature which now causeB general comment
fof tho last two wooks tho volume Of business In
luis city has boon noarly doublo what 1t was IL
the corresponding timo OF lust yoar. Tor in.
Stance, tho receipts Of hogs In Chicago for the
last threo daya havo boon 13u, 600 head, agains!
10'0oo bend i'll tho corresponding throe
uay6 OF last year. This increase OF re-
oe'pta hero is not 80 much tho result
OF larger hog crop as II Ia tho
change In tho buBinoes Which las diminished tho
receipts Of hoga at Cincinnati, st. Louis Mwau-
koe, and other places, and concentrated tho bust
ness in one groas central market In Ohicago. It
is noteworthy fact that there woro in this mar
set today, for tho first time, two largo buyers
from Cincinnati. one OF two from Detroit aud
Milwaukee. besidos tho usual buyers from Nov
FORK and Philadolphia.
Notwithstanding the moro warliko aspect OF
the complications with Spain, today, and tho
steady increase of tho outstanding 1ogal-tondors
rom day to day, tho price of gold was depressed,
owing to the continued influx Of spocio from
Europe.
pRosrEcTB or INITIATION
Already havo 81. 00U Of the ao-callot 444.-
900, 600 reaorvo Of greenbacks been paid out and
owing to tho falling on In the rovenuo and to tho
rapidity with which money is boing expended to
Put the navy On . war footing, it ia not imposai-
bio that tho whole S44, 900, 600 will DO pafd out
by tho end Of January. Tho appropriations
made by tho last Congress- for tho maintenance
Of tue navy wero expected then to last until July,
1s74, put at tho rate tho money is being expended
by the closo OF ths year. md 1t Is probable thataB
soon as Congress- meota 1t will be called on to
make further extra appropriations. But even
when such appropriations have bacn author
izod, tho Legitimate balances in tho Treasury
to moet tho expenso without drawing upon tho
" 3a4 900, 600 rcsorve." Tho dooroase in revenue,
both intornal md from customs, has hoeu 40
groa int ono q = tho FRET things Congress will find
and coffee. Thia Is being discussed now, in
formally, by such Congressman as haro arrived
IN Washington, and It Us believed that the no.
cosstty for tho restoration Of theso taxes will bo
made tho protext for combined movement on
tho part Of the .pig-iron men aud tho Eaatoru
manufacturing intereats for largo Increase in
the tariff duties on many srticleB. It seems
e1sn 1t ts ass naSa oi tSo IT. the
servo" will bo the result Of tho combined cir
cumHtanoes OF tho diminished revenue and tho
Increased expense OF repairing mud increasing
the navy to . war basis. II tic restoration OF
the duty on tea OF cof1oe could DO got through
Congress, without tito fight TINT will doubtless
be mado to increase Other duties ut tho aane
time, tho customs revenue might be 80 increased
as to avoid any but temporary infatlon of
greenbacks, but tue ton and coffee tax will array
the tarif-for.revenue men, against tho ta1iff-for-
protection mon, and the contest is likely to bo 80
lons-winded that tho alternative OF inaating tho
currency Gu ra.Sr+t to meet expenses will probably
creased, other from tho increase OF taxa
ton or the general revival Of buBinoss.
TIE PROPOSED BANK REFORMS,
Wo have never had much faith in the adoption
expressed our doubts to TINT effect when tho
Clearing House Committee made its frat report.
Theoretically, tho suppression of many Of the
present Pr practices Of banking would be commend
able; tho payment OF interest on deposits. and
the ratification Of checks drawn against no
funds, arc undoubtedly carried to an o1tept that
amounts to abuHe. But to some extopt thoy arc
also legitimate practices, and 1t will, wo think, bo
Ionhd impossible to SUPPRESS them. But il
these practices are carried too fur, 80 also ia tho
tendency to regulate banking by law, or by as
sociative rules.-aA in tile proposed New York
Clearing House regulations, carried to excess.
ts;s Is'o o. j. toe much logal regulation Of s de-
ing systom, like tho National Revenue, B boine |
hedged about with such labyrinth Of regu]a. |
ions that the infraction Of some, Of them by !
M every bank, from time to timo is unavoidable. I
The II. frequency Of these intrnctions soon
leads to 2 lack of respect for tho law in
ganoral. Tile payment Of interest on
deposits will hayo 10 be regulated by
tne experience and caution OF bankers tllom-
regulations in Now York. no haye seen private |
lettora received by bankers here, from prominent |
bankers in New York, saying that they will not !
surrender tho management Of their banks to amy
their own Directors and officers arc competent !
to decide what is iudicious about payment Of
interest on deposits, or any other fcaturo of tho
nasless Of thelr banks Which is not already
oSeeoa 0y Sa 70 oE e State ss Anso
House regulations il that in their
n,,dItopuon aud enforcement every bank, biz or
Mt!e, las one tote. A bank with S200.000
proposed Clearing House rcgulation Of tic
1Iactlcos OF buainesB, al ono With q capital OF |
$l0, ,o0o, 900. It was not to be expected that tho
larger banks would conBopt to any such dis
proportion Of Legislative powor to 6anl-cnpital,
nor ts II prrobnbe that The smaller banks would
SUBMIT to 10 ruled entirely by the largor banks.
II is probablo, therefore, that tue proposed
bank reforms will never be adopted.
LOCAL STOCK AND noND MARKET
4, Measrs. prossol, Koan l. Co. quote AZ follows
this p. m.:
buying. Selling.
y. y. =. q Or y! !:........".........ll43 lis
- - = o-sos ot a2 a2.............. ....10aI l0Bk
- .. o-aps OF ~ .lUyH ITO
Y. =. 6-a0a Of Us ..,............,,110 1i9k
- g. e-5os ~ Of ~ January aud July l134 113N@H
9. 4: 6~2t's Of fd8 January and July 1l33S l141f
~ . = w ....;.''...........l07A l094
II 9 e. % Naow !ssnel' ....lo81l 1081{@l10X
GiI Fl tfam xtiensy s'''.'.''.....-109A 1l04@ll0T
Gota Gota Nnn "eBAtl.. .108H 1G9E |
0o!d coupons. Observation-Disclosures. .104.S 1NgIs |
EASTERN exchange Counter rntes) mar
Gold exchange. o.,....,........,,..,. w 11gat |
0''fhne exchange tlargs .rafs,.. lo7101os,;
New YnRx Nov m cto1t,+ss. ..l ..,,.