, 1873-08-27
MONEY AND comm I}CE


TUESDAY EvEHfNd, Aug. %.
There gconls ta 10 NO cessation i'll tho outflow
of ourroMcy from this city to tho country. 1t tH
estimated TINT tho Chicago bauks sent out not
iosn than $1,000 0o0 Of currency during Inst wooh,
xliB nmonnt being geuorally distributed all over
tho Northwest. IlluH far this week, lilo ship
monts Of currency hsvo hccn at the rato OF ovor
100000 por day, and tho prospect Ii TINT tho
nggrcgato amount for this woch will bo bnt litllo
aeas than for last. Tllis heavy movement Of cnr-
ronoy Ina mado 1t very scnrco hero, and, not-
Nitlatanding Tho rocelpta Of lnrgo amounts from
Now York; tho stock Of currency IN tllis nlnrliot
as 30 smn}l TINT exchange was greatly loproasod,
md at ono tiulo to-day wna actually unsnlablo
for currency, though 1t was quoted nominnlly at
from 1-lo to II Of por cont discount. This,
however, does not affect tho lonn markct Cur
foncy Is only ono form OF CAPITAL specially adnpt-
cd for sottling balances in tho oxohengo of com.
moditios, and while tl!ero Ia such great outflow
of capital III tho form OF currency, there is cyon
n creator influx Of capital in tho form Of bills OF
exchange drawn against shipments OF grain
Tho grim iB cold horo anu goos forward to tho
Eastern consumers, Tho bnnka that forwarded
Tho ourronpy to llle country to pay for tho grain
Experienced, ut first, q dccroaao OF dopoBitB,
owing to tho drafB Of thor country-bank
customers for tho currency, but arc
now. M we lcArr by actual inquiry, experiencing
,k,n i1,croaao OF deposits. Thus, though currency
is scarce, oxchnngo 10 abundant, anil tho supply
.of loanablo capital ia as large as IT was before
this activity began. Thero neyor waa timo
when tho movement Of Tho crops was moro
prompt and satisfactory: Thoro ia but ono fen
EURO III tho present activity that might Soon mako
n loBs favorable situation, viz. tho continuance
of heavy receipts Of corn.
Tho enormous quantity Of corn now boing
r,lshed to market gluts. the avenues of trnnsit
and haa q tendency to advance tho prico Of cast
ward freights opall articles Of produce. Corn COM
poses fully throc-tifths Of the bulk Of NIL
tho grain now coming into this market, and it is
to this that the upward tendency Of froights to
the East ia duo, 1t is good policy to soil tho
FAST al possible, for two reasons: First, tho
prico Of wheat is good, and romnnorntos tho
producor fairly; second, it is known TINT other
Wheat-producing countries must soon aond large
Gkely to bo lower, rather than higher. On tho
Dthor hand, it is now protty we'll established
flat thcro will bo but littlo if my more than
half 4 crop Of corn in tlo West, md tho policy
to 2i 5ushinF o it o., all into hat maro ths a.
mont Of wheat and other grains would
occupy the carrying capacity Of tho roads, boems
howeyor, explained by somo as owing to tho fact
Tint tho country grain-warohouaes woro full Of
corn, and thut thoao aro simply being enptiod
but to bo devoted cptiroly to tho receiving Of
That tho receipts Of corn will suddenly full on as
Boon NJ tho stock Immediately on hand IN tho
Warehouses; ut the country railway stations is
shipped off. iii facl, tho receipts Of corn to-day
first time i'll good many months md
It is possible TINT the difference
In tho proportions Of wheat and
,rorn received hero will become greater every
lay until tho groat bulk OF tho carrying capacity
nf the roads will bo occupied by whoat to the ex-
rlusion Of corn. THIS would, i'll fact, be great
bcnoiit to Tho country, bcca,iso IL would be tho
1nealls OF putting up tho price of corn, md
would ut tic eanlo time faci1itnte tho rapid mar
ikcting Of tho wheat while it bears good price.
LOCAL sTocK AND BOND aIANKET.
Mosers Limit, Preston l. kcan quote aH fol-