, 1873-08-15
MONEY AND COMMERCE
MONETARY.

TnunHnAE EVENING, Aug. H.
Now York exchange was wonkor to-tiny, and
sold at 25o to 50c per $1,000 premium.
Money is abundant yet III this market. but, M
mentioned yesterday, lendors aro discriminating
10 q groator extent than uaual agninst 1nrgo
rlaBa of chronic borrowers, whose daily business
IL to borrow from Potter to pay Paul, anl from
Paul to pay Potor. rrimo commercial pnpor, as
80 dnys, Ia in domant, and IN tho open mnrket
would DO readily takon ut 8 or 0 ror cont. Tho
banks, howoyor, maiutniu their rates to custom
prB at 10 per cont discount which roally means
IL per cont por annun intercBt.
Tho amount Of currency going to tho country
Ia small yot. Thuro is so1ne now wl,oat coming
into this market, but It is evident from tho light
peBB Of tho currency movement that thoro has
beon no extensive preparation for the immclt-
alto movement Of tho now crop.
Tho unusual activity iu tho do1naud for ocean
freights Mt Now York is indicativo of largo OK
ports and a good lornanil for Western prolucts
But tho high freighta OH tho oconn l,avo, OF
course, the samo cfroct on ya1uoB Of Western
products rs high railroal froights from
tho Wess 10 tho eoa-board. Thore is,
however, this differences that, while the railroads
havo monopoly of tho land-tranaportatlon,
thoro Is no monopoly on tho Boa except III 40 far
~ our own outrageous prohbtory laws In re-
gard to tho American ownership Of yosssls pre-
VontB American ship-ownors from participating
in tho business, and to that e1tent prevents
composition. Tao present high freights from
Now York to Liverpool will, however, probably
mako . reduction in freghts, which will result
to the bonods Of tho producers In tho west.
Tho present heavy exports Of products from
all tho ATLANTIC ports make 1t more than probA-
III hat fYc1F tri 5tn 1nrr 1S{r Fot1
Notwithstanding tho persistent efrorts Of tho
bulls in Wall stroet. Tho time OF ycar when a
riso in the price OF gold might bo orpoctol has
passed; How much OBJECT tho payment Of tho
tho gold markot nobody but the members OF tho
Syndicate can toll, because mono hut they know
how much actunl gold will bo used In tho trans-
action ;'but, oven aside from tho payment OF this
indemnity, which nuat mnke q large amount Of
stoFlng exchange to come on the market yet, the
balance Of foreign trade Is In our favor, and will
inevitably causa An important decline In the
price Of gold boforo the close Of the year
REVOLUTION IN THE IRON TRApn
OF Groat Dritain and tho United Statoa geoms to
10 in progress. Tho latest British tralo returns
Hhow an enormous falling on In tho exports Of
every description OF iron from That country to
this. It appears that during tho frat nix months
Of 1872, when tho iron trade waa in it's usual
ee,ondition, England exported to the United
States AZ, ,0o0 tons Of al1 descriptions Of iron,
The great change since thon IL shown by the
fact that for tho first six months Of 1873 tile
total amount OF iron exported from Great Brit
ain to tho United States was only 22B, COO tons.
The cause Of tho decrease in our importa-
tionh is partly tho continued rise in
the price Of :, iron in England, md
nr1S a1o W tn to te s0.M;petiton Of the Iron
Of tho reports of tho Bureau OF Statistics Of tho
G1ntod Stntcs-Which correspond to tho Trade
Notlrls OF Great Britain-B always 10 much bo-
hlnu t1ino that We have no lnoana Of making a
RI of &r.n N!.3n
ports Tho British Trade Returns, lust pub
'ished, bring tho atatiHtics down to June so,
while o1sr own official statistics, just published
d'1Ea for tho reseding nine months only bring tho
revolution III tho iron trndo had not become 40
upparont M it did In April, May, aud Juuo. But,
from the Washington report to March 81, wo find
thero wero some important indications Of tho
year a. compared with tho game time lust
ycar. Thus, tho total imports Of railroad
iron Into the United Staten in the first three
months Of 1872 were 12o. 13s,oo6 pounds, while
ports of railroad iron were only 90, 6,a5s.b15
pounds, falling OF Of one-third. This falling
OH waH,, however, made up, to a considerable
extent, by IN lncreaae OF importations Of atoel
falls, Of which thoro wero only a0,6G90 060 pounds
imported in the first threo months Of 1879,
against Gs 4,o48 pounds In the first throe
mouths Of 1878. Thoro was alao m Increase of
o.0cO, 900 pounds Of bar iron, and 100000
Rouhuih OF llg.irot, IN tho ilnrortatlona Of the
firns throe months Of 1873 as compared with tho
Hame period of 1872. 1t appears, therefore, that
tho great chnnge In the iron trade shown by the
British Trade lot1lrns las beon made mainly
IN tho last three mouths. Tho British official
report shows that for the half year the docrcnse
OF e1portations from tlat country to this In
cludos oil descriptions OF iron, via. pig, bur.
railroad, rod, and wro, and also oil descriptions
OF Bteel. Ono Of tho causcs Of tho immense fall-
Ing or IN our imports of railroad iron is un-
1oubtoaly tho docline Of tho fever Of railroad-
building In tho Unit1d Statos--in fact it was tho
mnnia to build railroads in this country during
ls7O, II, and ~ that induced tho great imports
those years.. This was also what stimulated ali
other manufactures Of iron in this country to III
extent that has Hinco mado them
.'1Y,1. snoh important competitors of Eng
gllnh ,m1anufaeturo1s; ma Under the unusual
~ ana 1872 mannfactusors In this country
we're induced to build extensive works, whicI,
they arc obliged to keep running, bccaueo, il
they stop, tho machinery and buildings aro un-
value. Tho rniroad-mania has loft ts this
legacy that 1t obligeH tho iron manufacturers
o. ihis country to como more into competition
Win those OF Great Britain for tho supply of do
up shop.
change OF fthomngnitudo indicated by tho Brit
ish Ifade lioturns mutt eventually have IN i'm
portant eject on commercial Affairs In dreat Brit
on IN tho British revenue may be in
directly attributable to the troubles III
u 5no IRON trade. The change in the trade
!s TOO recent to toresco its whole effects
YET. Il may, however, be safely assumed that
they will not bo favorable TO tho general COM
merclal prosperity Of Great Britain.
LOCAL BTocK AND AoND MARKET,
ihesars. Luut, Preston i kean quote an fol
lows this afternoon ao :" 'o
6.ooso,ra 1uNing. Sailing
= IN ~ ~ 80 - III
lit
Z aG ~ ~ ~. = - 1lBH
o-sos Of 81, Jan. nnA July, uly,,.....,ll0i; liz
IN ~ " oo' JUL ana a1uls''.....-ll1S ll77f
~ q -. .1143 1l5
Y. y. 0s tneW taRuGl, .11a.i