, 1873-08-16
MONEY AND COM MERCE
MONETARY.

FRIDAY EVENING, Aug. 15.
Money continues so abundant IN this mnrket
that we hoar OF numerous iustancos Of money
offered on primo commercial paper at por cont.
Nany Of our baukB declare that t1loy never lond
monoy for lcsu tlan 10 per cont
per nnnum, and mover asl any
customer moro than tint prico. Tho banks
nro 10th to establish tho procodont Of londing
money at loss thnn 10 por cent, mil, rather than
do 30, somo of thom soud thor surplus money
OF to Now York, whero they got pcr cont on
thoir balances but wo bolioyo that many OF them
nre nlso disregardipg this policy, and aro
offering money on primo 00.day commercial pa
per at ratos which aro intended rs Inducements
to customers to take tho money and ,iso 1t horo.
This iB moro julicioua policy, md bonodts not
only tho bank but tho city. It Is an unjust dls-
crinlnation agalnst tho oustonlors OF tho banks
to refuao them money ut what 1t Ia worth In tho
opon market, when at tho samo time tho money
lis sent down to Now York aud practically 1oaucd
to the Nationsl Banks iu that city at loss ratio,
to bo used III auch apcculations as thotr present
shameless and foolish ofrort to put up tho
price Of gold. II, in timcH OF abundance
OF money like tho present, tho banks would on
courage tho uso Of money hero, BY offering 1t
mt 8, 7, or oven por cont, 1t would stimulate
financial operations here, and ovcntually result
In larger profits to the banks themselves. If
Chicago Is eyor to become q financial centre Of
great Importance, such as shall draw both money
and nen hore to mike important negotiations.
tho banks must abandon their 10-cont policy,
and lend money for what 1t is worth In tho
market.
Exchange sold between banks to-day ut 25c.
and also 60o, per 81, 900 premium.
The movement Of currency to tho country
ia light yet but the volume is slowly increasing
from day to day.
More than a month ago We intimsted in this
column that tho efforts Of tho bulls In the gold
market were being directed to tho creation Of Nh
impression that the Treasury docs not hold noar
@onh ase tsa ot s6e se Is dob "n Isos y s
from variouH " diHntorestod" correspondents
appeared from tins to timo In tho Nov York pa
pore, figuring up tint the Treasury could not
gold in August, and that Tie Treasury salos would
have to DO suspended. All this was, Of course,
dono to got up an excitement IN tho gold market
and put up the price. There is no question but
been engaged in the !echeme, and 1t Is to be
hoped that tAel elComptrollor Of the Currency will
Investigate thoir connection with 1t, Tho rovela-
tons mado by Treasurer Spinner, about q year
md g oha h to Ss 5ssaes Of es count IT.
the coin baance on hand, havo, however, gyen
an aspect Of plausibility to theso reports. There
was. unqueationably, aomo ground for suspect
ing such deficiency In tho coin balance Of tho
Treasury during tho ,nantpulations Of tho first
Syndicate, and oil tho operations of the present
Syndicate aro conducted with tho utmost secrecy
It il not impossible there may DO some ground
for such allegations now. But 1t is SO apparont
that tho charges aro made BY tho bull clique in
gold, md that thoy would have no regard for
truth if only thoy could effect their purpose Of
making scaro, that all Ruch statements should
be received With N liberal allowance for exag-
gerntion.
Ono important fact worthy Of remembrance
is, that tito price OF gold is not haf 80 sugcop-
liblo Of manipulation by the cliquos rs it used
to bo before the credit Of the Government was
as fully established as it is now. In fact, the
kpeculators have no powor over 1t oxcopt for
The buying and selling among little community
Of gamblers in Wall street. Tho price Of gold
throughout the country, or eyen in the other
ow 0f S Gy Gf N1w ~ XSad @ se asG 1G
during tho war Whom tho tato OF tho
suit Of particular battles. Tho apparent
changes in tho value Of gold in Wall Btreet aa
assume that it is anything else, ne must admit
TINT every manipulation Of the gold Bpoculators
affocts tho credit of the Government.
EXPORTS OF CHAIN, ALCOHOL, ETC.
Of spsee( from tho port Of New York, 1'ho for the
week ending Aug. ID, amounted to s5,276,814.
Included ii this valuation were G39,060 busIl-
sha ss q I'm TShoa Sarsa. III a9924s Fl .aes bshee ct
In connection with tho revival Of tho export
trade in alcohol, and it's anticipated effects on tho
price Of corn the Importance OF exports OF aloo-
hol to tho extent above indicated may DO oati-
alcohol md alcoholic spirits from tha whole
unltod States in tho year ending June 30, 1871.
ling June 80, 1872, wero only o50,215 gallona.
The exports Of alcohol from Tho port Of Now
York alone during tho weok wore, therefore,
equal to one-tenth Of tho total exports OF
spirits from all tho ports Of the United States
turing tho whole yonr 1871. In othor words,
tue present rate Of exports Of alcohol from tho
port Of Now York alono is about lvo times as
groat as it was from all tho ports Of the United
States in 1871. The export OF corn in It's natural
stato is Of courBe tho most importaut itcm In
connection with tho prico Of that staple, but tho
revival of tho export trade in alcohol will alBo
make an important addition TO tho demand for
corn. Tho value Of exports from Boston to for
oign countries during tho week ending with Iho
Stu inst, says tho Advertiser, s6G4, ,506, aud
tue total Yaluo for tho year to tie sa,ue tato was
s2o173 1885, being oil increase OF IS, 5,07G, ,oe7 over
Tho san1e period last year.
DErREss1oN IN TIE IRON TRADE.
AS gu illustration OF the condition OF tho iron
trade in England at present, 1t is stated that out
Of :, ,lD0 pMuulng furnaces In tho North OF Eur-
land iron district, about 100 arc now out OF blast
and arc likely to romain 10 until coal and iron
are lower IN price. In birmingham the trade is
tsoproSonied t ns ~ very unsatisfactory condi-
chester, Eng,) says that I. from Canada and
United 8tatcs, which should be large customers
at this season, tho domand ie almost nil aud
home requirements, though q Little moro actiyo,
majority Of tho works aro barely mixing llalf-
time. Prices aro nevertheless, generally firm
owing to the high cost Of production"
Notwita1;andigg Il tho present demand for ocean
the building Of iron ships iu the northern portg
Of England, a largo failing off in tho dermnn
demand for iron goods of English n,anufacturo,
and altogothor the prospect is that tho loproa-
indefinitely.
LOCAL sTOcK AND DoND MARKET.
Messrs. Lunt, Preston i Kean quote as fol-
lows this afternoon:
RMHinq. tSellin0
b-.ua OF W. .......,,..,-......1l61{ lit
o-son " Nt...-....s...,..t,...,.-.. liu1a llG5S