, 1873-10-31
MONEY AND COM NJ ERCE
MONETARY.


Dulluoe@ rolgns In tho local money market aud
In gonornl trade. Money continues tight, md
tho common rate III tho open market is from 111
to per cont por month. Merchants are coloct-
Ing witt, tolornbto succoRs Iii tho country, and
aro paying thoir own obligations at tito banks
with reasonable promrtitudo, but their present
gNlcs Of goods arc small.
New York exchange is still very Ronrco aud
bells ut GOO por $1,000 premium between bauls.
Currcnoy Ia sti moving steadily Eastward,
though the volume being shipped ia not largo
There aro solne s,nall shipments OF currency to
tho country, but tho volume coming III from tho
country is larger.
Tho telegraph announces today that, for tho
first timo Buce tho adoption OF tho loall-c6rtii1-
Gates by tho New York banks, their certified
checks aro Mt pnr with grcenbncks. It 10
not 10 DO presumed, howovor, that the Now
York bnnks Nro now nil out Of trouble. Tho strong
aro still holding up the weak onoH, md when tho
lonn-cortificato compact Ia dissolved mud each
bank is left to ias own RESOURCES, thoro will
probably DO aon,c TINT will find 1t best to 70 into
liquidation. -......-.
TIE GENERAL p1scnEn1rtso OF STOCKS AND
HONDH.
With cao1l successive failure among tho banks
and stock-brokerngo firms in Now York for tho
pnst nix weeks, thoro has beon further decline
OF prices OF stocks aud Mt each decline there
werc, for while. cnger buyers who thought tho
bottom Ind beeu roachod and that q permanent
reaction would begin. Tho future to-tlny OF tho
wcll-known manufacturing firm Of Hoyt, Sprague
l. Co., Of Now York, aud also tho failure Of
esssd s nsseG unaool ~ sng a IL ansees
generally, and have helped to make lower,quota-
tations Tor some stocks than for several ycnrs
past, md 1t beginB to look now aa though thcro
WIS no probability Of any important reaction in
y,rfr ~ nh o1tt frr n 20 Ira
also a moral canEe operating to dcprcBs tho
prices Of stocks aud securities mora powerfully
thnn tho scarcity Of money, and that iB tho e'l-
tire loss Of confidence in ioiut-Btock and cor
bonds by the various Western railroads: The
Rockford + Rock island; tho Southwestern, tho
Denver City Il St. Joaaph, and half a dozen
Pacific bubble, tho Watering of New York Con-
tral. md tho long story OF tho Eric and Atlantic
l. Great Western swtndlea; tho Credit Mobilier
developments, and tho innumerablo bank dofal-
cations Of the past year, lave all consrired to
destroy confdenco III any investment subject to
the management Of officers or Boards Of
Directors. 1t is undoubtedly true TINT this
loss Of confidence In corporate Investments has
bocomo moro general that ia warranted by facts.
Many sound securities and good stocls arc nu-
doubtodIy depressed below tloir rcal value. Tho
reported leolino OF American railroad boudB III
Amsterdam will doubtless affect many aound
stecks and securities unfaYorably, but, rs ro-
marked before, tho unsottlomont Of confidence
IL corporate management has been so complete,
thnt tho day Of recovery for stocks and soouri-
ties Beems u long way of.
FRACTIONAL SILVER.
According to our Washington dispatches Of
yesterday, tho Director Of the Mint acknowl-
edgea that, at tho prcscnt pricos Of silver bull
ion, the Government can buy silver bullion for
gold and coin it into fraotonal silver coins SO as
to pay out tho lattcr ut profit, II this is tho
Snan rfiofa ia thnrnf for flint
ing to coin silver moro rapidly9 Fractional o
vor coins aro now at par with grecnbacks, and,
ouco put in circulation, will mako d large addi-
tion to tho volume Of circulating medium, aud
Tho annual production Of silver bullion in
the United States aud Territories il now
probably nearly 600 per annun1. This
bullion is commodity which must be marketed
unless tho Mint turns it into money ut once BY
coming II. The great difficulty now is to turn
commodities into money, and even if Tie Qovcrn-
mont lost n little instead Of making q profit on
that will 60 into general circulation hero, ns the
Director Of the Mint admits iB the onso 1t would
bo the duty of the Mint to keep turning the
bullion into money ag fast as possible, and thus
incrcnso tho stock Of metallic currency in the
country,
After all the flourish of trumpets by the Ma
tonal Treasury about paying out silver coin ut
par, it has not paid out as much during the past
week as the First National Bank Of Chicago.
Tho lattcr has paid out to its depositors at par
with gronnbaoks about $4,000 per day for the
last wock.
CHANGES IN nEDEEM1Na AGENTS.
Tho panic. Of course, caused somo important
changes in the redeeming agencies Of the Ma
deeming agencies Of Western banks wero ap-
proved by tho Comptroller between tile 10th aud
25th Of October:
:. Illinois Elgsn-rrst National Bank. First National