, 1873-05-15
MONEY AND COM ERCE;


a. "WEDNESDAY EVENING", f1ny IA.
Tho demand for monoy in tho local lna7kot Ia
kcsive, but approved borrowers got 1t without
much difficulty. Deposits at tho banks koep up
we'll, and arc nearly ,aB high now aa ut any time
In tho Inst three months, but tho lonnB Of tho
banks arc also high, and In Wow Of tho fact that
tho National Banks llavo boon expecting a cali
for statement for eomo tlmo pnas, tloro is lcBa
disposition on thoir part to expand thnn thore
would bo othorwiao. Now York exchange re-
mains steady at about par for salos botwoon
banks. >
Tho moyemonts Of currency In any direction
wore insignificant to-tlay. There wero Bomo
considerable amounts gent tc Milwaukee, yostor-.
day, but the domand acoms to have boon only
spesmodio.
THE VIENNA PANIC.
1t Ia difficult to say what IL tho extons or slg-
niflcanco Of tho panic on tho Vionna Doursc, but
tho fact TINT several of tho Government bnnkers
subscribed 12,000, COO dorins and tho Austrian
Minister Of Finance Pledged tho Government for
10000 Aorins mo1o (oquivalont to oyor co.
O00, to bo put into pool to sustain the value
of speculative stocks by temporary loans on
thom as oollAtcrals, shows thorc waa Ho1no grave
emergency aud danger Of D collapse that would
have cauHod lmmonso losses aud dfstroes. AB
final measure, tho Government has Expressed ita
intention Of modifying tho AuBtrinn National Bank
act. 30 aa to permit moro latitude in tho loana
OF the National Bank on collaternls Of stocks.
Through the relations OF Vionna with frankfort,
Frankfort with London, and tho Inter with New
York, the market for ntorling exchange In Now
York was affected By The Vienna panic. Ger
man bankers In New York. who laye largo 'ao-
con,modntionB from their correspondents in
Frankfort, anticipating calling in Of those, be-
came anxious to atrongthen their Europoan hc-'
oxohango. This, togethoF with tho advance il
Tho rate OF discount by tho Bank Of England last
Saturday, Inns causcd'n large advance In tho
price Of sterling exchange which is quoted TO-
sight. Al advance Of 4 por cont moro
In tho prico Of exchange would justify tho ship.
ment Of gold from Now York to London, and It
seems not improbable that thta may bo ono Of
Tho rcsults Of tho unsottlemont of oon1doncS ~
= Europe, viz: that foreign captal will be called
homo, and that the specie Payments will cause
An advance in tho prloe Of geld and closer
it ia argued BY some, That II confidence in Ans
krian securities and stocks causes capital to shun
Investment in them, it will create more demand
Tor American securities. However this mny bo,
week up to May 10, bank deposits Increased ovor
%, GOO, 600, and money III offered at por cont.
>. IMPROVEMENTS ON TIE aliAND TRUNK. :
Tho Grand Trunk Railway Company haye ro-
. tQeuLy INAu& heterogeneous 1UE hEGAE 1NpEOpG~
menta in tho eitloiecy Of their line as through
freight route from tho West to tho Enat, aiid
have negotiated loan Of 510000,0 900, which
amount has boon seourod md placed to their
credit. Thfa money Ia to DO expended during
tho current year for the following PURPOSES:
FfrstNarrowtng tho gauge OF the entire limo to
feet 81 inches, to mako 1t accord with tho standard
American gauge on tis continent.
!Sccond-To my steel rails over tho whole extent OF
tho line, instead Of iron.
Third-To fully complate tho balastlng Of tho line.
FottFhTo lay In about 40 !lea OF additional sidnga
nt various points to accommodate tho increasing traffic.
-F4ftt-To provide such facites In tho way OF
extra station accommodation may DO necessary At
tho different points On tho line. '7'
!Sixth-To largely increase tho exssting rolling Btocl
Strenth-To built largo and com,,Udious paeacn-
gor sutton Mt Montreal and grain eevator Of tho
capacity Of 900 busols ut BAria, aud generally
10 put tho entrc systcm OF tho GRIND Trunk Railway
in 1rstclass condition, both as rcEards lis roadway
sud rolling stock in evory respect
The Company las or1ored tho construction of
800 new box frciEht-caEs, quo platform cars, and
f.. 100 stock cars, ali to bo finished by Oct l. The
lines owned and leased by tho Company make
an aggregate Of 1,377 miles, Of: wlich 40 mioa
aro Leased, thus leaving 958 miloa In tho owner
ship Of the Company. The aggregate capital
stock aud bonded dobts Of tho Company wero
S101 ,374 ESQ., or at the ratio Of 3105 600 per milo
Of tho road owned. Tho addition OF tho $40, 900,
G00 Just negotiated will make the capital and
debts stand in tho ratio Of 4115,a00 per milo Of
tho 958 miles Of road owned. :,
LOCAL BIoCK AND bond MARKET.
Mnagrs.. I,unt Preston X keAn uuoto ma fol-