, 1873-03-19
MONEY And COM Mh1ERCE.
MON ETARY.


MONETARY.
TUESDAY 1;vENfxa, Nraroi, 10.
Money continues III good Hupply III tho local
uarkot md many of our hanka would bo willing
10 incroaso their loans yot II tho right kind OF
co1latcrnlR woro offOrod.
Now York cxchungo continues firm at par for
xslos botwcen banks.
THE MILWAUKEE Br. FAub.
Further information from relablc sources In
duces us to bcovo that tho conuolidation Of tho
milwaukee, Il ST. Paul Railroad Company-ro-
ferrcd 10 in this column this morning-wiil not
bo with tho Pennsylvania Company. But q
practical consolidation Of equal Importance be-
tween tho milwaukee, & st. paul and othor OK
tGnstve Western railroad intoroBts, we Gro u.s.
stirred, has beon agreed upon, and will soon 10
effected,
TIE srn1NaENoY IN THE EASTERN c1T1E5.
Tho continued stringoncy Of money IN Now
York and Donton is prominent feature In tho
general financial condition, and sis III strong con-
trast with tho ease In this city. A recent htate"
mont Of tho Associated Banks Of Boston showa
that their aggregate deposits have declined from
e55, 800, on Fob. a, to less than
e49,0o0,0oO ut the close Of Inst
wool, decrease OF over s0,000,000 In
eighteon days. Tho Now York banks also aro
low In funds, and New York operators have boon
largo borrowers III Boston at high ratos OF Inter-
est. The immedlato ca'lsoa Of tho present etrir-
gency In Now York nro, pnrtly, that tho foreign
bill-drawora havo ceahod to 1oan thoir credit in
tho form OF sterling bills drawn against no legt-
innate shipment Of products, having beon do
torrol from furthor expansion III this manner by
been brought about by thoir own expansion Of
Boutwell, : loano4 e5,oo0,S56 q dovefnmoit
money to several Of tho Now York banks laat
fall, Ard had been gradually withdrs!wnF r., this M
lonn up to the time he retired from Office TleHe
arc in part the mmediato carsos Of tho pressure
in Now York ut preHent, but the underlying nc
ccspity for tho resort to the aooVe-montlohou
means of roliof was tho vast amount ct
securities, and especially Of bonds Of now rail-
roads, which railroad operators III that city havo
boen carrying for the lust four months. In
November and Docomber Of lase year, Whon
money was stringent in London, tho American
negotiasore OF those bonds looked forward hope
fully to boing able to sell their securities In Eu.
ropo as soon rs tho Rtringency in London should
relax. But now, though money, has become
tako tho now railroad securities offered by
American operators with anything like the free-
York still fcola tho prossure Of this load, whilo
money has become comparatively ensy
the borrowing Of tho Now York operators,
cago flros had already diminishod Tho supply Of
available capital. A question naturally suggests
itself Us to low Now York is to relieve horaelf Of
this heavy load Of socurities if Europe does not
likely to carry them for permanent Investment,
they want rendy money, and, sooner or later, will
be, obliged to soil for what they can got.
TIE SYNDICATE
seemB to he doing but little in the negotiation
Of tho new per cente. They meet with some
indifference On tho part Of European capitalists
as tho negotiasors Of American railroad bonds.
Then it Is difficult to keep up tho Price Of tho
new t per cents which arc now worth l losa than
make no legitimate transactions in the exchange
Of 5por conts for 5-2oa. Il has been giyon out
that thoy wero waiting, until tho question Of
who was to succeed Mr.. Boutwell, had been
This having beon settled, It is now ru-
mored in Washington that Secretary
Richardson will make call for $50, ooo,-
600 Of 5-2os Of 1869 on the tut Of April. Tho
prosent condition Of tho Trcnhury balance is
such that the Treasury would have to depend
entirely upon the Syndicate for tho money to
redeem these bonds it they aro called, and, as
before mentioned, tho Syndicate arc evidently
doing so littlo that they can not be Of much ns-
distance, unless tho 3l5, ,580,0 600 of money to be
received for the Alabama claims should be In
vosted IN tho new per contg, as tho now per
cate, Of whom tho Government would haye to-
buy them. ............
THE BANKRUPT LAMAR INSURANCE COMPANY.
The following circular explains itsct, and
will be OF interest to thousands Of holders OF tho
company's policies:
SPRINGFIELD, ILL.,, March 1a, 1873.
10 tho Stockholders Of the Lamar Insurance Cont
fn My, 1871, Ut . regular annual meeting Of tho
stockholders Of the Lamar Insurance Company, on
examination is condition WAS found to bo such aa to
appointed to taks charge Of tho aalrs Of tho Com
ranY, With full power to sssesa percentage upon tho
aaea a Of s
sre The outstanding risks, and close up the bsness
The Undersigned was mcmber OF that Committee
Of Five The result Of thorough investigation
bis part verbally reported to Tie stockholders at
60. july, 1874, to parties interested whichever and
wloraver opportunity afforded, to the Insurance Com
~ssx 70 ss;rss n as g. 1 II Ia @
T. lroper to couch even tn brief written report Of tho
e 5fss VII 81 ths inquiry Now e s1gencss
known, further loss stopped, and, II poasihc, the
wrong, to small degree, Ut least repaired. nal!
and shall only s'ggeat aoo Of tho groRs evidences Of
tzau1 that wero apparect to inysclf "a member Of
this Committee, ad tIey sought to apprjso essIyes
thts, took OCCASION to SHOW to them tho fsca as
found Moms and th1lA leave them without excuse.
These Items following will be found to be familiar
to many, but to others may not ouy be nov hut 1-
sttusson in which ley had placcd thor confidence a.
well rs their money.
REPORT,
Soon after tho annnal meeting In 1871 ol,clent to
the q orders Of e stockholders, rroceca:,l cucago
Tor tho purpose Of closing up the affairs OF thu Coa-
ttituon that from IT. inception had been character
tke1 BY fraud and MISREPRESENTATION. This held in
TaiSa W. fuy confirmed BY careful persistent
pany besides this showing not unly roteuncss to tue
core, but by System Of false statements tho ucora
diverted to other sources the thousands Of dollars in-
tended to mako tho Company SUCCESS,
l. The cancellation Of s55o0o0 stock hold by Cus1-
man and Hardin, and tho being tho 20 per cent
baid thorcon returned to them, {G5 600 Of which was
Paa over within thirty dnys Of annual meetlng In Mar
T. $4,000 assurned TO hayo been Furnished by Cusb.
man and Hardin without increasing tlls liabilities OF
ne company III order to enable tho President to COM
Ply with tho Law, falso entry baace cash to enable
Them to do this, and grossly false one Whit, the
ltaement had been duly sworn to before Auditor and
so amount clairoa as bona de tho properly Of tho
q. tA94o included in statement to Auditor % pcr-