, 1874-03-07
MONEY AND COMMERCE.,


MONETARY.
rnrpAY EVENING, March Q.
Tho supply OF mouoY continues to ircraaHo,
and though tho banks nominally ma!ntain lilo
rato Of intcrost at 10 por cont, IL Ii vol known
that many Of tom aro offering money freely at
Bpor cont for thirty or sixty days. Tho supply
Of money In tic country iH a1Bo largo. and tho
country bai,ks aro still offering considerable
amounts, through, brokers, III tie open mnrkot
hero. Tho question Is often asked, What makes
this Abundance of money, 80 rnts,lal Mt this
season OF tho yoar? Wo know Of no moro Bat-
israotory explanation OF It tllan that the country
has sold largo crops aud ia rich, md
that tho profits of industry lsayo not
boon invested lii railroad bonds, NJ was
tho rule up to yenr ago. Tho
speculation iii raroad ssoc1s, which uHcd to ah-
sorb tho grcat bulk Of the surplus oarital Of the
country ut Bucl SEASONS, does not Boom to rovvo'
since tho panio. Many Of tho stocks aro still
helow tho average prices OF tho ycar or two be-
foro the panic, and a groat mary Of tho faucy
stocks havo been thrown ont or lie marriott GU.
tiroiy. Tho drift Of speculation scelnh now to
Hocu disposed 20 encourage #, l,ccnnao 1t would
give tAesn Or ror cont ill tho halancoa not ro-
qurctl in legitimate advances to merchants ill
stcad Of ssdg OF TO My MY l2.H or xh'rS teS
layo ren,arked boforo, tho in,monso speculation
it, pork and provisions haa boon inado possible
by this diversion of tho surplus money from
Will s.root, md from present appearances pear, tho
now drift of speculation eccma likely to- run
pricoR of all Western products considerably
higher hcfore tito opening Of navigation:
Now York cxchanEo WIS Bcarcor to-day, aud
firm at 25c per al00D discount
Shipments OF c,lrlcncy to tho country hhvo
diminished very 1nstch and tho receipts aro now
considerably tho largest. Tho country roads, ill
eyory direction, aro in worry bad condition, md
k,o farmers tnyo probably stopped 1narkotinG
prodllcta Of any ki,G 10 that tlero is very litto
uso for currency thoto NOW. MD 1t oogns to ae-
T'lio price Of gold has declined por cent
MONT that 5S tbo I'll Tressry wod d. bogn ses Of
gold again, ind that tho outstanding volume OF
grecnGlekB IL not to be incroasod above TIC
t!s2, ,oOO,0 0Oo nos out, n9d TINT tho eat, 600 ooo
ready issued will bo gradually rotirod Tho
Treasury has now sS6,0N. 900, 900 of coiI1, and
could undoubtedly begin salos Of gold. Int it
viii bo subject Of groat regret If TINT 1nAta!se'
policy Rlaould over bo adopted again; Iile uoy-
have ts own papcr by buying, grccnoMncEs M ~ NJ at
sl,nO0.O0o Of gold per month to hraso, 1t il at
least morally bound to qnply t"t maG at at PR PR
maud 1soteH. 1t will OF conrso be argnett TINT
this would rosult ii, n loss Of from $780, 900
to si00,u00 ror month to tho treasury,
tim. noi tho oor sotm mt 9h 3n,a Foa Fsnnos =.
ton ia basoa on the presumption TINT tho
premium OH gold would re,nnin as high ~ iow.
it is, however, quito certain that lf tho Govern
ment would treat ta gioonbaseKs ns ! ns thoaEn ,Ea
30. II tho Tteasury will pny out it's
surplus gold to tile extent Of "a, ,0o0uoo or oyon
s2,000,0Uu per month. aud rodooln Mt least TINT
V,.r ,ttHn3- n
GOLD thu ynlllo Of grconbncka would atiyanco to
ilearly par oven il tho 1'ronsury paid thom nli
out nsain. But, on tho ,god-solling policy, tho
Treasury entors tho market III speeuator ~ us
own notes. aud buys them III ns cheap as 1t cnn.
Tho result Of tll!s cannot DO otherwise thnn to
t!eprociatc their ralne. A businessman who
should ropudiate his own paper nnd tlion offer
to buy it at u discount could not sustain l's
credit, n,1d tho Government cannot EXPECT my
different result.
raatter of aomo interest to Western distil
lcrS and dealers in cori is tho fact tint tho toxt
Of bill for the reef ct exporters q alcohol has
been prepared md will undoubtedly bo passed.
by the seuato within wcDk This bill embraces
great number Of amendments to tho acts ot
Jny 20. 1858, june 6, 1872, and March 3, 1879
Without going into details, it is sIll,icent to say
ctnto the export Of alcohol. The oGcet Of this
will not Of corrsc. be aprrociable on tho Value
Of corn for somo months, but it will encourage
disttlers to 60 into tho export Of alcohol, and
gradually create demand for corn.
The Btato OF trado seems to DO gradually I'M
proving in many parts Of the country from
which tue accounts hava not been vory oncour-
aging heretofore All instance Of thls ja fur
nIshed by tho Pittsburgh Commercial Of the ID,
which speaks Of tho iron trade rs follows: The
prospects for the spring trado, 80 FAR 81 the
manufacturing interests of our city aro coucor1l-
Cd are upon tho Whole, or q promising r' I'm nna a, e,
mills are running double tnrn. The daily con-
sumption OF pig-ron is estimated ut about l 800
tona although, if all out founlries, machlno-
s,upa, etc. were in full operation tllo conBnmt-
ton would it iscomputoa, reach Z, ,00O tons daily.
Tho manufacturers Of Htool are Toll supplied
with ortlcrh tho mncltine- shops having perhaps
less work than almost any otlor branch
Of the ., iron TT tfade f,t OF os. our city
iB being ltuilt at present than for so'no years.
past. Tho products Of our direront nanufac~
t7,rers aro bcing shipped as fast as they arc
turned out and the eHtock of n,anufactuto goods
hand il light, tho general disposition bclng to
produce only sufficient to meet tho current wants
Of tile trade. The total product Of iron, nails,
and steel III onr city from. tlo lst of Inst Sep:
tcmber TO the 1ht Of February Of this year will
ffg}sa1ssy oqaal that OF tho corresponding peroa
Tic Chicago l. Alton Railroad Inns deolaroa, Il i
per cent dividend payable March ~, OH tho pro-
fcrrcd and common stocks. Tho Chieago, Dur:
llngton Il Quincy lns also declared per cent
dividend, payable March II.
LocAL gTocK ASD HoSn MARKET.
NleHsra. Preston, Nean l. Co. qs,oto Us follows
this PM:
United States Gs Of 'a1...........lio l1e,S
United StarA 5-eDa uf 'M.....-..llG'i 1iG;4 :
Unttc. States 1-20s Of ofTl,.......1l7a5 1iHi
United Statos 6-aOs If 'G5. ....... .llDI ll9A
United HlateA 6-20a Of 'G5--Ja1,u-
uniisa ary iaa si.!es iii; oi o;-5su;,. l'Si
TITLED satss 10. Of Gs"Jan,- ~"
arynm Jhiy.... ........ia1t 1lhA