, 1874-01-07
MONEY AND COMMERCE.


TUESDAY EVENING, Jan. 6.
The most prominent feature in local business
affairs is the s. bulge I" in the prices Of nearly
al sorts OF Western products. In the case OF
wheat, this is partly due to q better demand IN
Europe, and In the case OF coIn, partly to the
growing Lelef that the stock in the county Is
very small but these are not the only causes,
as there sae,ns 10 be general advance in prices
OF all gorts OF commodities and ali securlues OF
real value. The advance in prices OF all the old
established dividend-raying railroad stocks has
been greater in tile Last ten days than in anything
else. The effect Of tile interest and dividend
disbursements Ia the Eastern cities has been
more positively and quickly tolt than in any pre-
v7ous year One reason for this probably is,
that the panic and the doubt about what would
be eafe to invest in has induced everybody to
hold OF until their money WIS actually IN hand
before investing. The panic was the means OF
e1pelling from the money markets OF. .the United
States large class OF unreliable stocks aud Sc
curities that had for years absorbed vast
amount Of The loanabio capital OF the
country. The effect has been to coa-
ceutrate investments in comparatively q
few stocks These are rapidly rising to the
average prices at whlcl they stood before
lie panic, and 1t now seems 40: Improbable that
the les, ones Will go even higher than their
average range Of last year, How strange it
seems tha: now everybody recognizes that
khl1 rapid rise il prices Was tho logi.al aud nee
eesary result OF The depression 3 &c" Monshs
ago! And yet even up to q few weeks ago scarce
" ANYBODY could see it III this lEut. The fact Is
That for two mouths. up to the middle or nearly
the end Of November, the great majority OF
eyen business men d'd not follow
tho dictates Of their owit Judgments;
t. stt,Io fj.af
This reaction from the depression Of the panic
may even run into the other extreme, and lead
people to tale SO saugu1ne view of the COM
melcil snd IL. .aocial prospect that prices OF NIL
good stocks will be 1un even higher than for
year OF two past. 1t is At least an important
query as to how the ST. 000 or $4,000. 900
st interest and dividends is to find Investment
this winter. OF course, the receipt Of this has
been anticipated By those into whose hands II
viii be Eaid hrs. BY them it will,
to 3 large extent, be devoted 70
continues IN circulation, and clears of more and
more indebtedness, 1t finally reaches tho bands
Of these who will invest It III something Is an
addition to useir capital The legitimate aud
final iojgiug place OF ta1s accumulat4on oi profits
is ilt something that u not consumed some
thing Like buildings, railroads, manufactures, OF
real estate. II 1t aid not hud Investment IN
something Of this kind it would prove that
there is no accumulation OF wealth In the coua-
Try from year TO year, but TINT the tota1 results
OF industry waae all absorbed in morely
suctaining tle lves OF the people. For rome
years past the accumulated profits OF Industry
il. this country, as well as portion OF those u
Europe, have been invested III tu4ljlnR new rail-
roads. But that Ine Of investment has been
followed Until there IS much less luducenebt to
follow it fu. tier. aud not Eoe but that real
estate will necessarily absorb Large portion Of
the p1 eseut accumulated profits 1t may possi-
bly, lie argued, however, that the plofts to te in-
gestod thus year will he mach less than LII prevl-
GUS ones, and tnat tile defau ts OF railroads
to pas their interest IT, aud di'ldenus to
tho amount Of $27 7.D00. 100 or 80, as shown b.
the long list Of defauftiug roads. wi' nlatetialiy
diminish the amount OF capital seeking invest
mcut. It must be remenbe.cd, However, that
scarcely one OF tho defaultiuS raloads ever
ear1,<d dividend Oh lis STOCK OF tie interest On
its bonds Tle muney to pay those VAS Arrays
borrowed The defaults, Therefore, to the ~
gregate Of 427.Uuo,0o0 or S23,0uo,oco, only
SLOW that tho money market las been
relieved from terli-aunual demand
for money to that amount Which "as
borrowed every six months from the accumu1:.-
ed profits OF legitimate enterprises. ia nrlcr to
keep improbable schemes atloat Tie i:ata,1lts
pf these railroads. Therefore. only prove that
mo1e money will 10 lett to Invest IN something
OF real yaiLe.
Money seems to bo getting mora plenty in this
ma; ket, as well as III tho Lastern c,tles. The
Krain-dsaicrs are large BORROWERS as are nlso the
pork-packers but there seems to be enough to
supply all who have any claims to the rayors of
the banks. In the open market. money contin-
rather scarce yet, but is obtainarle on first
class coliaterals Of prime commercial p1par at IL
per cent per annum-
New York exchange is still scarce at SOC per
$1,000 premium.
The National Bank Of Commerce has declared
~ per cent dividend for the quarter Guiding
Jan. i. The National Bank Of Illinois has also
declared per cent dividend for the half year
to the same date. Ten out Of the nineteen Ma
tional Banks In this city have now declared diyi-
deuds out OF the plo6ts OF either the three or
the sx months ending Jan. i. The aggregate Of
bank dividends declared amounts to about S125,-
QUO.
LOCAL STOCK AND BOND MARKET.
Messrs. Presron, kean T. Go. quote as follows
this afternoon: