, 1874-07-18
MONEY AND COMMERCE,


EH[D4K tFEHiNNy unY Az
There Was nothing in tho co,,rao Of the money
market to-day TO brcnk tho monotony Of tho
financial situation, A TOW cases are rsuortoa In 1
whioh loans aro "oA" on acoount Of losaos or
detangemont Of business caioulations In oonao-
quonoo OF the fro, but tl,oso nre very fow md
altogothor exceptional. There WIS Some call for
money on account Of tho rso III grain, mud for
tho movement Of wool, but 1t was not largo.
Tho rateH Of discount ut tho banks arc 10 por
cent for regular borrowers, 1908 for independent
borrowers on satisfactory collatora'a; money on
the street Is 8@l8 per cent; real estate loana
are 0@l0 per cent. ..-.. So,
New York exchange continues scarce and wns
firm today botwoon banks ut boa7o oenss pro-
Tho c,earinga ware ao,000,00 900.
Nearly all tho banks Of the city. as we'll as the
loading business houses, signed the call this
Saturday Mt a1cCorntcks Hall. to ap-
point committee to walt on tho city authorities
and tho CoIumon Council. aud detnand that ado
quats measures DO takeu to protect tho city
ffou, fro. The feeling Is universal that so,ne-
thing must DO dono to SECURE tho bualuoss lntor-
eats Of the city from tho dangers With which
in,prudent building and inoompetent govorn-
mont hnyo surrounded them, aud tho cittzehe
have determined to moyo In the matter In why
that shall bo unr0istakAble, ..,
Tho Now York journal Of Commerce dcscrIbos
slo money market nB foiiowA:
''Tho market exhiblta little 1ncroaso Of b1isi-
moss in some commercial departments. although
tho dealings arc Chiefly restricted to tho most
atHplo productions required ln preparation OF
stock for n legitimate traao. In Anancial circ!ea
there appears to be no important speculative
1noyonsUnt In any class Of aeorri1ses, apa con
adorable portion OF tho surplus funds retnain
idle for tho want Of indnoelnpnts to profitable
ventures. Money Ia preaacd upon borrowers, by
loans subject to call upon Government aeclirl-
tics, at per cent in iarge hnns a. apse.lea! aa!
collatoials, loans from day to day aSo troelY q
fereu ut q lqp3 por cont. First-c!ass mercantile
accoptas,ccp 1T short date ara In demand ut 5@6
per GENT; at four months 0@619 ner Gent; prime
por autlum discount.
"lt is aaid that no statement Of tho condition
Of the Eric nailwny Company Will be n'ado by
b,her Capt. Tyler or the ofioial accountants un-
til thcy all reach Loudou, their appointments
having been made by the stock md b0ntlhollers
directly, to whom ouly thoy will report. This
announcement caused n marked decline iii the
late dealings In Eric atock.',
THE dRasdERs AND EASTERN CAPITALISTS.
Our rcaaery will remember the extract We re-
comfy ropnbliahed from tho New York Times, IN
which that upper asserted that numhora Of
Eastern bnukcrs and capitalists Ind determined
to withdraw from all business conneollons in tho
Granger country, In rofcrouco to thoso and tho
like silly stories the journal Of Commerce says !:
"aorno three or four weoka ngo q number OF
capitalists advanced tile idea tint it would bo
well for them to consider with thcir foreign cor
respondents tho aas;aahi!sty Of withdrawing
their Investments in Western railroads, because
OF the operations Of tho GIangerp, and their
Bccnfng determination to follow up their Bio
ccsAes gained III Iowa and Wisconsin,, and ether
States. OF course tho advice 10 un1oad involved
the possibility Of doing It as profit. Two or
three Of tAsse people met, about two Weeks ago,
mud in tho conference ,thoy had tho object
Hcsn,ed surrounded with 50 much doubt as to
thu nt t,iAibilty OF doing it, tint thero wns no
step t4kcn, And the lst Of intcrcBt-paying &C.
ourtttos, 10 far AZ wo can learn. did not huffor
nay of tho threatened consequences. The
hun determined to Withdraw from interests
In the Western roads probably grew out Of tho
fact above stated, together with The other faet
that Inns existed ever since the panic, That every
bady iulerostel In trying IN vain to soil out in;
tcrests in cortaiu railroads in Wisconsin ailt'
Icwa that aso Not Oh Tho stock lgt, that never
pald dividend or interest, and that the present
oxns1x would rather have IN Bankruptcy in othak
AenGa. Tile trouhle about it 10 that the ownorf
Lsys hsen trying to sell. but cannot and 70,
W, 1s1aas that ara well understood these worth
fsss 'nrrouts' in thp railroad System deliber.
ataiy su.,iauhdsa with wela-kliown Western rail!
roads whom the atreet-gossipers have'a purpoHe
to 6arSeH