, 1874-07-20
MONEY AND COM MERGE.


FINANCIAL.
SATURDAY EVENING, July is.
This Ia tho season botwoon crops, and the
moncy-mnrl1ot Inns In consequence reached ita
dead point. Tho proluce OF last acasoh has beon
rocoivoa horo and forwarded to tho East; the
money for 1t Ina passed. through our banks and
boon distributed through tho Northwest. Tho
farmers arc busy harvoHtng. Their tratlo with tho
country dealers, md aB q oorollary that OF the
latter With the Wholesale merchants OF Chicago.
te at its minimum. Tho now crops have not yot
begun to ootno in, and no money las boon oallo1
Tor by tho country to movo thom. At tho East
business Is at 8tnndstill. nnd the leaders
Of the commercial aud Anancihl world Aro at tho
aea-shoro or III tho u,ountalus. Those
Causes are sufficient to account for tho great
quiet Of financial olrclcH--n quiet which has boon
intensified by tho shock Of tho 1ro Of Tuesday
last. Tho only othor efroots Of tho fro III NOR
oantilo oircleswore the temporary interruption Of
tho business Of groat n,any merchants who
moved their goods In the scnro, and tho nntnrnl
1oaa Of conidonco in the safety OF intcroBts that
weto liable to such dangers. The feoling Of in
security among our bnainosH mon IL profound.
Tho oagorncss with which they sock means Of self
protection is shown by tho fact that tho cnll for
the mooting OF citizena at N1cCornick'a Hail to-
hight has boon signed by all tho lending
bankors mud merchants whom 1t waa pos
siblo to ronch In tile short time given. This
Ia not tho place to discuss questions of
municipal government but tho ineeparabo
nature Of tho relation betwcoh a competent City
iovcEnmont and business prosperity nakcs ono
fomark In or1or hero. The real problon before
tho property-owuors Of this city Ia o fur deapor
one than whether tho Fro Marshal ia competent,
mr. tcH In I,,i}Ji r., lin, all
shall bo removed. Tho Fire Department is not
the only branch of our City Government which is
corrupt md incompetent. nor tho only ono
through which taxpayers and property.osners
suffer great loasos. Tho roal Issue tH : Shall tho
!Gorofnmont Of Chicago in all its parts DO tho
best possible organization for the protection Of
tho lives, property, and personal rights OF its
citizens, r.. and FOR tho supply of those eonn'ou
wauta for which tho citzGnH have learned to
look to the municipality, Or shall It 10
: political -, machine Tun for tho bono
at of politicians at tho expense Of tax
payers? II tho former tho Tiro Department
would fall into efliconcy aB naturally and auc-
cessfully ~ a department Of Field L Leiter's
store II tho lattor, no amount Of local tinker
ing will over do moro than temporary good.
The ratcn of discount at tho bnnks were nom-
fnay III ror cont for regular borrowers; 7678
per cont for independent borrowers with satis-
factory security or Inducements; money OIL tho
btrcot is s@l8 por cont; rcnl estato loans, o@l0
per cent
Now York exchange has boon growing scarce
all tho weoa, owing to the light roceirss Of
produce hero for shipment East 1t opened at
25c premium botwoen banks for $1,000, aud
closod at shipping rates. Considerable amounts
Of currency wore sont East to- day by cxprosa.
The cloaringa for tho week wore S13,6Ds, ,CGG.67,
and tho BALANCES, 81, III, 293 Oh tho figlrce for
tS coz ssoo5responin %9o of last year woro s2
Tho rates Of foreign exchange nro: London
4s7z6@4go; paris. 51G4@51a17; Hamburg, 959s
e@E9G91 Berlin, ?1s1@a2sS6; belgium. 5l5@6l1A;
Denmart, Sc; linland (Russfa), 2o2l.
Cabto transfers nro: London, 432; Paris,
b0sN. 80"
United States Treasurer Spinner las decided
Tint tho National Banks will DO porn1ittod to
mako good tho amounts charged to tho per
cont fund for tho redemption Of their notes bY |
relnit1anccs Of National bank notos, thus saving
tho cxponRe OF remitting lcgal-tenlar notes
bank-noteB redeemed, aud Of the return Of legal
tondors by tho bnnks 10 mako good tho per |
cont fund. Ihe first deposit Of por conts
must, however, DO mado in legal tenders in oil !
cases.
Tho account which tho New York Herald gives |
Of tho New York utock -n,arkot for Friday shows
that tho operators Of Wall street aro hard put to
It to got up aono excitement In these dull days:
"AB the day woro on tho 'bears,' having suf- |
farod surprisc by tho turn Of tho market tho |
previous day. scemcd indisposcd to tako any |
further extensive lnoa Of stock in the future Of
o market then 30 slim1y attended and tho |
~ thoir opponents, u11ti the crowd emo back.
there was rapid drawing oil from stook-speou-
lation mud diversion in favor OF
rooL-sELL1Na
upon tho Unlveraty boat-race. This, with mucl, |
lllarity and that loud sort of amusement which
seonH to suit the temperament aud lungs OF
tic ad o hs 9 ss sen tbs %s Ct
gradually slumped or, closing at about the
lowest point Of tho day."
Tho journal Of Commerce of Wednesday do
tf,nN* nNnnt nF A.. |
on tho Now York stock-Exchaugo: "Tho b.
ginning or business yesterday on the Stock-E1-
change came upon a group Of people who were
roady to pct upon almost any suggestion tho
hre came out lust night and, while tho operators
who wore long Of stock felt depressed in mind,
the bears wore quite aB distinctly the contrary
IN feeling; Ihe night found many nervous
dawncd upon tho bluost set OF spoculators That
could be imagined. But tho statements tn the
morning papers wore assuring: and tho bcllcf TINT
s250,00o,0 900 as BEFORE was calculated to insptro
confidence. But tie market wont off from Il to
to ~ per cont, and the few operators in town
wote greatly excited. Afterwards, however, it
the business dlatrict; that only churches. hotels,
md dwelling-housoa were burned, and that tho
losses Of New 1ork inaurors would bo very
slight. There was a!so talk about tho good tho
publication Of low quarters by fro would do
Chicago, and tho genera! conclusion was that. II
o ruinous fire in q busnoaa district would make
Chicago great In . business sonso, tho burning
OF her sinks Of wiokodneas would bring about d
stock-marlet recovered to tho best nricoe. got-
tied down to it's normal dullness, and finally
sagged OF into stupidity towarl ocloHo, and tho
market WAS quite Inactive, but stoady mud lrtn at
the close."
Tho following table Of railroads in thia coun-
try which have defaulted on their obligations is
compiled by tho New York Daily Bulletin.
1t Is very Instructive II not pleasant reading,
AMI Will mako an admirable clipping for study
and future roforonce;
Name qf Road 0bfi9atis4s' L'ats VI Aa,ouHI n,