, 1874-01-03
MONEY And COMMERCE.
MONETARY.


FRIDAY EVENING, Jan =.
The demand for money confines very active
Ia this market, though there seems to be no DIFF
Gcultv in getting all that Is applied for on good
.oliaterals The pork-packers arc still heavy
borrowers at the banks, but tho banks arc dis
posed to meet their applications freely. 4 good
deal OF money is Also being absorbed now in
carrying grain held in store, aud is q leg climate
cnaupel for bank money. The who1esale mer~
chants seem to be getting along on their own
resources without much bank aid There is,
however, another class OF business men IN this
sity who operate largely il almost eny kind OF
sch enc that comes up--real estate. building
houses, building railroads, ETC., ctc.-who are
hard up, In most CAGES they have large mar
gin & capital between the aggregate Of their
debts and the va1ue OF their property, but they
are, Us u rule, hard pushed for ready money, be-
cause these classes of property are difficult to
sell at present. Forced sales would, Of course,
be made only at great saerlcas, and such loss to
the parties involved az to cause failures.
New York e1chnnge WAS scarce to-uay At Toe
per 81 900 premium.
The CHICAGO PACIFIC RAILROAD.
Tho Rockford Gazette comments at considers
BILE leueth on tho aufarorabse prospects Of Glis
road, and says-
Although train runs from E1gin to Chicago and re-
turn oncs day, it does not beg!n to pay EXPENSES
aud thcre seems to be growing disposition among
the people property Of that section to do
III hcy can to retaid ia further progress westward
This is probably not far from the truth. The
reason Of it is TINT the road has no depot within
two miles Of the business part OF the city, and
il. therefore, cut of from any connections with
other roads. It cannot even build I'D suburban
passenger business; in fact, comparatively few
l,eople iu the city or suburbs know that shsro is
Eucn 4 road in existence UntI it has depot
within reasonable distance Of the business part
Of the city, it cannot be expected 10 atttact
dthet freight or passenger traffic.
NOTABLE EVENT
"A financial afnirs is the change made to-day in
the manner Of quoting Bterhug exchange in the
United States. The quotations on tho new basis
in New York to-day we're 437 for sight. and 4S3
sight exchange is worth $4.87 and 6u-day bills
are worth $4-s9 to the pound sterling Of exchange
On London. The real value Of the pound IA
Sovereignty is S4-eG.G5 in American gold the
quotations OF to-day. therefore, show that sight
bills on London are worth premium OF about
i-l6 Of per cent, and that G0-day bills are at
discount Of q Of per cent
This change in the mode OF quoting sterling
bills was made necessary by IN act OF Congress
March 3, 1873, which provided that ali coutracts
for sterling exchange made after JAN l,
1874. on the old basis OF S4.4A.4 to the pound.
should bo null and void. The object OF Congress
in passing the law was to avoid, as far as possl-
BILE, the confusion and misapprehensions that
aIose 1Ioia tue l,u1eolouo -, o4u o1sSo" " .aAe
: pound hseti!nE wy oG 49, Sneu .lla -
lact, ate 3eal 'a.ae ~ 10 ~ " ~
CUSTOM oales baeA ~ sno oesinutua " lug 4su
tra1 Government. Inc opanisn s1'Ves aol-
lar, which was recognized ID England Ii
= STANDARD OF exchange with Spain aud tho West
Indies before tho Federal Government begau 10
cn;. r,onav at iii va. worth "a nenca or "a 6d
-,,s,'a, 11,t; as t1a torpdorj ~ ln1Iar"
stethuh uone9' -nIe "'1 ID ese t-si n,.,'..nt
OF That time, anu, "nen tne eoe1al do'etnHens
first established Federal money, 1t WAS lntanded
that its dollars should be worth Is I'd, o. At