, 1874-02-10
M0NEYAND COM MERGE.
MONETARY.

MONDAY Evening, Fob, 9.
Money continues to grow moro abundant, not
only In the locat market, but all over tho conn-
try. Az mentioned in Our artiolo Of Saturday, a
good many nloney-lontors admit the probabil'ty
Of lower rates Of interest boforo long, Mt leaBt IN
tho open market. Tho banks will, OF COURSE
maintain their ratoa of Discount nominnlly at III
por cont, aa they do systematically. But tue
cheaper rates for money In tho opon market win
drnw borrowers there iustead Of to the bank8'
and tho latter will, in default OF sui'lcsont oniA
ploymont for their funds, buy tho paper through
brokers. Tho oase in money has enabled LIS
pork and provision mon to toat thoir spec-
nlation until 1t is said the country has been
and that there Is nothing left to como In now
but poor atock mud, In Wow Of tho tact tlat W.
little, II any moro money Gun DO employed III
thia direction, people aro beginning, to query as
to wlat new speculative channel will bo fouha
for It.
Thcro is still FREQ movement Of currency TO
tho country, though the receipts arc abone equal
to It.
New York exchange was sold at 76o por 81, 900
niscoMnt today. .... .-..,,.-
Tho increasing supply Of money has at length,
paused considerable rise in tho prtces OF United
Btates bonds and railway stocka. As was men-
toned In our New York dispatches Of Saturday,
tho Ravings:banke, and also inc ,s,, oommofca, 1
their money, and llavo gono into tLo market to
buy bonds as al, Investment for tho money.
This has had tho effect to advance tho price Of
all Government bonds, except lssls, about @ aA a5A1
,per cont since this day week ago. Tho b-2os
Of 1864 hive advanced 3 per cent. ..-
Northwestern preferred stock advanced por
cont and Rock Island about ~ per cent
last week, but, with these exceptions,
tho ADVANCE In tho prices of railway
stocks In tho Inst week has not boon equal to
that in Government bonds. Railway stooks aro,
however, now Just about AZ high as they aver.
aged in tho two mouths beforo tho panic put
thero is probably lass confidence III them than
there WAS then, owing to the foara TINT some OF
the great railway corporations havo not yet
beon able to sell tho bonds Of their now branch
roads In tho Western Territories. aence tho
preference for Government bonds.
Gold was stronger ut tho CLOSE OF last week.
On tho anticpationB of trouble IN connection
with the probable change in tic Ministry in En-
gland, and on Sensational reports IN regard 10
the relations OF Franco and Germany, and the
possibility Of q rupture To-day, gold WAS higher
again, and was quoted at 112h against 11211, At
which it had stood more steadily for aeveral
veekB than it hna dnne nt any one pfico for q
wear or two before. 1t is difficult to SEQ how 9
change Of administration in England can affect
fananooa in the United Statea, unless it should
be by creating feeling of digtrust in financial
circles In London that would induce tho Bank OF
ENGLAND to strengthen itself in spccio, aud thus
cause an export Of specie from. this country.
But the abundance of money in tho Unltod
States, and tho consequent dispos.tlon to specu.
late In something, Ia probably ut tho bottom OF
these antioipationH.