The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-11-18
TRADE PAL ACE.
FINANCE AND BUSINESS.
WEEKLY REVIEW OF THE HOME
MARKET.
WzHNRspAY EVENING. November

transacted. They have no trouble in placing
all the money they desire to at the usual rates
ofinterest. The large amount Of currency be-
ting absorbed by the pork packers makes il diff
cult 70 get. azy but the very bsst paper dis
counted. Diseounting is confined largely TO
customers even then. This absorption has pro-
duced ansshsr effect, that OF sending up the
rate of Eastern ex ehange. IL party desired to
sell exchange for currency, he would have to
pay at the banks from Soc to 81 per Thousand in
round amounts, while the banks win sell at
par. The demand for currency Is rather more
urgent than formerly, because OF the wants of
pork packers. 1t is said some of the banks are
importing currency by express, in order to
meet the demand. The week closing to-day has
been barren of important events in the local
money market.
The New York tribune of yesterday has this
TO say upon one interesting feature OF the ma
uonal finances:
"Ths continued and unusually large depletion
OF the legal tender reserves of the associated
banks of New York has attracted some atten-
ton, owing to the fact that the present move
ments Of the crops or of general trade did not
seem 10 fully account for 1t. There has been
quiet and steady contraction of the legal ten
der circulation little suspected. 1t is known
that any national bank Wishing to retire its cir
oulattOn may employ the treasury department
TO do it by depositlng sum In legal tenders
equal to the amount OF its notes which il wishes
sion OF its bonds pie ged as security for the re-
DEM tton OF such circulation. This proceeding
may deem TO be a favorable market to sell it's
b0ads, and gives 10 the bank in available assets
SIP to?l2e taecording to the CLASS Of bonds for
The extent u which this has been done is shown
by the weekly reports issued from the treasury
depas tnaentS
After quoting from these reports for January
? and November Is, 1t continues:
alt Is understood that in each case the excess
Of Circulation over 81 per cent. OF the amounts
deTs held In place Of bonds for this special pur-
pose Of retiring and paying OF the circulation
has been since January 2, 1875, real but tenn
poraTy cont Tae ion OF
Legal lenders TO the amount sol
tton rsader the operations OF the law
or January ia S76S,75s
And have total So, Arc, $50
which shows the contratlon of legal tenders in
eiroulstioa which has occurred thus FAR this
year.
BUSINESS.
In the main business during the week has
been quiet AMI accomp panied with few changes,
either Ia prices state OF trade. The weather
has not bseu favorable, which, combined with
the fact that we ar5 bstweeu SCI sons, as L. were,
has placed trade almost on the verge of dull
ness. Dating ths latter part of last week prices
ofhogs were ran up as high as 81 30, owing to
light receipts, but with the beginning OF tho
ensuing week they began TO arrive in large
droves, which sent prices down TO 81 10 for the
very best ofTeriugs. our quotation to-day.
here and in Chicago.
Hog pE cd acts are easy and have been through
much OF tho week. In fact there is scarcely
stoc enough in this market 10 base prices upon.
The dealers tn emseives are keeping quiet, wait
Ing for the new stock, OF which at present there
is very little in market.
The grain MAJ ket, too, has been quiet and I'M
interesting all the week. Consider able corn is
moving. while wheat, oats and rye have been
inactive. There is . brisk demand for good
qualities of corn. upon which prices have ad-
vaDced since last week. All the transactions
on Change to-day were in grain.
Groceries have Inclined to quietness all the
week, but an improvement is expected toward
The next month, when the holiday trade sets in.
There Is an active demand for dried fruits,
owing 10 the failure OF the local crop. New
crop New Orleans molasses Is active with q
hrmer market; prices have receded from the
highesS point; cheese dull and firm; rice dull
and generally without change; coffees mode
rately active, bat lacking frmness, holders in
Eastern markets aking concessions To effect
sales there is no sta Iility in prices Sugars are
yet weak, bat higher rate of freights keep a
decline from being realized here therefore quo
tations remain as they have for several days
past.
The produce trade has been and LIS dull In
nearly all commodities. Butter is hrmer and In
brisk demand at our quotations. Eggs are steady
and moderately plenty. There is very little de-
mand as yet for dressed poultry, though inquir-
les are beginning 10 arrive from the East TO meet
the requirements OF Thanksgiving time. Fruit
and vegetables are plenty and not over active.
Yesterday the new schedule OF freight rates TO
the East went into effect. The increase of the
cost of transportation must necessarily create
sorue de" ngment In prices of all heavy articles,
gain IN particular. These changes will begin to
manifest themselves In few days at the farth-
est Discussing this question Of high freight
tariff The Chicago Tribune no doubt strikes the
keynote In this manner:
LAST winter the shipment Of grain from the
West 70 the .st was continuous but the rea-
son was the comparatively moderate rate of
like shipments viii take place during this year
under the advanced rate of freight they will
discover the mistake before the season has pro-
Creased very far. Toe West IL comparatively
prosperous The whole crop has been liberal.
is no occasion 70 hurry grain forward,
opens oners a large margin OF profit when com
pared with sh pueDts az the rates of freight eS-
tablished by the combination. The power OF
Chic 90 By an advance OF freights no longer
exists. An aivance OF freights has the single
e., "a M, ~ LII lor SUI a ~
prices and the raj roads will have TO settle theiI
heights with the purchasers at the Eastern ends
OF their lines. The railroad companies may
exact higher rates, nut the property moved viii
be Of less weight. Upon them rests the respon