, 1875-08-11
STATE OF TRADE.
Tho Business in tho Local Loan
Market Decidedly Dull.
An Important Decision on Accept.
ing Drafts by Telegraph.
The Produce Markets Unsettled by tile
Weather.-.Provisions Dull.
Qrain Stronger Early, Int Henry Az
terNards--.NIoat and Corn
Close Weak.


FINANCIAL.
There vas ttlo Of note ,onc in tho local loan mar
tot. Ths mercantile buAlncsa of the city is rcatrictea
aud Ia consequence the applications from 1hat
source for loans arc few. Tho banks hasr, In most
surplus Of means, owing to the satisfactory
which their bills receivable have boon raid
The roTt4fnn and contraction of credits which las
been In operation long hAa rtau1tc in bringing The
ch1rscter Of discount lines Of tho banta up to high
standard. Ono Of tho leading bankers Of this city
said 5csterdAy that ha had never Ind clean limo
OF Hills rcccvnh1o and this may ease1y 10 believed 10
be characteristic Of the general condition Of tho CHI
cago banks. The Hoard Of Trade domand IL light,
and tho miscellaneous applicants for leans not
1ufnerous.
natcn OF discount kra caay In consequence. TLoy
quoted at Bi0 per cent Ut tho banks to regular
customers, with concessions by tho banks With
siderable surplus ct several per cant to good out.
sido customers.
On tho s.raot, rates are G91s per cont, rtlh very
fttlo paper offering.
New York exchange inactive, a& par TO &c dis
count between banks for Si,0oO.
Tho movemnnt Of currency to the country Il light
Tho e1car1nga were 81, ,40D,0Dc.
ACCEPTING DRAFTS nY TELEGRAPH.
Judge Curtis, Of the New York Supreme Court. hss
decided iu the rutt Of Molson+ 1ank Of Montreal
against Charles Il. Howard and others. that tele-
graphic dispatch nRreolng to accept drift II cHuv-
lent To written promitu 10 accept, mid unlcf tho
st1tute nakes Ac peshon scidins ING oSpaten naoto
~ aeeertor. .....,.
THIS dccision "a = STEP forwar1 In mercantile law,
and will 10 great interest to bankers md merchants.
The Ia thus described In thu New York Tribune:
Ths dispatch which tho occasion Of tho daclsl1n
Niven Il d., Montreal, Cln; Viii accept twenty-five
guld or thren thousand currency On ns'al tine 10th
tnn haiJt Of consirnipu lroluco Ia G. n Howard
ca. a, drawing ,aaift r.,eh Shipments rht. w;H
nors.t ,trir scccItauts, uu t1.p draft SNe,t 4 tn
FILLED, ar.i The actcriors Lad uot cppuch d; t,p
rawss, ,,rnf,rty III ti,eir hand, to tncrt tl,e rat
rh' c..a III romnl;rstr, Nv Tia fsrt tGat Inc innt
Lad In IN it's ,ssso.ston st lie Tins Of Nsem .G1'n
1a,j,ua the1r de,ost amounting Ia s1n;;aS wi,!r,,
WA clnuel by Niven'a astig,cc, bit hai not iycn
given lp 70 him. Tho defendants ciatnltd that ths
sn tnun m & n1Ht 1G aTpacu on ioe ufi aao 'as 'hey
I,n tI,js Mint I,,ra - t.nrtis nna. t,at s,ch uar
urt could only 10 given in an equity pu!t 10 \ Lii
Eyen 4 Co. and their Assignee aFo l'artlss 1t i4 de-
sfsoie TO nsoia Al! e1ea conit7tnls a,aa tn shfar-
frwss nj .Nasiijc ,es,1tcis rrr. scc1nn IN n'I IN nv
rood repsep why ulatntiu who scpuuts IN aecc,s-
Ance cangc hu received colatctai fccurity from hs
Graweea WIG ase Oily eon.inssa''y M ~ aaDse. sAoahl
mr. ae lscaa. u c atatc u n M ,r"!o W!o
between thc acccI;or aid The drawre. Tia luIIirr
boua tlo anA Tor value u actopaucc nfurs maturity
70 WE agats tns nceeptnt, ~ s'st to recover
r"er w. H. aria, rs.s IT. .ue 5es IT, H.
hank 10 therefore affirmed,
cAL1ronSIA GOLD DASks.
Tho Ean Tfancsco Etts{tEln publishes statement II
tho condition Ut tho guld bauls Ut Cailfotrta, auI
adds:
s1uo tho rreyious mobilization, Tho r,rek M.
upnal Bank Of Uaksu has nrtrl, thus ,na1lI
eisht u thcso paak3 III atii'e nrFHvH Oh tho t'la
rcnt oa a. S,nrrtn, nna - Hamf na1e ~ a
Al ss,, Josn' ono At 1,cteimu ind aim =. I,t,nI
Annt1cr has anco been established 1t tho lust soneI
1laco while another II talkea OF Ut San trancisEo and
Sno i sauta SsnS. Ans Sscooo uno y nah .o.e ~
1msra Ina kren aLan,lnnci Il IL unIt. lit.in avn
eight years since the rst savings hank ws started III.
Tie 1acihr coast outside of s4n fraEciseo There
~ ~" ~, s =. LIE. tnsse @ ~ " aG.so nrI-
AIDES ono al Portland. Gre md n1p n yr .nia },nv
Eoy.
CONDITION OF THE NATIONAL DAEEs,
4 moruEng contemporary rublshCs Washington
dispatch giving abstracts af the reports Of tho Sutipal
Banks in the Northwestern sta.es on Juno u list.
a.araous t. !. purs, .eeiaoasl Il ' my aaure s Il
auch Dispatch IL printed correctly. In an abstract Of
$50. which appeared In tbs w..h4n&,"n a.stshts Il
National banks x,.pearol N $40 ri nj. II sbo,l,1
there w,. mn rrror NJ sn b.,h, n w.. ,,rin,n5
~, -. :. =. ~, nnn - - t
~'sA'o', '"As~" ~ ~ *'t.tsas. 80 40 'o'A' tue'e
was mistake Of millions. $A III 953.lo being put for
A7,l2l,9i9.lo.
NEW YORK pAsKs.
,s.a rs..,a s ~. "us.s -
vork asa'a 'r1 % a.. ~ naa'ss ~ ~"
a"st oshlsas esel'': @ Iu asw soss Journal Y cs.
tpat "siuce tho fa.luro Of puncan. sl,e,o,n co.
bankers taro grown very conservative. They hayo
been examining sceounta and adjusting them II meet
upv condition Of at1uirs Il. any possible o1igeucy
which nigh atse. guch rourse has been cou,idrr,.
hy .,r,n Jaw .,,r,. 80, ., 49,. ~, -. ,n
~ 1o ~ Duaua'' Ano 'uay Aaso ico 'o unIieas-
~ "1'su Meo ~ .oey ssavesea' anu