, 1879-08-07

fess fSss: 70 fsrssses ssss s 81
Since Jan. 1...sar. 474uoa $685. 7a5 ooe s1r 7.7
Conso!s opened lower, nj VI 15-t0. an1 declined
to 971. The Bank OF England lost s230,ooo.
Silver was quoted In London ia higher per
ounce. at 513S.
Currency is now being ordered out Of New
York by the Chicago hanks The euuntry DC
mnnd for tnouey Is growing mora pressing every
dny, and the prospect Is tint tho drain OH thu
New York 1oga!-tonlcr reserves will be the
heaviest this yeor Since the panic. 1t Is ose OF
the possibilities OF tho situation thnt The New
York banks may taye slloir currency reduced 50
low that they will rofusc to ship lega-tendcrs,
and Will pay the drafts Of their Western corre-
ponlonts only In gold, autl possibly only In
silver dollnrs.. This viii add $2 Or ~ per $1000
as silver or gold Is sent, to the cost OF New York
exchange. Discounts are quiet; dcnnsts. high.
Nates Of discounts are 4GlG per cent on call. 79
per cent on tt1nc. Dauk clsarings we're
81, 00o, ,000
TIE prospects Of the money market arc dis
cussed M follows by tho Now York Etsniny Post:
manufacturing business Improving. with tlo diver.
sion uf capital to new enicrpriaea. and with the
Change and ut tho commercial exchanged va arc to
have long continuance Of 2Ge:5 per. cont quota
tions for money. II would certalnly bn nnrsason-
Abis to expect thcso low rates to contlnuc later
than tho middle OF September unless large
amount Of gold Is to DO Imported. Al present It Is
0uld; but as much as 'comcs will strengthen the
bunk reserves and will form a bass for four tln.es
nf much Of the End Of bank credit a. constitutes
tie currency with which Stock Exchange nnd nj!
wholesale mercantile TRANSACTIONS are settled. It
must be tenctut,uret. too: that The disbursement
BY tho Treasury to redeem fractionni nues han bccn
an ,nlpurtant did to the money market. It having
farnislod 1ssls for aoget.!nE oyer 1922. e1q 90
Ing inin account. however. everything that II "a.
vurable, It. Ia difficult to arrvc nj any other conc1u-
we shnlf have much fuller rates for money tln WI
haye had In the corresponding season OF tho last
fcw yaara.
Lincoln Pork Is were aold at 107, and Cook
County 10 at 1091f.
An effort Ia being made to enlist u number OF
prominent mon of this city In the organization
Of q Stock Board similar to those now In opera
t[on in San Francisco and Now York. 6uru on
institution. II rightly ,nanaged AMI In tue hauls
Of responsible parties, can hardly fail to achero
SUCCESS aud q permanent standing, owing to tic
great and constantly increasing interest In min
lug matters throughout tho West. The develop
rnent Ut mining property requires large capital,
ind thus nccesattatcs the formation OF corpora
ttons to carry On tho business. Few n,cn aso
@p'0 ~ f"'%a"ae a''a so"t'oi ~ &H1Ho 'u'oei
and the masses aro t4us compelled to tnsest,
II ut all. 10 the shares Of theso companies.
Stock speculation is tiIc result Of this condition
Of things, and cannot bc prevented. A Mining
Stock Board is the best corrective Of tho
abuses which such q system produces. 1t
corta!nly stops fraud In individual transactions,
and tonds to prevent "buckrt.6hop u gambling.
Attempts have been made In the past to start
Mininr Exchanges In this city, hut In no In
stance haYo the men connected With them been
Of sufficient financial weight to command public
confidence, The present renewed interest iu
mining ventures affords favorable opportunity
for anothur trial !u tls direction, and, as tic
preliminary stops lsaye been taken among men