Year: 1869

by contrasting the total reserve with the total la


bities 1t found that the former has been increased
about 100000 and the latter about $l,5oo.ooo.


Money was In abundant supply to-day at six and
seven per cent according to the character OF the
collaterais submitted. Prime houses and favored
customers were also able to borrow all they needed
~ lower rate. Late In the day lenders were Offering
very freely at six per cent and were compelled to
take nve upon their balances rather than have them
1ie over until Monday without interest. The money
market is In satisfactory condition. The proposed
Legislation in Congress the subject OF the national
banks gives confidence to the public that the dis
turbances. artificial and otherwise, which used to
create so frequent and SO annoying fluctuations In
the rate OF interest, will not return. Currency is
not arriving 80 abundantly from the West.
From Chicago it is reported that eastern
exchange was something in excess OF
the demand and sales between banks were
made at par. The feeling, however, was little
better towards the close AT Cincinnati exchange is
Just equal to the demand In commenting on the
Chicago money market the Times OF that city says
there is still an active demand for money, yet as the
banks are working into easier condition, regular
customers get pretty much all they require The
demand Is quite general that is to say, there is
particular class OF borrowers although grain
and provision dealers asking more extensive ac-
commod0t0ns than any other class. On the other
hand there is less money going to the South and the
demand IN that direction for some time to come
will be limited, as the planters and city dealers in
cotton are holding to what is left Of the last crop
with the expectation OF getting higher prices.
This expectation was induced by the cotton
gamblers In New York, who have tempora-
riy put the price up as a speculation against
the heavy sshort" interest in the staple. The New
York market is much above the Liverpool mar
ket; so that the consequence Is very evident When
the fall comes 1t will be with rush, and holders will


fail 70 realize even the far prices ruling few weeks
ago. The Southern press f0resee this result and
are warning the planters not to keep their cotton


There was some excitement in the Gold Room to-
day over an advance In the premium Of considerable
proportions for these days. when Congressional fnan
cers have a hundred different plans for the imme-
dIate resumption of specie payments The opening
price was 1876, from which there was q temporary
decline to 1851. From this point the price went up
to 1885,, ana closed at five O'Clock at 1861. The
cause OF the advance the large shipment OF spe-
Gle to Europe to-day-about 5000, ,Ooo-making the
total OF the week over o million OF dollars. The
''bull' efforts to raise the premium are Of the
most determined character, and portion Of the
grand plan which is at present operating in all the
markets OF Wall street. few weeks since there
was a very general impression that gold must 90
down, and IL was sold .short" to large extent in
consequence. The covering by this interest also
tends to create demand for gold. The .'bulls'
are making use Of the large increase in
Imports for the expired portion OF the present
year to help initiate the price. while 1t is asserted
that the cotton crop OF 1869 win not be large
Originally anticipated and that greater portion Of
II will be used for our own mills. This is portion
of the same programme, and is intended to help
speculation by depreciatlng greenbacks As for the
heavy shipments OF this week, they are the aggre-
gate, in reality, Of two weeks. Gold was to have
been shipped last week; but the spectators kept
II back in order to make larger show OF exporta-
ton this week. As far the excess in imports is
concerned the increase last week may be q matter
OF accident and the total equalized for the year. But


II the increase should continue, it should not
be forgotten that the products OF our mines during
the past year amounted to $780, oo0oo which acces-
sion to our supply OF the precious metals win enable
us to meet the payments for the excess. The range
in ha prtco wa aa folloW1