Year: 1869

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The week which has Just closed was characterized
ey extreme activity in the money Market as high as
three-eighihs of one per cent per day having been
maid on ean loans This stringency was the natural
result Of the withdrawal currency to the country
to meet engagements made for the first Of the
month. It's severity was greatest Friday, when
the banks were in the position between depletion
meet this demand and the nonarrival OF the reshp-
u.nts. On Saturday the drain had entirely ceased,
and some small amounts OF currency found their
way back again, the interest rate On cali showing
notifications reflective of the fact, The easy coRd-
uon OF money on the last day of the week was 200
sudden to prevent the thought that funds which had
been Withdrawn for speculative purposes had been
returned There are always persons In such times
who take advantage OF circumstances to In
nuence the market and the past week has not
been without indications OF their presence. The
banks ought 70 steadily gain from this
time forward, but those who contemplate
undertakings requiring FUNDS should not be too quick
70 calculate upon an easy money market for some
time to come. Large amounts OF currency have
gone to the South to stay there. Farm hands, mill
operatives and like members OF the great army or
labor have been set to work within the past few
weeks and they VIII create a demand which viii
xeep large quantity Of funds cut OF the city, for
the summer at least. The change in the Banking



. acsptrifugal tendency in currency, causing more
conservative policy the part OF the country banks,
vho buyers OF city paper and sellers Of exchange
on New York, were wont to contribute their bal
ances TO the metropolis 1t Is the history OF expert
ence too, that the convalescence OF the market is
sov one, and its recovery is not likely TO be more
'hasty this year than it was last The country was
never in better condition for making money The
winter mas been an open one and the humber classes





least. There is Disgusting the fact that business
has been duil during the expired portion Of the
spring, and until it revives fully we need not look
for plethoric bank accounts. There is vein Of
conservatism and common sense running through
the mass OF society which has forbidden rash under
takings this year. The wild speculation succeeding
the war has been followed by period OF reflection
People are well or now, and they pause before risk
ing what they have acquired for the chances OF
greater wealth. Money has gradually gravitated
into more bands. The poor are richer than they
used to be. Money is more widely scattered. The
South is q prominent Illustration OF this fact. A
Rhode Island paper speaking OF the prospects the
spring manufacturing business and the less demand
for fabrics says:"Taxes and the ncresaed ofar
tcles OF food have made IL necessary for the people
70 adopt measures OF economy, and TO buy little
cept what is absolutely needed. n times like these
men wear their Old clothes and women turn and
make over even their calico dresses. The retailer
feels the change in his small daily sales; the Jobber
feels it in the diminished wants OF the retailer, and
the wholesale agent and manufacturer feels 1t In his
reduced sales TO the joboer." :"
The weekly bank statement which was looked for
with more than ordinary curiosity is unfavorable
one, but in this respect is not different from general
expectation. The loans have been decreased nearly
100000 Legal tenders have fallen OH s2,ooo,ooo
and the deposits nearly 5000 ooo The specie de-
crease is 81 900. The last two statements
compare as follows