Year: 1869

~ WEDNESDAY,, Jan. 27-SRM


Money was In fairer demand to-day and the majority
bf call loans were made at seven per cent. While
money Is absolutely very abundant In the city the
great demand for IL created BY the immense spceu-
laons IN the Stock market keeps all Of II constantly
Employed. and hence tho rate Of interest remains
very steady. although previous experience led many
% anticipate concession In the figures from the
legal rate. 1t is very easy to ses that gren deal
moro money Is requisite to-day than two or three
weeks ago. when stocks were all the way fron
ZEN to thirty per cent lower than they now are IL
u Q curious fact In human nature as II exists IN
Wa street. that the higher stock goes the more de-
tnand u there for II Those who would not touch It
At dull and low figures will be over anxious
70 invest when It advances several per cent The
vemttances from the West have not ceased, It u true
but the advances made for moving the crops and for


marketing pork have been nearly all returned, and
the money which is coming is in payment for dry
goods ana for old debts. 1t s the money which the
Iealther West OF the present season u paying for
The luxuriss which its more prosperous condition
euabes Il to buy at the counters Of the metropolis
The West b daily growing moro refined Indeed
bOciety In Chicago Ia hardly less expenstvely dressed
shan society In New York. Our shipments to the
South are without any noticeable feature Later In
she day money was easier, as It generally Il when
the demand Of midday has passed by, and was
70 be had on prime collaterals by best houses at
nix per cent. The market for commercial
paper shows more activity. The inquiry has been
moro decided within the past few days. The very
best paper running sixty days, is quoted at six to
seven per cent discount. Ordinary prime accept
tnces short time, are quoted seven to eight Four
months paper Ii variousy discounted at from eight
70 ten per cent. There Is good deal more scrutiny
pf names nowadays, and hence the distinctions
which are indicated IN the series Of discount rates
Just cited. This caution is not without its good
onect. When the violent fluctuations OF gold are


aken into consideration as well as the many sources
pf embarrassment arising In the mercantile world
during the period since the war, the number Of
failures u very limited. whatever the tendency
OF people In general to speculate, as shown
by the daily record OF the stock MARKET
the feeling OF caution has largely taken pos
session OF cur merchants. and business has
been conducted during the past twelve months on


quite conservative principles. The new year. as far
- IL has gone, gives evidence Of continuation OF
this policy and there is no remedy SO sure TO cure
mercantile excesses and expansion as Q careful
scrutiny OF paper In Wall street.


Gold opened at 1861 went up to 1859, and thence
under heavy pressure to sell, declined to 1861, and
closed at 1861. These sales were evidently the re-
suit Of realization By the cliques who put up the
premium to aid the general movement in oil the
markets. After the board, In sympathy with q re-
vival OF the speculative feeling In the stock
market, the price was advanced to 138h, and at
quarter to five 1t rose TO 1soK amid considerable
excitement the shorts who had been induced to sell


uring the decline Of the morning vigorously resist
ing the advance Cash gold was in plentiful supply,
but there was shade Of hardening In the rate for
carrying which ranged between 6K and per cent,
rcnectiye Of the activity In money. The price at dir