Year: 1879




Tntu near,v the close of bank hours. when money
was readily obtained at per cent the strlnRency
of YESTERDAY and the day before continued aud ac-
commodation required by weak borrowers with in
different securities was only obtained by the pay
ment of a bonus which ranged anywhere between
1-32 and "a per cent. Inc action Oh the
Comptroller of the Currency to curb certi-
fcation has turned out to be a farce, as
it was patent it would be. Inc devll mas
been whipped around the stump in 1872 as under
similar circumstances he was in 1869 and 1873 and
the result is that brokers retain the same facil-
tiles for overdrafts under technical CON-
plance with the that they did without it.
Tho scheme of lodging due bills with the
hanks and being credited with the returns
of a pretended discount was awaited OF by
all the large firms that lind it necessary
10 oyerdraw their accounts in order to accomplish
tl,oir business The condition of the banks is not
made one jot moro secure by the l. o. U. dodge sos
70 sneak than it was before the interference of the
COMPTROLLER of the Currency. Under the certifca-
ton system a dealer failing to make his account
rood became a debtor 10 the bank ION book
count" under the I. o. U. system he defaults
unou protested note. In either event the
bank stands the brunt of the loss and the reclama
tion is quite difficult in in the other.
After the temporary hitch OF yesterday 1t Is safe to
say that certfcations under the plan made
this morning freely at rate the stock
market accepted this to be the fact and regarding
the stringepcy of money matter of temporary
consequence prices went bouncing upward after
a fashion that pretty well extin9uished the
decline OF yesterday and in
advanced quotations to higher points than have
yet been reached. There can be no doubt that the
disbursements by the government, by the city and
by railroads and moneyed institutions will materially
ease the money market after tomorrow. 1t is not
probable, however, that the rate for call loans
will fall below or per cent for the rest
of the year, and, inasmuch as the demand
for money a. these prices is the strongest
evidence Of prosperity, it is not desirable that they
should. In quarter is the use for capital more
strongly exhibited than in the grain movement. The
receipts of wheat at Chicago and Milwaukee for
of last represented in value. at eighty
cents per bushel. something over S4.s4O.OOO. At
the same ports for October OF this year the
ceipts of wheat at valuation of 81 ~ per
bushel represent S11 $4,000. It is evident,
therefore, the of this cereal. at these
two single points and for the single MONTH the
sum of money required to keep things moving ex-
ceeds that of last year by some S6,sOOOOO. With
legitimate demand of this kind (Which is only one of
many that exstO. it is wonder that money is in
demand and that those who indulge in the luxury of
stock gambling must pay for it. Almost every stock
the list recained its loss or yesterday and some
of them did more. Northwest common rose to 30
and Pacific Mail to 3ssi. the highest prices yet
touclsed Erie was strong and active at 40 to 407s
with good evidence that the Osborn party were large
buyers. In the same groove Wabash, st. Paul.
Western Union, Iron Mountain, Delaware and Lacka-
wanna and host OF minor properties The tax on
money had terrors for the mob OF spectators
who are infatuated with the idea that much
higher prices will be reached. and who argue
with reason that there is no use haggng about a
quarter per cent for money when the price of the
security borrowed upon rises half per cent during
the time required to book the loan. The aggregate
OF sales at the Board to-day was 3l3.51s. against
500, ,424 yesterday.