Year: 1875

Money ON call during the week steadily became
active and stringent Rates advanced to 132 and
interest, only being relieved the last day of the
week through the effect OF borrowed sterling. The
continued loss of legal tenders by the associated banks
the domestic exchanges having for some time ruled
against this centre following close upon the actual con-
traction which has occurred during the year. points
natural influences the cause, and not to manipula
ton 1t is undoubtedly true that some distrust of the
speculative situation has to degree aggravated the
strngcncy by a withdrawal OF funds usually loaned
upon stocks which quite likely may be returned after
any general liquidation has been effected.


Mercantile paper still passes at per cent for Al,
with but little sale for any other description.


Sterling exchange has ruled hrm the rates advancing
to the gold shipping point-to wit 4S6 and 400 for
sixty day and sight bills respectively, but aerward de-
clined to 4S5 and A. 50 under the Offering Of bills
which had been borrowed on pledge of stock col
latorals


SITUATION CHICAGO


is described as foows:-"The combined demand from
the country and the packers for loans makes the market
firm and rates strong, though not hard The comb-
nation to hold back wheat and stock from market
mains unbroken and its financial effects here
seen the large volume OF loans applied for
try account Loans made thirty and sixty DAYS ago
are renewed when they fall due instead Of being paid,
and greatest share OF the daily discount operations
of the banks with their country correspondents the
packers making their paper IN gradually increasing
quantities 1t regarded as choice and taken by the
banks favorable rates. The mercantile demand is
light; small accommodations sought for TO make
annual settlements and to make good the failure Of col
lections which have been somewhat impeded by the
weather and the condition OF the country roads Man
ufacturers and railroad paper is also IN the market the
latter for tho purchase Of supplies but it is large





banks to regular customers There very little sur
plus at the command of independent borrowers, but
those who have good security get inside for
short loans The orders from the country for currency
were larger"


GOLD SPECULATION


during the week showed no unusual features The
price steadily declined from ll3A to 112T, but
at the close rallied TO 113 1tsA Cash gold has
been generally heavy, and as high as per cent
paid to have 1t carried. 1t rumored that upward
movement will occur at distant day the result OF
buying by pool who believe that the price will
not decline below l2Is aad that the APP
proach specie resumption the dearer gold must be-
come


GOVERNMENT AND RAILWAY BONDS.


The former were weak toward the close OF the week
This result was doubtless due a decreased demand
the part OF home investors and the decline gold.
Theshnal dealings however showed slight reaction.


Railroad bonds less active in the late business
with an advance in some cases and decline others
State bonds heavy for Tenncssees which declined
~ per the reported intention OF the State
to default on its January payments. South Carolina
consols however, exception TO the rule, and
could not be had in considerable lots without mate
rally advancing the price This improvement is due
TO the recent action OF Governor Chamber
LAIN the support which the commercial and banking in
teress giving him and to the action OF the Legisla
ture in levying for the payment OF pending obi
pations