, 1875-09-09

grotls off. NHny of the lanta n tho up{'er part OF
isr l ill., II dissout. ' we alo 1"atou IL c
ratus for commercial papet and now sIuo!e 4lxty to
ara aac sngs
nares Gk tot who few OF tho latter class of short
ss5s III pr s to fn5 y tssiy 3 &c al
rcr cent md four insnt4s IN roE euni: Frimc s-
alepsmsd L. * for s!9s ,a5s snd for fotr non'ha.
aud Koud 10 Gis for ahnft mid for long.
SPECULATIVE arocRs IN n1Rfaron on THE LON
DON BToGE E1cuASuE.
Tho London Economist of Aug II gives nj interest,"
lux anayss OF tho OF tho rccrns p1ncky !luc.
tuatiunB In prices tho I.onon Stock Exchanso. II
what 1t says Change NJ disposition thai will
rousy Affect the speculative finances oE the world
sake, place. Tho astounding disclosures that kavs
gently been n,aao Of frnnini.nt luans patltd OF On
the british public enud hatay hxse my other ruauit.
The Econopl,st says:
Tho wrtk has witnessed panic III foreign a,ocks
intorcste, GA the Htmk Exclargc. Thcy nre nut nc
clstnhea fall In SECURITIES III tIrcunsanres llta
the Irtpsht. without nuy outside oycnt to rausn It.
Mheu money Ia cheap aud abundant, RcrnrI.es, for
obvious rrasuns Which hare often been eapalnol bY
os ~ snu lsa a'S pa 1sfgy ag ~ m y
external evont to change tho lntrnc value Of tho
secy. Bus hsrs there hss been no o.ssral event u
that sort, anl get there as bael paic fall iu Turk
cntis,es Even Ia TIM esea. STOCK Exchange panic u
in theso speculative securities was lu Goiuo i1-
stances greater, while In strtctuers "n uaght,
Il iouIie tbe above ns',ru "a tho fai eom,nrnsoi
oarloF than in tho other sases and han leen aluos
the, dos 20 grsa paais ariss witou: any o,.suai
o.ent47 OF cunrse, may 10 replied tia: thtrn
,nsh eyeIt. Tho increasing anastI difficulties Of
has arlFcn ftnn tho stiIInx drt,sa ri Palelo,. de
!iea. constitute II may bn hall change N tho qta
thcso cyena would not IN thu uuai easc 10 .1squlIo
to produce great full At o,ler sl,eH they wou.I
have been discounted more cilcapiy, aud tho stocG
E1eas't' feellnE Las certainly lesll lately thH r4e
70 oil far aolnS period wio;,s eollaIao ill., they
sero fora loug rerud Irlor 10 ISL Tho fall must 10
AMI 10 what that uthCr In wa bcliryp there
can te tto doubt Al external evcnt has happened,
but M esent of mont Unusual kind, which ia only
tbs mud Of tte ptltc or material portion Ut it, ~
to tleis esnatr of The quality of tle svctlrteh. Iho
euns'aut puarly 70, waFu OF istrust for fnn,J
ytass having laatpd very long hut uc4 4octcAy thero
change Ii tI!u iutFn.o quality ot q. securities them.
ar!sra, A long-coutinucts anl dlHuata lstrlss Vt
Speculative forrKn aocusites as beon excited anpng
puEln u ihe iuble, and al tho ordinary cAcna-
tions ut Tie market ure bs1!el That tlis il 70 can
be yoEy easily hhown. For .uauY mouths II has leon
vers stoaay aud sas.neIne tIs spocals,lss stost: %
.trs out Of taypr tafaars, fatlor Leing aoi
egu lrecsilors Tlo Iansfer Of ttocf iron. ~ Lon.
dun to l"slt during all this pocol has boen noturi-
n S Will ha sa pa ;Ssk h' as Ss:1 sd 10 London
count q Paris spoeula.ors: L.,uly tho lsrIs buy w.
sna ~: necn o.crhorne by the Ensllsa scl4n9. AID
Rsavned IN te usual way hy apoc uat,ye sales and by
ths sa!ss Of ho!aesn viii borrusrl noney WI wbose
MIR /. tho origin of thu ,eslInc Ia tls public mind
ss ~ dnlsult to .eooant to although Il could not 10
what nay Snt b the u,..ns,o enut gprcunt1ys
foreign loans. Il Tho opinions fle4usnty eIprc.seu In
travagant vsus countftss With III uu,ssa - oox.rn. az g.
Incnts haye u nsny Ways suJaysd u nnt.us credit
talo t,eir stosis oa autcIcn. t.sa M,nv ,Itaa,a
even tn SAFE sccurtee. act xl;AJtt h4enuhto know
edge o. eon:ido.atsoa They taie the asse of .o,u.
apparent judgment ot tin market 1esa1hts socis of
great Sni.ado, auea :. French fsnsta sons.is,
ss1l.s. I "a. r. 'is:s':A G.: III Ii
Ike Turks, aud Ea5lAto 10 r.z.cd IN a.ts, SasraSs
wllern tAsr ought aeycr to hare been hed as a Ths
eoapst't,en hss .!4o Pean .4sa 4as she tore'n as.
ths supply Ut money ofarsd ttn On loan prsct!-
ally !ns1hsa.uss 1.at !sns ,orie. e sstn. ha
outh Amsfes iosns soma Of Which h.so been a,'i IT,
them thu ruaty Of uv risks ucusre hJ thS puEchsao
of soets t.ytug ahah tntefsst Tue ltason xaa not
H. sast a s I 'fs s.ns ssa ~
Speculative wha dsd rot tAtnt Of any
petn.nent change N tho pullo mind. overriding fot
lun zAy alsu htyo been xwsyci ltttts by the oorss
Or alleged chorss, Of Turkey aud EXypt last year ID
Iutud *atis NAJa. Hut uls year Tho lesson hAS heo
renewed by tho tuvr4tlaattuns Of tho Eus1Ka Losns
tp'nlni.aea with trrr,t,s ehsci,
Tlx hALTihoAE DAHEs AND TIE RECENT FAILURE.
ptAtemrnt, which IL probably good eati,uato. IL
published, showing how lnucl paper has bean Issued
BY or for the Calvert Sugar utnnssy Company, and
held ~ hanfs md espal!s.s The following are tho
hHufes: In laltimorc-TAe hank Of laltEtnoro k.so,
eoa; sl~ehsn1ss' bank. $ls3o,; Fafasgs' aud Plant.
cxH uana, flt4oooi Aa1ns uA.k, fIpU, ,otu: Uaion
hauk, tnl,oA; Cisena' uaui. s7!tov: farmrr., and
Metchans.' hank Sca ooo Mcsch.nts' Hank, a7o ooD.
sccond NsiuDA nant. $7u,aU; Fsst Satyouai u.nk
*3aooo Third National pank, ISL oQo unlon Sat,o,,.
HaAk, tD uoo; Slse DeIo1t CuulI any, tly co... ,n,
tain tuasidns! esItalists S48a uo; tatal f1t.sON,
Thrto lahltt arc only comparative, snl III .carce1v
Any 1fant oan they Laeulno total lotses Tho lowes
estimate PLACED upon the Afsr Ut the Calvert Rsantny
GHunIy IN tAt Il IL gaoa IT. two-,lIrds Of II, f,s.
r.n!e III ,la Ln vlos ypoun OF probable losa Ia ,hs
h1l.ks holding i Will not exceed s1o1,GOU,
oufENkMkSI NuHps.
lfa. AAad,
United Htatcr As 1T II. ,l.-at I.I
UAltt': a-t. t-!a Gf E}....., :. ..,,II7'. ll71k
IHiG-I ht.s4. 3t.u4 uf 'Gj. Ills. ilBJ
5AI VI t-a-JA1.isary ani July ,...,,.,. l15l liH::
5'-btn G4-J4luafy kl44l July y..,,,....I2t;; ll1E
o-*s at "5-JsnEsry ami july.,.. .laDx lc07:
-t''' ~llata INK
I i;ri States utw u Ut pt...,..,,,.,,iISl: tIS
ui.lr Il S!.t:t tafss Ary yt4......v,,,,,,.l@3t: d. 80
u id MA IA .4llsE.
Il. .~4.AAtA. .t,4kl Ut a1k.Ga35{;c IN tia dnlIsr