The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-25
THE COMMERCIAL SITUATION

THE COMMERCIAL SITUATION
during the past week has not undergone impor.
tant change. Trade Is perhaps fully as good as
can be expected from the circumstances that now
control business, and bids fair 10 improve 10 pro-
portion to the REIMBURSEMENT OF confidence and
IN understanding OF the eject OF the new financial
laws. There IS still a vast amount OF mercantile
deoris TO be disposed or Stagnation Is not alone
the result OF scarcity OF money, for banks insur
ance companies, manufacturers, merchants and
farmers mold but are afraid TO use It, 1t is rather
the result Of q decline In the foreign demand for
that which the nation produces. the nation 10
IKE merchant who has lost custom. In 1879
and 1878 we supplied Europe, because the Con-
tinent was recovering from the effects OF great
var, but when the armies were dIsbanded and men
returned to the neld they made crops which with.
drew from Us q corresponding amount OF profit.
Ouly another war or famtno or failure OF European
crops can reproduce precisely tho same condi-
ton1. Our people must therefore be content to do
business on a less ambitious scale, and at prices
that correspond with the contraction that has
followed the panic.
During the week the suspension OF the Cook
County National Bank Of Chicago was reported,
and caused temporary ureasincss, but the presl.
aent is reported to have said that the depositors
shall Do paid dollar for dollar. The statement,
however, does not altogether allay the fear
merchants in the rebuilding OF their city
may entail further trouble unless there
occurs O general reaction in business. Con.
siderable uneaslncss mas also been excited by the
action OF several banks, which have entered upon
policy OF retiring their currcncy-a measure OF
selfprotect1on that Ia permitted under the bank.
ing laws.
THE MONEY MARKET
during the week was generally even on the basis
nj q nd a 90 for ra1 priu
eta! paper. three and ionr months, was quoted
yesterday at - and per cent. The supply Of
capital continues to be largely In excess OF the
demand, and 1t Is not likely that any change VIII
be recorded until there Is revival OF business
prosperity Foreign exchange was advanced to
Gs7 ior primo bankers 90 day sterling bills and to
G0oH for demand. These rates were current
during tho remainder OF the week. The supply OF
bills continues small. At the close actual business
was at Ls6k 4.SGM for long aud 4.ssk Asox
for demand. wo annex closing rates.
StTtv Days. Three Days.
ling bills on London. 4soh o 4s7 100 4.ook
ff%e o eom Sterling do. rs tss $50
Paris urancsl 5.l5ss 6.l43s 5.l2A 5.1lk
antwerp qrancs) 6.l5,s 5.i49l s.l25s 5.liA
bwiss (rancs) ........ 5.l5% 5.l45s a12% Blk
Ha@Sars tfeisSmsrts' Ma s5a @. sss:
Bremen rcchmarks. o6X 05X s6H o 9eX
Berlin (rei.hmarks).. e5H 95X seH 9sX
Tho foreign advices reported no change In the
Bank OF England rate Of discount on Thursday.
Notwithstanding that the bank gained In bullion
during the week f2o1, 900. The proportion OF re-
serve to liabilities Is AK per cent, against Ask q
week ago. on Thursday 5000 sterling was with
drawn from the bank on balance.
THE VALUE OF THE FRANC.
The long pending case In the United States su.