, 1875-07-09
STATE OF TRADE.
The Loan Market Dull, and Rates Of
Interest Weak.
New York Exchange Mt Par.--Tllc
Clenrfngs %t,1OO,OOU.
BroadstufEs Active and Firm-Wheat Nov
Ing Ont Freely.
Provisions Dull and Easier...Tclcgraphic
Market Reports.
FINANCIAL.


FINANCIAL.
TIC routine businrss nj tic hanks eonnurs Active,
nu, tho demand for loant iA quiet The movement Of
tho wool clip requires tho Of hit small fHrt OF |
tho rcaorcea Of thc anks and Of lilo otnr nnw
crors have m Jet coma 10 market. Tho Mercanliln
r,per offered is diminished 10 the requirements ut
tho small amount of bisfcEs done I'll this intcrsal
bcwccn the spring hnl a1i trade. Tho retail summer
trade aa been light. cspceiny in clothlug md arsf-
clcs Of wearing aplarrl, ad the Fcsnt ID tftncit7-
ton on the Part nI Tho hanks 10 deal hrAvy IN phef
from that source. Manufacturing paper III 1n far |
supply. .-......., |
I1ates Of discount ot lhe banEs ss'1o Nr cent,
The latter quotation being nominal rather than real.
To Rool outside BORROWERS couccsaicEH nj M ) per
efnt orc freely male. Tllcrn IN 81 lar1r rTorroh
Of bank paper DISCOUNTED nj exceptionally low fate4
that the average toir Hills receivable docs not
eqnhl 8per cent .--. .-. |
On te street the supply NJ loanab1e fnnf continues
In cxrcfA Of tho demand. Rasea 4ro GGSla Per cent
New York exchange Is quiet at par to 2Sc premium
between hanks for 81 ,0u.
Tho clearinEs werc 81, ,e1o, 900.
INTEREST AND cCnnExcI.
Tnnndtal Editor Chicago 1rftuns:
.,St.,S cS5sAoo bs July srs7s crcau,t:ucs w .Ss
xe tho ay1n: I.,x Fl 9rsy nf Sy,,, II ta. s
it was year AGO." ~ you stated this morning, tho
rate Of inscrcss il also less We ali understand tic
rate n interest to show thu vauc. III rriec u noty
An increased supply of lnouey nntt Felce tnsrrcnt;
a,d decreased nruount, We hayc thought, ,'ht a1-
yaucc mo rase q inler.st How the,,, BY ~hat new
In tho tnpry Of oncy and alao deeseso IN tno faso
tc mote Of Inquiry md gIru us information In fil OIL
ulu suhe1t, 1SarInsH.
t1ur correspondent, who ought, matter Of rour-
tcry to have tncoscl Ills uano. very evidently acts out
r4,}s ~
Increased supply Of money must rclurc interest, anil,
s;r decreased supply must rphaAts Interest.
T,rr il III such principle known to BANKERS prae-
teal hnanccra. TAcor!zcrs who th:nk ills currency
aud ls!aitlcsa Of tho country ha reorGanzed tn
"An.re@n' riuclpca, like Kelley, Of tennsylyania,
u nut hrtalc to prolsu tho rcuple low Tates Of I'LL
trcat lin yoluc uf grecnacks is Increased. Bankers
kllw butter. Tic rate oE interest ia governed by the
roDrc:l1nl OF business IAcn for bank inaha. mn ILL
significant Hrpportlon Of Which aro tuads in tusuey
teurrency.3
II ID "nn new law OF hn1ncc that makes tho
present rate o! i,ler 4 the luwst known The
ehiGf nI1ncy crusres Of England and America, whilo
Tie supply Of money {curteuc,> IL alnaler III hs
Try than It has bru for yeaER. 1t Is tue od, faiar
~p.wurn law that wiien trade aud manufactures arp
in rcaIAn. account Of ovct-Rrerulaton ana Over
psoluc,u,, business do not borrow freely. l41d
ers arc cauluua and tho supply OF toanaho capital bo
tn Of the dctnan the rates Of interest has
TO yield.
There has not been in this country since 1857, In
England since lsC1 Hovercr reconstruction Of credits
Or q greater sArinkago LII trado aud
manufacturing than Is nov in rrogrDsa
IN both conntr!ea In both tho ratcs of nterest
exceptionally 1uw. III Englaud, tho rate Of interest
has 1uctuatcl between md pcr cent In tho iaat
eighteen months without nuy corresponding change Iii
Tho currency Inthis country, With reduction Of the
volume If currency the rate Of interest has fallen.
These facts show TINT is tic state Of trade that rules
lhe rate OF Interest," The currency La1 tits however,
10 do with II: that itx tnauon was one OF the Chief
eascs Of tho deirum OF speculation tint lus cncd.
Ii was Inevitable In the p1oktFatiou wa GEO arouna III.
TRADE ABROAD.
Tho Manchester correspondence of tho London
flmes Rays, June %:
The recent failures have left very suspicious and
qaress te danger 10 considered not 10 be quito oYer.
nyers certainly appear 10 have made up their minds
fnturs It lower aeaIs ot prieos it i slsar thas ts
large cnnsumug Markets have .uatresl much from
the oyertrding which resulted frou too eaay huace
Although tho sas Of per cent In foreign market
large transaction may have appeared yesy l!to 10
reckless Vi the consequence. such leases have bsel
Must luxurious jn their tniuvuce tho markets t1en
tssngs viii presently sos.!s down into mo1o i.aaitny
stats. but In hc meantime thrru IL desire to o
barking upon new ones.
Birmingham Advlecs Of the same dale my u great
uncasncss felt III many quarters TO tho ultimate
tnneucu the great failures announced during tho raYt
two weeks will have upon local trade, and buye1a net
with extreme cautlnn."
From Newport, South Wales, 1t is reported, 10th
ult., that
There 10 counderable unehstnesa felt In the
disrict ~ to the fortunes Ut Of tho conccrna.
There u pass! suspension Of operations ut tue A
,,.hrrto becn attributed % want Il raw ma
.s,ss s IND s w;s .v,,s thought ass fat F
on. There ts nothing at present to show ihat
sueh will nut bs the providing thst orers can b.
tie dinicuy. At present tsrs Il no aprrecsS!u snl
nrosemcnt IN tho iron trae, anu making allowance Tor
struggle betwcon capital md iaoor, tue prospect If a
incIsass Of business q MT 50 gnod expected.
ousy arprehuplod tlnt, notwhstaadipg every stIort
% rsAnscitac businGss sono of thu rcal Asfnx Will
hsss ,e e. TIL gye1 to
tron trade i concesnsl lficea toptnua u derl.ue.
md bocomc moEs md moro unprodtablc.
DoGs AND DEFAULT.
Under this title tic New Yerk journal q} Co,n1asyst
An ingenious observer OF things In general In,
traced Al unexplained connection letweeu lo leiau
o. ths yu{ n,sssst Of s yirsinia aud Ten,ssre'
-.verseins throt 70 tseh votsr. il il s.ld Tho iios i
fantastic enough, bnt mt wholly without rea.ou.
saa e s sfss sisss
Psse4 u tight ti,nsa nss tsst. lvrso'a WIG. viii
sni ixsissua.i"n Il .us raains rase. 'it aoGt aai
less thiIk the money veil c1prl,i"d. a,.,
that Crelitors SHOULD whistle fur tnr,f JuI,
.u,srest, ~hts The .igs rrpsns NV ,urts We 1Aoul
not Charge thss failure on ths su,eralnhaan Digs u
Virginia snft Tennessee4 but raLeF "u thu ,+nsra
nAuciai debility froM which llany u tho htatss
with not Of thcis Inhabitants. >Hert1s 1t rret
ent. Al the szts time 1t II worth noting That ths
puorrI leOp!e ~ IL mora dog. hss n~" >. tals
And the c1tlssrsa Of thta proposition !.
tEne The enormous e1cea4 of dogs In part. ii III,
suuth II ona evidence Of Qhs poverty wLirh rlc
among thu Iroils thurn. Joking aslle II Ii uld,s
putahie that the doaraisng tuants Of Firg.ns, TEN
baAfl 1Ah1jkr IN ~,
Woodworking tutetast In thoss states. In thal
hsyslavs lten uss poor by the!r canfno tndulSsnca
BONANZA hToCks.
Ths Ban Franc!sco Chroniets Of July QuottA mis
Ing ztocks;
TIE market opened yesterday morning very qnic
with ro material changes In any stnrk4 excepting Coz
s.lidaed Virginia. lhuilar suI Grown lulnt-ths ur
Rluluy g. and tis othcts fatlinG OF Il each.
iAa Afternoon board Tho Nl1ciuIa uuroYa a