, 1875-11-20
Breadstuffs Steadier-.-Wheat Low
er...Corn Firm.
Tho Packing Problem Yet unsolved---
Lake Freights Worry Dull.
FINANCIAL.

are freely supplied with all the money they cali for.
Among tho notobrokera t0is FER cent Is tho range,
with very little doing on any terms.
Tie market for Now York exchange remains weak.
Allowing baiancea tho eeaboard In fhvor Of tho
West. Tho range for thn day was s0ta;6u rsr 81 on.
About 6Uo was probably tie moro Usual lgure. Tho
3ricc hrs about reached tho point Wherr orders for
:utrancy uuat 60 forward, bu. yet heard
Of.
Tho bsnk clrarsnss we,s 81, 100000.
THE sIRorsnEnu FAILURE AND TIE HCss1AN BAsEs.
The iuteresking spectacle OF The ruin Of great
Epeculstor hss diverted attention from some Of tho
more ne.ious resla that likely 10 follow tho failure
OF Dr. SrousberB tho great Russian railway
In Russia bis downfall In national disaster. 1t may
be to that country only tlc fes calam!tous. In pro-
poron than tho collapse Of Law was to France. Dr..
EtrousbcrR4 affair." wrrr intimately connected with
those Of several Of The Russian naus Ills total ill.,
bIlties nso about sssooooo The Commerce anu Loan
Bank OF Noscow ii hs crrdtor for large ahare OF
this, cstimsted At fsum $i,50o,o TO oo1,oo0. Tho
announcement Of tls Indebtedness excited runs on
other banks In Moscow aud throughout The
country. Thc Eorstn.ztitana, Of Berlin, Gays
that commercial credit has bcen completely
unsetled In Poland and Central and South
ern Nuasia. Tho Government checked tue runa In
Moscow by Offering aid to the banks. An immediate
panic hss averteJ, b1t taken In connection With
the failure Of tho wheat crop, long period Of depres
sion may he looked for in ltussla. Tbs effect t1o
with interest, Russian banking has been tho rapid
growth OF lltto than ten ycars, and IT. chief
development does not dato farther back than 1859.
The bank Law not passed TIL 1877 tno arst bank
Tss not organized I'LL 1861. Tho sLats Bank has
capital Of about SIT acircnlatou corresponding
to our National Bank circulation oi $53o0o0O0o, Aud
loans and discounts 49, o III deposits about
isc oo0 There arc. in aadision about forty toiat
stock banks ono or two OF which havs liabilities Of
$23 OO 600 10 eact; Tho aggregate paldup
capital IL $751; 1o1; their deposits t?4 U0 snl
ther discounts SAX, ,ooo,uo. The London Ktonotnss.
TO which are indebted for thcse figures eousdcrs
this the ost rapid growth OF banking On record in
4 country which was previously Without banka."
The growth Of railroads has been equally fast Tho
truth is that Ruasa h1a beeu passing through Al
experience similar 10 that In England aud the
United atatea in 1850 and 1885, It hss bceu
building raIroadh and speculatipg in railroad stockz
t ths business and bankIng OF the country ara On.
t1eiy ovtrxeghtea. To use tho technical phfxae Of
political economy, 1t has been too rapidly converting
ta circulating capital into 1ed capital In the plthter
words OF Donamy Frice, 1t has ben putting s tabor
and money into holes III tho grouud.H They will Ia
utcful In tnt, but there loo many Of them,
end tho money put into them II for aotuo
time 10 como hope!essly sunk. Tho Russian
bauks arc certain 10 suffer -, cre1y; how
severely, the futu!o will shaw, German snd
Austrian bustness interests will also suffer- and In
Germany the failure will deepen the dizziness that hzs
followed tho excesses Of the speculation shat camo
upon tho receipt Of the French indemnify and the
psscs on Egyptian Investments. In Austria, tho
passt railway and bank shares said to havs shrunk
too 900 GQo Ia valuu enee JAM l. Tho financial 1toa-
ton on tho Continent Is viewed With NO little dis
guietudo by the London moncJ-lenlsrs and their
faars do 10. seem ground1eRs.
AFAT OFFICE.
Tho position held by Mr. Duncan ~ United States
shtppno Commissioner .ppears. according To . Erw
YORK exchange. to b ons Of considerable p.oat sud
tndepenaeuce. IL s.ys:
Ilo Is m cnca! peculiarly created by srer,h sct.
sud not Responsible 10 any superior authority Efen
co1grehs cannot teaeh him except By repsaltnE tAu
ar.r = s w. hv hI ~ n, w. ne r.
Tro.,urv Of tLs unjtsd statss, Tbs shtrptnu Com
uissone1a' act paused In 1871. an.i lie has COL
Eetoa 10 Ioes - higa ~ soeoo y single year, but
"''sS '''00a Aos'e ao'.at .a'o ~ 4''@s"'''
TIE DRAIN of GOLD
lug sao'e a"ens'on' o1tea feacans AnAet1' WIZ
~neo eoo o'o'e"eaI u specie ~ "steaeu oy nusoeaa