, 1875-06-19
The Situation In tho Lonn Mar.
kct Ono of Growing Ease. j.,
Business at tho Banks Increased by
Cash Transactions on Change.
The Produce Markets Unsettled
by the European Failures.
4 General Downward Tendency in
Prices, but Little Weakness.
Latest Foreign and Domestic Market Re-
ports by Telegraph--Marine News.
FINANCIAL.

- ~~ASe1A"lA 4HNAA4% Ait""s
FINANCIAL.
Tho continuance Of tho shipments Of Grain and
provisions aeads to growing oasp IN thu loan MARKET
proportional to tho amount Of fnn1s aet FREQ from
carrying theso articles. Tho clcaznes keep Up 10
higher figure than would bc expected In s,.eh a con.
ton of the Ananccs but, NJ NO havc lrforo OK
planed this Is dup 70 tho .fansacuons In cash grain
on Change.
Tho larger part At the mercantile tus,acss that tho
banks have to do consists Of renewals, which ara
ffee'5 i,aie In MoA. rA4es. Tho bAnks arc Hlah 10
haTe This means OF employing their rcsonsccs when
they are s&sred Of e strength Of bor,owcrs aud It
IA conceded on Ill sdes tha. comerca, credits veso
HoSeF In sounder condition.
Tho employment for ioanablo rcsot,scea IN o,hcr
directions IL not considerable enough 10 nent,pc
iates Of discount at tie bau!tA stD r,r rtnt 10
regular customers, whtlo 10 good outside borrowers
particularly thoao who wish 10 borrow ~ call Or on
sixty or ninety days, very material concessions arc
freely made.
Oh The street there IN no special activity to note
1aa1es are 6a ia per cent.
New York oschango yials to Tho supply being tna!o
" produce shlpmensa, Salcs werc u1Rle At 5uc
Premium between lIarks for $1,000.
Currency ia going 10 tho Lake Superior district and
to lilo wheat counrS but tho nC5scSs:s novemant ia
otlargo
Tie cicarinss were sl,,o,.oov.
TIE ESt;Llsu FAILURES.
Ihero In no panic IN London. ard proapcct that
thesc w! be one. Tho rate Of discount at tho uuus
Of England ~ tho barometer that forctells sos In
Lombard s'rsct, and 1t has rnnds TO sgn Under Tho
peculiar English sratcm of banking, which throws ths
resetyes Of all It's banks into the Dank Of Engiap tho
latter institution Il so reliance Of tho sat!ro banking
md commercial community In ttmo Of trouble Tho
ht1l-beokcrN and tho tolntstock banka strengthen
themselves BY Withdrawing from 1t their deposits null
thc merchants vito have bs,1s 10 1nsot conb 10 It for
1npneT when II hc got nowhere else. It IT, gu this
account tho point of chief intcreat wien tho loan mar
Eel Is disturbed, excited, OF depressed anu It's pocs
has bocome well cnough settled rnako tho rstc Of
discount safe Indication Of tito condition of tliner
THAT Policy is when panic Is impending, 10 adyai,re
freely but at rising rates, to all appleauts With gped
seeuries Largo loans 1T high race Of interest arc
she remedy experience aa taught tho bank 10 etuploy
when the mtrehanta aud bankers atont ii nto alarmed
md On tho verge Of stamsedc. Tho moro announce
ncn by the hank that 1t would ru,suo this policy las
hors f6an once checkea o dangerous panic; tho
opposite policy ad more tllau once mao ruin aloat
unIsctsI During tho recent troubles, the hank ralo
has remained RsatonaFy, aud, lay hrfozo yesterday,
It vas atatel that reduction was possible, Tho bank
evidently considers ese failures ~ legitimate results
OF the losacs OF East India aud South American tsndc
AMI the failure OF tho long-bapkrupt Plymouth nuI
Avcndnro Iron Companies. Tbceo is notAlug In them,
~ there was In tha unexpected and rortentous fail,
uto Of ovcrea1, duruoy + Co., nine yearu ngo, 10
en1aager ali credit and sfarm tho wlo.o community
In truth tho weedng-on Of tho se:on-rato and weak
concerns, whoso nalnes aro telegraphc a. suspended
ssa good thing. Such houses aro dangerous to the
safety Of those that nrs sound Just we have found
IN chicago that weak banks asc, III uhccgtain ttes.
tho worst OF nefRhbors for strong banks. It IL we'll
that ehesc tron conpunea and exhausted hrrpa haye
collapsed at this time, when it does no Asrm had
they broken down aay In 1s7s, when ihers was rcal
daugcr, general Disaster might hxrc followed.
Ide failures at tho dtEokera named Il NECESSARY
consequence Of TIC athors. Tho BILL brokera arc
class Of intesncaiar between lbc banls aud Tho
sncrehsnts between leaning capItasts and borrowrrs
The scope Of their oictations may 30 judged from
tbs taet that IN 1860 Tie London Weatn.uater 1.ank
alone Ind $15 COZ loaned Ia tho bibrokers. nud
that oserend, Quincy Co.. IN eir pro1tczous days
vera ablO to draw Ia ono draft out Of tho
Bank q England In win %tampt 10 irtinsaato
the Dlrectos Tho bill-brotcrs keep then.osos stu
dtonsly roatel as to tho credit Of tho mercantile snd
manufacturing coucos,s In all parts Of tho country.
md discount blls Of III kinda, or notos ~ VIC should
call then They rcceivo dcpoalts d, whtrh lbey p.y
intoscs. from indlvliuals' auI from tho proyl,-
cal banks Of England, Irulaud and Beottaud They
borrow t71tuenao aunB from the London banks 1t
lover Fates than they thesclrca pay aud aiyo ~ no.
curly the b'lsa they hsvo diacountcd and theesown
guarantees. Tie blii-beokcss have In cou1pszeau With
tho amount Of shatr Dealings litto capal of their
o"ns Their profit ooues from tho difference bolyeen
TIC rate Of Interest they get nnl tho rata OF In.
tere4t they ray for tho nouoy they borror Ia
toan. or courbc. in umo Of panics tho bI1-
neoker cannot pay tbs bayshs whose money hs hss
borrowed II those to whom he has loaned It cannos
faJ htu. Failures Of b!!Ibrokors necessarily foluw
those lu mercantile and manufacturing ntercats, Tho
Importance 10 Lombard Rsreet Of the bl.brokesa NAV
10 judged from tho fact that III tho panic of 1851 tho
hank OK England advanced 81 900 to b,ll.broksrs
ralle TO bankers 1t advanced only Sloooo.ooo. Tie
nknr~H .I.i.. F.f4
noe, OF u1nor Importance They lava succu mbel 10
their losaea Ia the other suspensions Their failure Is
tuosla1afJ, Aud will produce no wider ambayraxs.
menta.
saANEs IN TIE NATIONAL pASK or aEp,tArY,
Berlin loor Of tie 29.h uit. says:
that Tho shares Of the new German
s6sesr It stt sss Y . gsnss. Ut
e of sS.cfSs va ey e9s to u n.o.s. s I'd
stra1ss. Already Ito ID offered for ths aesp,
THE RAILROAD coNpRoulYE,
a. naa peen announced by telegraph Ito Doar,ls q;
p1Sctou Of the peunaylyanI1 lsAroad and Tho u,tl
More Ohio Nattroad hnva rattned the oprcam.rf1r.
pared for the termination ot tho war between tfr,n
Aae 10" saEk Csaasa3 Hudson Nivcr ftatrua .taa |
parry 70 tas sA1aog, contract. wieh l.as haen lin
occasion Of ali tha rrmpua. Canmotlo,o Yan,lrrd,t
wa ono o. Tho tFInsftate that month"; sso went
nnaneeszafnly 10 naltinore to ntercsdo with ,rrrt
70 behavc himself, but tho Commodore and III. vii
wa'eted road ars not represented A. all M tho 10. al,
lance What does It mean Tho Gruphte OF Thur,d,y
haa Dalmosa which s1ya that "tLo .orps
nsat botwe1n Garrett aud Scott 4oea mt end tbs
n'soad wAs. What Il means IL that phadslnh1a anl
ata'tnars have eouhsneA Agaanss New York TIM ac-
efe eArSsa OF The treaty are undesstoo 10 bo .r,.a
aa&uh' tne new York Central and EF!s, Tho two |
nouhefh trunk roads proroea to wage war upon Srx
sofk CITY. through its railroads. Thu war. In the
opinion os railroad mat. In, entered upon new
pha's. V&nasrbA Way sudlous,y left out os Tho cou
ference, thesf 'ataaon u 10 lnjuss bis road, Ut.
beginning Of the end Of tbs Nov York Ceu,r,L iii
supposed that The Esse viii be sota out under tho mn
mortgage bonds, AID nsp stock wiped out, and th.t
~ road vii enter he nad stripped og Il, thu stoek
insumbrauses. and tn condition to 4xa., Il. tba Il,
s1 upon she oTus.seighted aad ~aersd stock Of lbs
HAygy yorkJ