, 1875-06-27
The Light C1earinEs Show that
the Banks Are Quiet
New York Exchange at the Unusual
Price OF Shipping Rates.
4 Stronger and Better Feeling in Pro-
duce Circles.
An Advance in Pork, Lard, Nests, Wheat,
and Oats.
FINANCIAL.

dons Of the banks had been iusdgfcant aud IN eTet
quarter the report Of the transaction simply
routtns matters was maio. In excepdonas casez
banks have offered them fair amount IT paper from
proscnous souzcea but the rule il that tho dseoon
hnes running down, while deposits Aze stadonar,
or argaF than they vere. It IL unnecessary to emu
merate the different varieties of psf presented to tht
banks, Euch "a wool, lumber, mercantile, md manu-
fhctuting noee. The aggregate Ii sush that the
ment of loanahle funds h aluggl1h. It Il
noticeable that the accumulation Of thei.
resources does not encourage capitalists Il
male lnans on snJ less striagent re-
Qutrements to security. They seen, spd ia nasn
raj that aueh should Ia the case 70 grow mors exact
ing xatea grow oA&ter- Tha industrial ahrtnksgs
now In progress maans that shero il leesenang NUM-
ber Of enterprises that pay, Tho capitalist knows
this and inspects more closely than ever the aecur
ties CT Endorsements brought him BY the borrower.
It b necessary to make alnos: daily explanation Of
this popularity OF the situation, since many not inf
tinted in thu WAYS Of ths loanrmarket fill into the
mistake OF surprising that when rates weak borrow
Ing Is easy. ~ experienced observers Of the
af financial events will agree that tho opposite Il true,
and st borrowing u easiest when rates ara drm ao
high, End there u general confidence aud activity.
natea Of discount 89l0 per cent E. TIC b4akE to
regular customers to other good outsida borrowers
liberal concessions IRE xnade
On tbs street the xdtuson Il Of easy rates but
sevsre requirements 10 xacu1iuea R.tes ara s3ls
por cent.
New York exchange advanced to shipping rstea. and
vaa firm 1T those figures.
The c1ea1,ngs Saturday were s. 2sso ea21s; for tho
week they were 9 9o7, ,036s7, and ths balances IT,
e8 for the corresponding week of Last IeaF tbs
figures we're $1s. LIS, 1881, and s., IL, ,ss4.s2
TIE ENGLISH SITUATION.
The event has sustained the position 10 took week
befora laat that the failures whach occurred In En-
gland and frightened tbs ne financial editor Of the
London 1fNts into predicting that their result
would not be lsas portantous than that which
followed tho collapse Of oyerend, Quincy Co., In
1856, ware in reality Of secondary importance, aud
would proauce no general disaster.
We called attention then to the tact that tho Bank Of
En9lsnd rata of discount, the barometer Of Lombard
street, h2d remtined stationary in thu face o1 these
Certain indication that IN the judgment Of
tne Bank At England Directors, there was no sgn ot
panic. When genuine ozsis il II hand &hs bank has
learned by costly axperienca to sdyauca its rae md
loan iberaIIy.
For so,ne hms previous 10 ths suspension uf
the Aber6are snd Plymouth Ircn Companies, the
fnnncisl articles Of the London papers contained
warning intimations that something disa21ecaba was
likely 10 happen- The hankera and bill
brokers' who wcrs already posted ~
to tho failing condition OF ZONE of the
IRON manufacturers, had thus abundant opportunity
to fordfy themselves agairss tne coming strain. The
Bank Of England steadily gaine1 IN reserve did zlso
tho 1otnssock banks The real Losses Of the failures
thht subsequently occurred haye not been sscertaned
but It Ia not believed TINT they will b very seriouz
The plant Of the iron companies IL very valuah1s.
The bibrokers Furnished tho most formtdahls list Of
liabilities, hut, ~ al who know the nature Of their
buaness will comprehend, theas largely nominal
They state thar liabilities total Of tbs noses
hay have discounted, but their Assets viii
no}ude aarEe part, perhApa = ma-
|ortty, m the sau,s notes, perfectly good, which
hay hAve deposited with the banks security for the
nousy which they borrowed from tbs att4r to make
hs discounts With.
Nearly month haa elapsed since the Abe1dArs f.il~
lre and tho troubled wsters OF Lombard street havc
'ecoe placid. Bat additional failure to those ~
lave noted has beer announced-that Of Wilson l.
armstrong, with liabilities ok 81 ooo,ooo. Tha uAt of
aluras dating hack to March H. when the weakness
tha East India trade showed tt.eH IN ths srspex-
iaa at In. Thurm L Co., is - follows: