, 1875-07-21
4 Variety oi Causes Strengthening Tho
Loan Market,
Now York Exchange Abundant'..Gold
Still Declining.
Grain Excited AMI Again High,
but, Closed Weak.
Provisions Quiet and Firn.."
Freights Stronger.
Latest Foreign aud Domestic Market
Reports---Marine News.
FINANCIAL

Tnt loan market In not tn as rctn1ed condition "a
Il hss teen. The cnutea arc obvious. The demand
from speculative loA1ofs IN wheat hhs been Added to
tho requirements Of tho sttc1t tho amount Of loans
md currency required TO forward the grain now inof-
ing 10 market Ia element IN tho situation; eol-
tcctions hayo not heen goo for time and coicl
merchants to bnrrow tho fail trade Is ab'Ht to nlT
with prospects encouraging than t!r5 hase oeoh
previously s!hce tho {anin. Under thcsc circumstances
the lsnnsble snrE OF tho banks Ia rot a. tF'cly or
ferr to outsiders - it Wan. aud rates arc not 10 weak
Tho probability Ia thal tho loaM market al is moro
actiSs tha fall than has beon for wo ,eass and ih!s
In taken into the calculation Ok bankcts n putting CUT
their fun.ls.
1ates of discount at tc hanks arc e9lor rer cent 10
regular cuetonierR concessions Of tovcral rer cent
arc rnnlo 10 outside borrowers.
On the atreet the supply Of negotiable paper u In
sufficient to sa4fy thu demand. Hates nEe a(61s per
cent.
Thu supply Of New York exchange IL increasing
With tho shipments Df produce Eastward, but The rata
ID attn quoted .. par 10 &c premium betwsen banks
for 1000.
Tho clcarlngr were 50, $4,000.
CURRENCY OF GREAT BRITAIN.
The London 7irts gives bomo information, In ita
nunnclAt column. Of tAo state Of tho circulation In
Great Britain. Tho total circulation Of tho United
Kingdom, June t., 1875, 4a,165Gt7, All increase
OF e2ls,9a7 sinco May is preceding There was
M increase atnce June II, 1874, OF EB79,43a
in tho circulation Of notes In England.
nn. an increase Of 8s In Tho circulation Of the
United Kingdnn. From this Il nrrears TINT the ctr-
eulaou Of tho British hanks has Increased In nhouta
year GOO gold. Thta IA rcdeeunbe circulation,
1t IL based Ro1d, and, ns these figures show growa
nnl lcaaeus In response to the demands Of trade This
change iii Tho volume Ut currency adJusing itEe]f to
the requirements Of business Inns been effected WITH
it the least disorder In tho busneBs Of tho country,
Tho failures IN way derlTable ffotl IT,
Tho results have bccu vers different WHEN irro-
j,,kIto 1tXVb jlnru
contracted by Of CongreAs. Dy this stateu'unt the
currency Of England. ireland, anl Hectland in June
last $225 s0U QUO tho circulation nf tho United
States at tint time waA in round nrolbcra National
bank notes outstanding. $}5o. o.0G',tuO EreeubncRs
!'5OO,o o1 fractional currency sie.01, o0o,-a total
Of SIT COO or moro than tlree times the CrGulA
Ron of Great nritain.
HosANzA STucxa
Tho san Francisco CArea.cis Of tic 14Il Inst. re-
ports mlnlug stocks:
virgtuln stocks were mot 80 setirc ~ those Of tho
other end Of tho Coluasoek, Ius they wers leest
high tho day bcfore ophr. s1a1ic1n. cunsoltaato
Virginia. Savage. mud few othere showing gains of
shaving of from morning rrlcrs In most Of tho Cnm-
stocks called. onhr, Mc1iesn, mud ore Or two Others
sceufred though eeurTaly amounting moro than
tho customary fraction. leopard gained $l.5u osor
,ss .p Mai.s s sso
s';7s. Raymond Ely at f6l.5o was s2so oti, wltl,
sales # so shares After ct the sscona
prices below uoar ra.cs. The following arn tho latrst
n;s ls v5ssin
Svlow Jacket. $500; nslcler, $3.50 buyer ID: i,u-
ssssse, sss's y soo yeod tsu, soo; Andss,
g5.11h Ioormau, $3.50.
TIE CnEprr sYaTEM.
Tho "abuse Of the credit syste,p," which ths
london 7tes eIcel by Tho recent failurey haa beeR
exposing receives notice In tho last monthly circular
Of tho cotton hrm Of Smith, Edwards Co., Of Liver
pool. They say:
1tis very evident thst lower prices must rule both
short hmo NO. Cotton nas been turned into cloth
ut tost ftnt hds nut btcn rteorered f0ns JortfJn
m ..t1a I @ Some re- one II the sha @
It kept going; bt that In reality thu
loascs PAID by the n,onoy Of the Lnudon banks
It tho london banks that kept "tha chAin
intact They and the bl,l.broke.r continued 10 ID
tho money that needed 10 up the lolsea
OF tho Eastern trag and To adventure and uore
capital IN tho vain hope Of converting 1oss into pront
Aa lonv tic merchants could get their potea dis
counted they could heop shipping Rood9 tu markets
that glutto1, Tho New York Dolly l7ui.<tjn
sho~s That out Of total export In 1871 Of 3583 09s
Gs2 yards about fourhfths, 2,0,7. ITO yards
went to british India, China, Turkey, md Egypt.
Fuur-hftha Of the export trade In cotton goods las
been. therefore. on unsouut basis. It could not
hayo continued 70 axtn III this athto but for tho h
sances OF tho bauka and bscounters. II IL called m
abuse OF the credit system for them to iavp done So
but Appears to outside observer thAt tho sylte
wAs not in fault: but those WHO administered At tho
banks, and hl'l-dAcpuness, could have learned by
asndy Of tho lparkets and tue condition OF mauufse-
turing that hs butiness To whla they were asked to
advance large sutna unVrphtablo TLey did not
take tho truuhle to 1nAAa these tuauries and must
pay the cost. Il u aaa that dry-9oods trm In NDw
York pays one nal III iss employ 100000. lie has
supervision Of the credits. 1t Is econony 10 spend
that amount Of money to be ab1e 10 know whcu to
Afuna IN 1%r1 1rt,f