, 1876-12-15
A CORRESPONDENT ANSWERED.

aSs n easa II ov ts ~ E1s ds
a;3 y saSa IL sH'es 3 Of sterling
/. The variation between tho open market rate and
tbs Dank EnglanS rao for luans in London IL. in
tho first placc. ress1t Of tho competition between
the nnnk Of England and the other banks hnd
lenders; and. In the second place. an Indication Of
the now wcll.rccpcniscd. fact that the nank Of
England no longer dominates tho London money
market, NJ before.
.. The change IN the quotation Of sterling cx.
change was made by Congress, in thu net approved
March ., 1879. md entitled ''An act To establish
the Cnstom.1 .1fouso vanc Of tho sovereign or pound
sterling Of Crest Dftta!u and To TX the par Of ex-
change Tits act sucs t!tntctl s4.SeA,< for
N.4+ I'D aH The par Of exchange between the
Amerlcun loliar AMI the British pound zterllng.
Tt1E CONTINENTAL.
The cartt published by President Htcdwc1l. Of the
New Jersey Mutual Life INSURANCE Company, in
n,swer TO tho chnrgca TINT thu Company trying
to swindle thu rocy-hollces OF thu Continental,
has not closed tho mouths OF his acctse.s. The
Con,ttr, al Newark, n. t., can sec no difference
between lin anu Ills AsaocI0tea and The managers
Of the Continental. 1t chArnctesizrs them all rs
Rchclning act Of mon, whose business ia that Of
1ifa.1nsurauco wrccking. They nre equattcfa Ii
New Jeraey, and 1t warns them or With threats OF
damaging exposure. Tile best Informed and most
dtsnte.ested ndvlcc that can be given to the Con-
tnenta! pulley.hollers ", that nny company
that asks tho assignment Of thnlr policies means
to get the bcst Of tue bargain, and
that, particularly II tcre Ia any reserve, tho roi
cfes have some yaluo which can bo best occurred by
holding on to them. Tho Receiver aud the Actnary
Of the Company give no information about tho
Company, md tho teller says It will be sixty
days before he will bo able to A1 tho value Of each
policy.
THE ADVANCE IN SILVER.
About ten days ago London cablu informed tho
public that Germany hal resolved not to sell any
moro silver under Esd. At tlst time tho beat quo
taton In tho London markes was 543id per standard
ounee. 025 cne. Tho market Immediately re-
aponded 10 the rule laid down By The Germans, and
since tllcn theru has been still further advance.
One Of our bankers ycstcr'lay received n cable of
b5Ed. md another Is reported to have received
giving b0a. Ills probable that Tho latter figure
will 10 conarmcd to-day, mud even higher rates
arc expected very ,soon:. Silver has undergone
e"en. saGs, ,nE s as1 5sa;hng ="
nifty years. During this ncriua Of dcpressfan VIC
believe some lots were sold as low ns i,i though
This wns about tlsc months ago. Tic appreciation
hInco then has been III fo1ows:
Pa; nsS q pr r., :tanSa51 0uSS 0'ncS
Advance.
These quotations arc tho rates per ounce for ~.
hnc, which d ihe British standard. The price IL
now higher thun t has keen fot rear, and shows
Tbc indc.tione nolat.as e still further advance
ure the el-known scarcity Of tnc silver IN Lon
don and Sun FruncfecO, nntl the protnblo demands
Of the Latin Monetary En10n Germany. md Tho
United Stntea after tho lst pro1., together With
the large import demand from China anu tho East
1nd!ea, md The diminished Yield on the Iac!hc
coast, Thete may he something not yet llyugcl
10 break the force OF this array Of circnmstances
but Il ~ tho belief In wei! informed CIRCLES that the
Eah atEcaty ELECTED in hns silver will ut 1cust be
1unintaineI for Eoie tiuic.-Sna FraAcfgco Uni.
isftn.
STOCK RAID.
On Monday Inst fourteen kilograms rurrortng
to be signed by lending bankats md brokers were
sent from philadelphia 10 Now York ringing tho
changes on the statement that tho paper u the
New Jersey Central was going to protest. rho
recc!vcrs before precipltatIng themselves Into the
tutncd that tho signaturcs wpre forgertus.
Is T11ts usuRrF
The Providence County Savings Hank discounted
Sa1, 900 nj uotcs having one year to rum nnl gave
to the borrower as the proceeds S25, 600, taking
cAaticl mortgage $3.50. 600 worth of Iurnitnsu.
The Savings l}nnk holds TINT tllls high charge at
about per cent 10 not usnry In the State Of Khodo
Island. wha 1ha ADVERSE party contends that II IL
Rg1in4t tue banks charter. Considering tsHt tates
we'll. .tEcu1cl loans Of money have for the !ast
gear ur twu ruled Ut loss than lHs GENT, should
Infer II there IA such II thing a. usury recognized
3u Rhode Island this case would aG included iU it,.
Philadelphia Ledger.
GOLD AND 0nEENH4cks,
Gold was 107Qs107ti III Erecnbacks.
Greenbacks wcra p3Ii4u3 cenls on the dollar
gold.