, 1876-01-13
FINANCE AND TRADE.
The Loan Market I;nster---Thc
Clcarincs $3,6OO,OOO.
Gew York Exchange Weak..-D Decreasing
Movement Of Currency.
produce Markets Gtcady...prorlsfons ACT.
ire...lvheat Exc1lel...Corn
Very Dull.
FINANCIAL

Huftnt18 WAS dull A. tb6 OAn{hs ena tneFo HoED ~"
points Of Inttrrst in tbn transactions Of tho dsJ.
Soma applications 70. loans camc fron, rroYt!onne
md The packara Lavo increased their cu1anjs 10 soma
s1lent but ths sim Total OF the funds thai ind en-
poymtnt on tbs Board of Trade II rather iesa than
Tho average nguro than Aboye it. Mercanti'o boEroW-
m are few. sud The supply Of conan'src3al
paper, though Of good quality, Il ros.riced.
There ia barely tho usual tmnuns Of nisct1-
ausoua paper offered thc banks. Thelr country busi-
ness neasy Atatu quo although sboro arc indications
Of momcnsary increase OF loans 10 fnors tho stuff
xhlch The improved condition ot Tho rotds renders
possible To fnrwnYd Deposits arc increasing, and the
result ia that borrowers md The difficulty dscrolsinR
Of getting Accommodations. Dantors who we're forced
fortnight ago 10 refuse fzst~easa parer, becauae
their ltucs wcro full. would DO glad 10 taso
large soun. Of 1t. Tho larger the country busineaa
II my hank ulA lfAa IL tho aboyo truo
II II. Tic recent coseness Of tho loan market WAS
aot due to Au incfoasa In tho needs OF city borrow.
III, tut to m unptcccdcnsealr largo drain to tho
sountsI, which carrying au unnxun1 proportion
Of ia products for ths year. Banks that eonane
themselves to city hlsioess felt The effects Of this
country dcman but only In the calls thsn from
aho borTowcra w1.o could not get accom- motaon else
wharo. The expected increass OF shipments OF stun
from thu country will onable country borrowers to pay
up aud will ulako sha discount market generally easy.
nAlca at discount ut tho hanks are e9l1 ror cent.
On the s.rett there Il increasing supply Of busl.
ness paper. Ths mAtfet II working comfortably fos
desirable borrowers. Rates aro sQt8 per cent.
Nsw York exchanges Was weaker. Thers was less 10
tnand TOR Il, and moro wsa making. 9nles belweon
hanka vero rnado At 6oe premium for 1900.
Tie amount Of currency rceelycl ana shipped wsa
not large.
Ths c1parinsa were s5.6oo.ooo.
THE cl1lcAno NATloNA1 uAESs.
Tho elections Of Directors by the N4ttonhl Banks
have net produced changes Of much public Interest.
In Inoa the former Boards have boon reelcctedt
With few pau,ea, leaving Tbs control In virtually
Tia fsma hsnds. The German National UAuk has Ad-
1nittol American element by adding Il Hall Nc
cofsn,ek and Abert II. naytho latter TIL recently, of
sSringHc1d, Maas.-to Its Uotrl Of Directors. The
Home NI.ions uank has reduced lis Doar1 Of Dlyec-
lors from thirteen to nine, and las added 4. N.
alngs 10 tho management, who ID expected to take
he Presidency In place Of aen, Ghetlain, r<sgued.
AMERICAN SHIPPING.
Tie sccre!n.y Of tho Now YorI Iat1timo Exchange
lives these depressing figures about the decrease Of
nles Of American tonnage, which means tho run Of
nnerican commerce by "rrotect!ve tariff:
TITO future outlook for long voyage business Is By
10 lntahs encouraging to inreFsacu Ia iarga hotonE
fhst tae htanao trade aenes.ly "a not very Iroi;-
70 effected at low figures. Sacs Of American ton
asee abroad during sas gass rear saew marked a.
resi.er, Sat Il chesea is4 etac % Jy, ~ ill., ill.,
$500; hara ". 4. Farnswortb, a,3 tons regiater,
built = MattapoIss't, A1asa, ISL, met1eG Nosem-
built at c4don 1855, nelalcd August, 1879 $3.50.
The sales Of shlp property at this port tor thn past
1916. ao67 tons ss,3C3]: 1874. li,sG7 tons s329
ts1a 37&9 tons, 1871 2s3 ona, $554 ,o4o
VII, so,oto toak, taJz,s0.
AMERICAN INDUSTRY FOR 1876.
Annual reports os commerce IN tbs lealtng cities
Ind Of traffic the l.allng railroads. show that Tho
Fo!u1lc Of buatness IN 1875 aotne~hat less than In
!s1t, II measured Ii values, hut somewhat greater
Il measured Ia quantities. Tls shrtukage stnca 1874,
then, has been IN prices and profits but not In tho
quantity Of goods produced In the amount Of IL
bor employed. TO thts statement many exceptions
uuAt TO maie, for In &ou1e important branches Of
business tere aa been notable reduction In auauti-
lies produced and handled we'll a in pricea but We
Judge hat sha aggreGasa exchanses Of products 1ve
slightly Increased. In two Important trades there il
unexpected cyfdenee 0! this Improvement. Returns
os cotton mauuEscturo show that IN spte Of tho de-
pFcsalou iu that interes larger quantity Of cotton
was Consumed, and larger quantity Of cloth
1uade In 1915 than In 1s1t, This abatement.
Hb!ch will DO surprtElaa to maay IL warranted
bY The only statistics OF that brauc Of manufacture
now comralsa, and seens to pe supported by rerors
pf movements Of tho crop. The iron intores, also.
confdcred "a WHOLE cannot have !!IainiEhoI In Iro-
uuction 6lnce 1874 for c nahuty u anthracite coal
marketed las slightly lncralre1 III Wow of tho fact
tlias largo numbcr Of establishments h4ys been Idle
1nIuR LIE Huu9 pF largo part NJ The year. II might bo
supposed that the production Of Iron aud cotton gpods
bad decliuel. Bit tese coruEar ars with ls7t,
sear Of general ptoatriton Of industry whea Il was
believed W the Iron ana Steel Association that about
one-half Of tho furnaces in tho country out Of
bast and when the number Of cotton ils closed wa4
yery large In these As In many othor hrancAes Ut
dustry slight tncrcste IN Quantities produced sncn
1s74 only iudcaos tht theFe has bf litts recovery
of production fru tho tWts point reached after tha
ran!c. Taken III connection with tbs knowu shrinhaue
uta. tho MOTT favorable estimate that bs made Of
Quantities produced only ind'c4tta thut the cmbar:
has tcen GRADUALLY diminished by mn rotta bio oess-
Nons.-Cuf. Eilt1an u. GfospeaoF IN iAt PutIf:.