, 1877-01-05
FINANCE AND TRADE.
The Activity in Financial
>-. Affairs Well Sus-
j. tanned.
Currency Collecting at the Finan'
cial Centres.
Tho Hog and Corn Crop Of the
; Wcst--~valunbio News.
Tho Produce Markets Rather Less
Aotive--.provisions Irregular.
Wheat Weak---Other Bread
stuffs Steadier.
The Produce Trade Of St. Louis, and Live
Stock at Buffalo.
Tho Hog and Corn Crop Of the
West---Valunbic News.
Tho Produce Markets Rather Less
Aotive---Provisions Irregular. .
Wheat Weak---Other Bread
stuffs Steadier.
The Produce Trade Of St. Louis, and Live
Stock at Buffalo,
FINANCIAL.

mnud 70. lonus at the banks il Rood. Applications
arc rccoired principally from, the packers, and pro-
vision md Dossri Of Trade dealers, who havo stuH
10 eafsy. The mercantile supply Of paper ts not
lnr2o. Discount lines are well flied tho whole.
II tho bua1ncss Of this city and tho West exhibits
Ahe natural Increase Tint may be expected this
spring. there will bo wido field far tho employ.
mcnt Of capital here and the banks will get tho
tencnt of permanent improvement uf tho loan
market, but II The present sthgnant condition OF
Affairs romains unreliovcd. banking will be dull.
Rates Of discount wcro 81l0 per cent At tho
banks 10 regular customers. On tho street, busi-
nctA has been better than usual. Rates ars per
cent and upwards.
:, New York exchange WIS sold between b.nks at
7tcl9L 90 per 81. 600 discount.
Tho receipts Of currency continue In excess Of
The shipments to the interior.
The ciearlngs wtre 81, 400. 600.
THE SILVER MARKET.
The news by cable day before yesterday That the
German Government had ordered the Imperial
bank 10 resume tho 6n!ca OF silver removes any
doubt about The adherence of that Government 10
it, gold programme. The French advocates OF the
double standard, with II. Cernuzeh! at thctr head,
have hoped that Germany might pnuso before the
fmmcusa task that rama1nel In tho decentralization
pf tho tha1cEs. Tbs recent pause In The falea Of
bisver by tho German Government led the London
Etonon,iH TO helierc that It WAS hcsltating about
Accommodating the tha!er, bas It evidently means
10 persevcse. Silver Ia now quoted in the London
market ut IL pence per OUNCE Which gives Tho
Germans good margin shove tho ptlcc OF Is pcucc,
balow which they announced few weeks ago they
would sell no moro silver. The official report in
September showed That they had still on hand for
1ala about t17. 500 900, but thIs has since been
largely reduced.
Fua nLAND slLvER nul1 AND Tun PRICE, OF
" SILVER.
Mr. George Walker. Of New York, who presided
Az n.lt., T. ntx4x t. -
gress, makta now point against tho Hand Silver
bill. In letter printed In tho New York 7ri5uas
OF Jan he eays that It's effect wilt be To degrade
silver to stt1l lower place than It now occupies,
and that its passage will work great injury to sIl
scr.m!ning a. well "a to other interests. 1t coins
silver At ratio to gold Of 10 To ], Instead Of 15,t
10 !, ~ now prevailing in Franco and tho other
States in the Latin Union. and Holland. and, In
directly, In Germany and India. This Latin Union
and Holland have already Brought Tho coulug Of
silver almost 10 standstllt account Of tho alL
yer decentralization by Germany, and Germany, Of
course, will n1alntatn the ratio Of 1aH to only
ateuposnsy convenience, whllo that part OF her
silver whlsh has not been withdrawn continues to
circulate. II the United 8tntcs begin tho uss Of
silver at 10 to 1that H. II thIs country cheap
silver IN Its coinage per cent below the present
Governmental ratio, tss uAe would b entirely
abandoned abroad, the price would fall lower than
has yet been tho case, and this country would
become the teceptacls for ali the discarded silver
The members Of tue Latin Union could not adopt
tho rato Of 10 10 with t,s, "a that would entail
lods Of por cent tacl1 immense stock Of silver.
They would rather, Mr.. Walker argues,
give up sttvef altogether and take up the
gold standard. In this way ali tho appreciated
and dcpFccaasinG silver in Europu beyond
: their requirements for subsidiary moncy would
dnd Its only market In sAs United states, and
would nood II These ARC Mr.. Walkers views.
One earllnal point he does rot touch. 4 demand
from tho silver European nations for gold wonld
raise Its price to snch figure that would he much
more profitable for them to eenve 10 their silver
than to peraist in adopting gold. The loss on such
purchases Of gold IN they would l,ayu To masks TO
pay the interest on thcis chts and supply tho place
OF demoneilzed silver would be much grea,er than
the per cent iost on their present stocks Of sil-
yer BY adopting tbs ratio used by tho United 3tates
MUNICIPAL FINANCES.
The Boston debt has been dccrcaacd In thsco
years from S2s, 038 GOO. 81 to $.H 358 u0 IL, Or
$3.50, o7. 20. During this period tho city has pnr-
sued the policy Of paying, out OF taxes. for the
land, hulfdugs etc., 1t needed. instead Of running
into dnbt for them. Tho tax.levy In The past two
years has teen reduced $2,775, O9H.
Tho pubc debt Of New York, funded, uufund-
I'd, noatfng, and contingent, makes an aggregate
Of more than $l3o 600. 900. average Of si4O for
every man, woman, and child In Tho city. 70
carry on tbs Government aal pay all its current
%AtIAA@kAEI~t NV1tA III &GuR4t uuk4y 0l 1R0nt
IA, COO 600. equal to $31 per head Of tho entire
population. Tbs amount psId yearly 10 office.
holdon sud plaeemen Of all grades under the muni.
epal Government for salaries and legal fees Ia not
now far from $l0, GOO, 0GO, mn 4yerusu Ut nrary
$40 per head Of all The inhabitauta.
DIVIDENDS AND THE LOAN NAKKgF.
The Jsnuary dIstursomcus for tntsreat on tho
public debt and corporate dividends arc very 1arvs
this year, and will add to tho strssn, Of c.pt.
seeking employment In loans Of nvesttacnts Thr
Government Interest will be about $97, OO0 600.
fth!s. Soma si1. 600, 600 will bo pal.a On regis
tssed bonds, about IL, 0o0 900 Of which will bt
paid out 1t Now York. 81. TIC, 0Oo At noston,
S70o, Coo 1t phtladsphla, se0a, 600 At baltimore,
$50, 900 At WAahngtou, SIS. 0to n Cincinnati,
sos COO at Pfttsbusg 81. 00o Ut Chicago, S47 OOt
ut San FEnuclsco, and snlaflcr amounts at sonlt
other points. OF the coupon interest HUston take.
lbout II, 600 600. In addition 10 the coin iutcr
est thesH will be paid In currency. on account o
interest duo on Pacific NAiroad bonds: la Ner
York over 81, 500 0O0i Boston, $3.50, coo: xns
PhllAaelphs, $s0 OoO. TIE payment Of this In
tesost without rebate has been In progress q. th
several Sub.Tseasures ali tho current week. From
al tho vaf!nns sources Of payment . very lnrg
au.ount Of money will come upon the market, thu
adding 'ersEa. millions to tho present plethora
Al New York the January disbursements for Inter
ett aud dividends estimated At nearly Sl8. D0O
600, and A. Doston over So 00O, 00O.
rAicks or NEW YORK BANK srocK.
Dank sharrs wssa once very popular iuyeatm nts
but of late ahsy haTa sailsn on to very marks
drRree. Formerly these stocks HeEt 1t premium,
but 1t present ons. quarter OF the number Ii uude
pas. Tho Seventh Ward Hank has bccn In opera
hon naaF!y forty yssss, but it, stock only bring
10. Tho Bank OF tho Republic, whose capital
G,ooo, coo. Il quoted Il G7. Tho old Phsnix ban
honlJ s3. The North River, which once wa at
premium, il now onlY 90. The Continental, wit
spaid-pp capital OF 81, zoo. 900, IL offered 1t 70
ind no buyers. Among ON. best ia,tltnttons /. th
. City Bank, Hh1sa net pfonu ars more than doubl
II capital. Ths last salsa Of IT, shares waa aoC
sat the highest bid u present IL 2lQ. The Chem
ri, however, still retains its extraordinary sulus
This u due 70 tho fact that it, tsp'tai IL only $500
0oo. willis it, surplus u than 81, COZ, 900.
u the most raluabls hank stock In the world, Il
atest sales bs!n2 1G75 for shares Of 500. Amor
Lenox. hob<tt L. Btuatt, John Q. Jones, at
others of The old and opusnt residents Of thls eis
~ t1s'aends foT aexera! yetn have been 100 p
et4A9t& GaE<ttf,
MEMORANDA.
In thA lat fnontb nj tho cso otannts1 vas+ h..