, 1877-10-02
Improvement in the Lo-
cal Demand for
Loans.
Stock Spectators Manipulating The
Loan Market and Financing
in Foreign Exchange.
fhs Prtdate Markets Astire and 1rrtgalar.~Ilsg,
Easlef--rark Strongsr.-.Lard Dsll.~
Meats STEADY.
Wheat Weak--.Corn Tirm... Barley
Turns Observation-Disclosures
from the Seaboaxd
FINANCIAL.

FINANCIAL.
An improvement In the local demand for hank
accommodations Is reported by the banks. II Ia Of
nEenera' character, and. though not grcat II sub.
FtantlAl enough to be encouraging. Tho country
applications Tor advances nto not 70 press!nR
ns they have bccn but stlll make up large part Of
the discount business OF our lohning Institutions.
The settlements on the first NJ the month had their
usual effect In cnlarginc counter transactions.
Rates Of discount were 8Gt10 per cent nj the
banks 10 regular customers; On the street, first
Glass call loans made at q per cont, hnl good
lime looms Al 6Gl7 per cent,
New York exchange was sold between banks at
R0c pcr 81. 0oo dIscunnt. The country orders 5ot
exchange were heavier than usual; tho currency
orders lighter.
The cicarlnps we're 81, FOO, 00O.
THE GOVERNMENT. rliH arEcUIATons, AND
THa BANKS.
In natIclnR tho ieeNU OF now Nntionn. bank notes
In September 10 tho nmuunt of 81, :!G6 600, re-
qurtng the cancellation Of ST. 0Ot, COO greenbacks,
tho New York Tribune remarks thAt this reduces
The sum total OF lcsuliendcrs In oxistencs 10
elNt'l5, 900, or within 9Ol5, 900 OF the amount
tnltcA States tliscfcdltc1 notes which were out
stanlng In the autnmh Of 1871 whrn Secretary
HlchAr,1son attempted Hto ravr tho country BY in
illegal imitation to The extent Of 81: 600, Co., thus
doing violence To every principle Of political econ-
oiay. 1trc7ultcd only the thort period OF abnut
fonr months for tho Secretary to cause
damage from which tho country has
not recovered h!tcr four ycarf. Spec
ulators then proHtcd by the Ercrctary's acts,
FrnMns. sotno uf wlch arr Just being developed,
and Aone OF which arc still hidden, were sivcn
ycAt~ OF grace i'nt tho Scctctary's IT. -ndvsc, As
well a. iltc.al. action, l'y delaying the date for
reaching "hard.uan' did IN Injury 10 lhe icgitl.
mate nnl financial Interests Of the whole country
which cannol bo rst,mated. Yet in tho face Of
this expensive and instructive Lesson, the spcrn.
latora Of tn-t!ay arp trading tho hope that The
Trcatury Department will not darp 10 permit =
stringent monc5 mafket; that they may advance
ths price OF securities sn a. 10 rcauire miiops Of
dutan 10 carry ccrt,dcatcs Which do not reprc4ent
million. Of cent? In vaue and that for the rake OF
ths legitimate interests IT the country, tho t3or.
crnnent will turn banker md loan !s funds, free
Of interest, 10 the b.,k4 which hare fo.,c1cd the
speculation. surf, II the position to. day Of specu-
lstor4 nut only on Tho Stuck Exchanges. but on tho
Produce Exchanges nil through the country. They
arc betting TINT ttsr Government w1ll interfere to
relieve thsm from. their desperate plight.
TIE SYNDICATE PROFITS.
The September settlement on tho per cent loan
has been nlsdc, sccnrd'ns IL Il prominent member
OF the Syndicate, with slight prott. The pruaM
tn the Syndicate on tho ~ per cent loan weto
~, o00, on0 and ou the per cent bonds ntteady
sold, amounting 10 s7a, 0Uo, 00p, the Syndicate
Expect tn make $.H:, UUO. II wan expected l,y tits
rentlrmsn shat heavy importations Ut gold would
hc made IN the ne,t sixty days, aud that lhiA fact
would prevent any legislation by Congress in op-
Io.itton 10 apcc!o payments. Ku,nors, probably
illu. hare been put into circulation that tho SIN
dicatn threatened 10 withdraw gold from the mar
ket. II this hhonid he dunc, It Is said that Tho
Treasury wuald come to tbs help OF the CON.
mctcial cou,tnuniry by dcposnlug Ia the hanks al
the gold not derived fsom custunls.
FINANCING rf STOCK EXCHANGE BpECt.r ArnRa
The recent weakness m tho Sterling Exrh.nrc
market Il said to hAse been caused py tho tatre bor
rowing by siock speculatofs, who have sueece,,ed
by thelr financing III quitting part Of their t,ad an
tnn!on lenders Instead Of letting II al, ,rst nm
New York banks and capitalists. Ths mcthod Nv
which they get time money In this ~ay ia to ptcdgc
stucks which they arc Carving IN sxcnro lin hli.
borrowcd ll.c bills are then sold fur coti and N,
roid for currency, Tins toan. or moncv n,nt
November. Or /, Tho prtytlevc Of removal IL .rr.
Ia,el for until the close uf tho ,enr ,ro I'M. ~.
taIncd f1om lou,tun for III, ,slLf of ycw yorL
1uY rR.ny or rnAxov
Tbc 7ts1oi .iouruui NJ scnt II, -.
summary of ,bc exnor,n .nd tmno,.. -, rr.n."ta.
,hc n,.t rrbt mnn,t. ~. to,s1 ,,nsn..s ss ~
no1ts. toccthrr a,noun,nr tn sr,- 81, M s 49,.
tarc, will, ,,u,u ,f n. ro,,o.no,d,nn ,s,
iast wear. .hor n dt,oInut,nn ~ s.,a ,,n snn ~
The .uport., thc t,t.l d,m,nnton ~ .htch ar,.,,.
10 s.i. .0o t0 .rt,cJe. NJ fona, h,xs .,""s ~"
c..a.rJ ~ ~. n,n,,,, ,h ..1 ~, ,I. ~
which nmounts Ia s,a eo1 mn on1v A.. h..ash
entitled "othcr ne e:chandisa " hss Iucre,scd' .rha
difference hctwcru Tho values of lmnort. md ~.
rors continues to Lacreaso. Tho nrr..nt dtacr.
cnee amounts 10 sH3, 900, 600, that of I'm aay.n
u,ooths ending list July wn. 43O, GnO sM T,,c
difference u, tha present return eamnare. f.v,r.
ably, however with tlat Of Tho entrr.,ondIn,
period Of laut year when mounts 10 3t1. DtH u}O
now TIE NEW yong NAV ,.urrr ~ ,t.w,
rLArEp.
In its financial article Of Friday tho New York
Evening Fost Describes one OF lhv ways tn which
tie Wall st'rci speculAtors manipulate tho loan
market II H. IL says hui al all unlikely that mart
OF tho money borrowed III u md Z per cent this