, 1877-09-11
Comparison Of the Effects Of the Panics
Of 1887 and 1878.
Tho Produce Markets Moderately
Active, and Generally
Elrmcr.
Provisions and Hogs Strong---
Brcadstuffs Irregular.
Grain in Very Good Demand foz
Shipment
FINANCIAL.


tho average uf last week, nnd It Is expected that
frun, now IN tho demand from tho inferior for
curnucy viii bc lnEe, md tlnt 10 meet u balances
IN New York will Ic drawn down. Tho demaha
for iunna wns not especially active. There ~cre
1uu4erntr offerings from the country banks Of
paper tnr rediscount, hut The supply Of negotiable
1nrcr from city customers waa nbont Lilo same "a
1t Las bern.
Hates Of discount wero sGt10 per cent At tho
banks 10 regular cuAtomees. Lower rates wefo
made on cali loans and tp desirable outAldo eof'
fowrrr. ..
New York exchange sold between bouks d "o&a
b0c per 81, 600 discount
1sl3 AND 1877.
lila generally ncccptCd throughout tho country
a. true That the loweet pctigl uf The frcnns naa'
cal depression hns been parecsl aud that tho conf
ius u!nler will sec substantial evidences OF re-
newcd prosperity. With all their severtys tho re-
suits II ,hc rnnfc of 1S7 have nat teen az bad a.
thusc VI The rnnfc o3 f%l1. Mr.. e. L. Nh1tc, tnt
Washington correspondent Of the New York Trio
r.e has gathered ,on,o intescatlng facts on tho
eul,jtct fru1i Tho rccords. In 1Ra3, while tho
euuntry stEll plunged III tho d!sross thai fol'
Lowell tho panic III 1877, the United states wefc
unable Il, ucrntatc Il pet cont bonda 1t par. liz
nrrut reported 10 tho ilnuso Of Representatives
that, "Whtlc nations with not a tlthe Of Our re-
sourcca and with larKa public deots hare been
ablc tu effect loans at per cent per nnnuH', tic
ageut Of this Government lad to return from tho
ruulr money market, where cnpisnl Is aeekint H.
ycrltncnt at :, mud per cent, without receiving
sin. uItcr for any portion OF loan
to nuf Government At pot cent" NJ.
though In thu. day tho rnsentlses anl
frauds that have alsctctliteh 30 many State &c.
eurt,es WIG unknown. State bonis Of all kinds
were crrutly deprecated. Tho proposition mado
In ls4:I ihnt tho United StatcR astumo tho State
Leh,s was op,"ecl On tho ground that the United
stn.e@ would thus III EFFECT be payn1 Mt least full
rticea fur Stntc stecE Although 1t might haso heen
procured At from 40 To 20 per cent depreciation
The financial depression that began In 1897 lasted
t1 Or Ecvcn year,, anu the distinction OF Vaiacsin
MI Whites vp!n!on was comparatively far grrutcr
then than Il hns btcn in thv latt four years. The
most energetic attempts were made tn laAj 10 ln'
Jucc Cnugrc.s to glse relief by ta1 ssste OF rlo-
t.,smah1r paper, inst ~ tho GFcenhackesa nFo now
,,arrl,a'lng their forces fur last rally. The
Committee Df Ways asl Means hportcl against
nny such imitation. Sl.ccto payments, Which lad
lust bccu resumed, wrfe continued, mud tlts couH-
try uuot, rnlcr,ed itu1n thu clUaIt The folluwsnp
t5ttnct iru, tho rrrnrt of The Coulnitteo IL worth
re1cnlln, at this tnomrnt:
1t III mi easy to determine whether the present
tr,is u, nsI"i ,nore iisrAcn.ny with disaster linn
that winch immediately prrcc,itd II. The PVT was
a.. era Of in,trt'o thr pr"scnt /. one of c"faptc.
ped III proportion tU thrfr fuFnies eet!sity anu
f.tmfn. po""r il tlcsF present henunhrsl a''d re-.
uut t.yerp ,-. Is.lu mere lnscetnicnta. Hnd nany
nrr rul:ua Tram III other CAUSE t'Ma.!rncc L de-
n.ss' Thc mo,t .ar,t. wun,cn,,css Of speculation
tr pnt ut rrrt l,omfAtlc gorlH hasg accumulated
9n y nIc VIE rh' ..aana,ont atnl sfeasa'f ss s
l.rt rxrr'cn Of tir rthrlttlrs*-burruwing itself
inr lastiaily fa'lcd. tntcr these eireniu,;
t'anst. W" H. nats, s,tis| stet o| t,y e fea"as .us
1Iiy,t b.lr. :,acx for Il scaHon II swollen and e1as-
Errhtu condition 0f busluesn+ thht coiila 1l0t ~
uA,l YIlu 1t tlNltN n1Ek IHFt1
torrorntons ntNaaGa mud rrcel' Cd too tary cuatl.
drncr. Capitalists received rates uf Interest from
t!e,linrs were mt only marked by nnhcFItnsine
nIuort cn,ir, y u-ufpru tho t'acu Of so.cr h!ls!
rc-H. Tine lcssn Of calamity II no~ learned! BY
% II !" @ sss ts sSsts MG to. esia Of "s a
uu.en years 4gu. Ii the 'lispo*'ton ~ broat ny u
tr u. sincere the moment IL uppurtanr, the con
lrY NAV lnl 1t. way through le utfk lIonr OF Hls'
t!t.rs aud nrsutc healthier tons tlsn any 1t pos
sraset rn,s!+t tho daugcrs und tho cxceases OF as
tlEclul health.
unowl.o AVERSION or cArlTALlsTs TO con
rOIlArE SECURITIES.
One effect Of tho improvement In bus!neEs vii
bc, In the t.p!niUn Ut the Now York ErfA}hg Post
to withdraw from tho loan market III Now f0tk
large amount Of capital that haH bccn nell thcr
by conservative 10 lend from, day to tiay. I'll
lu-tts which many Investors have suffered In cor
ruTatc >tcnrIlrs and the revelations on every sid
VI CORPORATE Encouragement haso disatlectcd
large and powerful clats Of capitalists with thcs
tnsc.,lncmt.. Many prudent persons arc therefor
Withdrawing their money from railroad #hases an
putting IL wl,rlo its value cannot bs impaired b
coypornt,uh tharks, ur by Legislative regulations
INVESTMENTS or FINANCIAL CORPORATIONS
NEW YORK..
Thu Financial Chronicle Of New York makes
calculation Of the nnonnts Of invesln,ent secur
ties held by the banks, insurance coulpAnies, MI
trust companies OF New York. In tabalaE for