, 1877-07-28
FINANCE AND TRADE.
The c1earings $I,7oo,o ,ooo.--New
York Exchange Nominal.
The Produce Markets More AotiVe--
Regular Trading Resumed in
tho Afternoon.
IIo.s Firmer--.Proviaions Steady
Grain Tends Downward.


FINANCIAL.
The situation was improved In }napeisl cifeieN IN
feelfn. rather than III nctual tsansact"ifs' 1he
ueotprrt That freight traf1c wanl Fnon bc fesuMca
e,rr II much cheerful rass to "nt'cfr"' |
tou. of the funrc. and relaxed thu Father fcvefo
measures nj uo Interference taken by ZONE or TIC
,,snA. Tn rtut down entirely np"n tho mercan'
tIlc community in no unexpected anu 1nathhl nj |
emergency IA this. anil refuse TO make aafahce.
uran nny rtruritY. md decline to extend the 1east
as-i.taucc 10 rartIrs entirely independent
In orlInaty circumstances, aonhtia'
p,tfcY 1suks are not Ncrc ftecntacIcs Tor
ntlucaty funds. They employ 10 'helf own rs"ht
tnr htp,,si,. nnac oY their cnhtnnefs. and. wien
tie laltcr nr placed, ny panlc. great Ase or tome
t,,raor.ln.ry .Su*,ral lelurpance t1kc thc pres
ynt In light phcc, they have right to expcet
r.-lstancc from III" | anls.
The supply - n. gotiabse piper wat light. ami
VIA, was offered subjected IL clnfa scrutiny.
E;,tr< of dscount 10 regular customcs7 wero SShlo
p". rent. x........-.,
Sew York exchange was Inactive. 1t WAS non,-
iaaly At a discount 1T shipping ratios.
The Glearlng% were 81, 1BO. 600.
THE sYNricATE.
The relation between Secretary Sherman aud tho
Syndicate, which that Official has inherited from
htn pr~,vcrrsorx. docF not adj an1tEEg ia Ills
popularity with the people, nor. indFe Important
matter, IL The efficiency Of hts administration.
TIE TnintsE haf on several occasions criticised
tile arrangement between the t;nYrrnncnt ntia tic
Syndicate. TIL. amounts to monopoly. which Il
r.cc,lly uious in th!a conntsy. tincc tho surcc's
VI previous popular loans shows 1t 10 he
unnecessary. suyen hundred millions Of the
wpr s.e.t Of tbs United States were
funded under Secretary Chase w'tlsnhl thr
Md Of a Syndicate. Franco hnes t1nt hedd the
utl of tho 1.othsc1tldr in borrowing money. nor In
our opinion. teeA thu tnit.al States. The Syndl-
rate ,vntc n 10 receive cnn,mls-on Of 81. ota'.-
oto for supcrinlcu,las tho funding u our ro,,tlt,
las. Of ru,irts, II different opinlan Thr HalfZt'".
ef San Franctrcn, IN an excellent article on this
subjrct. yc:y properly caimn that tho success VI
tht. popular subscriptions to the per cents was
mt In consequence sf the efforts 's ihe syndcate'
hut III spite OF theH1. The connection oE The
Syndicate with tho 1lan created aprer"tse+rnh
against IL that had To be overcome br.ue the pcoIc
would subtc1iAe. The i,Htttln recalls tho fact
that tho loan came ~ he ucEed 10 public snbscrEp.
tinn pnly .htnnAn tic Ecfnrat Of Il loading Amer
iran lans, Invited tu join the Syndicate. tu enter
the combination rness tl.a lam wcrc ot,cNcd III
iue pulue, Tue - tnllcatc would not ronsent, INIT
crrct,ry sherman n,i:IcA that ho.1aF rMh+eFtp.
ttuns should tr receiVc.l totn MONTH lie jt4tfe@tA
l.ls thu, Il /. awaro al ains'e Institution that
xt. Il really 10 sri It, ut tho head or tho list
Tor nic hun.irvtf millions uf tlolar." had The tonn
hc,,l urencd Tor pnblIc subscription. \ trallnR
tg.n1irr 1T SAn FrLnr-cn writes +, te Of tho !tr.
c4t banks Of this city III confirmation Of these
et,trmcnt+ lie snys:
i'r""'a =! t!"". inr ny s.. - a.tmuV f,V
bnt'". n'i D., ~ Son ~ s'n 10 49, 49, ~ ~ " -. ~
vi 4'd Hc4 o. ta' uSeI'tt c.ut, - ,, ,.;s M
'fi'>tl"h "s''el tne1E ~ aus ~ H. ~,
uHr "ifl anu nh hahA Hh;a" .. ~ "t'e ~ ~ ~,
itIT u tHsy 'it'nl s1ote - d'to". ~ a.. IN, ~ W.
rrlnns II III, rev 'olA N s'lhal tsri"" MNn nv
1rI ;tat ofa' t,hhk ~ >eW lnth " Mt.I H.: Il ~
~ Srl'"i"f. H"p' ": Hn"EEiu! p9sss y, -. ~
t1'" may El'e tAo Huoloel ~ '"1e' 'a's o''e'7"
tiu
The truth H., md II u pcfscctsy well ntuesRf"Ou
IN Ananr,a r}rcj4 til It TIL, kynt:tcntc was tho ret.
-, ~ t.,,,,. p,nt ,r,,,x .,,r,r,..tc t.,rornnrr n.
"'c'' 'tN's''' ~, ,,1 =. -.
hnh'' MI" hhaat'al ,'''"A'H' ~ '"s''5 ~ s."'
turt nj this Erar When Eerh*ctt. trslIIy irs pV-
tnf, III. silver referred to thr fact that
"l'' P'. .,,.,.,' ~ - ;,s.."s =, 49,.
ttr!;Itu' Ar. h'at"a'l ai'e9Te'l aah"sahs ot 'n''
,,,rrt"u f1tl. VT MAXI the following Hxttari
frtp, lie rrrufa.
n, II. r.,,,.ytn tt.. frame n,stIe MI,
~ ~ -. -. IA, a ,,,s ,,r,t,, I,r.,.n hnp,serS,
Hs1 "' ii, % T,. Inrt IT, ths ;,r.nrf, :uvcrn
, H., " " .,,, . :,, ii ~, 1,,i,,Ir .,hsrrtn,fnn IN,
t'.n' af" h.:,, ,, -ri ~ -, ~, 4. h In"rs ""'
~" h'''' "'." o'e'E" '.'o"rI o1 !,
NJ tefhHsth1 rP'''" vi WHAT ~ h'!t". ." he
ON. nf iie 1ntcl rucGea>fHl Df Paris bankrrs. VI
ARE wp:. /. .rt.js chse fully ltat it wAx bette
a., tn, r,,,,rv II, p,,ce r.. hu,n.,. &hrouyh a Nyu
IN "t '"'' '" 's~ I.,,' w. 49, ~ @ - -
arate fi@n lhr"o:" lout"el'' haa W. ~" ~ e =
ron whv 1fA czpen~lvr and unpopular tllnehl1leF
tl,,,ud lie continued eud We hnEu Secretary Shul
man. wh, t,as u,,lAu 10 long 4!udY OF fnnuuv, vi
ubullsh II.
rnApH III GREAT BRITAIN.