, 1877-06-19
FINANCE AND TRADE.
UnprecedentedIy Low Rates for
Local Loans.
The Produce Markets Moderately Act
ive---Hogs and Provisions
Steadier.
BrsldstatIs Weak; but Wheat and Corn Close
Firmer--assental " Prsduee from
ihe Seaboasd.
FINANCIAL.

FINANCIAL.
The constant accumulation Of the loanabe funds
OF the banks has had the effect Of making tho rates
for call loans nnueually low. FIrst.clats borrow.
crs car now obtain accommodations Of TINT chatac-
ter ~ low as per cont. OF course there src COM
paratlvely few borrowers who Gun secure such
loans, snd tho fact that transactions arc made al
all nt that rate Is good Indication could bo
given Of the state Of tht loan market. A few out.
side PARTIES are induced by these low rates
to borrow, although they ordinarily would not
do 20. and 10 try 10 make emnll per cent Of profit
In como outside operation. Bat the stato Of Affairs
tp 70 peculiar that In many II not most, eases the
attempt falls. Such borrowers Aro continually 10
tnrning to their bank the sums they were advanced
al low rates, and adulttIns sotrowfuily that agnnc
close as they mhy, they caunot make thcif salt out
Of Ibis cheap money.
The supply Of good paper, either from rcEgttar
customers or ontsidc borrowers, "a very light
Tatcs of discount 10 regnlar customers nre 9010
per cent. On the street, tho nsual variations Arn
made on bank rates.
New York exchange WAS sold between banks at
5ofe75c per 81, COO premium.
Tho elcarnxs serc q, 900, 0oo.'
IHg ar1pICATn AND THE "roPuLAR LOAN"
Al the very outset Of placing the per cents on
the market for pop0a. subscriptions, the Syndicate
bctsnys how little desire II has ~ make tho loan
popular" one. The thirty dnys in which pop
ular suhacsipt1Gns be offered wcfc made 10 RIM
immediately. Tic country was barely informed
that such On arrangement for popular Fubacrap.
lions had been u'aAc beture Of the thirty days
had expired and another had begun, md now bnt
twenty-five bu4lncsa dnyh remain or the thirty.
1hp efforts Of Secretary Sherman to obtain an ex.
tension Of tho limo to fortnlght-ihat Is, unsil
Jnly l1-wero uuayailfup With Tie Syndicate, II
the general impression that thts loan WAS 10 bo
offered the public directly by tho Trcaeury Depart
mint, and presumably That pains would be taken
by advcftlttnr and by u.tnr tho rost. f1nlcra and
tho National links to bring The attor directly be.
fore The great mn+s OF tho pcoptc i.ut II now np.
pcars that the Syndicate arc 10 handle the bopt1.
1ar losn On well a. tho rest Of tho iseue and Tint
ttry ,nu.t u, paid their regular commission of opc.
half OF 1 pcr cent on nlt of II. Tho ramltel mud
effective agency of the Pott Ogces IA not 10 be
u,cd NJ Mi: Int, on tic contrary. su,rcrntons
will he received, aside from Tho half doz.
IN Offices Of the syudcatc. Mt onIv right
raccs In Tic whole United statc.-tho Treasurer
nt washington and thu A..Ist.nt Trrasnror, ot
Baltimore, iioston, Chlcscp. Cincinnati Suw Or.
Iranst st. Luu-, and sun Frnncrcu. Tha uxtcnt
Of the nttvortflng the Syndicate arc doing IA tic
d,srutch Of ,hu brtclcst circulars to bankers
throughout the Country, In fact. hut for tho wide
pnbltciiy given tho 1natirr gratnitously by thp
press thirty n,po }oe,jcs Of the population Of tho
country would have rcn'alnea n. ignorant Of Tho
silver. Another feature Of the determine.
tion Of sls Syndicate to mako the
naa , anp"pna .ne,r restriction Of
.ne .nnse,ntohs , 'os 10 .hoae OF Tue
anu s,u1 ~ ~ M Inc larger eoapon
Whyf E.cauxc the larger coupon. bonds viii he
,h most ,e,,,ca hy ias. ,,pha. ~ ".a u'
Gnu 10 re'a'S them INC opportunity OF oosa!nlns
Incse now Will increase lRe amount f0f which Tho