, 1877-08-31
Escess ot exports over

E.ces, ot exports over
Imports. .$t1 So. Tse n, G170sa
Thrte figures rhow that the imports continue 10
calm 0n the exports. The Imports for July, 1877,
were $40. s.,2, UOD against $40. 54f 600 In July.
1870. For the a!st rsvcn months Of this ycaf tho
imports were s.07 NO. 900, agninst s-G2, NOD, 600
TO. the s!milar pcrsud Of last year. fneludln:
Frccc. the corresponding figures were $500, 300.
Duo mud 3!dD. 900, 0oo. The exports were. lHc'ul-
ing spcclc, Sa1o, 300 D0D, agalust soa, 300. 600 in
1s70. For the sovcn months tho cxPorta exceeded
-!le Imports by $tiD 500. COO to 1877, while the
f1cess In IH7t} vas SUI, 600, 900. The net export
" specie for the seven months WAS 81. 000 COO In
1877 and a.,d 400. COO In 187G.
THE STOCK MAnERT.
The reaction III lie stoch market last Saturday,
N account of temporary stinecney In the loan
market. lends the Now York Tribune, in notable
leading Astjrlr. to warn the links Of that city not
10 lnln ton much money to Tho spectators who AFRO
snllinE II recalls tho singular coincidence
that lust tour yca,. befsrr. Aug. 20, when tpcc
uhitInn had In like manner been fostercd for
months by cx:rcu.e low rAtes Of interest, and by
prospects Of enasmols crops. a sudden atringcncy
rAuEcl, for ths moment. Rreat alarm, aud ssocks
tnnhlcd. The Tr.h"af Hnys that more than 510.-
UuN, 600 Is nuw lonncd on stucks that wcre not
worth In June The money now borrowed on them
II would 10 very bad for borrowers and lenders
both II un+body rtonld bc eolapcIet1 10 realize by
selling, Tho currency reserves oF the New Turk
banks nnw but per cent lartcE than In t6;H vt
The responding date. The banks will probably
.rcd all their resources for the marketing oi the
crups mud the cuuutry cannot asrusd to have them
itupcrt them IN The enterprises Of slock.specuta.
tsev;
III its ,nsnrta! article Of tue 9th tho New York
UtJfy Hmt.fia says:
~ tue Stuck Exchange there was a halt In. Tho
upward movement ri pr1eea. uh1 The cltgucs low.
cred quotations. II IL believed. Tor tho purp0sU Of
encouraging ..short raies." tilrfs being no mar.
soek. nss Ts k. nd bioke9s donv ~ ye.
nent usiness report that each mail bting1 orders
ss En,a "hfh hsSs en o1t q o
upward speculation has been overlons, and that
thcrs are go.d rca.onr. eonerdln9 everything !lat
decided sracs,on IN pllcs* II il nesertheets very
dangerous 10 sell stocks short, such Il thu financial
r he e.ter M oi weslthy speculation known as ii tas
''Twrnty.,hird street parity" I'll Of whom have
been engaged In tue movement to adyanco prices.
md iuo-t, II nut alt. Of Hhnn arc believed tO bc
large hu1lcsa Of si0cks, s0,nc 0f thom holding
more than they wrre ever loaded with before.
SATlosAL cREnIT.
The disttnsutshcd French political economist,
rnu! Ic!toJ. .l;caulru, Of L'Esonotasis FFdneais,
has clayslaca the lehiuE nations OF the world With
reference to the rate ut which They can borrow
Great britain stands BY itself, the head os cass
OF one. The rate OF Interest on its public dcbt has
been gradually reduced from per cent to per
cert, and tho refnndng Of IT. entire debt At 2f pei
cent will suon 10 feasible 81. LsI,uy .IcautIcu be-
1Isrrs. Holland follows ncar. That country can
always borrow At 1 Der cent, anil has negotiated
1vans ~ low ~ ~ per cant. The United statcl
have been nut shl111 by tho SUCCESS af tho 4 pei
cents, and The Treasury Department will
find It's future policy outlined Ii
Leroy-Eraullcu's prediction that orr rate Of Inter
eat can bc reduced by gradual conventions 10 81
aud per ccut. Prussia. France, Belgium tht
Nritl4h Inn,an Government, tho various DrltIst
u11 auk knr