, 1877-08-04
FINANCE AND TRADE.
Business Quiet Among the Banks-.'
Clearingst 62,800,000.
Tie Produce Markets Less Active...
Pork, Lard, md Oats Easier.
Other Grain, Hogs, and Meats firm
~.-T1our Weak.
FINANCIAL.

There weso few new developments In local
finances. The country demand fnr bank fA%oss has
substdch Temporarily. The ortct* from the tnfe-
rIor for currency only moderate, and their soi
une Indicates that the new crop has hardly besna
TO nove to market. Tbs FuprY nf negotiable
pancr from tho city customers of the banks was
light Deposits remain low, and the banks ahow M
dtpa.itIon to extend their discount lines, except
In The n!o4t conservative msnner and on tho best
sscnHty.
l,nses of discount wcrc sl10 per cen. At tho
banks 10 regular customers. Loaus on call wcFo
quoted 1t O ucr cent ..
New York eythangs was ffmcf and sold betTecn
banks At :9e per 81. 900 premium.
The etenr!nRs were 3a, 500, 600.
THE ARKANSAS nA1lR0Ap BoSn CASE.
Tho dccieion of the Suprctne Court 1t Arkansas
that some ST. 600. 600. Including accrued interest,
Of rs.ltosd honds guaranteed BY tho State are iu-
valid, has called forth considerable hoal!1e conf
mrnt. The New York 77'1ts expresses this feeling
In cdtoriA on which. after rcct1ny the fact that
tho hill Authorizing the bonds was read several
times In one day. instead of ou separate days. 1t
says;
The Stale Of AskAnsas has got the money, Or the
improvements whiel. the tnpney paid for, hul The
.aytRR snythtny, u.ts hack and says to tlIv houa-
holder, ''ltcaily. ny dne fellow: ! to"k 9onr
nca oney y, osi a %f T. n'eespt nnt y wo.th ~. f,n
!orr sen called il question, md that t,a lntere,t
main fact of the care ~ that The state Of .trkan.
Man hAa acquired teseEal million d0ll4th' worth VI
property. and has reerndste'i the only ollieAtion
ever ISSUED ~ an Acknowledgement ue receipt, Uf
snus1s. II alleged that tlaa REGARD for tho so-
len,nltles Of iaw, sIsle. observance OF the rc.
people os Arkantns to refuse payment Of debts
which shsy hare contracted. II Wa the q ~ VI
ee %sas1 ae sS: he s1a 1 d H.!
honh4 vas legally enacted. II IL il!c tO wRaic
wosas over .ash teut,, trick: 4 wac. Or VI.
letter. Nh matter: the state had Tic money. II
t"nsos 70 saek on tne stGnna ia,s .oe ~,
~hnlc trAnfactlnn. There In nu wny Of compelling
the state to pay. There ought 10 he; but s,ncc
thcrs is nut. Arkansas nsy AZ wc'l he Rateled, an
Rn lhdl'ldaal would be, as ! common swIn.Ilrr.
II il diitut 10 understand tho 1egn force OF this
kind OF reasoning. An n0cMt Is aound by tAc In.
rsfueilon. of his prlucipa1, and persons dealing
with lbe asrLt are hp,d TO ecqualnt themselves
With 'sls iowc:. The people of Arkansas, ~ .hcir
Con'tftuton md laws, gave public printed notice to
all tho world of The unlJ conditions under which
thc!' a1cnt the State authorities. could borrow
money oil their account. Any lender 10 the Saato
was bound 10 ser That Ill tho requisite conditions
ware fulfilled ut tic RIsk ot losing hs security II
thcto wcrB any omission uf ceremonies. It Il not
only right Eut esecnt,a! u insist upon thu olserv
anco Of tecLnicalltleh In such Cases. Uut the
XzoHnd On which the ArkansaA bonds arc declared
illegal ID not al a|l technically. There could bc
no more dangerous practices than to nlow
bill fur Tho lssuc OF bonds to bo intro.
duccd, read The requisite lumber pf times.
and passed ali In ona day. The worst abuse kni
betrayal Of Legislative trust are Invited By ruch
system. The people had expressly forbidden ther
property TO be mortaaged in such way. Etery-
boay had bern publicly notidcd of It: the peopt-s
tkcAts could nOt Ind ihs a.at1 Gy any loan con.
t1actcl outalu this express Instruction. Tha Gov.
rf : il
tfsung banda. II the LcclslnturS should sotatc
thls pTorisun. md tho Governor should sign tic
bill. and iaaae tho bonus and apply the proceeds 10
a stntn work, dnes the 71mss snpposo any court
would Alluw the bouahuldcrs 10 collect payment of
the state!
THE 8roCK MAnEET ron BEyEy MONTHS or
1877.
The following shows tho movement Of tho
principal storts In The New York market for The
past Hcstn months: