, 1877-08-07
FINANCE AND TRADE.
New York Exchange Firmer...
CIearings, S3,3oo,ooO.
Tho Produce Markets Qniet, and Generally
stcady-Provisions Dull and
Easier,
Grain Flrntr, but clostd Easy-.Fair Receipts and
Large Shipments---na,tmtnt from
the Staboard.
FINANCIAL.

The demand for bank accommodations is not
prer.lnr, II only desirable cuttomcTs arc taken
into aecount. The banks rcfuae lafoc portion Of
tho paper brought them. They havo Adopted
very conservative policy In Sicw Of tho probable
activity of the fall money market. and will tnke
only ,hu very beet paper. Country banks send.
Ing in paper for rcdErcount Int not In larEe
nmuunt.. Thc banks hnvo moi yet recovered the
1oanablc means they held before the strike. bnt
hare more than enough 10 rct all Inc applications
thcJ care To entertain. ..
Rates Of discount were 1910 per cent nj the
banks 10 regular customers. Call loans were per
cent.
New York exchange was told between banks at
Zoe per II. goo btemiutn.
There va. = moderate number OF orders from tho
county for currency.
Tho clcatincs were 81, 400, 600.
TIE FINANCIAL FUTURE.
The impression ts almost universal among bank
crs lhnt tic loan market will bo active and ssrn.
gent this fail The probabilities Of an extraor-
dHary grain movement arc tho basis for this cx-
pcctaston hut the condition Of the Of the
New York banks Gisca II additional ground. Tho
Now York banks hula, besides their own reserves,
the feservcs Of tho banks Of the interior cities,
which In their turn hold the reserves Of The coun-
try banks When the crops begin TO move cur
rcucy fuwa steadily ontward from New York to
Chicago, Cincinnati. st. Louis, Kansas City, and
other distributing points, and fsum them
TO every waysldc station in tho great
grain producing s.atcs where the farm.
crn can sell their grain. There is 4 limit
to this movement. II must not dcp1ctc the re-
tcsyc the banks required to keep against their
deposits. I.ant year the 1ega1.tcndcr average fell
from $50, 5. 400 to s3s. n75, 100 between July 20
nnl Dec. 10. This caused tho legal tenders to
drop considerably bc'ow The requisite reserves, but
the drncit ~aA fortunately made good By an In.
crraxe The specie bnnd frolu $40. 185, 600 to
ec}, 01!i 700. The New York banks now hold but
STU, OF, nosu legal tenders ind specie than
needed 10 make guod their reserves. Last
year the excess WAS s2a. sB1, 3.5 tho year
lcforc. SIS. ;'oi. 0'5 Evidently. II the crop
movement this year draws on. tho
ramc az last year, so4. b4S 200, II will
compel the hanks 10 cali In loans 10 tho amount
Of millions. nt the cost Ut great strtngcncy. uncts
tho specie nccnmuintons mount tip, a. happened
last year. The present Indications arc moi IN.
favorable to snch an accumulation ofspccic. For.
cign exchange /. low. bpt 1.-THE war should extend
In Europe II would rise, md the current Of apecie
set the othcr way. Secretary shcrmans policy OF
honrdng gold II In direct opposition to tho inter-
c.ss OF the banks In 70 far It wilt make II more
difficult for them to obtain the metal.
CURRENCY CHANGES TO AUG. l.
The Comptroller Of the Currency has issued his
monthly report, bringing tue statistics Of changes
In the currency down to Aug. l.
Sattonsl HANK notes outstanding when act .
5noc isst = t71t y. .i,ra I:
NJ is14, 70 Jan. u. ls7s...... "a. ia, SO
H.na ~ 1et,1cn nspS ;,cfsrrn ase1 'faeess fne ..
aaies. .,.......... p a7e7,2a
National Hank notes inertalo from June
-. 1874 toJAn n. lHa............"... 1.n67, 2es
National Hank notes outstanding Jan. u, ..5 !
~ l,anx iLa19 n1tTa 1a1 5f1ssmsi r. @
I" d.te :, 100. .". go sas eos
Sst,on.l 4. ~. TX Y ny n.'rs ~. surrendered ,,,,
-
i3tat qnlsn feaeemca ard snFren. sr. ,., INV
E.tIon.I i.ank noiea is;ucd 6c se''' '''e''
t"een 'an'c dAsrs.'.".''".. :s.G111 rs
Decrease from jim. u. ,s,s ia d.tc.-- N A.. NJ,
u.,o., =: - -.
'0' - "o's' s~ss'A'' ~ oa'et 's3.o. 1St sSs
dreenh.ck. on deposlt IL Treasury janc
ii1uiatius bsnts nu. 'n.otenta aa" .u,e7,
G.srnhask. as.Itsd fion, jSas 4 iii. S'.
''""'s' ~ o'e'"s 'A''oaA' ps"k he1e1''' 7osoa.e%l
Total dcpoas. .......... ..s ~ OIs ~;
n,i. setSmsd t1i ~ IfSssurcr betwn
y. -.-.e--
"teea'eehs On aePo''t ~ datc.........S IT, 90 G.d
Gsrrnb.cks retired under act Of Jsu, IA.
ti,,..t. ~ oo1 no
rr,,urxry ,nvysr.r -. .r.,.,.... ua'uIa."
T.. ,I,. 1910. -. 49, -.E ' 'aA.s hoN'"e'
-. ~! sanu' ana 'a'S 1ae amount
s"n ~, W., r.1 ,,.. ~ ~. s',e"t.1ioh WIS
49, H., ,,. -. x,, .4 .ue ~ poAus "Hhoen"n
r,a.. n,"ra. .a.x". 'a ,..a.. w. s-''1ou too.
ssn, h,ps. ~ va = .aa 'aso s.eAanse Q! ~ peF
I,eJ TNI, ,n,o,." 49,, - 49, Se.s pe..oasiY aapoe.
n,a. .,sm,a,,pa ...,.H , .aI smoaae o! "atona'
=, II, r,'r,a"r.,, -, ~ aaa sessa Mntcn 10 not
1,nS. 1ha u.,s st.eu.t.o,, &ua "'auats"ai an o'
n:u, md lie circni.,,n. ,".t'",s "ss n. Ih ~
Thr ,.,,., .t.s",..,'',s u "as ga 'a"'.
from sa17 ,u,t or =, W. ss,"s,a ~ aeeeeaseo
sn1 M. ... . W. w." 81 '"' ucklnaHR oI Amy 10
s'4' ~ 600 a. 'ne end OF July. In tho same
period tho grccnbacks outstanding hayp decreased
from <;,Jl, IL. aaU to $3.50. OIL n1o
cruwpxcv r,,, - -
.-, ~A eHAHu19 ~ lA6 FAST YEAR.
cncy for Aug. !, 1877, and AuR. l. 1A7n. ab,,x
hat The following eh.noc, ~. t,. .s' u
,rt.,. ,,.. ,,.." -. ss srs law Akca pIace:
'ue'' ""'s "es" e@3'"oo. bt7 0! Nat1onx! Bank
notes redeemed anti retired, and S1J l50 sUO
ies1ea. ms gives net dccfeaac Of 2ln, d09, 6S7,
ihe on aspoi't TO retire hotes have de-
Creased w. :o4, ma tbs Rrecnbacka In cltcu.