, 1877-05-23
FINANCE AND TRADE.
transactions in Banking Circles Re-
duced to q Low Figure.
Tho Produce Markets Stcndicr,
with Moro Activity in
Grain.
Hogs and Flour Dull-Provisions firmer
Stocks Of Grain Here and at
Other Points.


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..rn.~,nx s,,.u,,.w - ruv ursrurr.nu or
anrrfr f..Yvr.rs,
na,atno,oa eo.Tr,uon,>nc< ,tr r,,k Daily But.
tff.r, stn. ~.
Secretary Sherman m.dc out an argumcnt 1ikc a
speech In Congress and cmtclIshcd It with hgaree,
which he presented tG the Cabinet yesterday, and
that hoAy thought tho details too complicated 10
aei upon I'D m actual and deliberate intention. It
wa. believed, aftcf long debate, that tho contfn-
rcncIcs to be met wcrc loo many 10 organize any
ab+olnte and tnilczibie plan OF aetiun, and the
Cabinet let the mattcr drop. The Secretary Is thus
drtvcn to the necessity. agreed 10 eren by hini-
sclf, TINT tho beat way to do 10 10 net III
tho manner bost suited to the wants OF
the country and traJe from tfme
10 time, aud earry out tho Resumption &C. Hs
wisely aud rapidly a. he can. tss does not pro.
ruse to do anything huHtedlT or rash, bns pro-
po>aa 10 glvo ample nottce Whenever ho makes d
mote; hut he seems determined TO contract Tho
1csnitendcr currency 10 AZ to bring it, value up 10
guild ~ soon ~ post,0le, and to avoid the didcna
ties that would surround resumption with gold At
high Premium When It IL commenced, 1t IL not
too mnc to anticipate that even yet etlrcr may
perfect function tn tho contraction OF lcenl-
tenders, violent such proposition may seem M
q matter Of fact, Tho Administration has no In
flexible plan beyond that above staaod.
RUSSIA AS 4 BonRoWEn.
Tho Ru.sian tloyeInment has lately been bor-
rux!ng In London to obtain funds With which 10
tny coupons on the doht soon milling due. Moth
H.. Is onicilly known about the amount borrowed,
o. the r,,o nf interest paid but tue account! given
Iy the .st,,t4lne 4rinaactert, and repeated by Us
yesterday, /. generally believed to hc correct The
fyulicaic, 1t tecns, get per cent Interest and i,
pc, ccut commission md as security have pledged
to then, bonds Of tho 1suasian Government, PIE.
sunnhy Al per cent bouds Of the 1S11 loan. which
was not nearly MI placed, Al per cent Of thoiE
nominal ralpc. II u aiso sud that the syndicate
has the scall" Of this stuck at 10 for periods
rsriou.iy gsven as six or ewslsa mouths. Thesc
arc briefly the particulars OF this transaction ~
known TO sundsy foreign bankers, and as c1reu-
lated among 1u.,berr Of The Stack Exchange. They
arc probably near the truth rs Russia cannot homo
to rpI.c money ut less hgurp whilo carrying on a
r,eat war, with exchanges depressed, t1adc de.
u,osallzcll, anu Golfers almost empty Of bullion.
Tho loan was negotiated before war ,sas declared,
and shows ho,y low Russian credit stood In times
Of peacc
TILE new YORK uAEK SUPERINTENDENT,
.Xfp lori Tribune,
Mr. Elljs fully developed his theory Of defense
In Tho Third Avenue Bank case yesterday, lie did
oot close IN Tho bank on the RECENT Of the rcport
In Mnech hrcnusp he hopcd to lc abte to u,crra
several banks together under clAuso In Tho Con.
csal Savings Bank law then pondng In The Legisla-
ture. Then when he found that ho could not do
this, Duncan. Sherman & Co. failed, and he did
not close 1t for fear Of panic. The asst step In
tho process, though III. Ellis did not mention lhls,
took moro lhau two mouths, for tho Legislature
adjourned May e9. 1876, and Duncan, shcrmon d
Co. failed Juty TO- Then AlF. Ellis did nothing
for morn 1han Two months morc-ho called
1t ak weeks IN h!a testimony And then
and th]H Mr.. Ellis was very caro-.
ful to say nothing abont inst a. ho ~as careful to
conceal It In hls annual report a1d Ills etlcss-tho
tfuatees or tue baAk actually compelled h1tn TO