, 1877-06-02
FINANCE AND TRADE.
Finances Enlivened by the Monthly
Board of Trade Settlements.
The Coming Election in Michigan Central
..-Cdntraction OF Legal Tenders.
The Produce Markets Active-.-Provia
ions Dasier---Grnin Stronger.
Other Departments Steady---
Corn Moving Out Freely.

Other Departments Steady---
Corn Moving Out Freely.
FINANCIAL.
The settlements on tho Board of Tlhdc added
largely 10 the transactions Of tho day In financial
circles. There was no general increase In tho dc.
mand for loans, the obligations contracted In ono
quarter ha+ing, ~ rn1c, been transferred from
smother. Counter business was Lively, but In alt
other cssensEal respects Tho features Of local
finances remained unchanged. Tho supply Of good
negotiable paper IL considerably below the demand,
and All that is presented hnds ready acceptance,
whether It comes from customers or outside bot.
rowcrs.
Rates Of dfscount wero 89D10 per cent At tho
banks to Tcgnfnr customers. On the street tho
usual variations on bank rates ate made.
New York exchange was ao1d between banks ne
boc per 81, 600 premium.
Tho clcar1ngs verc &5. 000, 600.
JAY GOULD AND MICHIGAN cENTHAL~
TAs Indicator ~ ~. Xdv 10.
Ono week ago Monday, Michigan Central sold al
40, but ycstcrany ia highest price was 3DA. This
great decline is undoubtedly owing to the efforts Of
tho Gould clique 10 obtain possession Of proxies
for use At tho coming election. II tho stock goes
10rer cent lower thcfs need be no surprise, for
such Is 0ould's reputation That anything he lays
his hAnd upon loscs lta ynluc. such was the fate
Of both Northwestern and Rock 1saud, and there
IL no good reason why Michigan Central ehoud bc
exempt from the general dissuet that follows all
h!a operations, Tho Gould Ticket Ia not made up
fn tho ntcrest Of Michigan Central for II would bc
pFeposectous 10 suppoec that Gould ever did any.
thing In any interest but hin own. 1Ic is working
in the interest Of Canada Southern, New iofk
Central, nnd axalnbt Erie, Orcat Western,
aud Grand Trunk Railroads. Michigan Central
should not be used for any such purpose, but solely
with regard to It's own interests. II should be an
open highway upon which tic Grand Trunk, tho
Great Western. snd tho CAnsda Southern shou1d DO
treated with equal fairness and friendly relations
maintained with all tho connecting roads. Michl-
Fan Central u now financially In good condition;
rs floating deat IL nearly exngul.hed, and with.
tho payment Of dividends il has every facility for
doing arge business, anl during tho past Jcar tts
% Hsa . ss1ead Il sst
men who are large e!nlaers Of tho stock. and wtose
III sr ssa wth t9ss o. n The Gonran
clique would bs fntnuus, and stockholders should
thlnk Wull beiore they act.
TUE PROPOSED HANK COMBINATION TO REDUCE
+ TILE CIRCULATION.
The plan said to 10 under consideration By Sonic
Of tho Now YORK banks for tho contraction Of Tho
legallendcrs to s,o0, Coo coo by tho alternate In.
crcaee and retirement Of bank circulation, thereby
compelling tho Secretary uf tho Tfcaaury to destroy
Crccnbacks to tho extent OF 10 per cent OF tho new
Issues which nre TO be subsequently fetirod Ia cx.
citing great deal Of attention. Tho comment IL
nctgencraliy favorable Tho p1sn 10 regarded ~ an
tndiFection In case where the utmost publicity
and tralghtfoEwardncsa arc demanded. prudun.
ttal reasons opcrata TO nke the banks slow 10 Gu
gage In scheme which may prove exceed.
tnQlT unpopular. 1t IL m nnwarfnutod extension
Of tho duties Of hunks for them Ia. under.
take Of thcls own motion to reform the national
currency. 0feat etslneency Of Tho money market
ft.t1n lad .nkkn
wefs the rcault tho banks would bo rcvcro1y
blamed Tho current Of legislation, a. revealed in
tho recent rciusal Of the Legislatures Of New York
and Illinois 10 reoye the National banks Of excea.
eivo taxation, now runs ~ strongly againpt the
banks ns they care 10 haye Il. They arc not likely
to take tho rlak Of Increasing this oetliity, Tho
prodt tho operation IL expected 10 yield In the risc
ID rites Of discount may DO more than 0f1sct by
two or three Items. It would cost something to
turn Tho bonds that would haso to b uscd aud lhe
circulation would have to bc taxed.
COAL sALka.
Tie sale Of coal In Now York this week las re-
quilted In sttll lowor psccn than those obtained
last luouth. The dscl!no iu somo grades was as
heavy ns o5 cents . ton. Tho Now York 1ymes
rgmarks:
When 1t Is remembered that tho coal com.
'gfarely sdopted resolution that on the Let OF
JInc prices should be advanced 80 cents q ton,
and that adequate measures for that purpoae
should ie adouicd. this break down OF prices ID
1ss OF June. aud coal il ~ much luwor ~ It WIS
aetelmine1 It should 10 h!eacr. TIM prices b..
.fore tlc fall meIe unfcmuneraivs; Ut that thsre
Is no hoa6t. Whit they are nt the present nKurcs
lie ue!awn;u i Iul.on Canal Company, "a viii bo
.Ss .n n:d slsaf aeaS ~
leir coal a pr!scs averaging even lower han thoso
AN IanErEHpENr sAytaos-uANK RECEIVER.
.Et,rL ~
Hunk In New York held An indignation meeting on
Tuesday. Their grievance Ii tbs unvarytng refu.
sal u tLe tcceiser to give any information to DO.
posturs about thslr chancea for dividend. Tho
bunk went into liquidation last August, owing d..
postors S1u. 00o. and siueu tAt time tho deposits
orr havs neither been abla to recover tas,r fund.-
nor get any nows about them. 4 committed was
appointed 10 prcss tho rights Of tho dcposstos.
NEW BANK CALCULATION
Tho amount OF new bsnk circulation issued dur
my May II reported from Washington 1t 81, ,3sa,.
ESQ. The amount Of legal.teulan 10 bc Cancelled
d 81, OBI. b:+ Neusiy au Equal amount pf loyal
tenders Will be Withdrawn from circulation a. tho
result OF tho oa'c Of guild on Thar.day, and tho
gold snlue Ut greenbaeks IL, by this aggregate su-
duetlon Of tho amount outstanding, correspond
iHG}y increased. Ono Ut tho steps hna Lpcp
accomplished OF tha many that must bc taken 70
brIts thu currency OF tlc country to pat. Whether
or not tho act!on Of The Secretary Ii the best 1t
leads towards the resumption Of spccis payments,
Tho grceubacks destroyed tAis month On sho Iusus
to s1JD, 000 600.
BANK or NEVADA.
Tbs uank Of NnxaJa. With IL capita, Of $1o,.
B0o. 0oO, paid up In gold. II, now that tha Now
York Bank Of Commerce has reduced lh capita,
from $40. co., coo 10 35 600, o0o The largest bank
In tho United Htatos. 1t hAs. .dYe stockholders,
whose ehaFta arc ~ follows: