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Show SEVENTY-SEVEN. ICeviewol the Yeur's Duub Ex t-huutf es. Now York, 4. Reviewing the bank exchanges for the entire year of 1877 at seventeen principal cities, the Public ahowa the aggregate improvement improve-ment over 1876 was only three and four-tenths per cent. This was also the exact improvement us compared with the closing quarter of the preceding pre-ceding year. The editor says the war in Europe and the assurance that large crops would be produced in this country, roused a strong feeling ol hope. Unhappily anticipations far beyond reaBon were indulged. Crary speculation crowded and clogged the channels whioh should have boen open to legitimate business, and it was soon found that prices had been pushed so high as to defeat the purposes pur-poses of the operations in produce and stocks. While this country was holding hold-ing grain for fancy prices Great Britain largely supplied its needs from other quarters. While the money market was overladen bv gigantic speculation the utmost caution cau-tion became necessary to prevent a moat disastrous crash, and the ro-aourceawhich ro-aourceawhich Bhould have been available avail-able for industry were oramped. Finally came tbo elections, tha meeting of congress and the danger of legislation which Btill claims all capital. Under these circumstances it is gratifying that the closoofthe year has not yielded a greater crop of failures and that the aggregate transactions of the year a little exceeded those of 1876. During last month San Francisco exchanges were eighteen per cent, greater than in the December previous. This is largely due to the iucrease ol banks reporting. Worcester, Mass., also gained eighteon, New York nearly an per cent. Every oiher city fell ofl. Philadelphia lost fifteen tight during the year. In all other cities outside of New York there was an KKreSte !oi of three three tenths last year, but the decline in prices has undoubtedly hepn Plill greater il may fairly be inferml that busineni' measured in q'iHu;it;(-fl exr.hancf-d was ihght'y gnter than in 1576, apart Irum the oonGmercc of this city. |