The Portland daily press., 1875-12-25

In It's UuSiLCSS lCtlCW Luc NULLOH Says.
The changes most deserving of notice in Wall
Street during the week were the decline in
gold, the advance in foreign exchange, and
the advance in the rates for money. The ex-
pectation of the early beginning of the pre-
payment, without rebate, of the January in
terest on the public debt, which was backed
up by speculative influences in the Gold
Room, was tne immediate cause of the de-
cline in the gold market; the remote cause
was the appointment of committees in the
House of Representatives in favor of a sound
currency. Foreign exchange was strong, be-
cause of a demand to cover not only the col
lections of January interest due to Europe
but to pay for United States bonds imported
from there, the New York market for
these securities having ruled above the Eng
lish and German markets. Besides this, the
supply of exchange was almost restricted to
bills made against the shipment of cotton.
The cotton movement continues active. and
both receipts at the ports and shipments are
unusually large; but with this as the only
source for bills, the supply has fallen behind
the demand. Grain cannot be exported, be-
cause there are several speculative combina-
tions which are interested in keeping the
price up, the result being that this market is
higher than the foreign markets. It is esti-
mated that fully 100000 bushels of wheat
are held at this port by the combination or
clique which has undertaken to control the
supply of No. wheat, on the calculation
that the proportion of No. wheat to the re-
mander of the crop is so small that in time
there must be very high price for it. Thus
far this calculation has been at fault, and the
exchanges as between here and Europe have
been deranged. The money market is now
fully Z per cent. for demand loans, and it
promises to continue so into the new year.
The New York banks hold $7,00O,OO0 sur
plus reserve, and any change until the Sec
ond or third week in January, when currency
will begin to come back from the West, will
be reduction At the Stock Exchange spec-
ulation has been dormant. The best class of
railroad investments, like the first mortgages
of old roads, were never higher-New York
Central currency Is, a!type Of this class, hav-
ing reached 125. If the United States Su-
preme Court decides in favor OF the railroads
in the Granger cases, on which decision will
be rendered in January, railroad property
will, without doubt, be held in higher estima-
tion by investors than it has been since it
was first attacked by the Grangers. The gold
price of 800 greenbacks has ranged during
the week between $S7 333 and $SS 80.
Won BULow objects to becoming the tool
of the piano-makers. In Baltimore the other
day at rehearsal he saw attached to the
piano placard bearing the word ''Chicker-
ing" II am not" he exclaimed, "a travel
ing advertisement" and jerking off the sign
he threw it upon the stage. Turning to his
agent he asked "What jackass has put sign
board on this piano?" Then picking up the
placard, he threw it under the piano, break
ing out into vigorous German in which the
words Lump and Schaoeinhurd were audible.
Then he began the rehearsal, but his eye
lighting once more on the hated sign, he got
up and kicked it out of the room. After that
he felt easier.
THE holiday season now at hand ought to
be made as far as possible one of hearty and
unalloyed enjoyment. The endeavor should
be to drive dull care away, not necessarily in
the university fashion, but in the spirit ofthe
I Il.