The New York herald., 1876-01-24
FINANCIAL and COMMERCIAL.
The Speculative Events Of
the Week.
INFLUENCE OF THE CENTENNIAL.
Review Of the Commercial
Situation.
INFLUENCE OF THE CENTENNIAL.
THE STOCK KALEIDOSCOPE.
InVcStment Securities in Demand --DulneSS in
the Gold Market Money Rates.
WALL STREET,

idors seemed inocuated with the duness OF the pre-
calling weather Conversation has turned principally
upon the forthcoming Centennial Exhibition and the
result likely TO therefrom affecting finance
trade 1t is curious observe the different views en-
tertaned by people large probable
of the undertaking. There those who see nothing
but failure in financial sense and humiliation in
patriotic one. They quote the Indifferent results
which attended the recent great shows the Cont
ncnt of Europe, especially the Vienna one.
They argue that these exhibitions were attended
by all the clements that 60 to insure success ;
that they held in the centre OF the
most civilized people OF the world; in the midst
OF vast population, concentrated within cheap and
easy distances and among which were to be numbered
as component parts controlling representation Of
fashion, luxury and wealth. They show you that the
most cunning artisans in Christendom tho
hbitors OF specimens their handicra and that all
that is most beautiful in art gathered together to
lend brilliancy the display. Yet with all this they
claim that the speculation not paying and
that disappointment showed much strongly to
the front than did the credit side of the cash
These carpers judging by the light OF past events tell
US that IT, with all OF these promising surroundings the
result has been unfortunate one that We with
sparse and scattered population and dependence
almost solely upon our people for contributions,
can scarcely expect any more satisfactory issue.
On tho other hand the believers in an enormous
success outnumber the disbelievers to one They
count upon great revival OF trade in the first place
the natural result Of the project ITSELF The centennial
year is to be gifted with mysterious power which
is to be potent magicans wano. All the world
and his wife to have money in their pockets to
spare for the first time since the panic they will be
abled to snap their fingers at the butcher the baker,
the candlestick MAKER" and with a command to dull
care to begone, will go fairng with light hearts and
heavy purses. Railroad directors hotel keepers
the entire class that caters for the transporting
ing and housing OF the multitude firm believers in
this exodus from city and hamlet the precipitation
OF the into the City of Brothcrly Love- Ten mill
ton souls estimated the probable number of
vsitors-in word, onc-fourth Of the entire pop
ulation Of the country, including men, women and
children, is TO be the time between May
and October II this estimate is anywhere near the
mark the great interests OF the country fail
be sensiby affected and the centennial year will be- in
time to come looked upon marked by white star in
history
The probability is that both carpers and enthusiasts
are wide of the mark that definite results will be
found be somewhere between the two That
che expedition tobe productive of great good have
not the least Doubt and, although the hard times may
tend somewhat dim its brillancy, IT will be mag
nfcent spectacle for all that and IL fortu-
nate that it is to take place just where it is and when
the country needs the stimuant OF something out Of
che beaten track to give it hope and encourage
xnent
COMMERCIAL SITUATION
for the past week-the third Of the new year-pre
few features that call for comment but such as
they are they suggest caution rather than buoyancy
and warnings against q repetition OF the sanguine
expectations which INDUCED at the incoming OF
each Of the two previous years All the trade
reports-save that Of the cotton market-agree in the
Of such descriptive terms 'stagnant, s'slug-
gsh" &c. 1t is noteworthy fact that while the
Southern planters forwarding their mar
ket, In the face OF declining prices, rapidly
force unusually large exports the past week has
hibted the following anomaly in the market for the
chief production Of the Northwest
WHEAT
In Liverpool the prices of wheat have declined under
the presence of extraordinary foreign supplies In
New York the market dull and inactive. The
quantity hand Including Bufiao) is nearly double
that Of one year ago. At Chicago and Milwaukee
speculation active and prices higher, with over
G. 000 900 bushels in store This is suggestive OF
healthy movement, but demonstrates the power that
Eedundant, inconvertible currency gives specula-
tors to block the natural dow of productions fnaI
market The experience OF the past two years should
have taught that nothing is gained by selfdcccp-
Aculties in the face and to do necessary
view
THE ACTUAL SITUATION.
What is IT?
First-Tho manufacturing mining and coal interests
paralyzed and Improbable, Is shown by the
willingness the part of masters and employers that
sher operatives shall refuse to accept reduced wages
though it results in lockouts the suspension
OF production.
Of he fc nurh
duced in volume 1t was for this reason that during
the past week the great coal companies Pennsylvania
agreed entirely stop all mining operations for the
space OF lve weeks.
TAi5d-Real estate has deprecated and is unsal-
able except at immense SACRIFICES ownerships being
avoided by Of the heavy burdens imposed by
local taxes aud assessments, amounting TO virtual
conscation many sections OF largest cities be-
cause exceeding the present value.
E0urth-Savlngs banks and other institutions
throughout the country failing because OF this de-
probation, and thus locking up the savings OF the in
dustrious and thrifty at time when they most need
the same-al Of which tends cause further forced
economy a consequent further reduction in the vol
ume Of trade
FJfh-States having squandered the money bor-
rowed virtually-for the time at least-repu-
dating both principal and interest This is another
loss imposed upon the people.
Sizh-The debts Of the States, counties, cities and
corporations instead Of being hquidated during the
past two years. have actually increased TO such
involve taxation that threatens repudia-
tion This burden only be removed by years Of
toll, retrcnchment and wiser management than now
exists Imitation having produced this condition and
reached point where Il will no longer augment the
business OF the country proven by the issue OF
500 900 900 legal tenders In the winter Of 1878 and
1874 the cure Of the evil from the gradual
and normal productions and economy OF the people.
GREAT RAnRoAD noNoPoLIEs.
Sevenh-Great railroad monopoles are forcing the
natlonal government 70 carry heavy accumulatng
interest account its bonds loaned to aid the
structon OF the roads, thus directly taxing the people,