, 1877-05-22
FINANCE AND TRADE.
The Finances Open Steady-..
CIearings, So, 100000.
Another Bull Movement in 8tocks-..
The New Russian Loans,
Seventh Letter on Life-fns11r-
anco by Elizur Wright.
The Prsdues Earteta Again On The Decline, In tho
Absente Of Commercial ktwa from
Europe.
FINANCIAL.

Europe.
FINANCIAL.
Tho weak In finances began Just about where last
weak left %. Tho demand for loans was sr1sll,
and the rednced volume Of c1earfngs Indicates that
general transactions are limited There ia very
littfe outside demand for bank favors, md the
regular customers Of the banks are not In need ut
this season Of anY considerable advances. Tho
surplus OF lnanab1c funds IA necnnulatlpg.
Rates Of discount woro 8fl10 per cent at tho
ban to regular customers; on tho street tho usnal
rAto4 prevail.
Now York exchange was sold between banks At
6oQo76c per 81, 600 premium.
Tho clcar!Egs were s.. 700. 600.
TnH BULL MOVEMENT IN sTocKs.
On tue New York stock Exchange yesterday
there was general upward movement. Tho pub.
lie are again Invited to invest IN stocks on the}
theory that bottom has at last hccn reached, and
that the recovery in prices aud prosperity IL fairly
inaugn1Atcd "at last." In tho last month thcrn
havo been several of ihcso "new eras;" but not
withdrawing the glowing predictions Of tho stock.
brokers, tho market In each case has gagged back.
We arc not prepared tn mske any ptophesics with
regard to Tho futnrc Of stocks the present advance
may be rctaincd, hut VT doubt It. The ''rcstosa.
ton Of eonhdcnce" will he likely 10 appear in gen.
eral business long before tho confidence OF
tho public IL restored ia tho stoc1.-
market, There are two ctassc6 Of operators
necessary to the stock market. One is that OF In.
ycstors, the other Of spectators; INIT without tho
former the latter could not exist. Invcstorr havo
learned serious lessons In the last few years.
The declaration OF the New York Stock Exchange
Committee, that they found railway statements IN
many cascs utterly nntFnetwosthJ and fatee, csen
when signed by tho names Of men OF high position
and reputation. could easily DO cosrohorated BY
Thousands Of victims who hare lost millions on tha
of tho representations Of these men. The
Hallway Commission Of Massachusetts have dc.
ctarcd that ''tho rcturns and accounts Of tho New
Iesk railroad companies, a. now published,
nre = nero snare and dclusiou,-a public dis
grace" Among tho great ns we'll a. tho small rail-
road4 this rystem Of fraud and falaidcatlon pre-
walls. Holders OF their ntock arc having the trnth
merely Of financial rcru1sIon like that which has
prostrared buetncss houses in cyery part Of the
country. but OF seAndalous systcm at lying, tyr.
anny, md cheating. Railroad corporations yielded
like individuals tn tho speculative tendencies of tho
yeArs Immediately before the paalc. That Of !ssalf
was sufficient variation frum tho trust tho Direct.
hold from The stockhoders but, In addition. and
worse. the Directors have uscd thoir powers to
awindln and rob stockholders In every way tho law
allows. and, unfortunately. tho law allows many
kinds of robbery. For stakeholder to own the
ono.thousandth or one.hunlrcdth part OF ono OF
these corporaso properties IL Of little protection to
hin, unless ho belongs to the ruling coteslc. The
modern practices IL Tint corporation belongs not
to its psoprletors, but to tho ring who form the
majority. Tho Illustrations OF these sentiments
lie too eose to tho observation OF our readers for
us to reed to name them. lti Idle 10 suppose IN
tho face OF these facts that tho railroad and
other marketable stocks will recover equally
With general industrial and commercial interests.
Investors havc at last learned thAt 10 put aheis
money Into these securities is 10 run tho rlsk Of
putting II altogether ont OF thcr CONTROL and gsv-
ting, without consideration. IN tr'cvoeable puwe1
OF attorney osee It 70 men who VIII waste sheii
Substance with Credits Noo'Fot and AL other fo'nl
OF 1Eano. INC 'co1porat'on y mas 0eeh pfecIoui
NINE 70 taseAIooa'. oat Inc oay nAs CONS whea one
OF Two ln'nss must happen, Ihe Felat1se sleah
ana dutes OF director ara slookho'oef mast 90 fe
Mlostea " esteemenI' 'egl'Iat'on. or Judicial ~,
Nfpfcta'on o! the la" or eapita' must % expected
LOB. 'lno uuDie naFe no commence u BLOCKS
an Investment and asa speculation regard them'
reatls' ~ more numerous 'han ordinary gam
oupg. III tae !aNef. 1ne on'5 antsSonht chahce
IN tho iofncr' 1t 10 taad.
THE NEW RUSSIAN LOAN.
Tho sfndtns Finaarers says Of tho new NussIar
1oan, OF which many ru,nors have latety been In
circulation. that It Is not loan IN tho ordlnaE,
sense OF the term. but an adynnce for short Term.
Tho amount Is &ie, Geo, ,oao, and Il has been ss'
ranged TOR By group OF bankers, half tho money
being raised In Paris and hslf In berlin. Tht
money Is fa!sed, SAID, With the object OF MAX
Ing The paymen. Of Interest on tho e1ts'lo, deDt
serea by tho s,aajs.ts of tns,sa.nr M tno sSy.ne. %
by another 81, Zoo, 600. Assecurity tho lender
w'll receive RUSSIAN per cent STOCK A. soch uls
.,,.,n eount - W.. auots .us sas''ut nslka - ~
esehtaa'11aes,' and they nave also ootalned eht
of much Of nv tundsd loan ~h,sS nav hc ,..ne, NJ
at future date.
Tur .,vvu ,.,o,r
TUE hlLVhH REFoHF.
Senator Jonts, Of Nevada, 10 IN Washington,
busy on the REPORT Of the Silver Commission. Thu