, 1877-10-04

IuE AuK. SD.... 47I t6H, 273 a11 Fxs, ut8
Ali tho changes that have occurred In the year
nre In the direction Of sounder finances aud spectr
payments. The recovery OF our foreign trade ID
shown In the Increase OF the imports mud exports,
and tho former will aid directly In the accun,uls.
tfon Of gold By the Treasury. The gold premium
has dropped dnring tho year from 1l0,4 ,4GlO3h.
The reduction Of tho debt has proceeded much
more rapidly this year than last, and, ~ result,
the debt Is now but s.. 051, 587. r4. ~. against
s.. o'3. 2Bo. h75. 10 year ago. The outstanding
silver coin has been almost doubled: tho uutstAnd-
ing fractional currency Is but Sl8, s50, (t2. ~.
ngafnst s2t', S5H, 415.W. In October, 1876. The
lesal-tcndcEx are back again ~ the dgurc ut which
they h.ood when Secretary 1icharason committed
his blunder of nhat[un. The coin, IuBs cnir-
certificates, IL, IN view of tho resumption Of sps-
ci1.pay,nehts. the most Important item in tho
htats.ncnt md TINT has Increased from eJ4, 6la,
21+. ~ to 3H1. 15i d4J. 10.
BUSINESS in NEW York FOR THE PAST TWELVE
MOSTHa.
The New York Clearing. .1toufe year ended on
Saturday. Ttit ohlcinl report OF tho yenf's rnns-
actions Is Anticipated by tho New York Tribune.
The exchanges for the year ending Sept. 10 will bo
alrpnt SO sO0. u00. 0o0 All increase Of nurG than
& uer cent over tho tzanTactions Of 1X7a-'7d nut.
u!shslApd!n: Il arc1lnu IN the prices Ut msny It'll.
portaNt articles. Indeed, The exchanges will
slightly exceed those OF the yenr 1H1J.'74. when
tho nycrage Of prices WIS fully 20 per cent higher
than It ts now. This Indicates considerable in.
crease III tue quantities oi products bought md
sold. and tho reduction in ps!css, though 1t In.
wolves mofe narrow margins Of prodt for dealers.
coufers q corresponding benefit upon consumers,
and rus enabled the country materially to extend
tn foreign trade, Some part Of the increase IN
changes is dnc 10 very much lcaa than those OF tho
year la7+.'T6, SO that tbs Increase In exchanges
must be attributed 10 All actual enlargement mud
improvement of other than speculative business.
MANIPULATION or MiNiNo STOCKS.
Tho San Franclsco Chronicle disc!oses to tho s!e.
tmiked public that lie late aetlyIsy In the Tusca-
aud Black Mountain slocks wtro fictitious, and
that ,hose who weru "cuthuscd" bv the apparent
vivor Of transactions anu borght, lavc been swim.
died. The plan Of operations by Which tho nla-
nipuIatots OF these newly. .lfsted stocks created
certain degree Of cuthusiasm was tho ssns - tas
been made cnectnai whenever similar class Of
mining stocks were being placed n bait At which
the public have bsen llyited 10 nlbLla for years
past To cause the sctivtty which 70 frequently
sntsleads thu public, score Ur more Of brokers
arc employed by tha manipulators, aud whta each
may be attending 10 a strctty commission business
tho whole army arc probably executing orders for
single pool. Thirty Or forty brokers wtansll,,x
over SONS newly .atcd stock nre very liabe tu en-.
shusc tredulouE iooker.on. Thoso who read the
published la. and that Thousands Of shsrcs asu
being sud daily ARE uiso led into the tolls.
FUTURE or THE GOLD MANKgT-
Therp arc S:iU 000. 100 Of 6.1O bonds 10 be 70.
doomed by the Treasury before Nov, .. These
bonds are called 10 make room for tho per ccu,s
that have been subscribed for. Ills calculated
that nbout S25, 000 OOO Of these called hondy vii!
be presented by the Syndicate, ind That the Treas.
u1y Will have TO pay cut SIS, 00o. o00 In guild. Com.
1uenttpx on this STATE Of Affairs, the New York
Eu<aiag lott says thnt, II the prcmiu,n on gold
can be removed within the nelt ss1ty taye,-apd
vhst Ia nost against thls IL the meeting OF Con.
stess,-wu could sec m easy money market, for
lt.fs
tent aud every dollar OF gold which could BE- Rut
could be banked upon. This would bo tho Kind Vt
expansion which would bs healttsul. A ii would
the present purposes OF the IaExr stotk.Apecu
lstoIa nho now carrying from 80o. 00o ~
J. 600 OH sharss " ntocka dealt IN At the Stock
Exchange, ~ well ~ would an unhealthy imitation
Of the currency, II IL to b. hoped that these specu
lators will throw their large influence In favor VI
removing the gold premium. II they do not. they
must expect to sse such money market ~ may
not diantb them. for they ass well fortified, but ~
will prevent OF deter The pube from buying stocks
during tue remainder of thts ysak
REDUCING THa FK1cE or Tnx 1 PKR cgkTs.
II ia proposed ~ one Of facilitating the re-
suHlptok 0t specis- payments That the new per
cents be sold u par Tor lcxal'tupdess, Secretary
Sherman ~ kuuwn 10 hold the Opln!on that resumP-
toA could BE- helped along by SID VI bonds, and re-
eSutIy declared that Congress could aid him ma.
tsfinI!y ty authorizing blm to 1isposs Of tbs new
honda for lesal-tendefa. A. tbs new bouds Gun
now bc optuineI for yrceptacks IN any Of the ssys
Giles, W those WIN willing 10 pAy l0ab lO3 fot
them she sutsiancu uf this proposition u that tbs
/ per cent? sau, be chcapened. The Secretary ct
1hs Treasury is now restrained by the law from
selling suy Vi lhe bonds n less than par ia galL
aud legislation by Congress IL necessary 10 enable
tie gEscnoaces to bv funded tu them at par.
1hx NEW IoRk LOAN NAAKET,
In its fnAuciai article. the MFal4 ssys thst
Alrcwd capltaalats sill anticipate pinch before
the year u oses. through ths dniI OF currency
south and West, bu& 10 ias thers has been no az.
deulty In procuring sH neecssAsy Accommodation.
Tnv 1Aa4s statea that few of tho bsnks called in
sume of tbcif loans made 10 stock. Exchanges hqs-
zuwers, buI the parties carrying stocks secured
fresh capital through sales Of borrowed stesltny,
transaction witch facilitated by tho INCREASED
dup<sitioa OF ihs baakers 70 draw eonsidsrAhls
amounts Of sterling In anticipation Of lower rates
next month, when COTTON Il expected to come fur
ward freely. Tbs banks AEs adopting very con.
kxfyRtiyp polfty And. un1ekA tho drain UPON thels