The Portland daily press., 1878-04-02
Our New York Letter.
War Rumors and the Markef-The Rise
in Wheat-FoIey and the Kelly Testi-
moniai-History Repeating ITSELF
NEW YORK, March 30. 187

The possibilities of rupture between Eng
land and Russia have wrought marked change
in the general condition of affairs within a day
or two Speculation took lively turn yesterday
morning when it was ascertained that Lord
Derby had retired from Office. For an hour or
two everything was lovely; the premium on
gold advanced twenty-five per cent. and shares
Of all sorts, solid and fancy, dividend-paying
and non-dividend-paying, advanced smartly.
In the afternoon there was lull and setback
and since then the operators have behaved
more cautiously. One of the unpleasant
features OF the situation is a beginning of ex-
portation of gold, million and half having
been shipped to England to-day-the first OF
any account for several months.
In commercial business there is psrceptible
increase Of activity, though not much rise in
prices, except of wheat, which is high and get
ting higher. Naturally wheat is the commodi-
ty soonest affected by the apprehension of for
eigu disturbances and an advance in it besides
promoting the prosperity of the greatest pro-
ducing interest of the land collaterally benefits
the railways that transport it, aud gives en-
ployment to the men who handle it; thus
making things rather more lively all round.
The aspect of the diplomatic veations of the
two great nations of Europe who are at differ
ence with each other, is go mbrs enough to just
ifg some apprehension that strife may ensue.
Events may not shape themselves into the
CHASTITY form Of war. 1t seems incredible that
dissensions about empire should in this enlight-
ened age lead to result SO appalling as that
And yet there may be portents Of conflict that
will compel the rival powers for months to keep
themselves 10 a state of readiness for attack
or resistance That is sort of thing that is
expensive and wearisome to the parties con-
cerned, and about as productive to the nom
combatants whose interests lie in pro6ting by
the spirit of puguacity in the furnishing of
supplies, as if the clash of arms was already
making its havo, and destruction. 1t will
keep neighborng principalities in a ferment
while 1t lasts. This country is so far removed
from any possibility of being drawn into the
quarrel that all our people have to do is to feed
clothe and equip the armies, and the demand
thus occasioned is likely to give stimulus to
trade here, which will impart an entirely new
vigor to all branches of industry.
There is no wonder under these circumstances
that in business circles the bodings of mischief
abroad whereof the cable brings US hourly mes
sages are received with exceeding complacency
by the denizens of the Stock and Corn Ex-
changes and by every body who Is in trade.
Their hopes and fears rise and fall as the news
is belligerent or pacific, but it takes less to
elate than to depress their courage, aud just
now the sanguine mood is manifestly predom-
inant. That alone suffices to infuse considera-
BILE animation into the mercantile system which
is, on the whole, imbued with more vitality
than it has exhibited since the beginning of
the year. The briskness, however, is still only
comparative. There is nothing like the rush
and push of former days. 1t will require a
long period Of thrift to restore that condition of
affairs. There are great many commercial
wrecks lying around in various directions; va
cant stores and dwellings abound; and all the in
dications suggest community prostrated by a &
nancial tornado and timidly peering out through
the darkness to see whether the storm is really
over or not. As soon as tLey feel certain that
its fury is spent there will be a gradual filling
up of the waste places, process which may
be materially accelerated by such an increased
foreign trade as could bs reckoned on in case
there were to be extensive preparations made
for war by two of the greatest governments on
the other side Of the Atlantic
Digressing from a serious to a ludicrous
theme, must tell you how that busy harle.
quin, John Foley, has been splitting eighty
prominent bankers and merchants, and ex-
hibiting them on hook for the amusement of
the public. 1t happened in this wise. Two or
three months ago John got up a first class GER
tiicate of character of Comptroller Kelly
1t was addressed TO that gentleman and COM
plimented him highly on a reduction of the
city debt and the rate of taxation By dirt of
perseverance and Importantly Foley got eighty
signatures to it, besides his own. The names
are pretty much all first class. There are at
least two-thirds of them whose endorsement on
a note would render it perfect security. But
they are class of amiable gentlemen whom
no past experiences of the danger of indiscrim.
inately subscribing to every paper that comes
along, provided it involves no expense. can
successfully warn against the practice. II
admonitions of the peril of letting their good
nature prevail over their discretion could have
been OF any service they have had several dis
agreeable reminders of that kind. In the an.
tumn OF 1870 the citiz sns of New York began to
experience realizing sense of their financial
condition. They had been robbed for ten years
heretofore very openly, very mpudently and
to prodiglous amount They were told of it;
The modas operandi of particular thefts was
pointed out to them; the principal pecu-
lators were denounced by name and with
specifications. Finally after the New York
Times aud aarpers Weekly had beeu
making the rascalties of the officials 8.
plain that 1t was the saalowest oI
pretences to affect to oe unobservaat of them
the idea. did gain Judgement in the public con.
sciousness that there was something wrong