, 1880-06-13

The Financial Situation--Secretary
sherman's Poicy-Value Of
Railroad Stocks.
The Coal Stocks-A Good Opfnion
Of the Baltimore 81 Ohio
Road.


V1eWs on the New York stock market, as ex-
pressed In the following interview with Stur
reporter, will be found interesting to that por-
ton OF its readers who occasionally take q
flyer Ia the stock market, If not to the veneral
public.
Star reporter-What is going on In Wall street,
now, Mr.. Hatch7
MIR, Hatch-The whole stock boom Of last year
was bn6ed upon our enormous export OF wheat
and tle unprecedented crops in this country, to-
gether with the extraordinary state OF affairs in
England and the entire Continent, being uni-
versM failure Of. crops, thus enabling us to ex-
port about 3220, 600 Goo worth Of wheat and -four
alone IN ten months. It was not Sherman
boom, or q Grant boom, but what might be
termed a wheAt teiephone-eiectricl lighr-Menlo
PARK ark-Edson-skyrocket business that was
short lived. Prices III many instances were too
low in 1916 and 1876 and they certainly went
much too high L. the early part Of 1878 and the
star-Ths boom In Wall street bus experienced
Mr: Hatchwrhe collapse partially came in
November. They 1nended the boom, and 1t COM
menced again on Vauderbilt's selling some IT,,
0ooUo Of photo photographic pictures, chronos,
and photographs, and appointing the Govern
ment his guardian and trustee, US he certainly
did when he invested that money in the per
cents and exchunGcd his per cent New York
Central stock for Is. The market began to decliue
from the day he sold his first e., ,0, eco OF stack
,si,t and his y 4 rot & yet recovered In ny opnon
not yet resumed specie payments.
SECRETARY suERAAN's POLICY.
Sfur-How IL that7
Mr.. Hutch-The greenbacks are still called
}eXal-tcnder money. He Ignores the laws that
stamped the siiver dollar aud hulf-d dollar by re-
fusinx to execute the laws aud BY asking Con-
gTcss to appropriate money to build more ccllurs
to issue Fl and - greenbacks, when he should
have retired them and issued larger ones IN their
stcad. In that way he would have put the Gu
tire silver, so far ISSUED, into circulation:
Stdr-Then you think that Secretary Sherman
is really responsible for the enormous boarding
Of our silFer2
Mr. uatch-He certainly Is responsible for the
storage OF every dollar of silver that now lies
idle In the vaults. The paper money Of England
is "a note-,Vhfch is S.5-of the Bank Of En-
the liinited-nbility banks III Scotland and Ire
land. All below IS is either silver Or gold. Thnt
Is se law d ths faet dheF Io sho% the tase
mind you that It Is recommended in his annual
message last December that Congress should
continue &C issuing per cents, when money in
Wall street for six years had only averaged 21l
per cent On Government security. and about
the suu1e in London, the two great tinnnciAl
centres of th.. world: Only last week Secretary
Sinking Fund Mt over 9 per cent premium, and
b h hS t dSas all h ou1 Ss d. at % oaa aodx I
cent annuity bond Vanderbilt has shown his
greut ability aud shrewdness i'll unloading to tho
Keune. % apuId' % saee. M s and Hup,Ingtin m in tried to
follow in his tracks, but have only partially suc-
cecded. The wuole future Of Wall Street will
The ~ at snf
in the year lt6u~'61.
THE BUSINESS SITUATION.
Star-what do you think of the result of the
very large emigration to this country that is
now going on? Do y..u thIuk that will OFFSET Amy
future Of tue crops in EurupeS
Mir. Hutch-l differ entirely with the position
tho press has taken on tbs subject. and wth
these inflated prices OF the emigrants coming
here, it is safe TO say oue-h half have only money
support them for ninety days: \ certain per
cent Of then-perhaps - Or 70 per cent-have
money, and are going West to open up new
furm lands; but It tAkes from two to five years
to open up i tnr1n Us any man who knows about
Western farming will agree. The balance OF
these emfgrauts are here To take tho place OF
H tie Charities SO Of our iarge cities. 6ur people
will tiud this to be true befort. next January.
Eifty-etght thousand elnigrants landed q M IN New New
pic cannot get work without taking the place OF
others. In fro1l four to seven yeurs from NOW
Il large immigration may prove benefit to this
country, but 1t Will require great deA! or
bridging over first. The miners come here and are
asking for places now occupied By miners
fn our coal mines, which are already shut down
for three days in week \ strike now exists IN
the Leudylle mining district, the demand being
more puy or less work If we continue to i'm
port miners, tho miners will soon have only
one day III a week. There is not much doubt
about our crops giving Us enough 70 eat, and
probably large surplus; but, it there as no &C.
puorcr the status Of the farm hands and laboring
men in the future. have seen corn burned for
nrowood three times. SINCE frst went West
We are Nh agricultural Nation.
StQn+-HoW ubout iron?
Mr. Huteh-Tho iron boom, rs you will see. has
already burst. The whole scheme Of getting
iron Up co to 30 per cent WAS what might be
termed an Edison telephone boom.
SMr-Theu the immediate future Of the stock
murket Is not very pronsing7
htr. Hntch-The whne stock market dcponda
upon our exports, Us stated before.
Mr. Hatch ut this tuncture picked up the morn"
inyt paper, and turning to the financial column.
uatle the following comments OIL certniu stocks
now considered 1rst-cIuss Investments IN tho
New York Stock Exchduge:
NORTHERN PACIFIC.
"Now here il Northern Pacific think thati
the most gigantic swin1e that has ever been ut
tempted t. be perpetrAted upun confldinR pub
lie. In tho first place, they are too fur north TO
raise anything but wheat and outs. Tney
cannot rttse corn, hogs, Or cattle there at q
nrplr. They ounnot compete with Missouri.
Texas, Illinois. Or lowa In these products. II
wheat should decline, and we should only have =
limited export demand for it this year, you will
see whcut soil lower before the year is |
cut, thun 1t has sold III the West for the past |
twenty years. Vanderbilt has undoubtedly seen
this state Of affairs, aud put his house III order
Stdr-How about the financial prospects OF the |
Northern Pacific their land grnnss, cte.?
Ar. Hntch-1 do not know what Congress IS
Quing to do about their land grants. They haye
rot some good fund for raising wheat II the
road WIS situated in the Southern States, with
The laud grant they now have, they cou 10 nul.u
pupiuE every mile Of the road built for more |
Ihan It cost tperhups hln mistaken! lenvfpK
dividend to the constructors and ofacers: me
preferred stock, us understand is taken ut pur,
rnI thnsf. lands nre dit III from S. IN acre up