The New York herald., 1865-01-11
FINANCIAL AND CONNER GAL.

TUEsDAy, Jan. 1915 p NJ
The stock market dull and dropping, and the spe
cuatiye feeling the first board The closing sales
showed the following variations from those of yesterdays
second board-New York Central declined y, Reading
r. Hudson River 3, Illinois Central X, Cleveland and
Pittsburg ~ Chicago and Northwestern y, preferred
u, Quicksilver X. Erie advanced x, Prairie du chen
u, Michigan Central "a. Rock Island and Michigan
Southern were steady
Government securities moderately active ana
steady at yesterdays prices Coupon nyetwentes sold
at loe1. a \; new ISSUE 100 a u; tenforties 1924
At the open board at o'clock the market was lower
Al the second regular board further depressed,
with the exception OF Erie, which advanced q, and
Hudson River " New York Central declined u,
Michigan Central 4, Michigan Southern u, Cleveland
and Pittsburg Il, Chicago and Northwestern r. Rock
Island steady
Government securities were stronger Coupon FIVE
twentIes issue, advanced 4 4, ten forties u.
the open board at three quotations improved
Eric closed at s4a Michigan Southern a. Hudson River
l1o, Cleveland and Pittsburg s5s, Rock Island 1882,
Chicago and Northwestern 39%. Tho Of the
marked decline Hudson River day traceabe the
Assembly at Albany, in which notice given for
the Introduction Of bill authorizing the consolidation
OF the Hudson River and Harlem Railroad Companies.
Upon the of this project the present holders OF
the Harlem stock base their expectations OF being enabled
10 sell ~ at prohl 10 themseve2 They 10 nave
the control OF both roads, and If their scheme is carried
out il will be stockobbing operation Of far greater
magnitude than the last cornern in Harlem which
ruined many Of the weak and weakened OF the
strong Our State legislators should look well into the
motives governing those who most desrous that this
consold lton should take place.
The gold market shows symptoms Of that decline which
predicted would take place in consequence Of i'm
porant military and political changes likely TO transpe
during the few weeks months. This decline is
compatible With all that have said with respect to the
dangers attending the financial policy of the govern
ncnt Temporarily the currency is likely to be appre
oaed by the improving propec, Of peace and reunion
but 50 long the present policy is continued the danger
remains, while the evils 60 increasing in COM
pound ratio. II the currency in circula-
ton is utorly discreded it will be by the spasmodic
action Of panics rather than the slow process Of
gradual depreciation. Repudalion with US would be
q great popular and legislative sensation, after
which specie payments would be peacefully resumed It
is the this forced specie payments by
the people which has TO be most sedulousy guarded
against b. the government and the only way prevent
tho possibility Of such contingency occurring at any
time by the government adopting for securing
control Of the currency by apprecating It's value and
this can only be done by improving the general condition
OF the finances Of the country must be remembered
thai for long time after the termination Of the warsay
at least three yearshe national expenses will be largely
III Of those for the last year. two preced
ing It; and the currency might be practically discre
ditcd oven after the restoration of peace If the
government, by its financial policy, neglected to
readjust It's monetary affairs upon sounder basis than
they occupy. AT ovcry step in the progress of
probation the danger of currency panic is OF course
increased, and if 1t passed beyond certain limit the
people themselves would regard the paper currency
incubus Of which they would gladly be rid.
The government and the people would be equally bene
Hted in the aggregate by the resumption of specie pay
the basis Of the present depreciation Of the
rency 1t would occasion nominal sacrifice tempo,
rarily, but It would be great permanent advantage.
The holder Of forty four dollars in gold buy
hundred dollars in currency with IT, and much
Of anything else a hundred dollar greenback
would buy What difference, therefore, does it
virtually make whether the individuals wealth counted
$40 in gold 81 900 in paper If the purchasing
power Of the latter only equivalent to that OF the for
Of course the adoption Of such policy OF contrac
ton have suggested would result in enormous
commercial failures and very close money market for
some time; but by introducing the change by slow gr
dations and simultaneously extending the credit of the
government through the banks In chief cities as
relieve the currency pressure the effects Of the reyul
sion would be far less damaging TO the com
mercal interests Of the community than may
be supposed. Resuming specie payments on tho
basis OF say forty four cents TO the dollar would be
easier and more equitable course than the endeayor,
which would prove vain, TO do SO at par And 1t Is
question which should engage the attention Of Congress
whether check the progress Of depreciation in the
future and OF trade 10 It's normal healthy
channels this plan should be adopted little
delay possible. In this way the government credit
would be far insured. The scheme would, Of course
be equally applicable 10 It's bonds and al outstanding
legations, both public and private
There gold enough In the country for carrying this
project into effect and the present time, when the
promises DO rapidly nearing Its close Is particularly
opportano anticipating that specie pay
rnen.s which sooner later will become matter of
necessity and the greater the appreciation ~ tho
currency owing TO the promising aspect OF the military
and political situations the easier will be the III.
dica,d But II fail 70 take measures tending
wards the return to specie payments the gold premium,
however much little It may decline In tho immediate
future, viii II the old policy Is pcrsoyered in be likely
eventually TO rise with rapdiiy which viii provo
tional disaster
The gold quotations during the day follows In
closed steady
10 80 A. M......,...225h 2:35 M............e23h
ii 80 A. M.........~225h $50 r M............223.
1850 A. M...........-44 500 H. M........... .2.3ss
LOO T. M.......... .222L
Money continues In active demand but the supply is
increasing IN abundance at per cent call. A
large amount employed Ia carrying government stocks
In anticipation Of consequent the vii thdrawal Of
the tcu-forty loan Tho speculative lots hanging
the market heavy but they chiefly held by strong
hands The will prohabIv not eliminate