The New York herald., 1873-12-11
THE HOPE OF INITIATION.
How It Affects the Market---StOcks
.,i.as Strong, Yet Feverish.
MONEY COMPARATIVELY EASY.
The Banks, Their Condition and
f7 t'a' Duty to the Public.
GOLD, RAILROAD AND GOVERNMENT BONDS
WALL STREET.

.u II r Il If43
WEDNESDAY, Dec. 1916 p. M
There ia no thought In connection with the fnan-
cial condition OF the country that ought to be so
quickly crystallized and held up to constant view
as this:-Thas upon the "peOplen OF America de-
pends The successful solution OF the grave financial
problems now disturbing the public mind. Con-
gress may enact and hatch out plans of relief and
reform until doomsday; CHAMBERS of commerce
and individual theorists, wlse merchants and ex
perienced political economists may devise and sug-
gest measures without end but until the masses
especially those OF the middle and upper classes
rein In their extrlvagance and adopt new formulas
for the exhibition OF their tastes--untl, in brief,
they rise superior to the stupid conventionaities
which seem TO make it necessary that each one
shall dress and live and luxurate in a style
grander than that of his neighbor, we shall not
speedily return to
SPECIE PAYMENTS,
or witness currency stable, Uniform, efficient and
commanding the confidence OF the world. America
has population or 40, 900. We are nation Of
producers, and our market embraces more than
800. 000 900 people. In certain respects like
"a firm who control a vast and unassaiable mo-
nopOly. 1t brings us money from Europe, mill
ions OF it every year. Fooke we send it back
faster than it is received. We buy foreign gIm-
cracks articles Of ceru, dry goods, laces and
value IN the eyes Of womanlolk to foreign stamp
1t is this species of extravaganza which enhances
the Importance and value of our imports, adds to
the annual bill against the nation and practically
prevents US from entering on a career that not
withstanding our national debt would quickly give
us financial pre-eminence throughout the world
The subject is full of thought, underaid with
general principles and worthy OF general dis
cnssion, and II the people and the newspapers
would take it in hand patriotism and sefnterest
would rally their forces for determined warfare
tn favor Of economy and domestic goods.
tre THE STOCK MARKET
to-day was irregular, opening with much promise
for higher prices but gradually yielding until more
or less OF decline was experienced in the entire
line OF shares. The chief business was done in
Union Pacific, Pacific Mail, G. G. and l. c., st. Paul,
Wabash, Northwest, Ohio and Mississippi, Western
Union, Lake Shore and New York Central. Erie was
strongly sympathetic with the London market, and
declined about per cent. Much OF the condition
of the market is due to the expectation that
Congress. sooner or later win yield to the demand
for larger issues Of currency than even the
$4,000 600 that has been held as reserve. Con-
tingences caused oy the panic, as well as by COM
plications with spain, necesstating unforeseen out
lays and larger use OF the fund than was antici-
pated even by
PRESIDENT GRANT
or Secretary Richardson during their visit to New
York just anterior TO the panic, have reduced this
fund, and Secretary Robson, OF the navy, has
been compelled to ask for even additional appro-
prattons; but 1t does not necessarily follow that
Congress will therefore abandon itself to the general
principle OF imitation. The South and West may
demand it; but there is something in the tone OF
the Senate, as reported to-day which indicates
conservatism coincidence witch the will OF the ad-
nd a datar mina inn tn suh hmi
60 the demands OF the present at the expense OF
the future. The country is just now at the turning
point OF Its fortunes. The situation is like that OF
GREAT SNOW BANK.
We may build fire beneath 1t and make a tor
rent that will rage full OF Disaster or, we may let
the sun obey the laws OF nature, and, in
gradually dissolving the cause of danger, at
tan the object which the country has at
heart. For the moment imitation is taking
place. Speculation follows in its wake, and
demonstrates what we may expect If the policy ex-
tends much beyond the use of the reserve. But
there is reason to believe that the good sense of
the thoughtful men OF Congress will intervene to
prevent q renewal OF the evils from which we are
slowly recovering, and secure tor the people sys-
tenn of currency for which they will be eminently
grateful when the passion OF the hour shall have
passed away.
THE GOLD MARKET
was firm at and alter the opening, prices ranging
from 1O9'4 to 1o91s 1925, but subsequently they
declined to 1097s 1o91s The rates paid for carry
ing were :, g. and per cent, gold. The final rate
was nat for borrowing. The operations OF the Gold
Exchange Bank to-day were as ollows:-'
Gold balances. 81, ,413, 355
Currency balances. Observation-Disclosures. 1865, sos
Gross cearances. ................... 23 10000
CLEARING HOUSE STATEMENT.
Currency exchanges. s.................$7 $74, ,653 5ss
Currency balances. s...-................. 1869 5SS
Gold exchanges NEUTRALITY-SUSPICIOUS.. 1891 ,9S9
Gold balances. $751; 1874
EXPORTS.
The total exports OF produce for the week ending
yesterday amounted to $5,17O,o6l, mixed values,
which is a decrease from last week Of $233, ,ss6.
The exports for the corresponding period of last
year were $4,5s6Os4, and 1871, $4.176 1893. The
total exports since January /, this year, are
s2s2,34a 100. against s225 59O,O47 last year, and
~a,-e eo9 ka1 IN, 1871