The New York herald., 1873-12-16
FINANCIAL and COMMERCIAL
A Thoughtful Day i'm
Wall Street.
CONGRESSIONAL PROBLEMS.
Speculation Waiting on Events
A Halt.
"A VETO OSSIBLE r.
Ease in the Money
Market.
GOLD ADvAN CINC.
Government and Railroad
/ VETO POSSIBLE.
GOLD ADVANCING.
Government and Railroad
Bonds Firm.
WALL STREET, |
MONDAY, Dec, 15--6 p. NJ. !

WALL STREET, |
MONDAY, Dec, 15-6 r. N.
wall street. considered as mere theatre, o
neighborhood, an entity, to-day represented just
such conditions as were from hour to hour created
BY the reports from Washington. Few influential
minds ran in the same groove. Few influential re.
suits followed. The policy Of either the Cabinet or
Of fCongress was not sufficiently definite to make
absolute converts. 1t was evident, however, that
the idea of tnflation that has been started is ac-
quiring strength and pupils-a class OF men who
are building
HOUSES ON SAND,
ana who, in their eagerness to achieve present
wealth, viii probably be swept away by future
misfortune. Is this innatton likely to take place
The answer depends on the strength Of President
Grant and his immediate advisers. These men
represent party; they hold whip lash over
every man in Congress. Capitalization of power
has Knitted q cobweb around these co-caed
Representatives OF the peoplen to such an ex-
tent that election and retention of place depends
on the will of the Executive. Can and Will they
resist his decreea It was only yesterday that we
read an account OF the manner in which the Presi-
dent sssnubbedn Mr.. Dawes, the Chairman of the
Committee Of Ways and Means in the House. Can
this gentleman carry with him sufficiently
STRONG PARTY
to defeat the financial demand OF the President
without practically causing dissolution OF the re-
publican party, and making such split as in
another country would compel the resignation OF
Cabinet Minister.f The situation is not simple
one to contend with. Great principles and grander
results are at stake. On the one hand Is the
strong, aggrandizing power OF the people finding
voice through their representatives. On the other
hand Is the stronger, equally serious and better
considered power Of government that has be-
come somewhat individual in its character. In
financial point OF view we have seen this individ-
ality illustrated. Wall street especially knows
what 1t means. The influence Is possibly at work
now, even while members Of Congress are
MADLY EFFERvEsCING
over the situation The Chairman Of the Committee
OF Ways and Means in the House is evidently on
the fence. Onicially he opposes taxation In order
to increase the revenue, and prudently he refrans
from the expression OF an opinion on mfIation.
Stn there are others who are more or less innuen.
tial, among whom we count Sheldon, Kelley, Wood
and NibIack, who are for an expansion OF the cur
rency. Private kilograms from an official source
state that member who has canvassed his brother
members from the South and West is satisfied that
they also win vote for innation. The question,
however, mas been postponed until after the holi-
days; therefore time Is allowed for more careful
consideration Of the subject During this interval
Wall street will experience many
'sUPs AND DowNS,n
but, in the end, we look for such thorough con-
sideration of the problem and such fixed purpose
not to undo the financial good which the panic has
already achieved as will vinicate the judgment OF
President Grant when he expressed the purpose in
his Message to bring the currency OF the country to
its best and legitimate value. Whatever may be
the schemes OF the schemers or the buncombe
that may find place in the Congressional reports,
the President still possesses the veto power, and
the solid business men of the country will look to
him when the time comes to make distinction be-
tween sense and claptrap.
THE MONEY MARKET
Money was very easy to-day, and some holders
found diniculty in placing their funds. Call loans
were arranged on the basis Of and per cent.
The nominal rate was per cent. Foreign ex-
change was strong and higher, the leading bankers
having advanced their rates to 1925 for sixty days
sterling and 11O for sight; actual business was at
100 and 10oX. Commercial bills sold at 1881
1osh.
THE GOLD MARKET
commanded unusual interest, being active, buoy
ant ana full Of promise. The price advanced from
110X to l11H. A large short interest is satd to
exist, but this does not seem to deter the action
OF those who are basing their speculations on the
weakness OF the government and its inability to
check any "bul" movement that may be Initiated.
A strong undertone is observable, and 1t will not
be astonishing II gold should advance, between
the present time and the 1st OF January. to 49,
even higher. The advance is somewhat re-
markable, because 1t comes at time when
gold is MT easy to carry and there is little do
mestic for 1t. The prospect Of in1ation is the
only excuse. 1t answered formerly, and members
OF Congress who favor more currency may ad-
vantagoously watch the straws that indicate the
breath OF the wind. The rates paid for carrying
were 4 and per cent. The operations of the
Gold Exchange Bank to-day were as follows:-
Gold balances ACKNOWLEDGEMENTS. 81 364 1914