New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-20
MONDAY, Jan. 1872. NJ.


The general stock speculation started of weak.
with heavy pressure to sell the prominent shares
under influences referred to In this column on Sat
urday last. Prices under the early demonstration
were depressed severely line of short interest
having been. as II is believed by many, created by
newly organized bear combination. After the Board
the general list in part recovered, but the market
ttful aud feverish till news wired over
from Washington to the effect that the House had,
by vote east upon Mr. Wilson's imitation resolution
motion to suspend the rules in order to get at
vote upon the subject shown decided majority for
expansion, and that while this was going on Sena-
tors Wright Of Iowa and Logan of Illinois
talking imitation in the Senate, where
conservatism had been looked for by few people of
Overweening confidence i'll the good judgment and
craftsmanship of the Upper House 1t il astonlsh-
ing that any one who comprehends the financial and
political situation, and who at the same time has
fair comprehension of the caliber of the average
Congressman, should ever have doubted for mo-
ment since the converting of the present session that
imitation was inevitable. As we have before stated
the revenues are inadequate to the necessities of the
Government. SO it becomes necessary to levy more
taxes, borrow more money, or go to protest. Con-
gess lacks the courage to increase the revenue by
additional taxation. which would be the proper
thing to do under the circumstances. as that might
possibly, probably, damage the future pros
poets of 1.-THE party The Government must CON
tnue to pay its current obligations in something,
and therefore il will borrow more money; but in
stead of doing that in a decent manly way by going
into the market for it, it will resort to the paper
mill and printing press, and thus flood the country
with millions OH millions of additional irredcemable
promises to pay. So having plenty of what we
have learned to call money, we shall 90 on with
our business and our spccuatons and imagine that
we are growing rich. Everything will be lovely
and the aquatic bird will be elevated to the proper
altitude; but by and by, some time IN the future.
if we go Oh in this way, we may be oyertaken by a
financial earthquake compared with which the re-
cent panic was but a premonitory rumbling. The
Washington news changed the current of the
market which was rising aud rampant
during the rest of the afternoon Lake
Shore was the leading feature. the other
active stocks being Telegraph, Union Pacific.
Wabash North Western. and New-lork Central
Lake Shore opened at 79., went up to 80 down to
7sI, and finally closed at 500. Western Union was
more eccentric having opened at -, sold down to
49,, and after many other ups aud downs. finally
closed at 20. Pacific Mail started of at ~. and
without any decline wound up at a. Toledo and
Wabash shows an advance from the opening quota
ton of Il per cent Union Pacific. l.. New-fork
Central /. !; North Western, II ST. Paul. L. and Z.
C. and l. c., which has been continuously strong
and a favorie of late per cent. Investment shares
,,,o 1,u an, .-Ie...l. Closed strong
at the highest prices of the day. The opening.
highest lowest. and closing prices of active stocks
ILL 4, -dav fnllnws.