The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-20
WARNINGS FOR THE WEAK.
Bears on the Rampage in the
Stock Market.
DECLINE AND RECOVERY.
Money, Gold and Rail-
way Bonds.
WALL STREET,

MONDAY, Jan. 49, L. NJ.
Commercial prospects Tor the year 1874 at the
present moment certainly appear encouraging.
While on the one hand we view the lamentabie
spectacle OF thousands Of workingmen out OF en-
ployment-in itself a sign of the terrible financial
struggle through which che country has passed
on the other hand We have reports from the agri-
cultural and manufacturing centres, from the prod
uce, cotton, dry goods and other departments or
trade when justify the expectation that before
the end OF the year, unless there be anotner mao
rush OF credits, restoration Will be complete. Ihe
manufacture oftextie fabrics Is progressing favor
ably. Cotton factories are again running at
profit The surplus of corn, wheat, barley, pork
and other products is reported to be large and the
demand from abroad, while conservative, Is STEADY
and equal to the ability to move the crop by rail and
Ship The consumptive demand at home, however,
is not on it's old basis Money has been concentrated
and locked up. There IS less OF indulgence In
Injuries Economy is rather the rule. The pur-
chasing power OF the country has been reduced and
sacrifices compelled by The panic on the part OF
tradesmen, whose chief aim was to maintain per-
sOnal credit at any cost, are not yet compensated
Hence in retail life there Is still more or less OF in
activity. Taking however, comprehensive view
OF the whole sltuaton-inancial strength as Illus
trated by our banking institutions, never failing
barometer; agricultural strength as shown by
hibited in our manufactures and concurrent III
dustrtes-it Is df1cult to realize that
THE RESOURCES OF THE COUNTRY
are not rapidly recovering their natural impetus
or that the results not being gradually written
on every chart that describes our national prog
ress.
Doubtless there are
DANGERS TO BE AVOIDED.
Chief among these the tendency to imitation, not
merely OF currency, but OF business. AS legal ten
ders lose their value oy reason of their volume.
men may we'll be tempted to indulge In what seems
to be extraordinary chances to enlarge their
operations. Ease Of money naturally invites specu-
lauon yet the very ability to obtain credit may be
the rock on which ambition will become a wreck.
The public treasury is none too strong to forbid an
ticipatiOns Of disaster 1t is in the power of lew
capitalists even now to make such combinations
as might convulse the markets OF the country. The
foundation is by no means safe and until It's sup
ports have been fairly secured that business man
is imprudent who attempts work on high pres
sure PRINCIPLE and by extending his lines of credits
around him counts mere promises to pay as part
OF his legitimate profits.
THE MONEY MARKET
was without change, being easy, and showing the
slight range of from but to per cent CONNER
cial paper is still called for at and 8 per cent In
fact dealers complain that there is not enough of
the prime quality. Foreign exchange was steady
at 81 SO q 81 s3H for prime bankers sixty DAYS
sterling, 81 S6H a 81 S7h for demand and 81 s7H
tor cable transfers.
THE GOLD MARKET.
Prices remain comparatively firm, and the gen.
eral condition is unanecred by reports from Wash
ington or elsewhere. 1t is evident that this de-
partment OF the street Is awaiting the movement
of . leader. Gold sold at 111K 11lH Ill, and
closed ct 111K. The present status is one of the
idiosyncracies OF speculation.
OPERATIONS OF THE GOLD EXCHANGE BANK TO-DAY.
Gold balances 1876 430
Currency balances. ACKNOWLEDGEMENTS. 1896 563