The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-25
The Hesitation Of Congress Operating as a
Cheek TO Business.
Extreme Dulness in the Wall
Street Markets.
The Requirements OF the
situation.
CURRENT VALU E s..
WALL STREET.


The local situation the street to-day was
without special interest except such as may be
supposed TO have grown out OF the arrest OF
Mckay, the gushing gentleman who had SO much
to say about the late fiagrant and mpudent
forgery upon the New York Stock Exchange. That
this was very little Is evidenced In the TACT THAI
even the question 'oi his guilt or innocence, as
principal accessory was scarcely canvassed.
Wall street accented his arrest as
SOMETHING TUE GOVERNING COMMITTEE OUGHT TO
ACCOMPLISH,
but with scarcely any other feeling, and certainly
without the expectation that 1t would produce
any developments. During the day 1t was cur
realty reported that at least one member OF the
Stock Exchange would be arrested as an accom-
plice in this matter, but the sun set upon Broad
street without photographing any such scene.
The fact is, the average Intelligence OF the street
conoeives that McKay's free and easy revelations
are Incompatible with guilt, or such guilt as Ii ca
pabe OF proof Tney pay the criminal the compli-
ment OF believing that he was too smart TO inform
ON himself, and this If Mckay be guilty, is pre-
clsely what he has done outside OF
his VERY LIMITED SENSATION
the markets were wholly without interest. The
financial problem now before Congress and the
possible solution which that body may make OF It,
with the uncertainty recognized as belonging to
the major Congressional inexpert knowledge Of
the subject IN its reference to general principles,
operates to produce dulness pending determinate
action. That Congress is endeavoring, in far as
Its understanding and appreciation goes, to inter-
pref the popular wish on the subject, it is purely
iactious to deny. We may not have Senate and
House OF Representatives Of intellectual giants,
but we have body that reflects the average intel
hgence, understanding and purpose Of the constl-
tuencies which the different members represent.
1t were TO attack republican institutions at their
very source to assume contrary proposition as
having true foundation in TACT and TO say that
the people are no longer capable or sellgovern-
ment, but IN the future must be governed.
An understanding observation at the present
time would discount the addition OF the s44 600 600
reserve the permanent circulation OF the country
as almost certain to eventuate out OF the present
confusion, ii Tor no other reason than that being
already out to the extent of over SIS OOO, 900 1t
could not be readily called in ain, and the pres
ent current revenue receipts promise that the
necessities OF the government Will require a
further addition to that increased circulation. 1t
is shrewdly limited that much of the present
dulness on the street arises from the disposition
on the part OF large operators to keep aloor
from the market, in order to provoke Congress to
legalize the issue OF the S44, 900 necessity
to the awakening Of new industrial enterprise,
wall street being supposed to be the barometer Of
AL business activity. Be this as 1t may 1t would
be well for those
CAUTIOUS THEORISTS
who oppose such Equalization TO reflect upon the
danger which would result from contraction in
our present condition OF early convalescence after
such prostrating shock as that OF the recent
panic.
GOLD RANGED
on extreme quotations at from 1928 to 113, open
ing at the lowest and closing the highest figures
no NAT
for borrowing to 41a per cent for carrying, opening
and closing at three per cent. The days business
at the Gold Exchange Bank was as folows:-
~.
Cold balances NEUTRALITY-SUSPICIOUS.. 1205, 931