The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-23
The Stock Market Under Control Of a
Few---Prices Temporarily Better.
M O N f Y r A = I f n .
Gold, lis rs a LIS l-9-GOVernmcnt and Rail-
road Bonds Steady.
WALL STREET,

has disturbed every speculative council. It estab-
fishes the fact that there shall be no more Infla-
tion. 1t brings US back to real money, and may
eventually enable every man to adjust his business
upon q tangible basis. The views OF the President
are those which have been repeatedly iterated in
this column and elsewhere. In order to keep
the solemn pledge OF the government to make pro-
vision at the earliest practicable period for the
redemption OF United States notes coin, there is
BUT ONE COURSE AVAILABLE,
and that Is Tor Congress to compel the retention by
the Treasury OF Its surplus OF gold and the reten-
tton by the banks Of their interest in coin. The
Halter feature was in part provided for In the Cur
'rency bill that has been vetoed; but the effort was
80 feeble and the end aimed at so insignificant that
for all purposes oGher than to gd the edges OF ad
administration promises and enable the President to
say that something was being done In this direc-
ton. 1t was mere bagatellc To make the plan
wholly available the cooperation OF the govern
gment itself must be secured. There is now in the
Treasury gold to the amount of $50 600 0oO As the
business interests OF the country improve there is
mo doubt that this amount may be largely In
creased Since March, 1859, over
THREE HUNDRED MILLION DOLLARS OF THE PUBLIC
DEBT
has been paid, to say nothing OF other millions OF
gold that have been exported because there was
ne use for coin in this country beyond that re.
tquired by the government. This is q fact which
demonstrates that II for few years 10 come the
receipts from customs are applied simply to the
payment Of the current obligations OF the national
government and the interest on the public debt.
ancluding such amount as may be necessary TO
Keep intact the sinking fund. there will be no DIFF.
nculty in retaining sufficient gold in the United
States Treasury to enable the government to
maintain its pledge to the country and the world
70 redeem In coin the outstanding legal tenders.
Such redemption we have here tofore shown, will
never be enforced; but even
THE PARTIAL ABILITY TO REDEEM
will restore public confidence, and when this re-
suit Is attained legal tenders and national bank
notes will appreciate to par with gold The
product OF the mines OF the country liz from
$50. 900 TO 500 0Oo, coo per annum which, added
20 the duties on imports. is an amply sufficient
sum, If well protected, for all the purposes OF spe-
Gle resumption, and there is no good reason why
Congress, before it's adjournment, shall not pass
law carrying out the recommendations OF the
President In his several Messages and IN his veto.
1t would benefit commerce at home and abroad. 1t
would restore confidence everywhere especially
among our European creditors. 1t would enhance
she value OF every American security, 1t would
mean the adoption OF a standard OF value which
the world recognizes and respects. The govern
ment stamp upon piece Of paper for which there
n
the government stamp on every gold coin is
pledge OF honor and certificate to mankind that
the bearer has rendered service to society which
IL measured by that piece OF metal and that he is
entitled to an equivalent service from society in
return, payable on demand.
THE STOCK MARKET.
The reaction which we recently suggested az
1kely to occur In the near future took place to-
day, and operators on the tGong'' side were made
happy by an advance ranging from n to 2 per
cent The leader Of the market was Western
Union, Of which large blocks were purchased,
under the stimulus OF which the rest OF the share
1ist, with some exceptions. alphabetically I'M
proved. Feverishness, however, continues to ex.
nibit itself In the form OF frequent fluctuations,
and It yet too early to say that any present ad-
vance is likely to be maintained except by artif-
etal Influences RumOrs concerning the action OF
the Executive served to enhance the prevailing
excitement and induce large covering Of short
interest. The general situation, however, remains
unaltered, and there are no reasons for changing
the belief so often expressed in this column that
while legitimate
COMMERCE. IS DEPRESSED
speculation can do no more than float it's temporary
bubbles. What may be the result OF the veto by
The President is yet to be seen. The information
came too late to affect the market. 1t was
business men, and the Beliefs strongly expressed
that the policy announced by the President will
eventually solve the great financial questions now
pending aud, II carried out, do to strengthen
public and private credit than has been accom-.
plished by any event since the close of the war.
1t must be added that the market is at the pres
ent moment under the control Of few individuals.
fewer than can be counted on the fingers OF one
hand, and upon their Interpretation Of
THE PRESIDENTS VETO
will temporarily depend the Of prices. Ir to
suit their purses and purposes 1T can be made to
mean uncertainty prices will advance. II, on the
other hand 1t appears that the President has still
controlling voice in the affairs OF government,
and that his recommendations are likely to become
law. then the return to specie payment. which he
90 justly urges, and the necessity for the redcmp-
ton OF legal tenders at some ultimate period will
naturally exert healthy conservative and con-
tractive influence, and the stock market will
again recede to O condition OF which the great
public may take advantage.
THE TOTAL NUMBER OF SALES
to-day was 2s1,s4s. or these there were sold OF
western Union, 49, 100; Union Pacific, 81, 700; Wa
bash, 12400; Pacific Mali, 22,25o; Lake Shore,
1920; Erie, 1850; Ohio and Mississippi, $3.50;
New York Central, 5000; st. Paul. 1000; o., G. and
l. O. TO- COO; Rock Island, 6,5oo Northwest, 1900;
Delaware, Lackawanna and WESTERN 1857.
THE RANGE OF PRICES
Union Pacific advanced from S3S 10 SAX, clos
ing at a49s; Lake shore rallied from TAX to 16h,
closing at 75X; Pacific Mail recovered from 4oJ<
TO AK, ending at 49,; Rock Island went from
eek to 100, and Western Union from 72,S to 1914.
In small dealings there was an advance in Panama
from log to 100, and q close at los; New York Gen.
srai sold at ssx 90 q sSx; Erie suffered decline
rom Se's to "a, closing at 949z; wabash ranged
nom 42h to Az 431s 42zi; Northwest common
SOLO At Az 4sss 4sH. The preferred closed at
w. the lowest having 65h and the highest 6slS.
Harlem was steady at 1928; st. Paul sold at 80
IVA q SS'< 3s,s; Ohio and Mississippi at 2s,I a
FIX 2oss 261s; o. @. and !. G. ranged between
s2X . 20, the close being at 22gx.
HIGHEST AND LOWEST.
Mo fill tatto