The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-05
Congressional Problems and
Possibilities.
THE WAY TO RESUMPTION
A Common Sense View from q
Popular Standpoint.
THE STOCK MARKET DISTURBED.
WALL STREET, I
MONDAY, May 40 p. n.

The country Is looking TO Congress TO do some-
thing that shall remove the existing uncertainty.
Capital Is lying idle and awaiting the action OF
that body. All sorts OF panaceas have been sug-
gested, but we are yet without relief change
Is suggested in the Banking law, and the question
arises, How shall 1t Do improved That the sys-
tenn established under 1t IL admirable has been
demonstrated by the proofs OF history. Since 1853
OF the 2,l2o banks organized only 81 have
failed. During the past year all save II
have weathered the financial storm. What do
these facts indicator They mean that the banking
system OF the country Its sheet anchor. and that
an enlargement OF the system wherever II may be
deemed necessary viii add to the growth, strength
and prosperity OF the community. But the gov
eminent cannot aford at this juncture to estab-
lish new banking corporations or to increase the
power OF the old without some qualifying that
looks to The gradual approach OF
SPECIE PAYMENTS.
The people have faith In god. There IL magic In
its name. Prepare TO resume. and greenbacks
may be printed in golden letters Free banking
may prove the entering wedge to new career,
but unless it's credit Is on q basis that may be
measured by labor, products and profits which
are in turn measurable by gold, it win prove, in
the end, oay deusion and snare. The steps
necessary to reach this condition are few in num-
Der. First, stop the drain upon the country by
becoming more economical and reducing imports;
second, protect domestic industry; third increase
our productions and help them to reach market
prontably; fourth, increase home shipbuilding
and save the So, 600 annually paid to foreign
shpowners; and, finally, let Congress legslate for
the grandest development possible OF all re-
sources for which we are entitled TO our pay in
the coin OF the world. Then shall we see again
that ere dit which reaches out its hand TO honest
enterprise, that certainty OF reward which cheers
nm n tha mr. tafro 0f ifo hot
personal and individual Independence which
enables every man TO say that no man In his
master.
THE STOCK MARKET.
Stocks opened this morning at tribe stronger
figures than marked the close on Saturday even
ing. but very soon began to show the influence OF
depression. An attempt was made to sustain
prices, but it was without nerve, and the failure
served to demoralize the best friends Of any bull
movement that may have been the tapis. The
market closed with almost everything down, gen.
eral weakness and unanimous depreciation from
the losers. II there be power at work bostering
the situation and making things seem better than
they are, it certainly has not yet maze itself the
master. Those who measure facts by figures have
slight encouragement in to-day's work. These re-
peated droOpings are not inviting to outside buy
ers who desire to escape the chcanery Of specula-
ton. and when this class stands aloof the market
communicated to it by the electricity that taps its
orders into the street from the households or the
Offices OF q few belhgerents. The report Of
THE ANTAGONIST
IN Wisconsin on the part Of the Executive to certain
railroads which have seen 1T to plant themselves
on their corporate rights and to resist the granger
legislation there sought to De enforced. produced
its normal effect in frightening scores from taking
part in the speculatlons OF the day, out 1t seems
F,~
a cause insignlfc ant, for an explanation OF the
prevailing weakness. When Wall street, with its
representation OF more than ST. 0o0 600 900 passing
through it every year, is compelled to resort to
distant country district for an explanation Of
temporary excitement, the stock market must be
in feeble condition. 1t cannot afford to walk on
such stills for any considerable time. II there be
a natural strength, it should be evolved from
events occurring right aronud u.s. II there be q
weakness, it Is the heighth OF Jolly to look for 1t In
country Legislature or a country Governor. But
the real TACT is that while trade remains unset
tied and business prospects refuse to fairly shape
themselves into promise OF better things the
good money OF the country now lying in banks and
elsewhere awaiting investment Will not go after
the bad and plunge indiscreeIly into the maeL
strom or
THE NEW YORK STOCK EXCHANGE.
Notwithstanding the present blue aspect no man
can predict that under the fresh combinations
which are made from day to day tomorrow will
not witness just the same remarkable reactions
that have taken place during the past month. The
decline for the day ranged from l to ga
per cent, the activity being greatest in West
ern Union, Pacific Mall, Union Pacific Wabash,
St. Paul, Rock Island and Lake Shore. The
flowing are the recorded transactions western
Union 62,O10 shares; Union Pacific, 2s,6SO; Wa
bash O. $780, Pacific Mail, Is. $50; Ohio and MisslS.
sppi, 1850; New York Central, $3.50; st. Paul,
1860; Lake Shore, 2o25o; Hannibal and St. Jo-
seph 1000; Erie, 4170 c., G. aud c., 1,22o; Rock
Island, Is, $40; Northwest, 1920 The sum total,
229 746
the range OF the stock market IS best shown by
the opening aud closing prices which are as fol-
lOws:-
HIGHEST AND LOWEST.
The following table shows the opening highest
and lowest prices OF the day.
opening. Highest. Lo,oest.
New York Central. ...-....... 9SH 9Sk 97H
Harlem. .....12s 12s 1913
Erie. oo5S 3517 "a
Lake Shore. ................. 1871 76X 75x