The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-11
FINANCIAL AND COMMERCIAL.
Review of the Situation-The Finance Bill
and Its Possibilities.
EVENTS OF THE WEEK.
The Course Of StOcks-Prices
Lower.
GOLD AND BON D S..
WALL STREET.


SUNDAY, Jan. 10, 1875.
The story of Wall strest for the past week may
be briefly told. Its principal event was the pas
saQe by the House OF Representatives OF the Sem
ate Finance bl although 1t s to be noted that, so
far as direct effects are concerned. 1t fell stubborn
upon the several markets. In fact little attention
appears to be paid TO the measure, and 1t Is only
when its advantages It's evils begin to be traced
home in the distant future that we shall fully re-
allze the changes which 1t proposes TO naugurate.
For the present 1t Ia regar ded as mere poliuco-
financial expedient, rushed into existence without
debate and likely to be modified by the capricious
will oil another Congress. The real Improvement
OF the country will obey more potent influences
than those created by such hasty legislation 10
does not remove distrust 1t Is not calculated to
dlsplace
THE IRON HAND
that clasps the throat OF productive industry,
Who at the present moment dares bind himself for
the future2 Who, in the lace OF business stagna-
ton and scarce money, Is bold enough to propose
new contracts the basis Of such feeble hopes as
are,held out oy this latest device OF our public
tinkersP To reach specie payments we must
move step by step, gradually and carefully, up q
purely commercial-nOt Observation-Disclosures.
Natural laws must be In successful operation.
Either the prices OF labor. OF commodities, OF all
the necessaries OF life must come 10 level with
gold or gold must advance to meet them. The
two elements must be equalized before there can
be resumption. 1t has been truly observed that
LABOR IS THE SOURCE OF WEALTH.
II this has been mfated-if IN other words. the
price is so per cent higher than 1t was when we
had specie payments-then all tho products OF
that LABOR (she things we buy and seA) are SO per
cent higher. This has Deen the case for the LIST
eight or ten years. Gold, instead OF keeping pace
with the advance, has meanwhile gone down, like
cotton wheat, nour, corn, petroleum or any other
commodity. II Is not this decline, however, that
will enable rs to reach specie payments, nor shall
we attain them while we continue to make gold an
article OF merchandise in one class OF transactions,
and, In settling our balances Win foreigners we
make 1t measure OF value.
THE STOCK MARKET
was not during the week the scene Of unusual ex-
citement, although some stocks suffered sharp
decline chief among which was Wabash, which
receded from 20X to 1917. Business has been In
active and confined to local operators, there being
an apparent indispositiOn on the part OF outside
buyers to speculation on the present unsettled
condition OF affairs. As before remarked the
street is poor ana devoia OF any sehsustaining
power, and whatever change occurs for the better
will doubtless be inaugurated by those who have
OF late exhibited suen perfect control over the
market. A few days are likely to more fully doter.
and with the exception OF certain stocks that are
said 70 be inherently weak, to show that the lower
stratum mas been reached and an opportunity is
at naud for successful and safe investment.
After wabash, St Paul dropped from 39T
70 SIX, but subsequently recovered. Erie fell
on from 3Ok to g. Western Union sold down
from 10 to 7ox. Northwestern common declined
from ASK 20 46X, then rallied to AK. and finally
closed At Al. Lake Shore dropped from 1914 to
1897, and closed weak at The lowest point G., G.
and l. q. declined from 9H to 8. Pacific Nail duo.
tuated frequently between ssh and 34X. Union
Pacific fell from SIX TO 80, rose to 81 and. still
later, receded to 36X. Atlantic and Pacific Tee.
graph advanced from 1917 to 3d. the highest quota
ton having been made in the final sales. United
States Express rose from So to 61H. The other
changes were less important. At the close the
general market was irregular, and. in the main,
weak.
HIGHEST AND LOWEST PRICES OF THE WEEK.
The following shows the highest and lowest
prlces of the week in the leading sbares-