The New York herald., 1875-11-22
REVIEW OF THE WEEK.
Voluntary Contraction by the PeOple-The
Money and Gold SituatiOn-Govern-
ment, Railway and State Bonds.
THE ACTION OF WESTERN RAILROADS.
WALL STREET,
Gr~.Yr Noe, OI IQ-r

industrial interests Of the country a single day we
should utter Of dissent But the fact is that,
while they accomplish good they may, as past
experience has proved, do much harm. We would not
even intimate that the periodical painting OF these
ighcolored pictures has had its object the aiding
and fostering or stock specuations; yet
fleet upon the circumstances that have surrounded
each previous recurrence OF this "fever'' without
being impressed by the peculiar coincident that IL
has always admirably suited the purposes of
Mr.. Jay Gould's speculatons Stress is laid
upon the fact that American cotton goods
have been shipped to England Daily attention is
called to the continued loss OF legal tenders by our
banks as sign or renewed activity and every point
which add another color TO the picture is brought
out lii bold relief The facts are that the cotton and
other manufactured goods which have exported to
Great Britain have shown
A LARGE PERCENTAGE OF LOSS TO THIS COUNTRY,
although paying profit TO the particular exporter who
was able to buy them in this price much be-
low the cost OF production. Doubtcss-at price-we
might drive nearly all English manufactures of the
markets OF the world but how long could we sustain
the necessary loss TO accomplish this end? We have
an abundance of provisions and wheat that Great Britain
needs, and at prices which would pay profits TO the
producer. To these articles freely exported, in
stead of piling up in storehouses while Great
Britain is being literally supplied by other countries,
would be far more encouraging than the spasmodc
carrying Of Goals to Newcastlen The official reports
to October so show that Great Britain had thus far i'm
ported, since September /, 1852, 900 hundredweight
wheat than in 1874, and total quantity equal to
nearly twenty per cent OF that which the best author
ties have estimated the requirements for the entire
year next September. 1t is usual this season of
the year for banks to redlstbute the accumulated
fupdg OF the summer season. and the autumn OF 1874
N hav heeu IN aruia Int Ia
well known there has been this year unusual and
EXTRAORDINARY DRAIN uPoS OUR BANKS
for legal tenders First, S. 1853 759 have been retired
and cancelled under the provisions Of the ''Sherman
finance BILL Second, $16,00oo0o now locked up in
Treasury to redeem the circulation Of certain banks
which have withdrawn the bonds previously deposited
as security. Thus, far the banks concerned,
the circulation is retired, although it is still floating
about the country. The latter fact offers fine study
for the nanciers Of the Kelley and Butler school, who
assert that the currency is insufficient for the require
f1ehts Of the country, This sum Of s16 900 has
been voluntarily surrendered BY the people who these
doctors say are suffering from the want Of more.
THE 'BULL" SPECULATION
on the Stock Exchange has made progress as ndi-
Gated by prices during the past week After the
employment of considerable engineering skill and after
numerous rallies the market generally closes frac-
tional decline from the prices Of last Saturday. The
principal exceptions an advance in Hannibal and St
Joseph of "a per cent preferred 54; Union Pacific,
L; Central and Hudson, q Delaware Lackawanna and
Western, q, and Illinois Central u per cent. Union
Pacific has been fairly sustained, selling from 70
high 741S and closing at 73. This stock, being it
were, the stone Of the market is closely
watched by operators the purpose of discover
ing, If possible, any Indications of Mr.. Gould's
intentions 1t generally believed that his position in
Tint fail mn akce 4 INN on
him to sustain the whole market 1t is improbable
that little independence OF character and
opinion the part Of operators would prove quite as
profitable to them and render Mr. Goud's intentions of
less consequence OF II would be folly to sell
stock ''short OF which he the principal holder and
be equa folly BUY the same; for il he
could dispose OF his holdings the power which is now
used would be cxerted to produce depression
with all the auxiliary aid of real facts.
pAcIFTc MAIL
has been 'bulcd on points" that the stock would be
pushed TO 80, and there were apparently many be-
levers This may have made market for considerable
sales The price advanced from 40s< Al ~ but closed
at 4Ok, a decline for the week of X per cent The
latest point lncdenaly used in favor OF this stock
to wit the great benefit to the company from
a war with Span-remnds of the story told Of the
Biddy who, having permitted the dinner TO burn,
was found bitterly crying beside the fire. and in
response to the sympathetic inquiry of her mis-
tress said that she had been thinking what
dreadful thing it would be II she should
get married and have baby, and that baby should
fall upon just such red hot stove that. Hannibal
and ST. Joseph stocks and bonds have been favoraby
affected by the Of its board OF direction,
with Mr.. W. Il. Nelson its president What
considered
PRIME DIVIDEND STOCKS
h.va icn bann in mo ai hott
prices but not without indications that the demand
was speculative and intended give character the
"fances The remainder of the list was but indif-
ferently supported the ciques seeming TO be content
with preventing break In regard TO the usual
stories that have floating about concerning rail-
road "pools' and higher rates for transportation
| the following authentic information from Chi
cago settles the question and confirms what
we have before saidto wit that the amount OF bust
ness was likely be of consequence to the rail-
roads this winter than the nominal which they
might establish. At meeting Of the managers OF the
Chicago and Northwestern, Chicago Milwaukee and
ST Paul and West Wisconsin railroads held the 18th
inst, the rates OF last winter agreed upon the
tariff for this season. excepting between Chicago ST.
Paul and Minneapolis which fixed at five cents
per 100 pounds below last winters rates On the same
day the Lake Shore, Michigan Central and Pittsburg,
Fort Wayne and Chicago managers and freight agents
held an adjourned meeting to discuss the subject Of
further advance East bound freight Mr.. JOY, Of
the Michigan Central stated that since the recent ad-
vance to forty cents fourth class to New York the
shipments had been extremely light and expressed tho
opinion that any further advance would virtually
amount TO an embargo. This opinion prevailed with
those present, and IT was decided maintain only
listing rates.
HIGHEST AND LOWEST PRICES or THE WEEK
The following table shows the extreme fluctuations
for the week IN the leading shares:-
Highest Lowest.
New York Central. ral.................. 100, l04sl
Hnrln - tlaN