New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-18

on the dollar only TO pay them right out again to
the public creditor at 100 CENTS and continue the
process and again. although In reality
only the thing that has been done by the sell
ing of gold as heretofore smacks more OF Reputation
than any proposition yet made. What would be
said if merchant who, owing debt past due, re-
fused to pay it except in his own notes. and should
immediately offer to redeem the note at Of cents
Yet this is the exact policy pursued by the IT, S.
Government for the past nine years. and
it Is now proposed to put this dis
graceful policy on record in the shape of
a legislative enactment When Congress will learn
the simple lesson that groenbac1s constitute debt,
and the most sacred one of the government since
they have been issued in the form of forced loan
we may hope that legislation toward their final pay
ment will commence at the right end. The Presi-
dent also recommends increased taxation as one of
the means toward resumption, measure which ought
to be cheeriully borne by the people if absolutely
necessary to retrieve and preserve the public faith
but much more popular method would be a careful
outstanding Of the present income of the Govern.
ment by large reduction in its expenditures. In
financial circles outside OF stock specnlations the
week has been quiet and uneventful one Goid'
which opened at 1923 and advanced to 1921 on Tues
day. was adversely affected by reported negotiations
of new railroad loans in Europe. and reduction to
4 per cent of the rate of discount by the Bank of
England, 80 that on Friday the price had reacted
to 11Is but advanced again on the continued
shipments of com to 112! at the close tonight.
Government bonds which had been active and
strong early in the week, declined i'll sympathy
with the fall in gold but closed quiet and steady.
In State bonds there has been but small business.
which offered no feature for comment. Railroad
bonds have been we'll sustained in price, particu-
arly for the various issues Of the Pacific Road The
speculative list has been marked by unusual activ
ty, wide fluctuations and very general depression.
Western Union Telegraph has been particularly
active having opened on Monday at 7Gs and adj
vanced to IA it sold on Friday low 70I closing
tonight at To-. This stock has been effected by fur
Their developments in regard to the power of the
Atlantic and Pacific Company to establish and main
tain disastrous competition. and by the free use of
figures as to its own financial condition. which
had been made public through a circular some
three months since. The rally of Friday
from 70I to ~, and again to-day from
IL to 72I is credited to the purchases of large OPP
orator who is known to have been largely short OF
the stock. The recorded transactions in this stock
for the week amount TO nearly 100000 shares, or
about 100000 more than tho entire capital of the
Company Lake Shore has been next in interest.
On Monday il sold high 76. eX. div, and on Fri
day OF 73!. reactng to IA, and closing tonight at
AZ Much interest Is felt IN the proceedings against
this Company to compel it to provide for its long
neglected sinking fund" before the payment of
any dividends upon its stock; and while some few
expect the injunction obtained last Monday to be
made permanent, and look for some startling dis
closures during the course of the proceedings, We
probably do not err in saying that by far the
larger portion of operators expect the injunction to
he dissolved Atlantic and Pacific Telegraph, in an
advance of per cent, and Atlantic and Pacific pre-
ferred and Missouri Pacific, in an advance of over
per cent, have been in marked contrast to
the depression of the general list, although
the extreme advance OF these stocks was
not maintained at the close. The result of the week
has been an immense loss to the bull element Of
the street marked by the shrnkage of values, and
as the bears" apparently pick up but small por-
ton of it, it will possibly have a noticeable effect
upon the item OF depOsitors in next weeks bank
statement. Again, attention is drawn to the fact
that even speculation, to be successful, must have
some more solid basis than easy money which marks
the stagnation Of the real business of the country
The subjoined table shows the extreme fluctuations
in United States bonds, the leading railway and
miscellaneous shares, and gold made during the
past week. as well the closing quotations of each
nj the dates aforementioned, and the aggregate
sales of each stock in the list