The New York herald., 1876-01-03
A Review of the Changes in the Stock
Market for The Year 1875.
A WIDE RANGE OF FIGURES.
AlOW Speculation Has Been Controlled and
What Ii Has Effected.
AN the Fancies Lower than in 1874 Except
Union Pacific. Pacific Mail and
St. Paul Preferred
WALL srngEr. jan. 2, Is76.

WALL STREET, Jan 2, 1875
Looking upon the year 1875 as guest that, whether
we would or no. was necessarily be entertained by
Tor an entire twelvemontha guest whose presence
baleful and marked by misfortune vast number OF
peopIe-lt wonderful that there great WILL
lngness to speed his parting With greater eager
ness still is manifested the desire TO "wel-
come the coming guest" We all agreed
that 1875 was churlish fellow, whose
were generally disagreeabe and the impress Of whose
visit was unfavorable AT the risk Of hyng 70 evils
know not of VIC welcome the arrival OF 1870 with
clamation. We know nothing Of his character beyond
such forecast of the future the signs Of the times
permit US guess at yet receive him joyfuly for
We trust that he with him the gifts OF prosperity
and hope
The year just passed, looked upon in a commercial
Tight was probably the most unsatisfactory Of any
since the panic OF 1873 The insdious disease which
declared itself at that period slow in making its
way the vtas of the great commercial and financial
interests Of the country, but its none the
less sure and deadly tnat So much money
ad been SO easily made in the saurnalan days OF the
war; people at large had inpercepibly acquired such
habits of extravaganza and lavish expenditure that
a false appearance Of health given
to the body polite. TO the eye it
was well nourished and robust but we know now that
these symptoms OF the disease, If indeed, they
were the Of it, II hard 20 believe that
the times really out Of JOINT or that the malady
was a serious one 1t was passing i'll, disagrceabe,
but not dangerous; i'll trusted TO be disspated by
the miIdest Of applications. There a exhibition
of ndnltesimals when the should have been
heroic and many a patient died a victim TO
this malpractice. In other words the com
muuity have appeared TO recognize
the truth OF the situation how deeply seated the
trouble really was and II is only now, as commercial
disaster after disaster light, that they appre
cate the fact that many could have been cured
averted by proper treatment at the early stages OF
the disease The belief that the matter could be
tided over credit TO be preserved at all hazards
the usual style of living To be kept up and expend-
lure for what forefathers called lux
uries but which term necessares
Of life, persisted in In word, II
was not to be much of shower after all So the fab
ric which, though trembling might have been shored
up strengthened by rerenchment and prudence AZ
last succumbs the and tear OF uniavorable nan
ca weather and tumbling. ruin, to the ground
1t is question whether this dstasteul matter Of an
enforced economyths pocketing OF pr de aud narrow
Ing down OF peasures-has not been as much source
of mental distress the absence Of money II is
pleasant but not profitable employment, to burn your
candle at both ends this Is just what the nation
matter Of surprise then, that things lave turned
Co be disastrous and fair that should inpute to
Providence or fate condition Of affairs due, in very
great measure, to fault? Yet the result can
not altogether be looked upon as disastrous Much
good may follow the evil done The idea may be
aesuitical but IL is just
The year has been one OF liquidation and
omy Bubbles have been pricked, sham schemes ex-
posed and debtors often to their own benelu forced
Into exposure Of their affairs There has been a
gradual separating Of the fraudulent from the true
winnowng of the wheat rom the chat and the result
cannot be otherwise than beneficial In fact the
Try is beginning TO see where stands feel that
are nearing the solid rock OF confidence reaching
which we may safely begin build the odi6ce Of
future prosperity and wealth This process OF setting
house In order is probably not completed yet but
the greater part Of the work already done, and the
end cannot be far OF.
Il would be unwisc however to hold out the hopes
OF sudden and complete return 20 the halcyon day OF
unlimited greenbacks. The return 70 prosperity VIII
probably be slow and painful but tie attainment OF
At all the assured from It's having been
worked out by the sweat OF the Orows. There IS
no more royal road to lasting wealth than there
learning and the followers Of Adam smith viii find bis
path beset with difficulties quite formidable as those
that meet the follower OF Addison
OF 1876 great hopes are formed Much is expected
of the Centennial EAhbitionnu urh more, IN fact we
fear than will be rcslized. stu vii be something
90 mark the upward turn, and though IT should tc
barren OF substantial ults, IL Will note nc beginning
OF hopeful and nrmer confidence.
AS for the Stock Exchange, do not look for very
speedy restoration Of legitimate speculation The whole
establishment has been handed completely 90
gamblers and gambling ciques that the public avoid % as
they would lazarctto when the members willing
to call out ''unclean uncean, and are ready 10 cast
out their lepers they did old and when there
a surplus Of money in the community which can be
spared for 'ttc game" then and hot until then,
may the Board OF Brokers hope sec return Of It's
pristine days Of prosperity
PRiCEs or STOCKS.
The following table exhibits the lna changes IN the
prices Of the principal active snd investment shares
from December 81 1874 10 December 81 1873, TO wit
CLOSING PRICES.