The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-01-02
FINANCIAL And COMMERCIAL.
The Story Of the Year-Our
Gains and Losses.
THE MONTHLY RECORD.
Contrasts and COmparisOns-Changes in
Stocks, Gold and Paper Money.
WALL STREET,

Nl0ChS, 60lu dhu rupcr m0nt!'
WALL STREET,
MONDAY, Jan. l. 1871
To who has laid his hand upon the plough there
is warning in Holy Writ that he cannot look back
with safety. Tho teaching is wise under The meaning
in which it WAS written, but in its application to purely
mundane affairs II would be like counsclling the
tinguishment Of light that was needed to guide
steps in the future. Erperientia docet ssuosand Is
by looking back that learn the lessons which often
stern experience has set Tor U.s. teaching
in times to come by avoiding those Of tho past
Looking back, in yesterdays article upon events
Of the past year, met with dismal prospect dis
appointment aud disaster; in looking forward, as we
propose do now detect through the clouds of
certainty some CLEANS from tho bow OF promise.
Certainly they are not very bright vet hut they
at least assuring and may stimulate fresh Tor tho
struggle toward better times. And they TO US in
the financial condition OF the country the
enhanced appreciation OF the national credit The
last year was dismal one, since It passed under
the thumb sorrows OF widespread liquidation and
pinching economies. Both the debtor aud creditor
classes have grown numerically fewer, old ohga-
tons have been wiped out and the wrecks OF trade
grubbcd up out OF tho way. The channel Tor plain
sailing appears clearer than It has been years aud
though we lack tho golden galeys Of former years.
there IS greater safety offered to the modest ship Of
rcvivng trade In word, the country has gotten rid
ot much OF the false glitter OF imitation and has struck
the true gold OF financial soundness. strong
proof Of tho correctness Of this belief lies
in the condition of our foreign commerce.
For the first time IN many years the tables
have been turned and VIC find ourselves
in the position OF creditor nation. Exports exceed
imports by many millions, and gold flowing in in
creasing current 10 restore the equilibrium, steadily
declines in.its premium value, while it holds tho
possibility OF return to specie pay without tho
interference OF legislative action to assist il. Again.
the public debt stands at the apex Of national credits
and no wars or rumors OF wars, ut homo abroad
have shaken its stability, nor is 1t likely DO shaken
SO long the security lies in the shape OF abundant
crops railroads returned to rcason and in the abors
OF energetic and industrious people The Prcsidcn-
al stumbling block appears to be the chief obstacle
the way, but even that seems each day easier OF
noval, and, once out OF the path, there to DO
every reason why the march to prosperity should
recommcncc. Not that 1t IS to be achieved by rapid
stages, but by slow aud tosome steps, making of
the ground progresses and leaving excuses
disastrous retreat.
In view Of the fact that few to keep record of
passing events from day to day and that many havo
forgotten the changes Of the year reproduce IN a
brief form tho leading incidents that &C.
Cured during 1875.
JANUARY.-A buoyant feeling and general improve.
ment, especially in investment securities. Leading
railway and miscellaneous shares advanced from to
10 per cent aud railway mortgages from to Is Gold
sold at 1l31S 112h 113I. The surplus reserve of
the banks increased from So 0l3 900 to $15 OO0
Foreign exchange was SO SO for long and demand
bills The Bank Of England rate OF discount was and
finally per cent.
! FEBIuARy-New York Central sold at 1111s Harlem
at 145, Rock Island ia, Lake Shore 67A Western
Union 1884, OF the best prices Of the year being
thus made. Later reaction set in resulting In de-
cline OF from to 10 per cent Money easy at per
cont Large shipments OF specie caused an advance In
| gold to 1929 ll4s.
! MARcH.-Thc Bank OF the State Of New York failed
Government bonds active. Numerous suspensions IN
business circles. Money easy. Tho surplus in the
banks declined TO ST. 100000 Gold 115 1917. Tho
English discount rate reduced from 4 10 81 per cent
ArRiL-Act,ve stock speculation AMI important
decline in dividend paying and fancy stocks. Della
ware and Lackawanna fell Ii per cont; Jersey Central
10; Michigan Central 12A; Eric, T. Pacific Mail
brought only 1914. Money was IN use at per cent
but later was loaned ut and per cent Gold closed
at 1928 The government began the disburse of
silver in exchange for fractional currency. Bank of
England discount reduced TO per cent.
MAy.-Sharp competition between railway and tele-
graph companics--cutting OF rates. The stock market
dcmoralizcd. General depression in business and
shrinkage of values Cotton and silk down. Further
decline In the share list from to is Jersey
Central the tetc moire Government bonds firm and
money easy at to Az Gold 1l2it ll3k on account
OF heavy shipments to Europe.
JUNE-lrreguar prices in the stock market but
with tendency to higher figures. Gold declined to
1l12S in anticipation Of the July disbursements but
closed at ll25S Surplus bank reserve, SIT 527 OOO
and finally $40 ZIG, 900.
JuLyA-Acliv,ty in stocks and brcak in tho coal
shares general feeling of depression and earnest
competition between the trunk lines Gold declined
from ll2h TO lllT. Government bonds in fair do
mand Money ~ and 4 per cent.
AUGUSTA month OF great speculative excitement.
Tho coal combination destroyed. New Jersey
Central tunbled 20ls per cont, Delaware and Hud.
son Canal 254 per cont, Delaware. Lackawanna and
Western 1919 pcr cent, and Morris and Essex Tx per
cent The depression increased by the sale at nue.
ton OF 500 ooVons at average decline 81 70
per ton from the combination schedule A syndicate
WAS formed including the Rothschllds, Belmont & Co..
Drexcl, Morgan Co., Morton, Bliss Il Co., Sclism
Co., and Others to market $500 600 600 OF tho AZ
per cent government bonds. This caused decline OF
Il to 31a per cent IN government bonds tho latter IN
ls6os aud 1SG7's. Gold declined IRON 1llM to lO91,,
closing at no. Money easy ut and per cen. THO |
bank surplus. s2l $4,000.
SEPTEMBER. CONTINUED depression. owing to tho |
weakness oil the coal lines and reports bad crops IN
the West. Prices declined IRON to "a per cent the
latter III Delaware and Hudson Canal. New Jersey
Central dropped 20ys per cent Delaware, Lackawanna
and Western l7yS per cent Morris and Essex 12es per
cent, New York Central 10 pcr cent, and Harlem and
the granger shares &c per cent In tho bond market
Lchgh and Wkcsbarrc consolidated dropped 2oya per
cent, New Jersey Central consolidated Grsts 27a
per cent, do convertible % per cent Morris and Essex
hrss 6ya per cent, and per cent The clos.
ing quotations showed recovery of from s TO per
cent Gold Tell oil TO 1904 and advanced to HOY.
Money loaned from la to 2ls per cent The surplus
reserve OF tho banks increased 10 $23 O7I,775 aud
later fell to SlG,322,T7j