The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-07-07


At the election held to-day to fill the vacancy
created by the resignation OF Mr.. Thomas P. Akers
the unanimous choice OF the Board fell upon Mr.. W.
r. WestcOtt for Secretary OF the Gold Exchange.
The specie shipment to-day was 1856, 900.
The Bank OF England directors made no change
In the discount rate at their usual weekly meeting
'soday.
GOVERNMENTS LOWER.
The decline in the gold market, and q trinfng
reaction in the London quotations OF United
States bonds, occasioned fractional yielding
In domestic prices Of government securi.
ties. The recent advance was TOO rapid and
carried the New York above the London market.
Hence the very natural effort to restore the equi-
ubrium or prices to-day. The market was steady,
II not strong at the lower quotations. and closed
with the following street prices:-United states
currency skies, 116 o 115h; do, 1881, regis
tered, 10y 115x; do. do, coupon, 115h 115I;
90. hve-twenties, registered, May and November
lax ll4sS; do. do, 1860, coupon, do, 114Z a
lis; do. do, 1864, do. do, 1141 q 1l4,s; do. do
1896, do. do 1l4I4 114sI; do. do, registered Jam
uary and July. 1l3 1131S; do do, 1885, coupon, do
lib 1l3H; do do. 1857, do do, 1l3I 113H; do
do. 1868, do. do, l13 llSH do. ten-fortes regis
kered, 1l1h NIX; do. do, coupon, 1929 1925.
STOCKS DULL.
The stock market was very duh. There is appar-
emily no outside interest OF o speculative or invest
ment character. The knowledge has become so
well spread that the leading stocks are in the hands
or cques that speculative buyers will not take hold
wnere the chances OF small rise are more than
'counterbalanced by the risks OF heavy decline.
while investment seekers think prices too HIGH and
expect from the experience OF years. that they can
do fully as well. not great deal better
next winter, when the clamps Of tight
money force the cliques to disburden themselves.
Last summer the Northwest stocks were all concen-
trated In spot In Exchange place, but were left
severely alone BY the public until last winter when
che clique had TO sell and dispense them at the prices
people were willing to pay. ''corner' in North.
west common was frequently attempted, but always
failed, because the "Dearsn had sagacity enough not
TO sell clique stock II this experience is repeated
next fall 1t Will not be the first illustration history
repeating itself in Wall street. The falling or
In railway trafic, as shown In the recent enormous
decrease Of 100000 In month In the earnings Of
the Ohio aud Mississippi road, Is another for
the public distrust in the current quotations for
many Of the Western railway shares, particularly
tnoso which are not on dlvidend-paying basis, and
are, therefore, only getting deeper into debt day by
day. railroad on the downward grade In the
matter ofearnings, has double momentum toward
bankruptcy, for the reason that the In
creasing noatin2 debt augments at COM
pound interest speed. The chief features In
to-day's business were Lake Shore and Rock
Island. which, side BY side few days since, have
gone IN opposite directions, the former down TO
1854 and the latter u2 to 110ss. Union Pacific ad.
vanced to 3lX. Reading also was conspicuously
slrong with sales at 1l2A. otherwise the market
was weak and toward the close or business In the
board, when the clique agents had left the apart
ment everything suddenly broke down, partial re-
covery ensuing only when they rushed back from
thelr Offices, and the final sidewalk prices being in
some instances the lowest OF the day.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
prices OF the principal stocks during the dav.--