The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-07-24
rs 1T A HEALTHY BURDEN?
sTameness in the Stock Market
To-Day.
PRICES A TRIFLE LOWER.
Erie on a Back Seat--More Ar
rivals of Stock.
MONEY EAsY-GOLD FIRM.
WALL STREET,
WEDNESDAY. July c3-6 p. M

WALL STREET. !
WEDNESDAY, July 23-6 p. NJ
In these busy days OF speculation the prudent
commercial mind will be arrested by the significant
facts TO be presented in connection with the growth
and prosperity of American railroads 1t is within
the memory of many OF our business men that an
terror to tine year 1S4S there were only about six
thousand miles Of completed railroads in actual
operation in this country Ten years later, In 1885,
there were $1,000 miles; in 1868 42,25O miles, and
on the 1st of January, 1873 7017s miles in actual
operation and $50 miles in course OF construction
or this network OF 10000 miles half has been
built since the war, and for five years
RAILROAD GROWTH
has averaged nearly six thousand miles per annum.
The capital employed in this vast interest Is such
magnitude AS almost to stagger calculation. Forty
thousand dollars q mile would show for roads
already completed cost OF So SO7 OOO 0oO and for
those now in progress an outlay going ON OF
$500, 100000. To be included in the former sum is
| large amount Of fictitious capital The aggregate
Is more or less represented by bonds, stocks and
other evidences Of Indebtedness. These are to be
found in almost every city in the civilized world
Here and there not infrequenty we witness signs
OF renewed Indebtedness in the shape of fresh is
sues OF bonds, and apparently deeper plunge into
the slough OF financial difficulty. But this is not
always misfortune. The railroad must keep pace
with population-even slightly in advance OF it, 1t
requires feeders and must build them The old iron
rail has but limited lifetime and must be sup
planted by steel. Hence progress and permanency
are working hand in hand Eventually they will
successfully solve
ONE OF THE GRANDEsT PROBLEMS
IN Christendom-to wit. how to make this monster
undertaking pay. That 1t Will pay there can be no
doubt Earnings are increasing annually. AS the
country expands produce grows, Ireghts develop,
and money flows in from new and enlarged COM
munities. 1t has been estimated that If there
should be IN the West alone yearly increase of
100000 population the earnings resulting from
1Buch increase would be equal So, 900 O00 which,
without a further addition to the mileage, would
bring up the receipts per mile and per Of the
Western railroads to the standard OF the New
England and Middle States. These considerations
are to be borne in mind by every man who has
either invested already or contemplates invest
ment in any of the well known established roads
of the country. The present debt may appear
Dfrightful, and undoubtedly is so; but where that
Inability has been incurred to create new fabric
to strengthen the old structure the future will
demonstrate both the safety and wisdom Of an
Ownership in good railroad bonds.
THE COTTON MARKET
on 'Change to-day the transactions in ''spot''
cotton were trifing, while for forward delivery
business was moderate, at essentially unaltered
! rates. Flour was rather neavy. Wheat was about
steady and corn lower.
THE MONEY MARKET.
Ease prevails in the business Of call loans, the
rates for money still being from to per cent
Exceptional transactions made later at
higher prices. Stock renewals were negotiated at
8, and per cent Lake Shore loaned at 2 per
cent, and Erie from 1-32 1-l6 a q Of per cent
o nat Loans on government bonds were made
t3 and per cent. In discounts considerable trade
was done at rates ranging from 51s to 7 per cent
recording to the character OF the paper offered
Ind date OF its maturity. Exchange ruled dull, as
generally the case on the day Of a steamers de.
,arture. The price remained steady, however, at
09X for sixty day bills and 1104 for short sight.
THE FOREIGN MARKET
piers no especial features for comment. The
market opened firm and continued active. The
blowing are the five O'Clock quotations :-Consols
or money, 92x OK; consols for account, 92A;
ve-twenty bonds OF 1855. old 937s "a; fve-
wenty bonds OF 1897, 9sss o3si; ten-forty bonds,
b; new fves 90H Illinois Central Railway
hsres, 81 SO; new French loan, 6X O
premium. Erie suffered decline In Lon
on during the day from 471 to 46S
OK, at which the market closed. The rate Of dis
cunt for three months bills In open market was
5-16 OF l per cent below the bank rate. 1t Is
expected that the bank rate will be reduced to
per cent at the meeting Of the Directors on
thursday. The bullion increase to-day amounted to
$4,000. French rentes were frmer at SCI. 4oc In
frankfort fve-twenty bonds Of 1862 were 96h.
he quotations from Amsterdam are as follows:-
nion Pacific first mortgage bonds, 6sL; Union
actnc stock, 23x Northwestern preferred, 7o,4;
IT, Paul preferred, 62H; Erie, 81.
GOLD, 116Jl 115sl.
The market in gold opened at 1855, between
rhich figure and 115X it continued TO nuctuate
uring the day. The transactions were not large.
is intimated that purchases were made for par
es whose prudence has prompted them to possess
bore OF the substance and less of the shadow.
he range Of prices Is recorded in the following
Ible:-
A. NJ: ........... 116s I p. M............ 115X
:13 A. M...... 116 2:34 p. M.......... 1l5z
az A. No.. 115X 2:37 p. M.......... 1l5X