The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-18

D. Joseph. %: Loulnana SKIES, a 40; do new.
10 46j do. levee skies, IS q 90; do do eIghts.
IS 90; Alabama nves, A6 q 80; do. Fights, So
South Carolina skies. 80; do new January and
July, IA 10; do do, April and October, q q 2s;
Arkansas skies, funded, 3s a 40.
THE SITUATION.
The grand interest OF the day concentrated in
the stock market Events all tended to decline
OF values. Doubts took shape which have hereto
fere only been shadows, and on the strength OF
these, which 1t must be confessed gathered force
from their concurrence, prices went down with q
tread more emphatic than has been heard for many
day. The Chicago fire presented results that
could be explained, but now we have figures
almost as low, and In soma cases even lower, with
out similar reason. Any one who viii take the
trouble to compare notes may discover
that several Of the stocks at present
quoted at their minimum. never before have
offered such opportunities for investment. 1t Is
difficult to conceive any other cause for this con-
dttion Of affairs than an unwilllngness to trust
money to tide that OF late has been troubled by
many hidden dangers. That a stringency exists
which Is not entirely artificial must be conceded
This IL incident to the and to its agricutu-
raj requirements 1t Is also worthy OF considers
ton that notwithstanding the vast volume OF our
currency it has been more thoroughly distributed
command Of capitalists The negro laborers Of
the South alone have absorbed millions-a source
from which money does NOT enter regularly into
the ebb and dow or circulation. Other millions are
locked up In the boards of farmers, small merchants
and individuals who do not keep bank accounts;
80 that taken oil in all, 1t ts not df1cult to con-
ceive how, IN prosperous country like our own,
even $70O $1,000 may, from various causes, be so
condensed at times as to give serious trouble to
the great monetary centres of the Union. This
strngency, however, Ia not the sole influence
which directly Affects the stock market. Cnickens
are coming home to roostn In the manage
ment OF railroads. Weakness is being developed
where strength was believed to exist Figures are
in process of overhauling. Calcium lights being
thrown on individuals who, far as the public
are concerned, have heretofore been operating in
the dark. Although Tor the moment the results
may be adverse to the general interest," In the end
they will prove benefit. That 1t is well to weed
out at times, and get rid Of rot Ia true of finance
as Of agriculture. Coming back to the value OF
STOCKS however, 1t Is dificut to believe that prices
can decline much further without reaction, OF
without shaking the credit Of many OF the smaller
houses which are long OF the market Indeed, 1t
was felt to-day, when rumors were anoat con-
corning the President OF the New York,
Oswego and Midland Railway, that the worst
had come. and with it the turning point. This
road itself Is said to have gone to protests but Its
chief officer, as ON individual and banker, u.s. we
assured, yet incorporated by It's difficulties,
not having endorsed for the company or in any
way assumed its liabilities. 1t may be added that
the time is not far distant when IL Will be emil
nently safe for outside capitalists 10 come In and
buy stocks, although 1t is the experience OF most
brokers that the outside Spectator Invariably
waits until the cream OF his profit has been
skinned or by somebody else.
THE PRICES OF STOCKS
as above indicated, were weak and irregular, with
o downward tendency. The transactions of the
day amounted to about 21S 900 shares, in which
Western Union, Pacific Mail, Rock Island,
Union Pacific and Northwestern common
shared the principal business. The greatest de-
cline was in Northwestern common, which sold
from SIX down to 80. It then rallied to SO, the
closing price. Pacific Mail went or from 43X TO
ok, closing at A. Western Union opened at 80,
sold down to SIX and wound up at
ssH. Union Pacific opened at "a, gained
and closed at 23x. Wabash declined from 59h to
"a, advanced to 5eH and reacted to 65x. Rock
Island receded from 1881 to 1905, rallied to 1917
and closed at 1918. st. Paul common broke
from 45k to AK. with dealings at 43k q 43,S at
the close Erie fell or from 81 to 55k. Quick
silver sold at IS a 80 a 80. Atlantic and Pacific
preferred at 81 q 2oH; Panama at 115H 1131l
Harlem at 12sh 127h; Hannibal and st. Joseph
at 80 so; Ohio and Mississippi at a7h q s5,I set
SO; G., G. and O. at 2SX 20; Canton at SO 80.
HIGHEST AND LOWEST.
The following table shows the highest and lowest