The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-07-17


THE STOCK MARKET. fa5
THIS has been a field day 10. the bulls" and
marked by lively war dance on their part along
the entire LIST o. speculative stocks. Stagnati0n
gave place TO active work ut an cary hour and with
few exceptions Prices commenced steady march
upward. The che. interest," as was toreshadowed
IN Wins column yes criay. ceutred around tie Sc
curities which rest TN fhe shoulders o. Commodore
Vanderbilt and 70 whose success he has as uined
the respons .bihty Chief among th-se was western
Union which started on oeceptiveiy at s7,I but At
the first board eel luto current u a. carried the
price s., rnen through all o. its fractions to ~
s9A, with showing at the close OF the DAY OF
Ss,.. gam say in ave hours Of about "a per cent
LAKE sBOKB
was next the list a favorte subject lor specu.
laton AID the arg transactions whoa took place
gave evidence Oh the TACT that secret handspring
had been dis cOvei ell. THIS subsequently, came TO
light in The shape OF large teiegraphc orders from
the p esident. WHO IA now absent tour OIL IN
spection, to buy The ADVICE being followed ~ MS
friends. who bought Considerably a. 92's 1924 0
92T 80 n the early part OF the day, led to an
enlarged demand by outsiders. which served to
keep the price d. IN at the close at 93S y3'4 e3s.
In this Connection 1t ma not be impro per TO OBJ
serve that, IN the death Of Horace y. Clark and
the election OF his successor. the Lake Shore
new phase !. success. While Mr.. Clark lived Lake
Shore was SAFE as an ally oil the New York Central.
MIR. Vanderbilt was content with the simple CON
trOi OF his own line. When death created new
possibilities It likewise forced new plans and now
1t is net among the deep, untouched problems OF
tue future that bota OF these great lines OF trafc
Will become us common artery giving now to the
same lie blood and possessing greater value In
their unity than they at present possess apart.
The representations or business men with refer
ence to OF these stocks are indicative Of won
deriul confidence In their immediate management,
and 1t is not 10 be idly assumed that prices win not
be quickly responsive to this feeling. Private teie
grams from the West to-day state that Commodore
Vanderbilt, Augustus schell, Amasa Stone and Mr..
Buckhout, OF the Harlem, had arrived at chicago,
and that the Commodore was very much pleased
with the Lake Shore property.
no ERIE.
From some cause that other great railway corpora
tiOn-Ere-showed evident signs o. weakness, the
contrast espec ally to-day being strong between 1t
and It's more unpretentious neighbors. 1t opened
at co. the price III London then being about 46a.
Subsequently London adviCes reported the market
dull and recession to Ash ASK. This caused a
decline on the American side to 5sh SEX, rom
which there was no recovery at the close 1t is
not unlikely that somewhat OF this depressing in
judgment has been found against the company for
over 100000 which has to be satisfied before the
18th August next, and that about 1900, 900 ore
still involved in pending suits These facts. together
with the incomplete report OF President Watson,
the alleged inability OF the company to pay dvi-
dend, owing to Its lack OF earnings and the posi-
bility that loan OF several millions Of dollars may
be required during the next three months, may
likewise have had effect in preventing the stock
from participating in the general bUOyancy OF the
market. 1t should be added that according to
authoritative information twenty thousand shares
are now on their way from England to swell the
volume already anoat here.
At an adjourned meeting OF the Directors OF the
Erie Railway Company, held at hall-past two
O'Clock to-day, the following officers were elected
Tor the ensuing year:-P. Il. Watson, President;
George H. Blanchard, Second Vice President; James
c. Clark, Third Vice President; q. Tyson Fourth
Vice President; A. R. McDonougn. Secretary. Elk
ecutive Committees. L. M. Barlow, W. B. Duncan,
Edwin d. Morgan and Frederick Schuchardt
Finance Committee-Samuel d. Babcock, Adrian
Iselin, h. r. Batter and George IL. Brown. On
motion OF President Watson. the First Vice Presi-
dency of the Board was lett vacant for the present.
T. n.8t . WABASH
Is moving steadily, doubtless in response to the
natural sympathy engendered by its connection
with the Vanderbilt line OF stocks the road being
q part OF the system over which the venerable
magnate Is just now exercising influence and
control. The earnings this year are said to have
been large. and 1t is stated by those who received
the Information from the lips Of the President tina
dividend will certainly be declared in October.
The transactions in the stock to-day were very
considerable the prices showing strength and ad-
vanclng tendency.
NORTHWESTERN COMMON
presented its recently firm front, and 1t Is quietly
limited that in consequence OF several fOrtuitous
circumstances 1t may commence an upward move
tomorrow. or course, much win depend on the
tone of the market but, from the manner in which
this closed 1t Is believed that the active specua-
ton of the day will be resumed and continued.
| As groundwork for this expectation, 1t may be
stated that in the ONCE Of one broker alone orders
were received by telegraph from various watering
places, embracing the purchase or sale Of upwar
of $500 miscellaneous shares Of stock This would
indicate that the strength Of the market is some
| what due to the influence not only Of absentees,
but OF large class Of distant capitalists wh0 OBJ
| serving o drmness in the New York MARKET are
| always prompt to avail themselves Of any specula-
tive tendency. The work OF to-day certainly shows
the presence Of this class Of contributions With
reference to the rest OF the quotations
THE GENERAL MARKET
may be described as follows :-Active business was
done in Union Pacific, which advanced from 2sX to
2sz, the lowest price being 49, New York Central
was strong between the extremes OF 1o3X and
1O4M. Harlem improved y per cent, from 1885,
Northwest nuctuated between 69x and FOX. Rock
Island improved from 110ss to 1l1H. st. Paul
gained u. ohio and Mississippi the same. New
Jersey Central was steady at 1884 1881. The
highest OF Union Pacific was 2sx; the lowest 20.
Pacific Mail advanced from SIX to 37A, with &C
tivity throughout the day. meeting Of the direc-
tors was held to-day, and 1t is recorded as