The New York herald., 1873-10-02
FINANCIAL and COMMERCIAL
4 QUIET DAY In WALL STREET.
THE EXCITEMENT SUBSIDED.
DulneSS in the Stock Market and an
IndispOsitiOn to Speculate.
THE SHYLOCKS OF THE HOUR.
Prices at q Point Which Invites Investment
and Many Sales for Cash.
M o N r Y r A = z n.
A Better Feeling All Around-.-G0ld
Lower and Unexcited.
GOVERNMENT BONDS TIRMER.
More Activity in Railroad, State
and Other Securities.
M o N Il Y r A = I r R
A Better Feeling All Ar0und---GOld
Lower and Unexcited.
GOVERNMENT BONDS FIRMER.
More Activity in Railroad, State
and Other Securities.
WALL STREET, |
WEDNESDAY, Oct. 1-6 p. M. I


The dulness OF the Stock Exchange to-day was
almost painful in its intensity. The dealings were
confined to few, ana 1t was evident that, outside
OF these few, there was little inclination among
brokers to experiment with the situation With
out entirely laying bare the skeleton 1t is well
enough to suggest that the Governing Committee
will act pruaenty IN extending the period Of sus-
pension OF the twenty-nfth rule Tor little while
longer-that is, provided the desire still exists to
save the credit Of several firms. Such a course
will also tend to keep prices down. and the longer
they remain quiescent in the present feverish con-
dition Of the country the better will IT be for the
community. Everything is working normally and
well. We are recovering slowly from the effects Of
the fright, but 1t requires just much caution in
treating
THE CoNvALEsCENCE
as was needed in the disease Keep down inna-
ti0n; stay prices where they can be measured by
intrinsic value; give the market steadiness; let
the public that there opportunity to pront
by low figures; inst confidence; delay every ex-
citing contingency as long as possible procrast
nate settlements until the tone OF the street and
the country is firmer; in short, make the Stock
Exchange the exemplar OF financial conservatism,
and the healthiul influence will be felt far and
near Just now there are too many people anxious
to "bull' the market; whereas, lett to ITSELF the
market would take and keep position eminently
In accordance with existing facts, and preserve
naturalness that would invite confidence AS has
been said above, there is nothing IN the immediate
situation that suggests alarm, but an jnjudicious
slip may prccpitate the worst OF evils.
THE VICTORY
so far has been won by "masterly inactivity" and
1t ought not to be jeopardlzed by any rash yield
ing to the behests OF impatient SPECTATORS. Wall
street can afford to wait while the rest OF the
country is in peril. We grant that there are one
or two Shylocks on Broad street-there is no
meaner or more appropriate noun-descriptive that
can be applied to them-a species OF men who
would steal nuts from blind cripple and throw
him the shells, to whom much OF the unsettled mind
OF the stock brokers may be ascrlbed; but COM
binaton will destroy the power OF even such men
for evil and teach that in great trial like the
present those who attempt to exact ''the pound Of
feshn win win for themselves only contempt and
an obituary notice that will be stencil in the
nostrls OF their fellows. Individual greed is never
more conspicuousy outlined than when in con-
trast with the manhood, the patriotism and the
unselfshness OF an entire community.
THE MARKET
was devoid of extraordinary interest, although
alternately strong and weak. The principal specu-
lation was In Lake Shore Western Union, New
York Central. Rock Island and Union Pacific, with
a fair distribution of business along the line. The
here noted that Western Union fell of from eeX to
66, to 67H, receded to 631, rallied to Co. and
closed at SO. Lake Shore declined from 75L to
Tx, rose TO 1914, and left OF at II a. 71K. New
York Central sold at 91k 90h o 90a4 s9ys,
Rock Island at 90a 90k 81 SS
20 80, Ohio and Mississippi at 29H 27I
o 2SA a %, Northwest common at "A q AZ o 42h
. AZ; preferred at 65 a 66k a 654 st. Paul common
at 35 32ssa 33S 49, preferred at 81 SO, Erie at
SIX a 81, preferred at 81 a 69t1 60, Wabash at
Az q 45 a 49, 43h, Harlem at III q 112h a Ill,
Pacific Mail at s3& al1 saA, Delaware, Lacka.
wanna and western al ss1 a s71k ss, New Jersey
Central at 92 90h, Panama at 961a 95 9S1s, ex-
dividend; Union Pacific at loa[ 20 1s4, c., G. and
l. {. at 225s q 22,1 22N, Hannibal and st. Joseph
common at 25 231a "a, and Pittsburg at 81 a so.
The general market at the close was quiet. Much
OF the business continues to be done for cash. and
there is an evident desire to invest at present
figures.
NATIONAL BANKS.
The question has been discussed In various cir
cles whether the stockholders of national bank
are individually liable for an assessment on their
shares in case the assets OF broken bank are not
suicient to pay Its depositors. State bank stock
holders are not thus assessable 1or the safety OF
depositors, but it may be OF relief to many
who are in doubt concerning the other class to
quote tnat provision OF the National Bank law in
regard to individual liability, which reads as fol-
lows
The shareholders or any association formed
under the provisions OF this act shall be held In
dlvidually responsible, equally and ratably, and
for another, or all contracts, debts and en-
gagements OF such associations to the extent of
the amount OF their STOCK, at the par value thereof
In addition to the amount invest ted in such shares.
It follows from this that the larger the capital
OF the national bank the greater the security ior
she shareholders. ~ 0 %f taHy 1-
THE GOLD MARKET
presented unusual fea lures, being inactive and
lower. The following were the principal quota
fions of the daY.-