The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-08-28
DO sevens, endorsed go; North Carolina sixes, old,

NO. sovens' ehuoisvt W; NORTH carolina SKIES, OLD,
NIX; do do, Funding act, 1865, IT; do. do, new
bonds lSx; SOUTH Carolina sxes 49, do. do, Janu-
airy ana July, lax; do. do April and october, 2a;
DO. Land Company, 1885, January and July, 20; do.
do' Aprsl and October, 2O Louisiana skies, AS do,
lsveev IS; do Fights. levee. o.
THE STOCK MARKET.
, After the experience of the last three or four
uays It must be evident that the bear influences,
now being exercised upon the stock market have
accumulated much OF their force from sheer paucty
orcapitaa, and that the Of brokers themselves
hooking to the future OF trade. are in sympathy
With decline that Is reasonably certain to be
followed by reaction. In other words there have
been few outside orders, hence little legitimate
business OF a profitable character, and MARKET
chiefly manipulated by professional spectators.
by degrees the pubic are becoming educated by
THE LESSONS or WALL STREET.
TINE was when men, dazed by the sudden advance
or prices. rushed in and bought at the top of the
market only to be stunned by o subsequent fall.
Now greater caution prevails, and there are both
healthy hesitation and patience antecedent to
the touching Of any stock that Is merely
pyrotechnlc in its impulses or uncertain in its hold
IT, therefore, the market, as at present. seems dull
It is only because OF the doubt which attaches 70
its stability the fear that prices have not touched
bottom and the consequent absence both OF GUS
who may be at home. The impression prevails
very generally that before the reaction sets in
there may or must be further recession Of values
In order to invite trade, but that when that point
10 reached the autumn business will be large and
profitable to oil concerned Antagonistic to this
view of the situation. 1t may be stated as o TACT
that large blocks OF stock are held by
PROMINENT sPEcULATORS.
who have the means to maintain their power over
the market and give to 1t any phase they may
deem proper. These, however, constitute but a
small element Of the great field Of speculation
whenever 1t appears to O1er to the outside world
Inducements to "come in and wfn." Still, 1t must
be confessed that the market Is in mood that VIII
bear but little comment and less prediction 1t Is
proper to add that just now the figures represent
ing great sales and an active business may be
safely taken cum 07'anO salts. "All ID not gold
that glitters," and match orders and fictitious
transactions for the purpose OF deluding buyer or
seller should scarcely be regarded as potential In
their influence upon the market Prices at the
beginning were generally down, in contrast with
recent dealings. Western Union, which has been
q fsvorite point Of attack, opened ut ss%,
sold at S91 o 8ox Q S9X, moved up to 80
and closed hrm at COX. New York Central sold at
104Ka xaH q los. Lake Shore opened and closed
at 92as touching the extremes OF Il x during the
day. Union Pacific sold down to 25X, but recovered
to 265s closing at u. Rock Island sold at 1857
q o 100. The range OF Erie was SO O 6SA
5oH q * 1t Is intimated that dividend OF
SH per cent will be paid on the preferred stock
and no dividend on the common wabash was
irregular, selling at 67h g. seller TO- e7A eS
67A u. st. Paul sold at sos q q o u; the pre-
ferred stock at 20. G., c. and @. was quiet at 30h
80 a r. Ohio and Mississippi advanced from ssH
to ssx; Hannibal ana st. Joseph from 3eh to 81.
old a. IIorlo Of pono
IFS; Atlantic and Pacific preferred at 26a q.
With reference to
PACIFIC MAIL
there were rumors enough anoat to-day from the
commencement of business until the close to
freight It's entire feet, and at the last there were
lew persons who were not thoroughly befogged.
Tie nearest approach to the facts Is that meeting
of the directors OF the Panama Railroad took place
to-day, at which the proposition was made to loan
to the Pacific Mail Steamship Company $500, 900, on
condition that the latter would give to the Panama
Company clean bill Of sale for six OF It's iron
steamers, embracing the Colon, now anoat; the
Acapulco, now In course OF completion; the Hondu-
rap, Costa RIGA, San Salvador and Winchester, now
engaged in the Central American trade; tnat the
Pacific Mail Steamship Company shall have the right
to redeem the same within twelve months on the
payment of principal legal interest and Insurance.
and meanwhile shall charter the vessels and keep
them employed. It is understood that the discus.
sion OF the question was quite animated, and that
the vote thereon stood to 8. The matter Will be
revived tomorrow at q meeting Of the Pacific Mail
directors, who Will consider the propriety Of &C
cepting or rejecting the alleged prefer. rhe
rumors referred to produced frequent changes in
the stock, and apparently large dealings at the
following range Of prices:- 44h Q ~ q A3S q AN
o ASK AK o Asa ASK AK ASK.
HIGHEST AND LOWEST
The following table shows the highest and lowest
prices Of the day.
HiOhpSk yT1roef