The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-07-16
NEW HERALD WEDNESDAY, JULY 49, 1s7s-TRRLE SHEET

perpstesc regularity, dropping the profits BY the
wayside; but there Is another class VINO have daily
| exhibited confidence in the ascendency of prices
and discover egittmately logical sequence to the
| premises ON which their hopes were based Per-
haps no little Of this telling is due to the promi-
| hence OF one man. When an individual possesses
twenty, thirty or nifty millions Of dollars there il
| no use In denying the fact that he can move the
money centre OF America from the ridge pole to the
foundation stone. And when be adds to the pos
session OF tnat wealth certain degree OF pride In
| power, and starts forth to accomplish q given
object, few men will dare to deny the intent or
combat the success This Is one, and
! psEhsPs fAe chief cause Why. western
Union stock, New York Central, Lake Shore
and Wabash las feeder and eventually
part OF the system Of railroads radiating
from New York; have shown hrmness that has
given prominence TO the entire stock market now
quoted. 'Sympathies." ''whims" ''rumors."
each may exert temporary influence, but when
''the street, feels that millions are at the nod and
| beck OF q man whose determination strengthens
with his age, 1t is not wonder that by voice and
| by telegraph the commercial world attach their
destiny to his and give tone incidentally to all pub
lie matters with which he may be identified Pos
sibly it is for these reasons that we have seen
growth OF strength In the face Of the market OF va
rions stocks until to-day OF all OF which this 'od
man Of millions" che husband and leads the list.
THE VOLUME OF BUSINESS
was particularly strong. Western Union opened
az s6K, moved on upwards to 81. to S71t q S7k
SIX, and closed at s7A. The prediction is
that 1t will become under the present man.
agement part passu one Of the most
valuable investment securities OF the mar
ket. 1t was stated that the directors intend to
divide among the stockholders about six millions
$500 ,OOO) now In the treasury Pacific Mail
opened ut &c. maintained its strength during most
Of the day at 39H q 39k q 39ss, but at the close,
in consequence OF the publication OF the condition
OF the company, receded to 3SM. New York Gen.
trail nuctuated only between 1881 103x. Erie
was somewhat In sympathy with London prices,
and changed only about u per cent. Lake Shore
was steady between s2X s2h. Union Pacific
likewise did not vibrate much during the day, but
was hrm ct heretofore quoted prices.
NORTHWESTERN COMMON
appears to be growing in grace. The sales were
not Only large, but indicative OF better acquaint
ance with the resources OF the road, the prices
evidently being based upon facts rather tnan spec
ulation. They showed, also, an Improvement upon
recent quotations, opening at 69A and advancing
rapidly per cent, with active demand. Perhaps
nothing could be more suggestive OF the tone of
the market than the desire to bring this stock up
again Tor active speculation. Rock Island sold at
1l0X 110]a, st. Paul between 62& 52A. Wa
bash between ia 711S, Delaware. Lackawana
and western between 1UlH q 1927, Hannibal and
st. Joseph at AK 42A a ~, Atlantic and Pacific
preferred at rs g. with close at 25, c., G. and
l. G. continued strong at 3laS 80 32A 32h, with
q close at 81.
PACIFIC MAIL.
Very considerable interest was embodied III the
meeting OF the Pacific Mail directors to-day. mas
much as the results proved to be Q revelation Of
the actual financial condition of the company, and
brought to light some OF the weakness about which
the public has for q long time been in doubt. For
certain purposes the meeting was pronounced to
be one belonging to the ordinary routine, yet it
produced certain items which found their way to
the public ear and made the occasion more valua-
BILE than any which has preceded 1t. First and
most important, the directors indicated insolvency
on the part OF the company. They showed debt on
every side-debt to builder OF steamers, debt to
employees OF the company, debt for city taxes, debt
for the building OF engines in Scotland debt to be
incurred in placing almost every one OF their
steamers in a seawOrthy condition; in Short debt
for everything. Aside from these figures, 1t up
pears that they have exhausted their subsidy for
the present year-s1, OOO, 900. They are spending
more than they earn. 1t costs
NINETY THOUSAND DOLLARS FOR ROUND TRIP
from San Francisco TO San Francisco, and for COM
petition there are already five German screw
steamers and three English steamers on the
route, besides three english steamers, which
now on the stocks and will be COM
pleted and paid for before the opening OF the
Spring tea trade. AS nearly as the figures can be
reached 1t appears that the Pacific Mail Company
require two millions Of ready cash to put their
feet in a condition to compete with the eleven
English and German vessels which win compose
the working force on the Pacific coast by the 1st
OF next May. without going into details it may
be stated as q sample Of the companys debts
that there is due $4,000 in city taxes.
$4,000 on engines now building. $o5o,ooo to
Messrs. Roach 4 90. on construction account,
together with large sums necessary to place their
various steamers In q seaworthy condition. OF
these steamers 1t Is said that the Ocean Queen and
Rising Star, plying between New York and Aspn-
wall, will have to be withdrawn because unfit for
service, while the old ships are depreciating in
value so fast as to occasion a loss OF from ten to
fifteen per cent. 1t may be added that al the
NEXT SESSION OF CONGRESS
one OF the most influential members has expressed
determination to slit the subsidy business to the
bottom and reveal the manner In which money
was expended to obtain the boon that
now constitutes the beacon light Of the
company. Under such circumstances as
these 1t is useless to add one word
The bottom has dropped out. The bubble has
burst. England and Germany and China-for there
are Chinese capitalists in this opposition-have
stepped in, and with their steamers are running
at an expense equal to twothirds less than that of
the Pacific Mail Company and have whipped
another American enterprise clean out OF their
reckoning. There has been some talk about q loan
OF $780, authorized In response to the prefer Of
bank in California In the first place the amount
as Pacific Mail could stand IL per cent per annum
or it would place Its securities among the moneyed
men Of Wall street.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
prices Of the principal stocks to-day