The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-06

III Is DuL just TO say tnat
THE REPORT HAS FALLEN DEAD
upon the stree-that Is to say, IL It's effect upon
the stock affords any indication. 1t was only last
week that the stock was lively on the mere report
that dividend OF two per cent was certain, and
1t moved up to 1874. To-day, in the face OF the
dividend and the report the stock was barely
steady at TX 721S. which would seem to show
that both the general public and the Individual
Spectator repose little faith in mere assertions,
when the figures and facts that should confirm
them may be SO easily produced.
THE STOCK MARKET
to-day was unusually dull and presented no fea-
lures that have not repeatedly been the subject of
recent comment. Beyond the certainty OF periodi-
cal fluctuations, the recurrence Of which is ex-
pected as regularly as the ebb and flow of tides,
Wall street affords no evidence of an Improvement
In prices, and no sympathy with some of the out
side reports concerning the commercial prospects
OF the country at large. This fact alone Is sgnif
cant. There is no place in the country where the
0rst sign OF convalescence will more quickly
manifest itself than here. The railroads of the
country, speaking broadly. represent onethird or
0ne-quarter OF its invested wealth. Railroad
securities are the capital OF Wall street specuIa-
tors. Do they show in their reported earnings or
resources any signs OF financial recovery Are
manufacturers, farmers or merchants contributing
10 swell their ireights and assets9 Are their
DEBTs BEING WIPED OUT
by enforced economy, or their dividends being
paid-if at al-from an honest income In short,
are these corporations, great and small, all over
the country-buried, as they are, under q mass of
watered stock that represents three times their
real value-nviting investors to come greedy into
the speculative arena and buy with any positive
assurance of profit The answer has been given
by our Stock Exchange during the last sixty days.
The people have been cured OF mania, born OF
the war, to scatter money BROADCAST. Profits do
not graft so easily as they used to do on every
vine and weed. We are getting back to a consid-
Grafton OF intrinsic worth. BY slow and silent
processes money ia again asserting purer pur-
chasing power, and, IN spite of speculation. the
true measure OF values Ii once more being applied.
THE oLD-FAsHIONED YARDsTIcK
Is gradually coming into use, although in another
shape. The result is showing itself everywhere
nom the furbelows Of the fancy dry goods store,
and the simplest purchases OF men and women to
the greatest Industrial undertakings OF the day.
VI the course OF stocks during the past six hours
there Is little to be said In the way OF description.
The opening was at about the closing rates. After
THIS there was decline, followed by rally and
subsequent decline, that was maintained until
nearly the end OF the day, when the market i'm
proved trlne, but not to such an extent as to
warrant favorable comparison with the opening
ngures Oh the Gay. Some DISAPPOINTMENT was ex-
pressed at the delay in the receipt Of an abstract
OF the annual report Of the Chicago ana Rock
Island Railroad, which should have been presented
at the annual meeting or the stockholders at Chi.
cago on the Sd inst. The effect OF the statement
OF the axe Shore Company, foreshadowed in this
column yesterday, was not materially felt IN
sharp change Of prices. The statement was du.
biously received. The stock opened at 72&, and
after having sold down to 72h. closed at 72h
72,s.
THE GOLD MARKET
There is nothing new to DO added to our reports
or this department save that prices continue to
show the weakness and dulness OF the market in
the face OF specie shipments. The engagements
for to-morrow's steamers for Europe amount to
100000 in gold and 81, 900 in silver bars. The
price OF gold at the opening was 1l1h. subse-
quently it advanced to 111x, and the close was
made at l11k. The carrying rates were rom one
- three psr cent DAT ana finally one per cent