The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-27
FINANCIAL and COMMERCIAL.
Clearing the Field for
Action.
GOLD LOW e r.
Stocks Active, but Unsettled Railway
Mortgages Steady-Southern
Securities Dull
M O N H Y II A - Y.
M O N r Y II A = Y.
THE JULY INTEREST.
WALL STREET.

WALL STREET
FRIDAY, June 26-6 r NJ.
The light Infantry movements so suggestive of
an opening ampaign were continued to-day with
slight advantage to the "Dull'' side OF the market
although there is still a reticence and lndisposi-
zion to engage in any extended operations until
new levies are organized To use the figure OF the
war, this is the '62 and 1913 period OF the struggle
between the opposing forces in the stock market.
We have had a Bull Rum of some months
hence the slowness in apprecatDg an improved
"wALL STREET." CONSIDERED
In the sense oft familiar utterance as locality
wherein is congregated the great financial figures
OF the period, far as these belong to this
country, the stereotyped "heart,n in reference to
monetary circulation, of this great nation is
bounded geographically on tine north by Pine
street, on the south by Beaver, on the east py
Pearl street and on the west by Broadway. Small
as is the space COMPRISED within these boundaries
very large portion of it is occupied by the Stock
Exchange. which, in virtue Of this, eXerts, or
seems to, controlling influence over the minds
OF those who rest within its shadow, which in
nuence Is also extended to many Others, jewellers
Beyond that pale, but.who are yet brought into
close contact with the members thereof. Singular
as it may seem, however, there is world beyond
that geographical limit above described,
A WORLD OF EFFORT, WITH ITS CORRESPONDING
far higher than any offered there and which the
denizens OF that stinted area either ignore fail
to comprehend. Thus while ''bullsn and tsbears''
fret themselves in eager strife upon the floor of the
stock Exchange, bandying about In huctuating
movement securities, good bad and Indifferent,
as to the actual value OF which they know very
little, and OF which the outside world knows
and in many cases cares less, and concerning
which 1t may be safely said that it belongs
Gn fhnf nlnc6
md out,' the general prosperity OF the
country, Indifferent to this daily tourna
ment Is Influenced by natural causes almost
If not wholly separ ated from those local springs Of
action that affect values there, and is advanced or
retarded in proportion as man has applied his
strength of mind and body in honest endeavor,
and Providence blesses his labor. or course even
here there may be artificial distractions to
THE STREAM OF PROSPERITY,
damming 1t up, as 1t were so that the most ear
nest effort, for want Of certain fructfyIng innu-
ences that should come to 1.-THE proper irriga-
ton, as 1t were that is abnormally suspended
fails to be remunerative. We are passing out OF
Just such a condition in having escaped from q
harassing discussion by Congress OF the financial
problem, with very little nope while it was pend
ing OF satisfactory solution, as we'll as in
having reached settlement OF the legal
tender question, which leaves precisely
to the limit OF that circulation. This possible basis
OF compromise in the event OF other more compre-
hensive legislation failing, was early pointed out
In this column. In this view it Is satisfactory to
note the
VERY FAVORABLE REPORTS
received from nearly all sides IN regard to this
years crops. Our whole financial structure rests
upon our production, and OF this cotton and gram
form the principal items. Present reports speak
IN thn fay n
which at one time seemed threatened by heavy
fresnets and other adverse agencies, is stated by
later reports TO be remarkably clean and well adj
vanced, in much greater abundance than
was at first expected, while grain gives also
the most satisfactory promise of large
yield. California alone is quoted as promis-
ing q larger crop than that OF Russia
Founding our prosperity as nation upon two
such pillars OF production as these, having the
rest OF the world as customers for food and
clothing, the varying fluctuations that occur from
day to day in the stock market, "bul" or
''bearn gains the ascendancy, sink into the insig
nifcance wnen rightly viewed, Of mere ephemera.
having but transitory influence on general
trade and never surely rejecting It's condition
With
TWO ANTAGoNIsTIC FORCES,
however, operating IN the same market the out
slider, who may be inclined to take Sides
will understand how necessary 1t is for him
to exercise caution and personal supervision
OF his interests when seeking or supporting
an investment. In the conflict which
seems near at hand, although even in these mat
ters one can never venture prediction these are
facts which Will have their bearing in the result
intermediate as well as ultimate.
THE BEAR LEADER
is man or great resources, cool and sagacious,
given to keeping hts own counsel never trusting
,th NOR thau nj oT
dence and so distributing it and his dealings
around that it is we'll nigh impossible to place him
at any particular time. His followers are many,
as are always the followers oil men oflarge wealth,
especially when they can give employment ana re-
ward to those who serve them. There is
NO ''BULLn LEADER EQUALLY PRONOUNCED
and OF the same energy and means as this Ursa
Major. The Old Commodore, who was once so dis
tnguishcd leader in this sort OF speculative war
1are, has been extremely quiet OF late, combining
himself to the care OF his own stocks thus Sc
curing, 1T is SAID, a tacit truce between himself
and his "bearr antithesis However this may be,
1t would seem as If the "buu cohorts had yet to
develop leader before they can be said to have
fairly entered the field for a new campaign. The
light skirnshing that has thus far taken place Is
without advantage to either side except perhaps IN
slight increase OF interest in the current days
business. This was not so manifest to-day as 1t
was during the past few days.
THE DAYS BUSINESS IN STOCKS
being limited to 1885, 600 shares with prices nuctu.
ating, distributed follows:-New York Central
and Hudson River consolidated, $500; Lake shore,
54,4OO; Rock Island, $500; New Jersey Central sOo
Delaware. Lackawanna and Western, 1900; Wa.
pash % 900; Harlem, 400 Western Union Telegraph
2o,6OO Northwestern, 1900; do preferred, 100;
Milwaukee and ST. Paul. 1900; do. preferred, 900;
Pacific Mail, 1900; Erie. 10, 500; Ohio and Missis-
sippi, $500; Columbus, Chicago and Indiana
Central 5000; Atlantic and Pacific preferred, 500
Hannibal and st. Joseph, 100; do. preferred, 100
shares.
THE OPERATIONS IN THE STOCK MARKET TO-DAY
showed Armness at the opening. and up TO about