The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-28
WALL STREET,

thOugnt In this connection. An enecttve method
for the reduction OF the cost OF carrying is en-
courage manufactures for the working up near the
place of growth OF
THE RAW MATERIAL.
Before the war, cotton was. In one or two exper-
mental instances, probably sent from the South
on the bobbin instead OF in the bale. 1t thus
economical space and expense and lost none OF
its usefulness. Experience has demonstrated that
the nations which supply clothing to the world are
more prosperous than those which supply food.
Old England and New England, Pennsylvania-all
the Manufacturing States, indeed-owe their vast
wealth to their machinery. Great Britain sends
abroad 1eet of ships that gather the products of
every nation, and owes her greatness to the steam
engines that convert these products into merchan-
disc. 1t is the working up Of raw material tnat
creates profitable industries Hence 1t Is o thought
worthy Of consideration whether the question OF
cheap transportation may not finally be solved by
the employment, on the part OF producers OF
agencies similar to those that enable the workers
of the East to accomplish such grand results in the
accumulation OF riches and The development OF
trade. There must be ttA
MARKETS AS WELL Az PRODUCTS,
and the nearer the market can be brought to the
producer the greater Will be his profits Diversity
pursuits is essential to the prosperity Of the ag
rculturis:. 1t was recently well said by OF the
oncials OF the Department OF Agriculture that the
great dimculty Of the farming region is that too
large percentage OF the population is engaged in
agricultural pursuits and too small percentage
In manufacturing and mechanical industry. cit
Ia folly to depend on foreign markets. In some
years but three per cent OF our wheat is exported.
An increase IN the yield OF wheat from fifteen to
eighteen bushels per acre In France would equal
the deficiency in Great Britain. In Minnesota sew
enty per cent OF cultivated area put In wheat
and ffty-seven per cent of her people are engaged
In Its cultivation; eight per cent are engaged In
sending It to market; large proportion of the
fourteen per cent OF mechanics and manufacturers
Are building mills and grinding wheat and its
twenty-one per cent OF professional men expect
much OF their income from wheat.
THE HOME MARKET -
Is the only reliable and permanently valuable one
for this cereal, and the nearer to the place OF
growth the surer and larger the benefit derived.
The or the South has been in over production
of cotton and over estimating its yield. surplus
of corn may be put into meat or wool or whiskey,
but surplus of cotton must wait for the slow
grinding of the mills OF the fabricatng gods. Gull
tivating cotton TO the exclusion OF other articles
Ia keeping the Southern States in comparative
poverty. 1t does not produce money enough to
give wealth to population OF 100000 With
three-fourths Of ten States employed in agricul-
ceeds but little that OF New York and Pennsylva-
MIA, where only one fourth are Employed
THE STOCK MARKET IL
to-day has given unmistakable evidence of the
correctness Of the views recently expressed in
this column, to wit-That simple manipulation,
without solid basis, could not long resist natural
causes that compel continued dulness and depres-
SION. The market opened with slight rally
and was followed by q decline on the entire
list which, with single exception, continued
until near the end OF the day, when another rally
occurred, closing the market az 4 y per cent
above the lowest prices. but still generally lower
than those OF yesterday. The single exception re-
serred to was Western Union Telegraph which,
after having sold al 7lX, advanced sharply
to 1874 on the report OF dividend
certain" to be declared, as was alleged,
at the meeting Of the Executive Committee to-day.
Later 1t was reported that the committee had adj
tourned without doing anything, and the price
dropped to 72k, and 1000 shares were sold az 70,
seller 90 days. Still later, and just before the
close, 1t was privately announced that the sub
tect OF dividend mad been referred to q sub-com-
mittee who were certain" to make regular
quarterly dividend OF 2per cent in cash and an
extra stock dividend OF per cent. which served to
mark the price back at the close to 72x This last
report may be true or not; but in either event
the rule OF three II the speculative price OF West
ern Union last year was o., with the certainty"
OF 20 per cent dividend what should 1t he this
with that certainty reduced to only per cent?
The market was extremely dull, ana there we're no
encouraging signs IL any quarter to lend IL even
artificial strength The indications rom
the banks are that mercantile inter-
ests are still resting on the bed rock.
The leaders OF the market were western Union.
Lake Shore Union Pacific and Pacific Mail. wabash,
Northwest common, Rock Island, Central and
st. Paul were also more or less sought after The
total sales OF the day were 156,031 shares, which
were divided principally as follows:-Western
Union, $1,000; Lake shore, ss,s4o; Union Pacific.
1880; Pacific Mail. 1880; Northwest, 1920;
Wabash, 1900; Rock Island, 700: Central $3.50;
st. Paul. 1000; Ohos, 1895; Erie, 1000; Atlantic
and Pacific preferred, 500; Delaware, Lackswanna
anu western, $40; Northwest preferred, $40; Amer
lean Express $50; Adams Express, 1896; O. G. and
J. T., 800; 81 Paul preferred 300; Panama, 300.
THE MONEY MARKET.
The close OF money was made at per cent and
with the abundance Offering 1t was In some
instances dimcuit to ind employment even at this
price. Foreign exchange was extremely dull dur.
ing the day, but rates were arm at about 4. SO for
bankers sixty days sterling ana 4.o1 for demand.
The price OF gold ranged from 1I2,., the opening
figure, to 1l2k, at which the close was made. An
the sales were at these prices, The rates paid for
carrying to-day were ~, 3, and finally 2 per cent.
The operations OF the Gold Exchange Bank to-day
were.--
Currency balances Observation-Disclosures. 400 l6l
Gross clearances. ............"....... 22,6l3,00o