The New York herald., 1874-10-10
FINANCIAL and COMMERCIAL
The Stock Market Again Depressed
Some Of the Causes Therefor.
The FOREIGN SITUATION
Money Hardening in Prussia and Symptoms
Of Squeeze in Gold Here.
WALL STREET,

showed the influence OF the depressing causes to
which we have beret tofore referred, and which are
beginning 10 be appreciated In speculative as they
are areaoy Understood In commercial circles.
Prices declined from the opening figures without
single exception, and in some instances the
changes were sharply marked. 1t is noteworthy,
too, that the fail was a natural one and not due
TO any individual or combined bear efforts. 1t
seemed to be rather the result OF more careful
survey OF the financial situation than has recently
been given to it, and recognition OF the facts
that are at work In the business world ON both
sldes OF the Atlantic and which only short-sghted
men ignore 1t Is not paradoxical that an idle
surplus OF none AT this season OF the year means
IDLE muscles among the mechanics and producers
oi the country, or that enforced economy In
alcattve Of absolute poverty. The evidence is too
abundant to need recapitulation. The nation Is
ike ship which is
TRIMMING SAIL ACCORDING TO THR CARGO
she carries, and no operator can be permanently
successful who shuts his eyes to the new con-
dltion OF things and does not realize that the peo
pie hereafter Will do their business as they COM
menced one year ago, upon a lower plane and at
reduced speed. revolution is going on in rail-
road NJ In all other kinds Of property. Grain and
food are cheaper; freights are lower; merchants
are patr0nizing the manufacturers less, and the
earnings and profits OF almost every branch OF
trade show decline compared with that OF last
year that may be. IN spite OF present evils, the
forerunner OF healthier basis OF work hereafter.
1t is difficut to escape this conclusion, and hence
in reviewing the narrow field Of Wall street we
discover, In outside surroundings, the natural
causes for condition which 1t seems strange
could have been even speculatively altered by
local manipulation. 1t is significant that there
were
NO RuMoRs TODAY
Not firm lailed not a sign Of commercial weak
ness was anywhere observable on the commercial
horizon. The droop was the result OF pure sell
Ing process by those who were long OF stocks. 1t
Is 10 be added, however, that this class cannot
permit too serious declne for, being unable to
unload, as 1t were, all at once they must come In
now and then to sustain the market, and in the re-
suit OF their operations we shall doubtless
reactions from time to time and encouraging raj
lies to tside buyers. 1t Is understood that here.
after whenever member OF the Stock Board Is
found disseminating rumors or asking impertinent
questions concerning the standing OF this house or
the other, or in any way tempting to demoralize
the street, the Governing Committee will sit upon
and, II advisable, suspend him. At least this Is
what Dame Rumor says.
GAINS AND LOSSES
It will be seen by the following exhibit that the
market has presented little encouragement to-day
to those who expected higher prices There was
not single gain on last nights closing figures
and we have to record follows Losses, New
York Central, 4 per cent Delaware and Lacka-
wanna u; Erie, TX; Hannibal and ST. Joseph, 1;
Harlem, n; Lake Shore, l; Northwest, X; Ohio
and Mississippi, ?. Pacific MAIL X; Panama, \;
Quicksilver 4; Rock Island, u; St. Paul. u;
wabash. IL; Union Pacific, u; Western Union, \.
In London Erie lost per cent
MONEY.
NO change is to be recorded in this department
the rates for call loans still being from to per
cent. On time per cent Is demanded for miscel-
ianeous securities and per cent on dividend pay
Ing securities Paper is sharply scrutinized.
Foreign exchange was weak and sold at 4.84 q
l.s4k for good to prime bankers sixty day ster
ling. and 4.s7h a 4.s7A Tor demand. Commercial
bills closed at 4.sl a 4.83.
GOLD.
The opening was made at ITO; the close was
made at llOs All the sales Of the day were mad.
between these figures An advance in the bor-
rowing rates OF cash gold to 1854 per diem exer-
cised banelul effect and induced Tears OF pur.
pose to manipulate for yet higher prices. The
other rates paid for borrowing were 8, A. az, and
per cent per annum. Loans were made nat.
OPERATIONS OF THE GOLD EXCHANGE BANK
GOlu balances. 81, ass, 536
currency baan@es...... .................... L6O6. 79S
1ross ciearances........ .32 S96, 600
CLEARING HOUSE STATEMENT.
Currency exchanges. S6q 314,550
Currency balances. es..................... 3,296.506
toid exchanges. Observation-Disclosures. 7,716,339
Gou balances. s.......................... 1121, GOT
TIE UNITED STATES TREASURY.
The receipts from internal revenue to-day were
s27,326; IRON customs, sa27,OOo. The receipts lor
customs for the week ending October were as
follows -Boston, $1o3 729 So Baltimore, $46 264 s2
Philadelphia, $76,40O SO; New Orleans, $32 1926 05.
The Assistant Treasurer to-day paid out $2o 900 on
account OF interest and $4,000 in redemption Of
hve-twenty bonds Fifty thousand dollars called
bonds were received at the Treasury for redemp-
Aion to-day.
GOVERNMENT BONDS.
Government bonds were quiet. One lot OF
$4,000 currency skies changed hands at 117X
The following were the latest quotations :-U nited
states currency skies, l17k 117a<; do skies, 1884,
registered, 1Tk q 1l7H; do. do 1881, 11s a 1ls5<;
do. nve-twentIes, 1862, registered, 1921 no;
do. do., do, coupon. 1l2s< 113k; do. do, 1864,
registered. l1l3s INK; do. do, do, coupon.
,1lsX l15s; do. do, 1896, registered, 112k
l1lS; do. do, do, coupon, 1861 ll6s: do. do,
H1soS, new, registered l161s 1l5a< do. 90. do,
coupon, 1l5s 116; do do. 1857, registered, 116k
- 1l6h do. do. do, coupon, 117k u7h; DO
do, 1868, registered, 116k III; do. do, do.
tcoupon, 1l7,s MY; do. ten-fortles, registered
l111 q 1ll,s do. do, coupon, nix liz; do nves
ASST. registered, 1l2l4 112S; do do, do coupon,
MIA l12h.
mpoRrs OF DRY GOODS.
The total imports OF foreign dry goods at this
tDOrt for the week ending to-day were $2,0l9,347
and the amount marketed 81, ls0, 900. The imports
for the corresponding week Of last year were
81, ,09l, ,ll2 and for 1872 $1,4oa240
RAILROAD BONDS. e
Some activity was developed IN this department
Or the market and improvements are noted. New
York Central frsts advanced to no. Central
Pacidcs sold at 92x Q 92x, Michigan Central sew
ems at sszs, Rock Island sevens at 1oek, Ohio and
Mississippi consolidated at s3 North Missouri
nrsts at 81, Toledo Peoria and warsaw, Western
Division. at74; Galena and Chicago hrsts at lo2k.
Snd Canada Southern hrss with interest GER
eidcates) AZ 5s. Central Pacific bonds closed at
D2h ON and Union Pacincs at Ssn . ssh or
nrsts. Sa. S55 lor land grants and TAX Is for