The New York herald., 1874-10-03
FINANCIAL And COMMERCIAL
A Heavier Disposition in the
Stock Market.
An Expmi ina ton of the
situation.
g O L d 1 1 0 1 4
Foreign Exchange Firm-Money
Unchanged.
WALL STRRET,

FRIDAY, Oct. 2-6 Z. NJ.
We are repeating earlier experiences. but with
tone that gives assurance OF restored conf
dence. The sense OF Generalization has disap-
peared from business, and although men are eau
tious, and in some cases tmid, they are in no
sense scared. Thus in the present reaiZauons
that are breaking the force OF the recent bull mar
ket Wa miss the element OF alarm. Holders are
selling stocks now not because they are afraid
but because they appreciate their previous ex-
perience on the street.
THE STRONGEST FOUNDATION OF A BULL MARKET
is large short interest, and the creation OF
snort interest is not compatible with a steadily
upward movement 1t Is the short interest which
prevents the market bursting, balloon fashion;
hence II the present reaction is the result of that
condition OF AFFAIRS 1t is simply establishing the
foundation OF future advance The best illustra-
tion Of the character OF a bull speculation or
movement, whichever word Is preferred In stocks,
is to be found In the excuse given by an Irish lad
ior being late at school on q stormy winter
morning-"Please, sir" said he, ..it was the snow
for every step ] took forward ! went two
backward" 'sIf that was the case, sir" said his
preceptor ''you wouldn't have got here at ALL"
'Please. sir, yes Sir" responded the boy, II
found that out sir so turned around to 60 home
and so reached here.n SO We have, In modified
degree, assurance in the present market that to
There has not been time in the history of this
country when
THE EXPECTATION OF THE COUNTRY
was less reelected in current business. We are
doing scarcely any discounting. We are waiting
The requirements oil the lst OF October in respect
to interest payments startled the financial COM
munity somewhat yesterday. There were the
usual rumors of failures, including that OF
Sporord Brothers, successors to Sponord
Tillotson Co., the well known ship
ping merchants, which we declined to refer
to yesterday, believing it TO be untrue. 1t is to-
day authortativey denied. The other failures
reported are not Of much moment, and IL may be
said that We nave passed point Of liquidation
with comparatively no shortcomings.
NOVEMBER
brings us such promise OF large disbursements
that its assured payments overshadow any appre.
hended defaults. or course 1t cannot be expected
aner period Of settlement such as we have
gone through, shrnkage OF values and an inter-
ruptton OF speculative activity, ,6that we would
emerge full fashioned, without spot or blemish,
into new condition OF solvency. We may have
even further lingering lessons OF the panic but
what We wish to draw attention to IS that they
are circumscribed In their efects and no longer
jeapardNe the tone OF the recovered markets.
STOCKS
declined u TO q per cent before the first CALL this
having been quickly followed by partial re-
covery At the first call there was reaction to
the lowest point, but after midday the market was
nrm and the highest prices OF the day were cur
rent in some instances. The leading feature. as
usual, was Lake Shore. which nuctuated fre-
quentiy between SIX ana s2H. Northwestern
common ien OF to 39h and afterwards recovered
to 40. Pacific Mail declined from 50h to 49d,
and afterward advanced to the former figure.
Western Union receded from soX to s01s,
and later rose to SIX. After the
above mentioned stocks Union Pacific,
Wabash, ONO and Rock Island were most impor-
tant. Mr.. Amasa Stone who some months since
resigned the position OF managing director OF the
Lake Shore Railroad, has Withdrawn his reslgna-
tion and been reappolnted. The stock market was
weak during the last hour OF business, owing to
unfavorabe rumors. Prices reacted 4 to lk per
cent from the highest point Of the day, but In the
nnal dealings the market was steady in tone and
prices showed q partial recovery. The leading
features were Lake Shore, Western Union, North
western common, Rock Island Union Pacific
Wabash and Pacific Mail. The subjoined table
gives the sales oil each stock for the day as also