The New York herald., 1874-10-24
FINANCIAL and COMMERCIAL
The Stock Market and Its vagaries--Its
.anta Movements Mysterious.
GOLD sTEADY-MONEY EASY.
Bonds Generally UNCHANGED and
''', Speculation Waiting.
WALL STREET,
FRIDAY 0cf % a u M I

r ru es4fe a-4N WALL STREET,
.l4 FRIDAY Oct. 23-6 p. M.
The stock market to-day was only interesting
because It was mystery. NOBODY seemed to un-
Gerstand IT, The Oldest operators, outside OF one
or two ''p0os," were unsettled in Judgment. and
most Of the risks taken were based upon the pros
poets OF gamble for twenty.four hours. The
real business men OF Wall street-those who
operate on what may be called the "loglc
tof events"-are demorazed by two antagOnistic
liacE; nrst, that certain stocks which ought
10 DC low are srtnciallY high and those
which ought 10 be hign are NATURALLY depressed.
IT Il an abnormal condition, ana one which unset
ties the CALCULATIONS OF the shrewdest SPECTATORS
Thoso who are bnlllng the market are doing so
merely with adroltness and not with permanent
iaitn IN their work, for 1t is more than probable in
view OF the COMMERCIAL outlook, that a few weeks,
II not q lew days. will witness q change In the
financial situation. Wall street cannot bloom
as q rose while the rest OF the country only
grows weeds. description OF to-dayis market
therefore means nothing and will be chiefly
interesting to those who have made brief ven-
tures For the great mass of investors outside OF
New York we think there is reason tor the encour
aging words
-.E-s" "HoLD oN.n
While values are working downward toward the
Abed rock" the country s gr wing too fast to per-
init ruin to any worthy corporation, even when
tho lowest speculative stratum reached. An
American railroad sometime and somehow, will
fulnl It's purpoee. prove its worth and become
a part or the machinery Of the progress
OF whlch, as people, we boast We may ior the
moment decry values and curse bad luck, but there
never has been tine IN the history OF the coun-
try when disaster was not succeeded by recov-
cry commensurate with the greatness Of the mis-
fortune And SO we shall see good times again.
rho 1trn ri1r ho
ure the difference between the good and the bad
Just now; the brain OF the dollar may come In to
analyxe that which Is the true and false; but
in the end the result OF all OF the
liquidation which ls going on, the microscopic
examination taking place with reference to every
railroad STOCK the commercial rule that Is being
enforced IN the case OF every merchant operating
or living beyond his possibilities, must eventually
bring the country. as q business corporation, up
TO that level wnereon calculation can start afresh
and capital take new confidence in the WORK OF
national development.
\ ~ THE MARKET
to-day was irregular. Less sympathy between
stocks was shown than usual. The sire myth OF
the leaders was inconsistent with the weakness
OF lower priced stocks, showing on the face an
artificial movement. Lake Shore was again the
chief speculative feature as indicated by dealings
20 the amount OF $4,000 shares and by prices rang
dng from so,S TO 79H. the close being made at so.
1t tis satd--out we nave no knowledge or the fact
that o large snort interest was made in the
stock. and 1t Is claimed that when
the pool has exhausted its Efforts the price Will
decline from sheer weakness, ior lack Of any in.
1ernal sustaining power. Western Union opened
at 79sS the highest point OF the day; receded to
7sts and closed at 7sh Erie ranged from 30 to
29i1 and closed at 29k. Wabash opened at 29h,
gained 4, receded to 2s3S and closed at 29k. The
dealings in this stock amounted to 27,000 shares,
and large buying interest was developed. In an
interview between the writer and one Of the
chief 0ncials OF the company 1t stated that at
meeting OF the Board or Directors to-day 1t was
1uliy determined to pay the November interest,
the company being In good condition for the
purpose. or the August loan upwards OF $25o.000
have been paid. and there is nothing to debar the
payment OF a sum less than s30o,oo0. which comes
due In the next mouth. The official announce
ment OF the determination of the Board win be
made IN day or two. The Improvement OF the
stock toward the close was ascribed to the fore.
going facts. New York Central was steady at
zo0z. Pacific Mail went on rom Asls to Ask, and
closed at ASK. St. Paul sold at s2s 32H;
Rock Island at 97zs a 97k 97X; OHIO
and Mississippi at 2s11 2sz 2s2s 2sh;
Atlantic apd Pacific Telegraph closed at 10 164,
Hannibal and st. Joseph at 231s, Panama at 1l2a4.
New Jersey central at lO4l4, q. u ana !. =. at
sg Q, Boston. Hartford aud Erie at X and Della
ware Lackawanna and western at 1914 1o7ss.
GAINS AND LOSSES.
Compared With last nights prices the majority
OF stocks show slight losses, as Erie, ~;
Lake shore, "; Northwestern, y; Pacific Mail. u;
Rock Island. Vi; Wabash, u; Union Pacific, y;
Western Union. 4. The leading features Of the
day were Lake Shore, Wabash, Union Pacific,
Western Union, Pacific Mail and Erie. The trans
actions on the stock Exchange to-day aggregated
154.0o0 shares. a ,st fe
among the principal stocks were distributed as
foiiows:-New York Central and Hudson River.
2l0; Erie, 18,70o; Lake Shore. 43,4oo; Northwest
ern, Also; do. preferred, 100; Rock Island, 2 400;
Pacific Mail, 1880; st. Paul, 900; do. preferred,
200 Ohios. e,075; Western Union, $500; Wabash,
81 900; Union Pacific, 1900: c., G. and O., 1900.
oPENING, HIGHEST AND LOWEST.
The following table shows the opening, highest
and lowest prices OF the day
opening. Highest. Lotcest.
New York Central 49,. 1ooA 100A l00M
Harlem. .l2sh lzsls l2SI
Erie ...... ........ 20Z 30 2ak
Lake shore ............ sOx sos 1917