The New York herald., 1874-07-20
FINANCIAL And COMMERCIAL
Quiet but Generally Firm Mar
kets on Wall Street.
BULL VS.. BEAR.
The Situation in Stocks as Viewed from the
Outside of the Stock Exchange.
WALL STREET,
SUNDAY, July 10, 1874.

WALL STREET, |
SUNDAY July 10, 1874.
The net result OF the operations of the week
which closed Saturday night in the Wall street
markets has been a generally improved feeling,
frmer tone and in the stock market higher prices.
The influences operating IN the latter were not all
new. those OF last week appearing again in new
guise, according as later Judgment changed their
quality. The direct influences. however, born OF
the era, although few, were by no means unim-
portant, and deserve to be well considered In con-
necti0n with the results shown; and first order
OF these was
THE sMALLNEss OF THE MARKET.
The extreme heat had previously drawn out OF
the city to various places numbers of the chief
operators, who naturally, before going, closed out,
so far as they were able their connection with
stocks. To this was added the extra attractions
hence of the University boat race at Saratoga and
the Monmouth Park races at Long Branch. Thus
for good part of the time the street was literally
bare OF anything like large operators, and the
business throughout was on an exceed
ingly restricted scale. The natural ex-
pectaton in such condition of affairs,
especially as it is well known experience
on the street that the "bears" cannot afford to
leave town. they must stop at home to take care OF
their short contracts, lest some unexpected turn
was the "Dulls" who were away-wOuld be Of
continued weak and falling market. whereas the
contrary has proven to be the case-viz.,
STRONG AND COMPARATIVELY ACTIVE MARKET,
which. taking Its tone from the unexpected twist
given the shorts who rushed in to sell TOO early
after the Chicago fire, continued with slight reac-
tions up to the close of business Saturday night
There are two explanations OF this seeming para
doX In the current situation TO which the outsider
would do well to give attention that ne be not
caught unawares by any unexpected developments
In the market this week. And first, we have to
account for the stronger market and higher prices
the increasing assurances of first rate crops, both
OF cotton and corn, together with the improving
promise Of the foreign market therefor, marked
Improvement in the dry goods trade during the
past week. with an increasing demand from west
ern and Northwestern jObDers, strengthening
conviction that whatever the decision may be to
be rendered by the Supreme Court in the case
made up for 1t under
THE WISCONSIN RAILROAD LAW,
it will not be such as will impair the rights OF
property In the enjoyment, use or hire, for
reasonable compensation, OF property legally &C
quired, or affect the creditors lien upon the same,
which, taken together with an easy money market
both at home and abroad millions OF unemployed
capital lying idle-and restless, striving, indus
trous people such as ours, give such confidence In
the future as to go long way TO allay any appre-
tensions that may be entertained in the immedi-
ate present. On the other side we 1nd the pre-
sentation OF argument 70 be that as "bears" alone
occupy the market, and as "bear" cannot sell to
spear" lest as, in the case mentioned in the
Gospel they both fall into the ditch, the only bust
ness Of the week was the covering Of ''shorts,"
for which the slim market offered an excellent OPP
yportunlty, hence the apparent strength Of the
,market, such covering being only preparatory TO
the putting out OF new line when
the "bus" (purchasers) shall have returned
from the regatta or Withdrawn their
attention from the Long Branch races. 1t would
be absurd to venture anything like prediction on
this head, but it Ia worth while for the 'outsider
to note that the stock market rarely If ever, goes
,up In steadily ascending scale. The market may
sdrop" suddenly and go of to any extent In day
or an hour upon some unexpected event or daring
lttack, but
TIE PROCESS OF RECOVERY Is ALWAYS SLOW,
accompanied by frequent reactions, in which 1t re-
cedes from the point previously gained, to be again
moved up higher, and so on through successive
stages until confidence ia fully restored. market
such az we have now. slowly gathering strength
talter the recent panic, while the recuperatlve
forces Of the country, although steadily at work TO
repair the damage occasloned by that disastrous
Is readily open to the influence Of a bear clique
with their persistent iteration OF stories Of present
and impending ruin surrounding us. The street
has had large experience OF this sort, and regards
Sudden changes with more eGuanmity than new
investor, who perhaps, drawn in upon some fancied
sspoint" given him, expects to gain fortune In
day and fuds himself Suddenly minus the original
sum he invested. There would seem, however, to
be crystailzing about the Stock Exchange more
confident feeling than has prevailed there at any
time since the panic since which time the bears
Aave had it all their own way. This Is taking tone
also from the recent Erie election, which has
styen to that road such strong and able direc.
tiOn. The
CONTINUED FiRMNEss OF ERIE,
too. on the other side helps to counteract some OF
the hints Of the "bear" and antErie party on this
side for they are one, by giving assurance of the
improving condition Of American credit abroad
The eject OF the so-called granger" decision in
Europe Is waited for with much interest on this
side not so much in respect to It's erect upon the
market for American securities already dealt In
there, for that, VI course, would be partially dis
counted by cable advtces, as in the expression o
opinion 1t may call forth in various quarters likely
20 have bearing upon the future Oh American
credit The money centres OF Europe are as mucn
interested in this decision as New York, and In
S0meWnat SfE11ar Seuse, HeuCe thc Nie"s ""i|'
may come forth from these places Will be closely
reelected here
THE DANGER TO BE APPREHENDED
on the other side Is lest this legislation should oe
hastily regarded as hostile to the foreign owner o
property lying within the jurisdiction OF such leg
islation. Unfortunately we have too many people
an this country who are fond OF blatantIy announc
ing that, as principle which they deem eminentll
American, forgetting that 1t is simply not honesty
Should this feeling on the other side be engen
dered or stimulated by further legislation OF thi
kind, sustained by the Supreme Court Of the Unitet
Btates 1t would seriously cripple many OF ou
swestern cities as well as railway cornorations VIII