The New York herald., 1874-07-31
FINANCIAL and COMMERCIAL
Revived Activity in the
Stock Market.
SALES, 1873, 400 SHARES.
The Moral Influence of the 5 Per
Cent Loan Negotiation.
SALES, 1873, 400 SHARE.
@ O L D, 100 + 4.
WALL STREET,

THURSDAY, July 3O-6 T.. NJ.
The moral influence of the satisfactory negotia-
tion OF the balance Of the five per cent loan was
apparent in Wall street circles to-day, il less ex-
emplifed in other directions. On all sides, how
ever, there hopeful feeling, even Pine street.
which has been IN slough OF despOnd for so many
months shouting ''Vive lie Bristowl" with as much
enthusiasm as though he were very Napoleon
(First, not Third OF finance. The point there as
elsewhere outside OF Wall street, although Wall
street shares in the same inspiration, seems to be
that this negotiation going to break up the long
prevailing stagnatiOn, which Is worse than
q panic. An eccentric lawyer-Mr. Bettenham. OF
Grays Inn-says one of our old country exchanges
(the InpestOTs GuGrdian), used to say that
"money is like manure; when piled up in heap
1t stinks, but when spread over the land 1t ruct.
1es and does good" No axiom is more established
than that
THE STAGNATION OF CAPITAL rs DErRIMENT TO
THE PUBLIC VEAL,
while It's full utilization Is public benefit. The
operation OF this funding process will undoubtedly
bring within the class OF called bonds many gov
ernments held here by savings banks and trust
companies. These, OF course, will be presented
directly to the Treasury l0r redemption, resulting
In the release OF o large amount OF money. That
that money will seek reinvestment In government
bonds is q very natural Inference yet real estate
creasing chances OF marketing the "a and 4 per
cents United States skies become somewhat pre-
carous investment there is cnance, at all
events, that other forms OF investment may be
sought for The small amount OF bids on home
account under the Secretarys circular shows that
the average American capitalist looks to other
sources OF profit than government bonds, and
never more hopefully than now.
THE INFERENCE Is ALMOST UNIVERSAL
that this negotiation Is gong to give US an easy
money market this fall. The redemption OF many
OF the called bonds is likely to take place directly
at our Sub-Treasury and so draw money here
Never did that prospective ease give better prom
ise OF profitable use. Our crops Of all kinds are
abundant, ana stocks on the seaboard as well as
abroad are extremely low. This constitutes q
market, with the means OF supplying it. Easy
money means rapid transportation, and the only
doubtful question this part Of the situation is
Ireights concerning which there Is a congress of
railway kings now in session at Saratoga. What
they are endeavOring to do, we understand, is to
abolish the existing printed schedule which
has been shamelully undercur during the past six
months, and establish schedule lower than that,
but higher than the existing tarin. AS to the
merits Of the proposed changes 1t Is impossible to
speak without knowledge OF what they are, anu as
the so-called congress is only a consultation,
nothing Is likely to be learned until the several
gentlemen composing 1t return to their respective
charges. II Is
TO BE HOPED,
however that the new tariff will not be such as to
provoke the hostility OF the grangers, that The
grangers will not suffer themselves to be moved
into hostile attitude in respect to the new tariff
without due consideration. The farmers OF the
West want market for their crops. Here
is the market. Railroad corporations must earn
dividends or go under as well as farmers, must
feed their live stock or stop work. The principle
is the same in both cases. Let US have peace.
This is harvest year with the prospect Of good
market. The opportunity should not be lost
through local chickering's.
THE STOCK MARKET
opened nrm, with an advance in the early deal
ings of 4 to IL per cent in the entire list After
noon there was a reaction of d to H per cent and
at the second call the market was steady at the
decline. The volume OF business showed marked
improvement upon that Of yesterday or any day
for two weeks previous the principal activity
having been in Lake Shore. Northwest, st. Paul
common, Wabash, Union Pacific, Pacific Mail,
Western Union, ROCK Island and New York Gen.
tral. In the afternoon there was q weaker feeling
upon sales to realize the existing profit. the de-
cline ranging from 4 to q per cent, the final deal
ings registering nerally the lowest prices OF the
day. rumor prevailed on the street during the
afternoon OF the failure of large me al house,
but as nothing further was learned up to the clos
ing Of the Exchange 1t was without influence upon
values. Subsequent inquiries supplied the name
OF the house as Holmes, Lissourger & Co., in the
copper trade. Liabilities and assets unstated.
The total sales OF the day aggregated 1888 400
shares, exceeding those OF any day for two weeks
past, the sales up TO exceeding those of sew
eral whole days past. The subjolned table shows
the sales in each stock; also
THE HIGHEST AND LOWEST PRICES.