New-York tribune., 1874-07-03

l.; .rd II uouId have been extremely unpleas-
ant 10 be bear. The sympathies OF the people arc
with those who, making their homo In the soIt
Iooo of q fairy future operate fora rise and de-
,aad rnon Improvement in all things for proht on
a. oorti,nlar things in which they deal. Inc
toaro nm the other hand are as unpopular
"a the traditional ru1ian in play. lney
see everything, if they be constitutional Dears'
"a IL were Through glass darkiy." lhey hane
abont Wal-st in the time OF threatened disaster as
ahorLs follow in the wake of ship in distress, and
a real first-class calamity Is godsend 10 'neni'
They tell us now that the signs which favor their
,o Of the immediate future of fancy stocks are az
ohrnd,nt as blackberiies in their season, and one
hos only to listen and be silent and any OF them VIII
road off his catalogue of reasons for the falth that
70 !, him. Some of these are The propensity OF
railroads to default in the payment OF interest as III
the case of the Atlantic and Great Western COM
nanv. whose bonds of over S500O00CO are producing
no income to their holders, notwithstahd
ing that the managers have done tnel
best TO prove that the concern is not as mas oeen rs
serted milestone tied round the neck OF poor Erle
whose itigations and other troubles were more than
il could bear even before Its unhappy marriage
The indianapolis, Bloomington aud Western, whose
bonds are scattered over the length and breadth of
the land. il also in default. The unwllingness OF
companies 10 report earnings, and the poor exhibit
made nv those not deferred by fear of
the meeting Of representatives of the Ere' New
York Central Pennsylvania, and the Baltimore anu
Ohio Railroads, with view to revising ana Voluh-
tarily reducing their freight tariffs; the compulsory
reductions made by Western legislatures the
strength and determination OF the Grangers; +;
the lower rates charged on all rail freghts 10 the
Pacific; the surrenders of currency by prominent
city banks and the agitation among the country
banks in consequence of the redemption Dill; lhe
failure Of the Spragues to meet their extendeu
paper: the closing of the Freedman's Savings Bank
the increasing indebtedness of our city and railroad
corporations the general desire of the people for
snecie pavments and the determination of President
Grant to crafty them in this desire at least the
already reduced price of gold indicating what Is
Thought by the spectators in that commodity; the
approach, if not the actual presence OF a day Oh
reckoning: tine thorough sitting of even the better
sort of Investment securities, and the termination
of all kItenying. These are few OF the reasons
which the bears give for their trust In lower prices
for all speculative shares Whether they really nave
the better cause whether their apparent advantage
in the argument is due to their better ability 10
argue the matter it is for those who buy and sell
stocks on speculation to determine.
There was some falling off in prices at the opening
this morning which was partially recovered on some
stocks, and entirely on others Erie gained Ia per
cent of the 9. lost yesterday Central and Hudson,
Wabash, and Union Pacific gained each J; Western
Union, Lake Shore, :; st. Paul, /; while Harlem,
Northwest Pacific Mail, and Rock Island are with
ont change; and OniOs lost !, and Hannibal and e..
c. and |. c. each declined }. Everything in and
around the Stock Exchange suggests the near
approach of the national holiday. The printed list
gives as usual the actual reported transactions at
the Board while the following table affords com
parison of the opening, highest lowest and closing
| o,orotiong fnr he mara act ve sla