The New York herald., 1874-07-25
FINANCIAL and COMMERCIAL
The Street Waits Upon
Mr.. BristOw.
A Very Dull Day on the Stock
Exchange.
. O Id 100 7-8.
WALL STREET, !
FRIDAY, July 24-6 p. NJ. !

FRIDAY, July 24-6 p. NJ.
everybody appears 10 have left Wall street,
Judging by the condition OF the stock market, the
Commodore 1t is said, satisfied with his settlement |
of the Lake shore matter hied to Saratoga, and the
great bear leader, disgusted with the ''ame and
impotent concusionn OF the Angel suit. to Ver-
mont, to get breathing room. Even Mr.. Bristow
and the Treasury Department of the United states
is al Long Branch a sort OF breeches pocket of
the Presidential suit, while bankers both here and
in Europe want to kEOw whether lie meant what
he said in his recent circular asking proposals for
the balance OF the per cent United States iund-
ing loan, or whether it was to be interpreted in
Pickwcklan sense. This would appear to be
THE DIFFICULTY
between himself and the President in this pro.
tracted consultation at the Branch porturien
ne,ates that is certain to produce Tidfcuus mus
The PLAIN and simple practice OF law and precedent
should have enabled them to pass upon these bids
in half an hour. Thus all bids that strictly con-
form to the requirements OF the circular
Offering par and interest III gold 1or
the new bonds must be accepted. All bids
attaching such q condition as an exclusion OF
other bids with q Cell for the balance must be eX-
cluded from consideration In this award, as they
are not bids under the circular, but separate
propositions to be afterward entertained as the Sec
retary may nt. In regard to the bids asking
delay. The law of Congress gives the Secretary
permission to allow I. per cent. The commits
sion asked, as stated is 4 per cent. II the Sec
retary can market the bonds without paying that
commission, by all means let him do 1t. II he can
not, neither he nor the President has right to
keep this matter In suspense two days until he
decides whether he will give the encouragement
to bankers to help him place the loan which Con-
gress authorized And just here comes up
THE SHADOW OF THE sYNDICATEs
again. especially the German Syndicate. There
are some stories a1oat on this head In Wall street
that we forbear to repeat until they gain corropo.
ration from the action OF the Secretary; but GER
tany the much desired and expected reform in
the change from Richardson to Bristow seems to
be estimated as much OF that kind gained in ex.
changing the old tiger for Havemeyer. "Strange
that such difference should be 'twiXt Tweed.dle-
dun and 1weed-dle dee" Early dispatches from
Long Branch stated that Secretary BristOw thought
the subject very complex (sic?. He was working
very hard, but did not think he could arrive at any
conclusion until tomorrow afternoon. Later the
Secretary seemed to have received inspiration,
and authorized despatch which bears the stamp
OF an intellect massive as that which, at an Irish
agricultural society dinner, proposed the toast,
"Gentlemen, here's may We be brilllant-brilliant
as the bowers of May in the midst OF gentlemanly
constitutions Mr.. Bristow says his action in
wolves
THE REJECTION OF SOME BIDS AND THE ACCEPTANCE
OF OTHERS
Dissolving view OF Captain Cutie and Jack
Bunsby-"There's wisdom for your' Mr.. Bristow
further says this afternoon that he has just or
dered the PRONUNCIATION OF all particulars from
Washington.
Leaving aside all sarcasm in this matter, which
is simply che absorbed bitterness OF the street,
there is painful sense among some OF our leading
bankers OF the encroachment OF personal govern
ment. Time was when the government wanted
money its officers did not disdan to consult the
representative financial men of the country. In
England to-day the Premier, besides the Chancel-
lor of the EXchequer, would not make a move of
such Importance as this, calculated to affect the
exchanges without submitting their policy to the
leading London bankers and asking their advice
and cooperation, and to find here Cabinet
utterly orgetful OF even
THE DECENCTEs WHICH BELONG TO BUSINESS
Uor the publication OF these bids could have done
no harm II made yesterday, If fair dealing was
strictly intended), as to exclude leading bankers
from q place where they had right to be, as
bidders under public proposal, shows usurpa-
ton Of exclusveness greater than anything that
has yet been attempted.
Nothing IN The history OF the present administra-
ton has approached Casarism 80 nearly as the
manner in which these bids have been handled.
1t Is to be hoped that the outspOken language OF
the American press will preserve American credit
abroad from the danger which otherwise 1t would
have suffered from this suspicious action.
THE STOCK MARKET
opened dull, going off in the early dealings 4 to
4 per cent on the general list, Pacific Mail de-
Ginning from 44,s to 43i4, 5s per cent upon the
reported loss OF one of the company's steamers.
The reports respecting the condition of this
steamer the Guatemala, which went ashore OF
the north end of Watng's Island, about l, 100
miles from New York, are contradictory. One re-
port says she has bilged, while another says the
captain expects to get her on. She Is
valued at S292,O00 and Is insured for
s22OOOO. In the closing hour Of business
stocks were quiet and generally steady, with
unmportant changes, except In Pacific Mail,
which advanced to "A, the extremes of the day
having been 449S 4S1t. Erie seemed TO oe but
little Influenced by the progress made in the An
CELL suit the relation of which is notorious the
street. and the perfect indifference of the English
stockholders to such influences was shown III a
stronger market in London to-day. The total sales
to-day were only $4,000 shares, OF wlcn "A, 500
shares comprised dealings In Lake Shore, Pacific
Mail, Erie and Rock Island, leaving only 1,soO
shares for the balance OF the list. Tne total Is
again the smallest days business for the year.
The following table shows the sales of each stock
with
THE HIGHEST AND LOWEST PRICES
Highest. Lo,cest. OF Sales
n. Y. G. ana HudSon klVer. 991. 991s 100
Erie rc......................... 3lts 3l9t $500
/ Lake shore. ~ 51Il 19,sOO
/ Northwestern .............. 3l.s 31A 1,3U0
| Rock Island. ............... oSia 9s 5000
| Pacific Mail. ............. 1@Sa 43id IL, 500
\ ~