The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-18
FINANCIAL and COMMERCIAL.
The Financial Outlook
Not Discouragin&.
A CURATIVE PROCESS AT WORK.
FtyerishneSs in the Stock Market-LOw
Prices and Recovery.
G. OLD = II Il Al Y.
WALL STREET,
WEDNESDAY. June LAP A

WALL STREET !
WEDNESDAY, June l7-6P NJ.
While feeling OF gloom naturally attends fall
ing market such as has been witnessed during
the last two or three months and hundreds have
left Wall street sadder il not wiser men. out OF
pocket and out OF heart, and while SO far as mere
speculation is concerned, there may be no per
manent recovery for months TO come, the financial
situation, If rightly viewed, is not destitute OF
couraging features. Every one who Is familiar
with the history OF trade VIII recognize the TACT
that all monetary crises are followed by more or
less OF business stagnation. First there comes
sharp reaction rom extreme depression, sort OF
rebound; then distrust, and then q gradual but
certain relapse which fingers until natural causes
combine in the creation OF the strong undertone
which eventually becomes the basis OF a new, bet
ter and safer business. Months ago It was fore
told in this column that just such condition of
AFFAIRS now exists would be
THE SEQUEL OF THE PANIC OF 1873
for a similar condition was the sequence OF the
panics OF 1887 and 1857, and we had no right to
expect exemption from the operation OF the laws
OF trade. From time to time, therefore, conci-
dences have occurred and will continue to occur
and fresh evidences OF exhaustion Will come 10 the
surface when least expected the result OF the
strain, the over-exertion and extraordinary efforts
made to preserve good credit in time OF trouble.
last two three days in the failure of nrm that
ranked among the best. was least suspected OF
weakness, that did not speculate IN stocks, and
doubtless owes It's fan solely TO the depression OF
values produced by the last crisis As was said
before however, the situation is not altogether
Encouraging We have in the country album
dance OF money. In New York IL is lending at two
and three per cent. II it were not for
WANT OF CONFIDENCE
It would be seeking investment in State and rail-
way bonds, IN manufacturing enterprises and
other substantial undertakings, which, under
ordinary circumstances, repay with profit. But
We have been overwhelmed with railroads.
loaded down with railway debts, lived too fast,
built too much, promised more than we could per-
form, until at last In its own silent and mysterious
way, the law OF real values Is beginning to apply
the cure. The country is retrenchlng. The gas is
being let out OF the balloon. We are leaving clouds
and coming nearer to safe anchorage. The pro-
Is slow and doubtless = costly one to those who
have based their expectations on past experience,
yet In the end the nation will gain and commerce
be established once more upon a sound basis.
The action OF the President with reference
TO the currency, the possibility that the
Secretary OF the Treasury will gradually
reduce the outstanding legal tenders to the former
limit and begin to accumulate gold instead OF SELL
ing IT, as has heretofore been done-these are also
elements that enter into the situation and aid
ing the good work OF making good and profitable
money. AS the weeks wear on, therefore, change
for the better will come with them The idle mill
ions in our bank vaults will find new use and
business Will no longer be subject to the specua-
tive fluctuations that are now traceabie to IN
healthy expansion and unsettled plans.
STOCKS.
While the close OF the market was generally
made at better than the opening figures the course
OF prices during the day was calculated TO cause
any but comfortable feelings among those who are
long OF stocks. weakness vas apparent at the
start, and the decline that Notwithstanding,
as II did, from u TO "a per ce nt-dIsturbed the
best calculations OF the operators and led to a
promiscuous scramble 10 get out OF the way
Meanwhile there was heavy buying on the part OF
sshorts, y and the business OF the day shows a
much larger aggregate than at any time during the
past week. There is no question, however, that
an immense amount of money has been lost by the
bulls, and that they have been considerably de-
moralized by the recent decline. Opinions vary as
TO the chances OF the future but recent experience
has been so nuctuating that Is useless to repeat
the predictions OF one side or the other There
not little exhibition OF feverishness during the
day incident to The unusual activity and the sud
den turn in prices. Whether 1t amounts TO more
than spasm remains to be seen.
THE COURSE OF THE MARKET
will best be demonstrated by the following fig
ares Western Union sold at 703s 70a< so 70ss
70k; Erie at 2s1s 2sA FIX ISL New YORK
Central at 81 97k a 961s 97h; OHIO and Msss-
sippi at PA 223s FIX 223s; Pacific Mall at 4oh
4o74 391 401a 4; Lake SHORE AT 69ls 7ols 6s}s
TO- New Jersey Central at 10Y; Union Pacific at
23h 24k % 241f; Northwestern preferred at SO
a54; Northwestern common at 81 371s a IS 3t15;
Rock Island at 94h 95I 941s 9514; Delaware,
Lackawanna and western was steady at l0sss :;
c., c. and l. G. receded from II to 14is, but re-
covered to l6; st. Paul opened at 32ls, touched
82 fell on to 17 and closed at 1923. do. preferred
sold at 53A a SO; wabash commenced at 299@,
moved to 3o7l, receded to 90 and ended at 800. !;
Hannibal and st. Joseph closed at 23h "a.
The transactions Of the day amount to 223, 217
shares which were generally distributed fol-
lows:-Western Union, S. 100; Lake Shore, AZ, 400;
Pacific Mail, "a, 700; Wabash, 90 800; Union Pacific,
1890; Northwestern common, $4,000; New York
Central, $3.50; st. Paul common, 1850; Erie $500;
Rock Island, 500; g., c. and |. c.. 1850; OHIO and
Mississippi, $3.50; Northwestern preferred l. 200;
Delaware and Lackawanna, 1000; Harlem, 600;
Hannibal and st. Joseph, 400; Boston, Hartford
and Erie 400 ONO and Mississippi preferred, $50;
st. Paul preferred, 500; New Jersey Central 2l5.
HIGHEST AND LOWEST PRICES
The following table shows the opening, highest
and lowest prices OF the day -