The New York herald., 1874-10-02
FINANCIAL and COMMERCIAL
A More Cautious Tone In the
Stock Market.
COL II III L G IL T. R .
Tn, More Confident Feeling Continuing, but
Seeking Realization.
WALL STREET,

THURSDAY Oct l-6 P. M
Tne upward movement In the stock market has
been arrested by gloomy stories OF failures. Ex-
aiming them closely they do not justify the story
that has teen told on the street The character
OF these failures belongs anyhow, to the experience
oi the last year. 1t Is legacy. We have not pro-
duced IN the current business OF the later period
. condition OF AFFAIRS that might create suspen'
sion OF business activity that is now overcome.
We have TO deal with leading facts, and II cannot
be ignored that these facts are teaching US sound
lessons
have main tanned something OF the activity OF
Yesterday, without being 50 stirring. and at the
same time showing strong disposition towards
activity The general disposition Of the market Is
that stocks have gone up not so largely to-day as
during the last few days, but yet giving evidence
that although the bull movement is losing its early
strength it still has hold upon current opera
tions Within the last week the market has been
moved up per cent in the leading specu-
,at,ye shares The evidence now is it
win not recede the full amount and
new movement will be based upon
the former advance and may carry 1t higher than
the previous figure. We are in peculiar condi-
tlon In the stock market to day. We have
not had bull market for many months.
Now, TO make fine point of it, stock
speculation depends upon bull market. The
bears drive away OUTSIDERS The bulls draw them
In. The present disposition on the Stock Ex-
change 10 bull the market is an indication that
there is revlvlng confidence on the street in re-
spect to the future business OF this country.
Now the point to be made out OF this IS
mat Wall street always discounts and conse.
quently it is the business OF next spring that is
putting up prices to-day. or course we don't want
TO say TOO much on this head at the present time.
The market is not strong one to-day, although
surrounded with stable influences, the speculative
forces tnat arrest present intentions being OF
character that we can quickly overcome. There
10 . resurrectlonary quality In this country that
gives us confidence The stock market during the
last hour OF business was weak, and at the
close the lowest quotations OF the DAY we're
generally current. The decline ranged from
" to TX per cent, against an advance
early In the day OF u TO per cent. The
Union, Union Pacific, Northwestern, common Pa.
cihc MAIL wabash and Ohio, and Mississippi The
decline was the result OF continued rumors Of the
failure OF large shipping and commercial house
In the West India trade. The firm IN question de-
nied their failure most positively up to the close
OF business. The rumors IN regard to this house
may have originated out OF the failure OF small
shipbroker's 1rm ia south street. which concern
Is reported to be interested in some ship property
formerly belonging to the large firm previously
mentioned. The total transactions ON the Stock
Exchange to-day aggregate 100000 shares. The
following table gives the sales in each share, as