The New York herald., 1874-10-05

but there IS always much uncertainty in every
! such ejaculation, and the only real test OF given
harvest is the market price. That test has now
| been Afforded for sufficient time 10 leave nc
doubt that wheat and nour are permanently about
20 per cent cheaper than they We're alter the mar
| vest oil 1878, and a good deal cheaper than tAey
have been al any time Tor nearly four years.
SPECIE PAYMENTS IN FRANCE.
/ The Paris correspondent OF the Economist say
that another step toward the resumption OF specie
! payments In France has been taken. On the es.
tablishment OF the forced currency, the Treasurers
General in the departments and the cashiers
/ under their orders received Instructions from the
| government to reserve and remit to the Treasury
] all the coin received by them, and TO make
! all their paym ents IN paper. The specie thus re-
| ceved was paid in to the Treasury account at the
i Bank oil France and aided IN great measure TO
\ reconstitute the stock OF specie. The restriction
4 was first removed in SO far as 1t concerned SILVER
con and a circular abolishing 1t entirely has now
been Issued by the Ministry OF Finance, which au-
tnorzes its agents TO use IN their payments goid
Y com OF any kind without reserve.
FOREIGN TRADE.
4 The foreign commerce OF the port for the week
\ was:-General merchandise imports, including
dry goods So 632 465 produce exports, S5,2ss,Ios;
specie exports, S220,i29 The total merchandise
imports, including dry goods, since January thls
year are $500, 573,o72 against s3l6.972,l l2S last
year and $685. go 3l2 in 1872 The total exports OF
produce since January this year are s2l' 9s25o4,
against sal5 los, 22s last year and sl66 646,Ss5 In
ls72 TEe total exports Of specie since January 1
are s43 337, SIS, aiust Sal OIL last year and
$500 26l III 1872
THE GOLD MARKET
During the week this department showed more
than usual strength and animation, the extreme
range Of prices having been 1ooi3 and 1l03s The
advance is doubtless due to the short interest ana
the rise IN exchange, and It Is possible that those
who scan the future see in the condition OF inter-
national trade reason Tor the belief that we shall
be forced 10 ship large amount OF gold to meet
the balance against US. The country Is already
heavily mortgaged to Europe, and when our crops
do not 20 forward to meet the interest gold must
necessarily take their place. During the month
OF October s2,5O0ooo VIII be sold by the Treasury
s50o,0o0 every THURSDAY. There was good de-
mand for cash gold, and borrowers paid from to
per cent for Is use Loans were made dat and at
lag per cent Tor carrying.
GOVERNMENT BONDS.
These were moderately active during the week,
and showed a scarcity OF supply when inquiry vas
made for bonds in large lots. Prices closed
fraction higher tnan the week previous. On the
1st inst. The Treasury issued another call for
sl0 100000 OF fvetwenties, on which interest will
cease on the 1st OF January, 1875.
STATE BONDS.
The transactions in State bonds have been
generally confined to small lots Tennessees
showed the results Of a sharp reaction from the
recent decline, and Georgias should be in good de-
mand owing to the healthy condition Of the State
and the care taken TO meet the interest. The
sale OF 81 900 OF New York city stock was one
OF the events OF the week The stock was either
6 gold or currency, and the gold bonds were
awarded at lo4.2Ia.
were strong if not active, the Pacific issues CON-
mandng the largest share OF attention. Other
well known and reliable bonds. however, likewise
found good market at improved prices.
THE STOCK MARKET.
The week opened with sharp decline OF from u
to per cent, the general list, consequent upon
various rumors, chief among which was the Old
story about the health Of Commodore Vanderbilt; /;
but this was followed by rally ana Improvement
corresponding to the loss, and the close was
marked by firm though not the highest prices OF
the week The leader was Lake shore, in which
the dealings were immense, it being definitely re-
ported that the company had completed
the negotiation Of the remaining So 900 OF their
second mortgage bonds at price which brings in
the company about s2,7oo.ooo. 1t is claimed that
this VIII extnguish the floating debt OF $1,000. .o0C
and leave 81, 400 900 in the treasury The price OF
the stock started at 794, and, alter decline to 49,
steadily advanced to s324, closing last night at
s21l. The advance met with little or no resistance
until after 1t had SOLD at 50, the fright OF the
bears at every point gained having added TO the
demand for the stock The facility with which op-
orators change their opinions on Wall street Is Il
lustrated by the fact that the sane parties who a
few weeks ago declined to buy Lake Shore at 70 a
75 and predicted disaster to those VINO did So are
now advising their friends to buy at SS. Next to
in nj
ern Union, which ructuated between 7s24
and ST.. very large business was
done in the stock, it being assumed
that the next report would be favorable one
and warrant dividend next year OF 10 per cent
Northwest common advanced nearly per cent
and wabash IRON 334 to 35I. Ohios wen. upward
from 27SS to 29H, losing part OF the gain after
wards and Pacific Mail advanced FROM so to 81 y
on the strength OF possible union Of its interests
with those Of the Panama Railroad. Later there
was a reaction from the above named figures. G..
c. ana l. C. advanced to Il, owing to the payment
OF interest By the Pennsylvania Railroad Com
pany but finally declined TO 111S. New Yorf
Central lost per cent. on the reported illness o
Commodore Vanderbilt, but later in the week ad
yanced to 1929, the highest price OF the season
4 In Erie the two extremes were 34a and 375s, anC
Il the close was made at 356.
THE RANGE OF PRICES.
The following table shows the extreme luctua
\ tions for the week in the leading snares:-
Highest. Locest
New York Central. ..l023. 100 !.
Harlem ..I29h 12S
\ OBSERVATION-DISCLOSURES. 37S 34S
4 Lake shore. Observation-Disclosures. S34 7s5.
4 Wabash. Observation-Disclosures. 35X 33L
NortnS estern. INSTRUMENTATION. 41X 331.
Northwestern preferred .......... 81 55H
Rock Island nd......................104 .1041& l03
Milwaukee and st. Paul........... 35x "a
Milwaukee and st. Paul preferred 53S 521
Plttsburg Observation-Disclosures. s71s So,
\ Del. Lackawanna and Western. ..l0sA r7 a
New Jersey Central. ............... .104x l04
Michigan Central.... ........... II 76
i IUuo4s