The New York herald., 1874-12-20
THE WALL STREET ECHO.
THE RESPONSE OF THE STREET TO STARTLING


FACTS.
In connection with the story OF disaster and
failure elsewhere related, afIectng values, 1t -
worth while to note how these facts are communi-
Gated to the street. Thus there were two excite
ments presented there yesterday, which may be
taken as a sample OF the changes which take place
in that cnangeful region. The first was the an
nouncement OF the loss OF the Japan, burned at
sea, ship OF 400 tons, loaded with Chi
nese emigrants. The value OF the ship
was put az $1eoo,00o; insured for $l50.000-
Now the street Is full Of sympathy
Tor these Chinese emlgrants, poor ignorant
coohes who have no more knowledge OF the
security OF the ship they sail in than they have OF
the plank which helps them aboard. The street
read OF the drowning OF these people with equa-
nimity. They may have thought that it helped 70
solve the problem OF Chinese cheap labor but at
the same time they could not lose sight OF the
contrast between $i.ooo,oo0 valuation for the
steamer and $l5o.o00 insurance. The ques-
tion arose at once, What does the COM
pany mean by this contrast OF valuation
In the assets and taer lnsurances ? II thas
steamer were worth $1,000,000, and repre-
sented the security which the stockholders have
for their property. why was she only insured for
$3.50. .OoOY Pacific Mail IL unfortunate. 1t has got
into grave dlicultles OF late II Is the only COM
pany that covers American commerce In an Amer
ican bottom with our dag, excepting OF course.
that experimental line OF the Pennsylvania tpro-
tective) Railroad Company, which runs from Phlla-
delpha. We have virtually lost the carrying trade
OF the Atlantic in steamship lines, and now we are
threatened with
SERIOUS OPPOSITION
on the Pacific when Is or ought 10 De os, our owl
Company has been id the throes OF organization
for some time. AS to It's success or failure we 40
not propose to treat. The point, however, which
n do q " yhafh n N
Pacific Mail dereliction and Pacific Mail mlsnan-
agement 1t would not be well for US to prevent the
bottoms, such as the Celtic. Belgic and Oceanic.
Attention was called at the time OF
JAY G0ULD's ELECTION AS DIRECTOR OF UNION
to the purpose he then had, viz, TO capture tho
tlnent; but, finding fdus Achates in Rufus Hatch.
who kicked against subordlnatl0n, he was COM
PEELED to 90 into opposition. 1t would SEEM until
tured Sidney Dulon and G. p. Huntington, OF the
Union Pacific and Central Pacific railroads re-
saSronsn Now a may
. question whether this country spent
At time OF great hardship to build railroads that
would throw their influence Tor the destruction Of
our own commerce. Dispatches rom Liverpool.
under date OF yesterday say :-"Ihe agents OF the
White Star line do not con1rm the New YORK.
statements that some OF their steamers have been
tween San Francisco, CHINA and Japan, and IL is
believed that no charter has been effected the
steamers GatlC duQ CclIlC are dlTc6Oy duuOuHCC$k
in the sailngs for New York during January and
tn TIE next point OF interest on the street after
the loss OF the Japan was
THE FAILURE OF HENRY WRIGHT,
broker or not much prominence, which was, how
ever, the subject OF much discussion. lie had oeen
dealing IN Wabash, having taken about 10000
shares. His purchases gave rise to much gossip.
nhn nm for margin, and 4e was @ requested in the
| aggregate to put up about 100000 In the Trust
| mn nj a mArdtan n
| sion was ofncially announced at the Board. Con-
| siderable amounts OF WaDash were sold out under
the rule Tor his account. This failure precptated
heavy decline in wabash, and dragged down the
entire market to sSs S Lowest point os n
sales ssDs on his his account under the rule was
y, 200 shares OF wabash and ana something a near al
the street that he had been sort OF ayer lor the
| venerable Daniel Drew or the chaste Gould, and
ordered to lay down; but he himself repudlated
| capable OF accurate definition. Webster for the
! Stock Exchange has yet to be found but current
| gossip generally strikes trall that Is very near
| the truth. Thus We have the following from an
! evening paper -
decline to 2l1s. Something like 20OcU shares OF THU
ae q sSsd s asfnns the 1s
81: :ss
24z. few hundred shares o Northwest Lake Shore
| Ohios ST Joseph and Pacific Mall also sold Out
under the rule The transaction gave tsver,sh And
the whole matter will be investigated The reported
loss the Pacific Mail steamer japan caused decline
in that stock to 36l but 1t later reacted to 81 3oh 81
Northwesterns declined to 4s, and then reacted to Az
but in the other shares there very little doing.
The full particulars OF this furry as II affected
| stock values will be found in the money column
| and the accompanying tables.
/ THE BALANCE or TRADE.
Much interest is felt on the street In respect to
/ the gold movement, shipments being unusually
since January are $5S 3S1, ,46S against $41 148 O51
last year and, and S6S.570 009 In 1872 This shows
| an increase OF nearly 900 against us this
year, which may be safely set down to the damage
| our credit has suffered abroad from the failure Ol
! Congress to even Initiate any measure LOOKING "a
| specie resumption.
/ DIVIDENDS.
The Marine National Bank mas declared a semi.
annual dividend Of fve per cent, payable Janu.
| ary2
The Broadway National Bank has declared q
| semi.annual dividend Ol $3 per share, payable
January 2 The par Of this stock is $25.