The New York herald., 1874-10-05
Review Of the Events Of the
Past Week.
WINTER PROSPECTS.
Are We Likely to Have a Long
Bull Market
THE FOREIGN SITUATION.
WALL STRICT.

strength OF certain stocks, the objects OF ac-
tive speculation, is attributable to temporary
investment Of capital which under more healthy
condition Of commercial affairs, would have tound
use IN industrial pursuits Tie tact that il has not
been SO employed argues poorly for the general
financial situation, and is not calculated to encour-
age the beliefthat the country has entirely escaped
tae results OF panic. Nay a general sense, Dusi-
ness may be described stagnant. Forty tlou-
sand skilled laDorers without work Ia the city
o New York alone ana are likely TO remain 50
during the winter. oar cotton mills are working
on reduced time. our machine shops, rolling mills
and iron factories are dong comparatively moth
ing, because the building Of railroads has been, IN
large measure, suspended oar crops promise
to be smaller than those OF the past year. None
OF the large
CoRN-PRoDUcING STATES
show an average equal 10 that OF tile last season
The produce Of wheat IS likely TO be ten per cent
less then. or tobacco there Will be less than
half a crop. or cotton there will be, doubtless a
decline OF 100000 bales, to say nothing OF the de-
crease in price already experienced. Drought III
one locality, floods in another and the ravages OF
grasshoppers ana insects-a have thus combined
TO throw a damper on the prospects Of the pro-
ducer and to make him economic in the strctest
sense OF the word. The next sufferer in the scale
is the retail merchant. He IS purchasing lever
goods than usual, because he has a smaller de-
mand from his country customers: and the infu.
ence extends onward and upward to the whole
sale dealer, joDber, manufacturer ana importer
Thus follows decline in the business or railroads,
diminutlon Of treghts, and the necessity OF cur
failing expenses IN order to make a reasonable
exhibit OF earnings net or gross, to the bond and
share holder. 1t is true that there has been re-
vival OF business but is 1t not incident OF every
autumn? 1t is more seriously true. and the sooner
he ne ter
that we are doing this
BUSINESS on A LOWER BASIS
tnan at any period since the war We are quietly
getting down 10 "nard pan" A dollar is
worth more and viii 60 further in supplying the
comforts OF lie than it would two years ago. We
are passing, almost insensoly, through process
OF contraction In when it is more easy to note
effects tnan TO combine and describe causes.
Labor alone holds out against the mighty changes
that are work but at last even this barrier
must give way to the demands or the hour. Then
capital VII! rush in with vigor to continue on
the new basis. the buidng up OF the material in
terests OF the country. Meanwhile as was sug-
gested instne opening paragraph OF this article,
vast amount OF wealth is lying idle Money Is a
drug IN The market at two and three per cent.
What more naturally follows than that the can
italist should seek what he believes to be the best
paying stocks and bonds, ana temporarily IN
vest his money where it Will bring It's seven or
eight per cent Of interest? And this, nutshell,
IA the reason why, for the last iew.weeks, there
has been observable
A GENERAL IMPROVEMENT IN WALL STREET FIGURES.
il has not been altogether a spectators, but an
investors marietta market thaU has shown a
steady, not forced, advance since the leading
operators commenced It's manipulation. 1t has
been attended by fluctuations been shocked for
the moment BY failures, stimulated again BY good
reports, depressed by the bad and has given occa-
sion Tor one OF the severest struggles OF the year
between the "Dus" and ''bears.r 1t stands To-
day drm II not encouraging; but how long it may
remain so II IS useless 10 conjecture what effect
few sharp, decisive blows upon a leading stock
might produce in destroying the sympathetic
strength by which the market is largely upheld, no
man can tell, Tor the test has not been made. Ii
is simply feared, and because 1t is feared those
who speculate from day 10 day on the changing
prices lee feverish and unsettled. on the other
hand the men who have paid Tor aud
taken away such mementoes OF the street
sa New YORK Central, Harlem, Della
ware and Lackawanna, ana even Lake
Shore and Western Union grow complacent at the
thought OF future dividends and money safely
Stored. While there IS apparently conf
dence In prices than heretofore and general dis
position 70 indulge in stock operations, one OF the
marked features OF business is growing distrust
for new enterprises. While good railroad and
government bonds are Offering there is little show
just now ior fresh bai., be il ever SO enticing.
MONEY
during the week was abundant at ~ 8 per cent,
and at one time the rates siidcned to 5 per
cent, but the movement was brief and only Incl
dental Tne quotation for commercial paper was
81 to per cent for prime paper OF 8 and 4
months, while paper Of a little lower grade ranged
nrm and higher, on reduced supply OF COM
mercal bills and the activity Of money in London
There is little doubt, however, tnat more liberal
supply or these Will follow he movement or our
crops abroad. The leading bankers advanced
rates to ass or long and 4o5 Tor demand sterling.
THE FOREIGN MARKET.
Late cable adgices report that tie Bank Of Eng
land lost during the week f22G,0J0. No change,
however was made II Us discount rate which re-
mains AZ per cent. In tic open market money
was hrmer ald close up 20 the bank rate. The
Engnsh papers comment freely upon an important
event, when throws a good deal Of light upon the
present monetary situation abroad-to w.t. the
strikilg success OF the TurEisn loan. The issue
was oi about eI6,O0O 900 nominal Of per cent
stock the effective money required being about
10000 0D0. The Turkish government, IN two days
received Offers Of nearly double the amount. Ia
view OIL the character Of the country and the
pfomptness wlM winch the loan was taken 1t is
regarded as significant Of tie improvement that
mas taken place IN all the London stock Exchange
securities. The Loadon Eetcs says on the sub
jeet.-
AS Legards the general circumstances OF the
nalhe lue uiuerehces batWeen last year and the
present are IN some respects very inappreciaf)le.
Ihele y depression IN tade now as there was
theni the actual difference in the demand for
money-that Is the cuange SINCE last year m the
number ana amount Of bins under discount IN
LOMBARD street-wouid probably excite surnrfse
Dy lts smaHness II " could be exactly measured
the supply OF money, a. indicated esneGfaIIv nv
the reserve Ia the Bank or England L nlatnIv nh
greater than II was year ago. But thesa III gee
however slight, marx the turning Of ina dslieatas
balance IN the favorable direction, ana fbe Insars
FOR "PuiSJ
A GIGANTIC SPECULATION
Tor the rise IN every species OF stock EXCHANGE