The New York herald., 1874-12-21
FINANCIAL AND COMMERCIAL.
Review Of the Events Of
the Week.
DECLINE IN STOCKS.
The Money and Gold Markets
Exports and Imports
WALL STREET,

SUNDAY, Dec. 20. 1874.
The commercial situation OF the week, as de-
,scrbed In trade circles. does not present any
encouraging features. Business has been re-
stricted ana results comparatively unsatisfactory
The course OF values has been likewise irregular II
not spasmodic, but perhaps not more 80 than was
generally expected by our merchants. Whatever
retards the free movement Of our great staples
whether 1t be large local accumulation or decline
In price, naturally affects trade and must continue
90 DO 80 until the adverse influences are removed.
1t Ia note worthy fact that the Cotton Exchange
during the latter part OF the week was subject to
an excitement similar to hat which prevaile In
the Stock Exchange, and strong bear tendency
was developed. Well informed operators state that
this effect was produced by the discovery OF an
alleged mistake in the calculations of the Agricu
tural Bureau, which nxed the crop at q lower
ngure than that OF last year, and that the publica
ton Of revised estimates caused the break which at
one time on Saturday produced almost panick-
like feeling. Brokers sold short, and in many
instances reaped handsome profits. On the one
hand 1t is claimed that the crop will not exceed,
even II 1t reaches, the amount OF last year; on
the other, that II win be in excess some 100000
bales. Between these anragonlstlc opinions
sharp speculative feeling has been generated with
the result above described.
THE EVENTS IN WALL STREET
were likewise productive OF great excitement and
considerable depression. Early in the week
speculation was dull and the volume OF business
small. Later, however, on the development of q
strong bear element, speculation became fever
tsh and the decline ranged from l to 8k
per cent. the lowest prices being generally
established yesterday. The stock most
successfully hammered was WABASH which re-
ceded from 2ok to 25 on rumors that the CON-
pany would default on It's next interest Subse-
having bought from $4,000 TO 10000 shares, was
unable to meet his engagement, and, in the sales
''under the ruler OF his STOCK 1t broke to 2lH.
II rallied to PAX after the failure but again weak
enea and closed at 222s. On the 1st OF the month
the price was quoted At 32X. Northwest common
also yielded to the decline and went or on large
sales from AK to 43A, the preferred srock losing
2K per cent. ST. Paul common broke from 3Sx TO
35x, but the loss on the preferred stock was only
Y per cent. Ohio and Mississippi fell from 3lA
to 29H. Pacific Mail was central
feature or interest during the entire week con-
sequence Of the subsidy investigation In progress
at Washington, and yesterday iet the influence
OF the reported loss OF the steamship Japan. II
reacted at the close, however, after selling down
to S6A. The other extreme OF the week was 39A.
Western Union, after display or frmness, yielded
from SIX to SlH, closing at 49, Lake Shore de-
clned from e0x to 70; Union Pacific from 35 u to
a. and hannibal and st. Joseph common from 26h
TO Nx Michigan Central lost 2Z per cent The
gains OF the week were trinlnR and chiefly felt in
New York Central ana Adams Express. tabular
view OF the market may be had in the following
dQures:-