The New York herald., 1875-10-02
FINANCIAL AND COMMERCIAL.
The Stock Market Generally Steady
Review Of the Situation.
GOLD 117 A 116 7-8.
Capital in Abundant SuppIy-Loan Rates In
changed-Foreign Exchange Dull
The Public Debt Statement.
WALL STREET,


The stock market to-day generally steady and
lrm Exceptional interest attached TO movement in
Union Pacific and Missouri Pacific but learn nothing
from legitimate sources that accounts for the decline
in either of these securities Gamblers thoroughly
control the market that IL is useless to attempt to dis
cover the hand they hold calculate their pur-
poses One thing however, is certain. They
cheating each other and in the end will destroy what
remains of desire the part Of outside specu
lators invest The best rule to be observed is OF
inaction. We give better advice to the public
than to keep out OF speculative securities The time
will come when healthy condition Of affairs may
exist but from all appearances not yet on the
edge Of the 'bull" movement that has been con-
fdently predicted. Wall street is in state OF
revolution. Reviewing the general situation,
without reference the speculative changes that
pools Of enforce at WILL we find little occasion now
to alter the suggestions that have recently been pub
lshed in this column Ten years ago there was profit
in almost everything that touched. II was
period Of development From mills to millinery,
pendure and extravaganza, and over-produc
tion the rule The nation riding atop
derfully prosperous commercial wave To-day, on the
contrary, we are passing through
PERIOD OF BANKRUPTCY.
Many of the rich. are becoming poor Every house
hold is economzing. The laborer who up
held by association with trades unions is now glad
to bread for his family at any price. He who do
manded has become supplant. The capitalist locks
up money because he has lost confidence in invest
ments The manufacturer is selling goods at less than
cost and glad TO get rid of them at any rate that pre-
vents their rotting on his hands The specuator has
abandoned his old haunts since few among the active
securities in which he to deal show anything
but decline and nothing but empty array
of figures most discouraging And SO, in all
the departments of trade be seen the evidences of
contraction nacton and disrust Yet this only the
darker view fprogress has halted is only to gather
strength. We travelled too fast. 1t time to stop
for breath and who has faith the OF his
country will deny that it will be recovered Not,
however, until all the wheels of the vast commercial
machine are once more in concurrent operation not
until crops and manufactures, railways and factories,
real estate and public improvements begin to give
poyment to the millions OF capital now lying idle; not,
indeed until there is return to sound financial prn-
cples and currency that commands the confidence of
all Christendom, likely the regcnesis of
prosperityfor which the people pray.
THE STOCK MARKET.
Nearly all speculative securities lower although
at the close there favorable reaction Union Pa
cinc declined from 69h to 641z and closed 66A on
the report that loan has been called for which no
provision made The statement requires verica-
TO 35 and closed at 37 Atlantic l. Pacific fell of to
S7, and ended at 9. Western Union was strong at
RbSt 76H 76A. Atlantic 4 Pacific Telegraph was
quoted at 20 l9K. Pacific Mail ranged between SIX
B6T closing at 81. Lake Shore opened at 542i, went
down to 53s and ended at 54 Erie sold 1879 the
close Northwest common at 39h; do preferred at
b3z after sales at 53al. The changes other stocks
unimportant
ADVANCE DECLINE
The changes in closing prices compared with those of
yesterday follows:-
DEc1SE-Atlantc and Pacific Telegraph x; At
iantc and Pacific preferred q; New York Central,
u; Erie X: Hannibal and ST. Joseph a; Lake
a; Pacific Mail, u Rock Island, ~ Wabash, q;
Union Pacific 35s; Western Union Telegraph, b;
gold, a.
ADvAycE.-Delaware Lackawanna and Western Rail-
srATloNARY.-C G. and l. c., and Ohio and Mis-
sssippL In Panama nothing was done.
TO-DAY.
The transactions at the Stock Exchange to-day aggre
gated 134 600 shares of which tho sales of active
stocks we're follows:-New York Central and Hud-
son. IT'S; Erie 1900; Lake Shore, 36,s00 Northwest
ern $780, do preferred, 800; Rock Island 1905 Pa
chc Mail 30, ,2oo St. Paul. $500; do. preferred. 500;
Ohios, 4,600 Western Union, 1890; Wabash 21O0;
Union Pacific, 13 700; Missouri Pacific, $780, Atlantic
and Pacific preferred 1900; Atlantic and Pacific Tele-
graph, 1000
OPENING HIGHEST AND LOWEST PRICES
The following table shows the opening, highest and