The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-03
FINANCIAL AND COMMERCIAL.
Fhe Stock Market Without Excitement and
Generally Stronger
GOLD la A l13 7-8 A LA IA.
Money in Abundant Supply at 1 1-2 and 2
Per Cent-GOvernment and Rail-
way Bonds BuOyant
WALL STREET,

THURSDAY Sept. 2-6P NJ
The stock market to-day was drmer though on less
active business than yesterday. The rumor committee
were not In session. and tho street was undisuroed by
sensations OF any kind 1t is not generally believed
that the Improvement is permanent but merely the
result of efforts sustain tho market and induce
large short interest The bears in their prognosca-
tions evidently view the future with hopeful eyes,
and operating accordingly DQeful statements
ado concerning the condition of many OF the railway
corporations while the dulness Of trade is cited as
cncher every argument that favors early
20 prosperity Unfortunately many facts are on the
pside OF these gentlemen. The recent failures have
Increased dstrust and is difficult to distinguish be-
hween the sound and the rotten. 1t is also that
she next phase Ia the situation is likely to be reduc-
kiOn In
THE PRICE OF LABOR
and the number of employees The proprietors OF
of the largest ewelry manufacturing establishments in
Hhe metropolis to-day commenced to discharge por-
zion Of their clerks and artisans The example will
doubtless be followed by Others and the laboring classes
will do well II they regard the signs of the times and
by adapting their wages to the change in values that is
taking place, sffen the sinews of capital and
more encourage 1t TO find employment in developing the
real wealth and the Improbable industries OF the
country. Labor may be the last to yield in the struggle
that going to keep prices up former standards
but yield at last it must 1t is great factor in the
problem of prosperity and the laws Of trade inevi
cable.
THE NEWS FROM CALIFORNIA
Us not less encouraging than it was yesterday more
settled feeling is reported among the business Of
San Francisco, and there signs that money will
be easier The prospect said to decidedly bright
YER Tho directors of the Bank Of California have yet
made statement OF Its condition, but arrangements
ARE still in progress for the reopenng Of the institution
I'm addition to the disbursements by the United States
Treasury the United States Branch Mint in San Fran
cisco will be ready issue about 81 900 In coin
p few days. The Treasurer the United States to-day
transferred $780, 900 from New York San Francisco
lon the application Of the National Gold Bank of San
Francisco
meeting Of the Board of Directors Of the Erie Rail
way held to-day at the Office OF the company In
che absence Of President Jewett Mr. Lucius Robinson
WAS made Chairman The Board appointed a commit
hee consisting Of Messrs Barlow and Stebbns, TO wait
npon Sir Edward watkln, Sir Joseph Heron and John
Morris Esq, the English committee, and they
subsequently presented to the individual members Of
the Board No business Of consequence was transacted
The following cable message has to-day been sent by the
Enghsh deputaton from the committee OF bond and
shareholders in London :-'Watkins and Morris Erie
Committee-Genera principles of arrangement settled
with Mr.. Jewett and Board" 1t is understood that de.
calls still under Consideration, and will be
mieated when arranged.
The Chancellor OF New Jersey has issued peremp-
Eory order upon the receiver OF the Erie road to
place, forthwith, the track up few days since
prevent the New Jersey New York road from pass
ing over the Erie road through the Bergen tunnel
20 the Pavona ferry.
STOCK MARKET.
As before indicated the market quiet and without
feature The OF the failure of the Credit Foncier
r,fE Enc md fpstf
sutton should not be confounded with the Credit
Eoncier of France. It commenced business In 1864
with paid up capital OF 81 $50 900 and nominal capt.
kal OF f1 500 000 Its ramihcatons extended through
out the Continent and for long time its operations
have been regarded Objectionable The concern last
year had OF f10o oOo while its stock was at
discount OF IS per cent Among its present assets
said large lot OF worthless Continental and other
pecurcs The sales OF active stocks to-day aggregated
only IFS 900 shares about 100 900 less than ycster
day The market led by Lake Shore, which opened
at 5SK, sold down to SIX, and ended as last night
at 5sK 5SX. Western Union next in point
OF interest selling at 7sK 79H 70 7SX
Rock Island advanced 1857 and closed at 1Os Har
lem and New York Central about steady Allan
tic and Pacific Railroad preferred hrmer at 12K
rs gain of per Yesterdays closing price
Northwest common after selling at 39X TO 40%
ending 4oI; do preferred from 54H to SIS. St. Paul
common sold at 36k 36H 36X, and 367S the last
price OF the day. The preferred stock advanced from
B2L to 63X. Hannibal and ST. Joseph sold at 22H
FIX. Ohio and Mississippi at 1877 a 1914 19H. Della
ware and Lackawanna was firm 119T. Union Pacific
was steady at 73k rs Atlantic and Pacific Telegraph
sold all day about 10 1871 Erie advanced from 15H
10 l6 closing at 16I. Pacific Mail steady at SIX
D 3S and ended at SIX.
INVESTMENT SHARES