The New York herald., 1875-09-20
, The Events Of the Week Opinions
on the Subject of Initiation.
THE STOCK MARKET LOWER.
A Commercial Outlook--Changes
in Gold--Money Easy.
INVESTMENT SECURITIES FIRM.
WALL STREET,

The principal interest attaching 70 Wall street move
during the just closed is connected with the
stock market wherein the fluctuations were at times
wide and exciting The possible effect Of the several
democratic platforms the currency question and exist
ing values was likewise freely discussed, but in the
absence OF definite action beyond that taken by the
respective in Ohio Pennsylvania and New
York the influence speculation temporary and
scarcely felt except in gold which is just vibrating
between 116 and III An intelligent banker, who has
recently returned from extended tour fairly describes
the prevalent feeling this subject in the following
remarks: s:-'The debtor class want currency, be-
cause imitation will in their Judgment lead to a species
OF spasmodc prosperity that Will enable them success
fully to escape from the difficulties by which they are
environed The creditor class, composed as it
largely is OF capitalists, are content to allow
Ihe natural laws to progress uninterruptedly
that are now at work, Notwithstanding thev
producing shrnkage that sorey felt in all de-
partmcnts trade and await that healthy period of
reaction which will surely follow For time the
1aboring men may sympathize with the debtors and
the demagogues but they will not be long in learning
that their true welfare consists in maintaining the
credit of the country. Whether they do SO or not,
however, capital in the end is bound to win, as II
always does when
GREAT FINANCIAL QUESTIONS ARE AT STAKE,
and the ballot box and the floor of Congress will tell
The story of victory for which eventually the whole
people will be grateful
Governor Bedle of New Jersey in late address, also
dwels upon this subject. As he truthfuly observes
sThere never a time in the history of country
when there was need of sturdy honest industry
than now. We have been passing through period
marked by overanxious desire for sudden riches,
and q disposition to procure them by questionable
means. The public eye has been blinded,
and extravaganza, waste and fraud have stalked
q tha land Thcre is
day coming The public begin to realize that the true
prosperity OF people is in its inflated schemes of
speculation however attractive they may be, but in
economy and soid useful employments and industries
1t is great evil to haste to be rch and when that
spirit overtakes people, it be corrected only by
stagnaton in trade and financial disaster
THE CRISIS
through which we have been and still passing, is
one that has awakened the fears of the prudent and
shaken public confidence in most all classes of busi-
ness Trade sensitive and is affected by the olles,
vices or virtues of the people, as it is also by the
errors wisdom Of government The present difficulty
has arisen largely the former and the people have
the power in their hand greatly to correct it, Ex
trayagance in living will have to cease law cannot regu
late that Individual prudence and economy virtues
that the people learn and voluntarily practice.
Employments must be more regular, and the employed
must be satisfied with reasonable rewards. Private
stand that cheat is as bad to steal. Integrity
must lie at the very core OF trade and DO dnused
through all its arteries and branches. There must be
no dscouragemcnt Incidence They must the
crisis the spirit Of true manhood, and be satisfied
do well they can. In public affairs also the people
must take deeper Taxation has become op-
prcssve chiefly because of cxtravagant and unnec
essary schemes of Improvement and reckless expendi
ture in office Municipal debts particularly, very
burdensome Notwithstanding it, all public debts
be paid, and the people obliged to meet them. But
1t behooves that for tho future these bur
dens are kept within the reasonable necessities of the
public and that there shall lie waste, extravaganza
or plunder Honesty in office should be the rallying
cry OF every voter IL rises above partisanshp
and admits of compromise. 1t is radical, and with
out it government is a mockery and curse TO the
people"
GENERAL TRADE
Reports from various indicate that the bust
ness OF the past week been unlike that of it's
predecessors Sundry disturbing influences have
caused additional dstrust and the caution engen
dered has led to a considerable contraction in trade
Paper is being carefully scrutinized; books
scanned with view TO cutting of doubtful credits,
and on all sides there a trimming Of sails in order
meet the contingencies OF the future. 1t is note
worthy fact aso that while the country buyers report
generally good crops and excellent prospects they
for the moment limiting their transactions to actual
necessities and say they expect to do better later in
the eason"
TIE STOCK MARKEr.
Early in the week this department was a scene Of
much feverishness owing to a decline in securities,
especially OF the non-dvidend class ranging from q to
81 per cent. The tendency st to fursher depres-
sion until at least something like confidence is estab
shed The sales of Lake Shore particularly large
and the price declined from 56 to 61h, but rally of
two per took place toward the close partly
count purchases by the shorts Pacific Mail declined
from 3s3G to 1875, but subsequently advanced per
cent from the lowest point Western Union fell of from
S0k 10 77H the recovery the close being about per
cent The stock in demand for use and high as
n per cent paid by borrowers. The difference be-
tween sales regular and on sellers options was to 4
per cent Northwest fell Off from SO 4 to 371S
preferred from 54H X to 521 ST. Paul from 80 TO 3Sx
preferred from SO 61X Michigan Central from 81 TO
be and ohos from l9% to 1914, but partial recovery
took place toward the close Erie fell or from is to
I6sl and afterward advanced to 20H. Union Pacific
declined from II to 69H ex-divdend, but closed at
about 10 Hannibal and ST. Joseph receded from % to
90 and Panama from 1877 to 1885, The changes in the
mander Of the list less important
HIGHEST LOWEST PRICES OF THE WEEK.
The following table shows the extreme fluctuations
for the the leading shares:-
Highest Loloest
New York Central .................. l05 10As
New YORK Central ex-dividend..... lO3 1929
Erie. OBSERVATION-DISCLOSURES. 20% 169l
ere preferred. ...................... ~ ~
Lake shore. ore.......................... 5b5S OH |
'Maoash. ....'......................... oANl
North"esleIh' :'...: ........'.''.. oyte ot5s
Northwestern preferred. ............ 54H 52h !
Rock Island. Observation-Disclosures. 107X 1867 !
Milwaukee and st. Paul ............ 80 33& |
Milwaukee aud So Paul preferred 63 o1A !
Pittsburg. ............... 9Ok 90
Delaware Iackawanna and Western 12iS 100