The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-05
FINANCIAL AND COMMERCIAL.
Stocks Dull and Prices a
Trifle Lower.
@ o l. d 112 7-9 A. 113.
The Wheat MOvenent-Firn-
ness in Bonds.
WALL STREET,
WEDNESDAY. August 40 p. NJ.

WEDNESDAY, August 4-5 p. NJ
Quiet reGned to-day in the several margets'
ina not even rumor disturbed the midsummer
aulness. In stocks the transactions were smaller
Ehan usual and confined chiefly 10 those parues
who are satisfied with a small percentage OF
profit Few outside orders are IN nand, large
operators are idle or absent, ana there Is little
disposition TO do more than keep the market
swinging at anchor ON the daily tide.
1t q noteworthy fact, however that notwitn
standing the prevailing Inactivity prices are gen.
orally nrmer than one would expect them to be
under the circumstances. Hence there is a dispo-
sition on the part OF many operators to look for
ward with hope TO higher prices in the autumn
and TO a commercial condition generally that viii
compensate Tor the present
PATIENT WAITING.
The leaders OF the market to-day In point or inter-
est were Western Union. Pacific Mail, Northwest
ern common, Lake Shore and Ohio and Mississippi
1t is not difficult In searching for reasons way
Btagnatton and dlstrust should exist to find them
In many quarters. IL Is not always, however, that
30 frank statement appears In railroad COM
pany's report as the following, which we extract
from the last exhibit OF the 81. Louis, Alton and
Terre Haute line The revelation explains Itself,
especially the closing paragraphs;-"The preju-
dice or
THE WESTERN PEOPLE
against railroad corporations, backed up by un-
friendly and oppressive legislation. has served
10 materially increase the expense Of operating
roads. imposing, as the statutes OF Illinois DO
heavy penalties Tor a failure 70 comply with every
tri1ing provision or the laws which a Legislature
opposed to the railroad interests has seen ht TO
enact. Consequent upon this proscriptive spirit
our taxes, already onerous, have been more
than doubled and rendered so oppressive az
10 force us to litigate portion Thereof. The
m anti nat Wi
Ipirit of the masses have apparently gone very far
Ia their decisions against corporations, and hence
every possible expedient has been resorted to to
transfer the bulk OF litigation into the United
States courts Tor determination, where, it IS
hoped, sound law and fair dealing will be meted
out in due time. To many OF the roads In Illinois
q decrease of net earnings has not been the only
result incident to this proscrptive spirit and un-
friendly legislation. Many OF the weaker lines
have been unable to withstand this tide OF oppo-
sition, hence have necessarily deaulied in the
payment OF their interest and passed into the
hands OF that judicial undertaken. commonly
called a receiver. Within a few months past over
one-thrd Of the mileage OF Illinois railroads has
thus passed into liquidation, comprising In all
2,206 miles of road" Facts like the
foregoing will De startling TO those
VINO have not carefully traced the history or Amer
lean railroads. They show the difficulties with
which capital mad been compelled to contend out
side Of the antagonisms Of nature and trade, and
In a large measure explain the weakness that has
been recorded curing the past two years against
many Western corporations. All extreme meis-
nres. however possess the elements OF reaction.
grave error frequently results In the elucidaton
of the brightest truth; and so 1t may appear here
after that the endeavor OF legislation to regulate
the commerce OF the country, whether 1t be
RED on by an individual or corporation, will be
n beneficial experience, and win secure for US
nenceforth al immunity from such interference.
THE SALES TO-DAY
amounted to the small figure OF 49, 900 shares,
which were distributed among the most active
securities as iollows:-New York Central and
Hudson. $50; Erie. 500; Lake Shore, 400; North
western, $3.50; do. preferred, 10o Rock Island,
$50; Pacific Mall 100; st. Paul. 700; 0hios, $500;
western Union, 10, 100; Union Pacific, 700. An
examination and comparison OF prices to-day and
yesterday will show a general decline, ranging
from to u per cent. Western Union retained
It's steadiness and after sales at S3IG and S2x,
ended at SO. Northwestern common sold at 426
q AK anu closed at Az. The preferred stock
closed at 55. New York Central was firm at l031.
Erie at lax 143S a 141a. Lake Shore stays down
Rt 611S 613S 61A. st. Paul common rated at
363S q 36h 36A. Union Pacific sold at 70 q 72zS.
Ohio ana Mississippi sold at 1914 197@ 1914.
Hannibal and st. Joseph receded from "a TO 20 but
recovered TO 2315. We are informed by one OF the
oncials OF the road that its freight and passenger
trafic is expected TO be largely increased by tho
cancellation OF the agreement between the Kansas
Pacific Railroad and the st. Louis, Kansas City
and Northern Railroad heretofore referred 10.
Other changes Will be found recorded below
OPENING HIGHEST AND LOWEST PRICES.
The following table shows the opening, highest
and lowest prices Of the days