The New York herald., 1875-10-18
FINANCIAL AND COMMERCIAL.
The Business 0utlOOk---Trade and It's
PrOSpectS---ReView Of the Week.
THE MOVEMENT OF GOLD.
4 Heavy Decline in Stocks Since January l.
The National Bank Circulation.
GOVERNMENT, STATE AND RAILWAY BONDS.
WALL STREET,

WALL STREET. <
SUNDAY. Oct IL, 1875.
The past week has closed upon unsettled and un-
certain condition OF financial and commercial affairs
While a number Of stocks show marked recovery it
Is Of that character which induces belief that 1t
be maintained There ia a disposition to
Rggeratc the improvement in trade and to make the
same basis of speculation Candor, however, com
pes the observaon-and il rests the statements of
some of best business men-that there not in
the quarters whence the great trade influences emanae
those evidences of recuperaton that expected at
Ehis of the year. True the of business
done in various branches is fair; goods moving
with considerable freedom away from the commercial
centres; freghts the railways gradually increas
Ing and the country is mending. Yet comparatively
I'VE far behindhand Merchants and manuiac-
turers not making their usual profits. Customers
are buying less and more carefully. The
port trade Is only moderate. and the supply
of all kinds Of produce is more than
equal to the demand. Money while flowing
In unusual sums from city banks, not all west
ward bound. New England and notably Boston
drawing upon to protect their own vast interests
recently endangered by heavy failures, and to fill the
vacuum occasioned by tho immense shrnkage in pro-
ductive values during the last eight months 1t is well
therefore look both sides of the situation before
tormer condition of prosperity The result of the Ohio
election has done much to restore confidence and, il
Followed by equally happy results in other States will
Induce the employment of capital and the enlargement
OF trade operations but until the vexed question OF
currency is removed from in which the voice
of the demagogue and the votes of the masses arc
causes that affect the price of gold paper shall
never in this be free from disturbing financial
elements. The course of
STOCK MARKET
during the week exhibited the influence OF inside opera
tors and should not be considered expression of
the class who, general principles confidently
ewaiting lower figures The prevailing feeling among
others than spectators in favor of early de-
cline, and their judgment Is doubtless fairly based,
Especially If it be true that the nondivdend paying
Becurites every month growing weaker and their
ebility to earn is commensuratey diminished. 1t is
reasonable inference upon the street that the absence
Df official reports is indication of unfavorable
condition Gamblers buy play their cards and, for the
moment, make the game attractive; directors OF
panies join hands in general swindlc and, by
rolored statements If made at ALL invite confidence,
but again say to the speculative community that if
they would avoid loss and escape disaster they must
Tor the present, at least, clear of Wall street
THE VALUES or ALL SECURITIES AXE TO BE MEASURED
by their capacity to make returns upon the capital
vested and those which prove they have no such
pacty must find their place with others which have
already gone to tho wall 1t is not
10 be expected that this result will be
attained suddenly. Frequent fluctuations may occur.
The devices OF the artul operator may intervene but
even he with all his manipulatons is not likely to
Withstand tide that is sweeping onward with pres
cure that is represented by tho common sense
and the experience of the people. We may have
better legitimate exhibition of business in ordinary
manufacturing departments, but when money IS sub
jected TO such offered by Wall its
delusive values sensible capitalists as well as small
Rdventurers will hesitate long before taking stock in
either of the half dozen called 'favoro" fances
ehat just now constitute tho lottery assortment
DECLINE JANUARY l. 1875
may be regarded with profit. Erie for instance has
receded from 35H to 12A tpresent prices win be
found beowl Lake Shore from s01s to 5lk Wabash
from 2lH 70 4 Northwest from 4sS to $685. the pre-
ferred stock from 627l to 46 St Paul from 4oS 2S
the preferred from 65S to ST. Atlantic and Pacific pro
ferred from is to SIX, ohio and Mississippi from S2l
a4X, Hannibal and ST. Joseph from 30A to 15I, At
lantic and Pacific Telegraph from 29K to TX, and
Missouri Pacific from 81 to 14K What do these figures
Indicate but "a noiseess panic" the non. dividend
paying securities and who will pretend in the light of
such experience to foretell the endg
THE FLUCTUATIONS on THE WEEK
In the stock market were in several instances wde but
fhe close showed recovery ranging from u to 5k per
cent The marked exceptions Missouri Pacific and
Erie tho former declining from 20H to 14H, and the
latter from ia to 15A, with slight recovery the
close. The general advance in Union Pacific which
from 63k to 90, aerward reacting to GO and clos
ing at a recovery or about per The Northwest
shares made the next greatest advance, the common
rising from 3tk 36Z and the preferred from 47k 10
60Z; but the Improvement aferward partially lost
Delaware, Lackawanna and Western rose from 1T to
400, Michigan Central from 541s to 575S Pacific Mail
from 341< to 81, Lake Shore from 52& 542{, Rock
Esand from 1O2 to 1oS, St Paul from So}l to So pre-
ferrou from 90 TO C2H Hannibal and ST. Joseph from
76H to is, preferred from 2oA to %, ohios from Is
to Tx, Quicksilver from 16S 10 the preferred
from 21k to 2376. Western Union rose from 742S to
75H but aterward dropped to 73a4 and closed at 74
American Express declined from 57}s to 55R. The
other changes we're less important In the late deal
fngs the market strong especially for the Western
Toads
CLOSING PRIcEs-3 r. NJ SATURDAY