The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-10-13
FINANCIAL and COMMERCIAL.
Features Of the Stock Market "A
Declining Tendency.
GOLD 116 1-2 AND 116.
Rag Dollars Worth S5.S4-Money on Call Loans
1-2 and Per Government
and Railway Bonds Steady.
WALL STREET,

WALL STREET
TUESDAY Oct l2-6 NJ
There is no reason to modify the opinion frequently
expressed in this column that the tendency Of fancy
prices Is downward Whether there be a renewal OF
commercial activity not want OF confidence exists
the part Of the outside public with reference TO Wall
street securities that prevents investment and confines
speculation chiefly to the community of brokers Nor
is this condition likely change while jobs like that Of
the Missouri Pacific Railroad Company be set up
and their authors 90 unpublished and failure upon
failure reveals the rotenness which underlies our vast
financial system. That the market will have its rallies
and for few days at time show considerable strength
is true but in tho absence Of supporting power either
within without decline Is certain follow until
prices reach point that corresponds somewhat with
real values The people evidently tired-and
cusaby soof paying tribute TO false pretences and of
bolsterng stocks which officials themselves throw
ing upon the market, exultng meanwhile at the
duy Of their dupes.
THE CHIEF EVENT
the meeting Of some of the directors, stock and
bond holders OF the Atlantic and Pacific Railroad Com
pany the purpose Of considering the affairs of the
Missouri Pacific. Among the prominent bankers and
capitalists present were Messrs John Cecil Selgman,
Cutting Colgate Cromwell, Hatch, Owens and simp
son. The President, Mr.. Fisk submitted statement
OF the Indebtedness OF the Pacific Of Missouri from the
date of the lease, June 81 1872 to the present time,
also of the gross and net earnings OF that period Is
needless to add that no quarterly dividend will be paid
October 20 committee of the stockholders of Pacific
of Missouri was appointed investigate the condition
of the company, and to recommend the best
plan for adoption, the to be presented
at a future meeting The following gentlemen
constitute tho same :-Mcssrs A. b. Baylis, j. b. Col
gate Jacob Cromwell, W. S Hatch and c. f. Simpson
The gross earnings of the company for the years from
July l, 1872, to September 30, 1875, amounted to
$1 54 al 90 and the operating expenses for the same
time we're 81, 1854 S66 q, leaving net earnings at
81 o99, 275 rs The disbursements for the same period
on the funded debt, &c. amounted to 81 5739 S7 S.
from which deduct receipts of 81 900 275 10 and
there is shown net loss of $474 10 49, The various
dividends paid to the stockholders OF Pacific OF Missouri
for three years amount to 81 05O000 The funded debt
footed up $40 1 600 and the decreased gross earnings
for nine months OF the present year. compared with
1874 is $57071 15 Fuller details will be found else
where. The price of the stock the opening was 10
than per cent less than the closing prices
yesterday decline quickly followed until 14H was
touched and the lual figure was Is.
Mr.. Morris, the solicitor of the English Erie bond
holders, who was associated with Sir Edward Watkin,
will probably arrive in London to-day. We learn that
10 ioPo'' "l 10 - .ne SOU. NoH = - ?
uu' poinps moie - u''a'' anu nioio "'ouou :" sone
~ "ie ieu - iei 'nA' nc uoes nv asioo WIN on
Edward, that the nonpayment of the coupons for a
snof' ''no WI 70 su'no'ens " ,ei.'e A'o RON ~
0i'o' 90 "lo "' .A4e 7s1 - - ~
~ Wy - =" .""' 'o''''As S"''' = 0e0 :. e"e
- pu' ~ - = .t' rs
po7'''o1 80 - -, al'' D - -,
~ " 49, 49, 49,
eain'Hss :, ."o IoaI ~ : . Nv 49, - ~
recommends 'ne $50 -. -
.eset7' = 80 ~ %, . :, -, -
determination as 70 what course tney VIII pursue An
important point he will make is that unless the
o,e and ILLEGAL contracts leases and guarantees mr.,
ous ~ -, - 60 ~
got rid Of oy the receiver inc only course 10 pursue
will be a foreclosure and sale Of the property Mr.
Norris ,s now associated with the attorney for tho
@"!l's % ~" 80 ~ 1''''' ~ 'i0
receiver
the sTocK MARKET
The election in Ohio was the absorbing subject Of dis
cusson but so FAR as could be observed il produced little
or no influence on prices The principal dealings
\, -. CO.. >r.,h,a, ,on pooiec wa Woe,
III iNaAo Snoio, -'oi'Aes' ' ' "i 80"