The New York herald., 1875-07-15
FINANCIAL AND COMMERCIAL.
The Stock Market Uneettled---
4 Speculative Decline.
GOLD 115 1-9 A ia 9-4.
Government Bonds Weak-AnOther Call by
Secretary BrStOw.
WALL STREET,


WEDNESDAY, July l4-9 p. MI
The course OF prices to-day was well calculated
TO encourage for the moment those who profess
so sec nothing but disaster and ruin In almsst
every form OF investment Az all times In wall
street there are certain people whose province 1t
seems to be 30 tear down rather than build upi
60 discourage rather than promote improvement,
ana TO take advantage Of every possible sign OF
weakness, great and small, In order to Illustrate
their peculiar theories. Now and then, as to-day,
they have opportunity OF joining IN the
cnorus II told you so,n and they make the most
OF ~ but In the main their diagnosis OF the sltua-
lions is incorrect. Ii Is true that the war was
followed by an unnatural innatlon OF prices
and an accumulation OF debt on the part
OF railway corporations which now producing
their natural results. The panic OF 1878 helped on
the impending difficulties and piled up financial
obstacles that called for the exercise OF the
best intelligence TO bridge over q period
OF general misfortune. But IL Is not
reasonable to suppose that because OF these
things great enterprises are TO be suddenly wiped
out anu further disaster is to cover the land. In
ali the history ofAmerca 1t Is shown that when
evor the country has been forced to take step
back or halt for breathing spell 1t has sub
aequently taken two steps forward and become
stronger than before. And so 1t win prove here
after. Our reports are ali indicative OF
GOOD CROPS AND PhOsiECIlfB lNChbaSh
OF exports. This will give life TO trade at the
proper time. IT will stimulate industry in every
channel, help the railroads, pay the debts Of the
producer, set at fresh work the wheels OF tue
manufacturers and so restore us to halcyon days.
1t IS needless TO say, after the foregoing remarks
that the majority OF even wall street SPECTATORS
believe In the Dermaneocy of any depressing
movement or are doing more than adapting them
seves to the contingency ofths hour. Doubtless we
ehall have q comparatively duh summer market
but It's prices viii by means indicate the
character OF that brighter future which we hope
fully foresee. We have already alluded to the
noods in France and the deficit in the supply
market that must have been caused by the
losses. Let not our farmers make another mis-
take. Wheat is reported to be advancing in the
foreign market, and those who most quickly avail
themselves of the opportunity may secure profit
Greediness in speculation never pays An eighth
per cent has often been the. last feather on the
cameps back Free shipments will add to our
strength, and both directly and indirectly our
producers Will reap benedC.
THE PRICES TODAY.
Nearly all securities, compared with closing
prices yesterday, showed more or less OF decline
Near The close the announcement Of failure
and the consequent throwing upon the market OF
q quantity OF Union Pacific ana Atlantic and Pacl-
no Telegraph Company, for which there were no
present purchasers caused a decline in both OF
these stocks. The former receded from 1879 10
72A, closing at 73h 1879. The latter from 22%
20 IS, with q close at 1871 a 10. Erie was another
feature. going or from 14sz to I35s. The price in
London was also lower to-day. Lake Shore de-
cIlned from 6oH TO 5S2s, ending at 6sZ SO. West
ern Union was steady nearly all day at 79%
so%. There are hints OF q combination with At
Isntc and Pacific Telegraph. and new arrange
ments that may eventually change the value
qac.e q RSa S 9h 4qsssAssa 6toe6 for e 6eS5
ST. Paul and Northwestern maintained
their late prices. and closed, respectively, al s4%
ssX. Preferred OF the former closed at 57;4
b7X, aud OF the latter, 4oA so. Hannibal and St.
Joseph quietly moved TO 2i a 237S. Rock Island
ended at Io4E, after selling ct 104A. New York
Central closed at 109H 1o4, alter sales at 1o3k.
Among the express stocks. United states was
quoted at as a 4sH, American Express at 6s "a SIX,
Wels.Fargo at 10, Adams at 992<. e., g. and l. O.
ended at 81 and Wabash at5.
TIE SALES TODAY
amounted to $4,000 shares, which were di-
vided among active stocks as follows Erie,
1900; Lake Shore, 2,600; Northwestern, 1900;
40. preferred, 400; Rock Island 400; Pacific Mail,
I1,sOO st. Paul, 1900; ohios, 100; Western
Union, 25,loo; wabash, 26O; Union Pacific, 6,o0O;
O., O. and l. o.. 15o.
ADVANCE AND DECLINE
The changes during the last twenty-four hours
are as follows:-
ADvANoE.-AtlaRtic ana Pacific preferred, /;
Panama l.
DEoLINE.--Atlantic and Pacific Telegraph, Ak;
New York Central, n; O., @. and ]. c., u; Della
ware and Lackawanna, q (; Erie, Ia; Harlem, u;
Pacific Mail, y Quicksilver common, q; Rock
Island, u; Union Pacific, l western Unon, n;
Mariposa, u; gold u; Erie in London. /.
The stationary stocks were Hannibal aud ct.
Joseph Lake shore, Northwest commen, Ohio and
mississippi, st. Paul, Wabash and St. Paul pre-
fsrred,
CLOSING PRIcEs--3 P. N.