The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-06-08
FINANCIAL And COMMERCIAL.
The Stock Market Dull and Irregular
Prices Generally Lower.
MONEY EASY AND CAPITAL ABUNDANT.
Gold Steady at III a ll6 7-S-GOVtrnment
Bonds Firm and Foreign Ex-
change Steady.
WALL STREET,

The dealings at the Stock EXCHANGE to-day have
been dull ana the purposes behind them incom-
prehensble. The future IS shrouded In doubt.and
me Judgment or those who operate for immediate
returns is unsettled by course OF speculation
thar leaves little TO be inferred from existing
ngures. opinion, however, Is by no means evenly
aivided with reference to ultimate results, as IS
testified by the large short interest that is made
whenever prices advance, and by the frequently
expressed belief that the country Is not IN con-
alton which warrants more than a temporary
and speculative recovery in any stock thar IS not
represented by Substantial value. The present
railway war IL only antagonism between The
real and The artifcial-between economy and ex-
travagance-and however IL may terminate, II Is
teaching a. lesson that will not be for . long
time forgotten by those who are engaged
In the management of great corporations. Al
ready it has largely Affected the prices OF railway
Itocks and it is not difncnit TO foresee still fur
iner decline II the contest should continue But
pntside OF his influence, II is grave question
whether others OF equally powerful character
are not likewise at work: whether commerce ana
trace and the many industries OF the country are
not at this moment undergoing contraction and
lurering from an unseen ana untraceabe process
" liquidation that compes every man to pause
before engaging In fresh ventures. From these
premises 1t may he argued that
A CONSERVATIVE OPERATOR
will best subserve his interests by letting
speculation severely alone, inasmuch as the chief
profits taken ont OF the stock market will be oy
those, who, possessing the largest capital, may
manipulate the same to suit themselves. At
meeting OF the Pacific Mail Com
pany to-day the fact was developed
that no compromise is likely ID be made with
Panama on The basis suggested by the latter. 1t
was further discovered on examination or the
accounts that the through trade By water be-
tween San Francisco and New York has lalen OF
TO a considerable extent. The Pacific Mail people,
however, express q willingness 10 compensate
Panama to the extent OF s24, 900 per month instead
pl s45, 900 demanded by the railroad. II is also
raid that bills Of lading on teas ana silks win
be nenceiortn issued via the lstnmus route. in
structions having been given to the foreign agents
70 send these cargocs overland. ii these facts
are tue they indicate tcat Pacific Mail is hence
forth TO run more closely In conjunction with the
Union Pacific Railroad tnan heretofore and with
out so much dependence on Panama.
THE STOCK MARKET
presented few salient features Prices were weak
AZ the close, and the lowest quotations OF the day
were recorded. New York Central was conspicu-
ousy weak, declining to 1928 regular. and 1915,
seller co. Lake Shore closed at 6o7S. Both OF these
STOCKS are unfavoraniy affected ny the contnu-
ance or the railroad Pacific Mail fell on 10
S3sS, and closed Sc a 33ss. Union Pacific ad-
vanced to 70, ana tell TO 71s6 in the final sales.
Rock Island declined TO 103, and Erie SOLD as low
as 1874. seller 60. The late changes were other
wise unimportanf. Western Union opened at
se1G. declined TO "a. recovered 10 IS and ended
NJ 745E. Delaware, Lackawsuua ana Western was
steady a. 1l51z. Quicksilver preferred moved up
70 23ss, and was apparently the strongest stock
on the list; toe common stock sold at Is rs
~ a17h. Erie was marketed at IS. AIS a
AZ. 81. Paul sold At ~ = a 33A 3d.