The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-06-23
FINANCIAL AND COMMERCIAL.
Stocks Generally Lower Spasm
in Pacific Mail.
GOLD l17 La A liz Ia.
Money Easy-FOreign Exchange Less Firm
Governments Steady.
WALL STREET, |

the leading feature or the stock market to-day
was again Pacific MAIL and at times the dealings
we're attended by considerable excitement.
strenuous efforts were made 10 sustain the prices
established yesterday, and at the opening sales
were recorded as high as 40; but from this point
DOWN the leaders or the speculation fed stock
right and lett and gathered their PROFITS. The
lowest figure OF the day was 36E ana the closing
figure 1884, The struggle was between capital ana
common sense. between the duptcity OF operators
and the credulity 81 buyers. rhs last story put
out Is that the Japanese government Is engaged
In negotlaling for the purchase or some OF the
steamers and that Central American govern
ment Is anxious TO pay large subsidies, but it
was noticed that the Australian proposition
ofyesterdaF was little quoted. Several OF the
Pacific Mail steamers are now swinging IDLY
at anchor IN the Harbor OF san Francisco, from
want OF business, and their old officers are
rlamorous for fresh employment. New steamers are
on the stocks, for the payment OF which the
money has yet to be raised. The arrange
mens between the Panama and Pacific Mail
companies is not yet satisfactorily adjusted;
s500.0O0 per annum have TO be earned by the lat
ter in order 10 make both ends meet" and
STREET GOSSIP
adds the foregoing facts that before the recent
advance TWO or three leading operators combined
70 move the stock 10 the highest possible figure,
In order that they might make a substantial short
interest on their own account and at the proper
moment "covern IN the negnoorhood OF %. Some
time it Will doubtless appear that the Union Pa
ciuc Railroad Company, a close partner OF the
Pacific NAH, will do something to augment the
value or the latter but just now IT is not evident
that snrewd men are buying at present prices
with thls view. The railroad can well AFFORD
20 protect It's own monopoly and prevent
rivalry by sea. The speculative situation In
this security, briefly described. IS not one
which invites investment by any other
than those who choose TO take TIER chances
like common gamblers. Another rumor current
among Ihe boys az the close. though Of the bur-
Iesque order was that caole despatch had been
received from the King OF the Fill Islands to the
eject that II the company would allow one OF It's
steamers o stop there oc asionallY he would COM
pensate for tn. service by giving a lee simple
title 10 his entire domains, which ne values ar
several millions OF dollars. The next important
leading feature was Lake Shore, OF which some
5000 shares were sold, but without other effect
than lowering the figures from 6lS 70 co., The
price at tue close was cos a COS. Western Union
came next On the active list. II opened at 73A,
sold up 10 74k and down TO 72h, closing at 72a<
72z The talk Of tae street is not favorable 70 I'M
mediate higher prices, It being animated that
certain parties are DESTROYS OF securing further
rontrol IN the direction 10 the end that they may
absorb Atlantic ana Pacific Telegraph ard thus
establish a complete monopoly. The last named
STOCK Is steady At % but It may take to itself
new value at any moment and become
AN rMPOzTANr FACTOR
IN the future value OF It's rival. IL is protected
and largely owned BY the Union Pacific Railroad
Company. ana Is Itself the owner ofthe quadruplex
automatic and other improved telcgraphic appara-
tus that may sooner or later become potential in
nuences IN the transmission OF cheap news. Erie
sod at I45S 13ss 134, sympathiz.ng somewhat
with the London market The stock has few
friends, and the dealings although to the extent
OF 5000 were largely on the snort side. Union
Pacific sold az "a 1875 73'4. IN 81. Paul COM
mon endeayors we're made 70 get rid or
long stock, which were Successful az 32s.
20 a s2,s. Hanniual aud s.. Joseph
showed an advance from - 10 23tS in con-
sequence Of me Official announcement OF the
supreme Court Of Missouri, Just rsc.iyed that al
the present term. IN -. Joseph. IN tue cases Of
Caldwell and Livingston counties VI. he Hannibal
and s. Joseph Railroad Company 70 recover
county taxes assessed against ihe company, IL
was aecided that under the cnarter Of the CON-
pany il Is exempt from al county taxation, but
taat IL u subject 10 4 school tax amounting 70
$4,000 per annum. This decision relieves the
company or over naa million taxes suet for, and
VIII largely swei H. net earnings during this and
the coming year. fresh movement was made
IN Marposa preferred, which solo AZ r. a s. assess
nent Dad. Tie otaer oranges were cOmpara-
uyaiy Insignificant, ana VIII oe found recorded
below
amounted TO 100000 shares, which were a.
ridei among active stocks as follows:-New
Yorg Ceatral and Hudson River, 40; Erie,
ls.7oo; Lake shore, 1900; Cleveland and Pitts