The New York herald., 1875-09-17
WALL STREET NOTES.

THE THREE-sIDED FIGHT IN sTocKs-A BATTLE
OF GIANTs-EEw DEVELOPMENTS ABOUT
STEAMSHIP coMPANY-THE GOLD MARKET
HARD MONEY TALK
The stock market yesterday obeyed the impulse o
safety as indicated the day before in this column O
the HERALD and those operators who hae
been tumblng stocks overheard for the last few dayi
without regard to their value found the general firm
ness Of prices ominous to their interests that
scramble for stocks inauguraed at early hour
Prices quickly advanced, but reaction soon ensued
and general Generalization was again imminent Al
this juncture, however the quiet orders TO pur
chase which we're reported yesterday came to the
lief of the bulls and prices carried trumphanty
to the highest points of the day. Pacific Mail closed
about two per cent higher than the lowest price on
Wednesday and Lake Shore about per cent in ad-
vance. The particulars of the fluctuations recorded
in the financial column In explanation Of these pyro
technic changes it may as well to explain thai
there are
THREE PARTIES IN WALL STREET
fighting for supremacy One headed by Jay Gould,
VINO is, perhaps, properly considered the Mephs-
topheles OF the street; another, marshaled by William
b Travers who is believed to be the Urslls Maor He
has his headquarters at the New York Club. and his
lieutcnants represent the good faith, bonhone and
party is under the leadership of Mr. Russell Sage who
embodies quiet business courage, executive capacity
and great wealth To the company of the latter two is
attached from time to time the guerilla cheftan Henry
Smith, the former partner Of Gould, who makes
dash the works OF either party opportunity in
clinaton profit prompts Mr.. Gould's position
is believed TO be anomalous Although short OF
some stocks he is said to be large owner of Union
Pacific Western Union and some other shares waiting
for "Cowes and a market" " although 'bulls and
ket" would probably be more appropriate.
Mr. Travers, Captain Garland and his friends COM
monty called the "Twenty third street party"
chronic bears and press quantities of stock for sale
whenever failure is announced and all the dis
quietng about the commercial situation and de.
crease in railroad earnings to mark down the prices Of
railway shares Midway between
THESE GREAT ANTAGONISTS
Mr.. Sage stands watching the struggles between the
giants, and ready with such coadiutors as D. p Nor
gan, Bob" Cutting and Others to take up the battle
and decide the contest the side of property provid
ing the chances in favor of profit just IL
impossible say whose banners victory is likely "a
perch; but anybody who is familiar with Wall street
will admit that the above fair exposition of the atti
tude of the SPECTATORS TO each other and the market
and while this
lasts may be well for the spectators to get behind the
trees and bushes out of the reach of chance shot
The Pacific Mail Steamship Company was the subject
of some dsquieting rumors yesterday but upon inves
gaton they only took the shape of the resignation OF
the present managing director OF the company in favor
of well known railroad manager-Mr Trenor w.
Park, of the Panama Ralway-and this seemed to be
nothing alarming although Mr. Scott is said to be
official of the highest character The Office of Scott,
Strong Co, in Broad street. visited but the gen.
teman named had not returned 10 the city dehn-
e information in regard TO the matter was obtained
been grossly mismanaged could have the experience
and economical administration of a practical man.
THE GOLD MARKET
is anxously watched each day by merchants others
interested in the premium The rate was declining
yesterday but matter what it may be from day
to day, there are some important facts 10 be
studied by the people in regard TO specie
which will force themselves on their attention
sooner or later According to the report of Treasury
balances yesterday the coin hand about
$6i no 000 less coin certificates Of 600 Now
1t asserted that there are 600 of called bonds
which must be paid for in coin on demand; If wa
admit for tho sake of argument that the government
has $50 600 900 of gold hand-and it scarcely DO
claimed with certain figures yet unexplained that the
amount is over $40 000, ,000-whata
SKELETON FOR SPECIE RESUMPTION
have in this showing; what miserable item of coin
TO secure $3.50, 900 900 of greenbacks.
General Ward in his late able paper on the finances
saysIn 1897 the Bank of England began under author
ity of Parliament to issue excessive amounts of notes
which the London merchants agreed to receive at par
Even this could not prevent their depreciation Parla
ment seconded Intellectual efforts and in 1911 passed
the celebrated resolution that the price of gold had
advanced but the value Of bank notes depre-
cated-a complete counterpart to the declaration Of
of our own Secretaries OF the Treasury who claimed
TO be the author Of the legal tender system that gold
had increased in value but that his paper money had
passed. enacting that 'the taking of gold coin at
than its value bank notes at less, shall be deemed
msdemeanor." 1t as Intellectual Tho
trade in the precious metals conducted openly
ever and the depreciation of tho notes continued
No effort was made to enforce the mpoent law. Tho
notes remained below par for nineteen years At last
the celebrated "Bullion Committee appointed by Par
lament to investigate the caamtous condition of Brit
ish financial affairs and their consistency with the
theories too generally believed recognized the actual
depreciation and declared that this the Of
the general advance in prices Its main conclusion was
that the country ought to be brought back with as
much speed is compatible with wise caution ia
the original principle of cash payments at the option
of the holders of bank notes.
He further shows that prominent among the results
OF tho stimulation of false currency a mania TOT
the construction Of railroads which averaged nearly
5000 miles for the five years ended in the Jay Cookel
crisis, against average Of about 100 in the
years ended with 1866 The reaction disastrous
that railroad bonds the amount of $56 OBS $50
in default and considerably less than halt Of the rail-
road stocks in the whole country paid dividends entail
ing losses and ruin muttudes of innocent sufferers
These disasters, though easily computed than
many others, and larger in amount than any other
single class probably little than fair speci-
mems OF the widespread calamitieS Many manufacturers
notably those Of iron cotton and WOOL were suspended
put short time. Laborng men and women were
thrown out of work to an extent previously unknown
in the history of our country immigration, that pro-
life of our prosperity decreased multitudes
turned Europe TO spread abroad in every land tho
tdngs of their disappointments and deter others from
embarkng and the number of bankruptcies in 1873,
also 1S74 exceeded that before known except
in 1861 the year when the memorable destruction Of
trade and capital was caused by the From that
time this the commercial confidence necessary to the
employment of labor has been impaired and the pow
erty Of the and crime have increased beyond all
former precedent
At this time when the country is on the eve of great
political events 1t may be we'll for bankers TO study tho
questions relating to the science of financial matters
REAT, ESTATE