The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-29
FINANCIAL AND COMMERCIAL.
Stocks Firm and Well Sustained---A
More Active Market.
GOLD la Sd A 113 1-9.
Foreign Exchange Steady Government Bonds
Firm--The Failures and Their Effect.
WALL STREET.

WEDNESDAY, July Zo--b 4. MI
The course OF stocks to-day agreeably disap-
pointed those who expected TO see tie Market
yield ObedIent TO distrust and the incipient
symptoms OF panic Happily, whatever Danger
existed has, for the moment. been averted, and
Enough confidence may not be fully restored, IL
was strong enough TO resist the depressing in
b1uenOes OF even the failure OF 80 large institu-
zion as the Commercial Warehouse Company.
This event was announced as early as
eleven O'Clock A. NJ. yet beyond a trining
dec1ae that might nave occurred under
hny other condition, the market not only retained
ATS steadiness but commenced to Improve until
near the close, when the highest prices OF the day
were established. Concerning the causes OF the
eissstsr referred to IL is stated that large ad-
Nances were made by the company on Cuban
Crops and that political as well as commercial
complications have aided the misfortune. The.
company was organized In 1867, under an act OF
che Legislature, with a capital OF $4,000, 900. 1t
passed through the panic OF 1873 not without
btruggle Since that time IL has been in moderate
Eepute. Tne character OF it's credit is best at
6ested by the fact that
THE FAILURE CAUSED NO SURPRISE
and produced no material eject. No important
developments were made in connection with the
Duncan-Sherman anair and are, therefore,
compelled to await ultimate results. The general
belief OF the street Is that the obligations OF the
company amount to IS. 100000 or O,0O00 900, but
shis must be accepted simply as guesswork. In
Shis connection the following communication ex-
plains ITSELF
In your financial article about Duncan, Sner-
man 20. please say that drafts made by the
private bunk OF Copenhagen will he paid by us.
They may be scattered ali over the West we know
DOLLNER, POTTER & co.
In brier interview with Mr.. Trenor W. Park,
President OF
we learn the following facts :-First-That there is
not difference or 500 either way between this
great corporation and the unfortunate banking
FIRM. When the last dividend of Panama was de-
clared there was deposit with Duncan, Sher-
IMAM & Co. $1,000 The company drew Ior
&210.OOO thus leaving against 1t $4,000. This &C.
kcurred on about the 18th inst. Since that time
che 0fdclals Of Panama through their agent,
placed to the credit oil Duncan Sherman, in Lon
don, $4,000, thus cancelling all obligations.
6econd-rhe connection Of Mr.. w. B. Dun
can with Panama consists In his owner
ehip to the extent OF 1890 shares. These
cost only about ninety-seven cents on the
nolar; that his profit, according to the present
price, is very considerable this stock should be
thrown upon the market there strong parties
ready to take 1t at the figures. Third-Nel-
ener Mr.. Park nor Senator Jones' all newspaper
statements to the contrary Notwithstanding. are
In any way. directly or indirectly, compromised
by the failure, and sher interests in Panama can
In no manner suffer therefrom. In fact according
Co the statement OF President Park, the earnings
OF the company and its prospects during the last
shree months are indicative OF q degree OF pros
Berity that 1t has not known for several years.
In awaiting an opportunity to discuss
TIE STOCK MARKET INTELLIGENTLY
And without Fhe excitement that ordinarily at
caches to rapid changes we have sought TO be
thoroughly conservative. we can, therefore, now
describe it as strong and for the time being well
supported. But for the efforts or the larger
operators we might have had upon our hands
another panic. The hour was ripe for it. Scores
OF brokers would have. gladly seen decline OF
ewenty, thirty or nifty per cent, and walked
eoyouslY among the disasters that would have
Followed; but, fortunately, there were those who
had IL In their power to arrest the evil, and they
have done so. The market is again encouraging.
How long this pleasant condition of affairs
may last IL Is not within our province
20 predict. 1t may be forty-eght hours, or
week; but, whatever the period, 1t Is enough that
SUFFICIENT faith has been engendered, IN the face
OF q very grave event, to tide over the threat-
ened ruin, to give operators time to think ana to
prevent the wild and
sPAsMoDIc SCENES
chat are familiar to those who remember the
stormy udJb Vi ScpLeuDer 1910. VIC may nave
lower prices, and soon but as long as they re-
gpond TO normal causes and are not the result OF
sudden fright the SPECTATORS of the country can
congratulate themselves while they make fresh
operations on either side OF the market Every
man must be his own arbiter whether the existing
condition is natural or artificial, and what stocks
1t is safe to purchase and lay aside for an autumn
rise. Those which are good will unquestionaby
advance as the country gives token OF improve
ment. Those that are bad must 20 to the wall
Figures DO NOT lie, and all the seeming strength
OF the hour will prove impotent when revelations
now only half suspected are fully set forth.
ADVANCE AND DECLINE.
The changes Of the market since yesterday are
% foLows:-
ADYAECE.-Ncw York Central, Il; O., c. and ].
c., u; Hannibal ana st. Joseph, "a Lake Shore
~; Northwestern common, l; do. preferred, 2%
OHIO and Mississippi, "a; Pacific Mall 1; Rock
Island, q St. Paul common l; Union Pacific, l
western Union Telegraph, Ia ST. Paul preferred,
d; MarIpOsa, Is; Erie, Is.
DECLINE-AJlantlc anu Pacific Telegraph, u
gold, u.
CLOSING PRICEs-3 P. NJ.
Pacific Mai.... ss{ ss1E Nil a st Paul. 90 a s6k
West I'm TEL. stTs 81 Nil A st Paul pr 6ss a 90
tAttk Pac eli. "A 2Ols G.. e. q Ind.