The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-05-24
FINANCIAL AND COMMERCIAL.
The Outlook, Past and Present. Gloomy
but Not Hopeless.
EVENTS OF THE WEEK.
The Stock Market and lis IdiOSyncrases--
Gold, Money, Bends, SC.
WALL STREET.


/ 1t Is not pleasant task TO refer again and
again TO q condition or CO. mercial inactivity at
period when we should be recording the develop
ment or enterprise the Improvement OF trade
and the progress OF our national Industries 1t Is
not good thing that capital has accumulated in
the banks OF the try and IS there lying IN
used, instead OF fulfilling Its grand mission In
stimulating the mechanism that makes wealth.
1t Is not a healthy sign that lew among the great
railway corporations are earning money enough
TO declare dividends, and are able to show only
partially favorable results By forced reduction
or expenses. IL Is stu less encouraging to note
chat the process OF recovering rom the panic Is
slower than IL was expected 10 be; that re-
newed confidence has taken no practical shape,
and that months are ikey TO eiapse before all the
sources or national prosperity can be properly
utilized. Yet these are among the clements that
compose the situation, and they cannot DC ignored
by those VINO seek the causes Of the depressing
Influences which everywhere exist
THE APPOINTMENT or RECEIVERS
or the forced sale or the property ol unfortunate
corporations Is becoming q common item OF
railway news. The damaging, yet frank, dis
closures OF the President or Erie, have naturally
perpleXed investors In other securities, and tine
consequence is weakness and decline, IN the lear
that these, too, may some time reveal the secres
or misfortune. Nevertheless, has been wen
which We are passing ana the unearthing OF hid
den secrets should perhaps Justly De regarded as
the result Of determination 10 reach firm
foundation at any cost. AmId much that Is
fictitious and fanciful there are nnumeraole solid
values, and reality must be substituted for
romance; bankruptcy must be subjected TO
heroic treatment, and labor and all commodities
must be brough: to their true level, despite the
agony caused in special cases, before the aaancial
= I,Ixr
reconstructed"
From the foregoing obseIvatons IL VIII be easy
to understood why the stock market during the
week has presented little encouragement save 10
those who have ranged themselves on It's bear
hide. Led by Erie nearly all securities show
lower prices the close than at the beginning or
the week. The former declined from 264 to 2lA
large lots OF stock changing hands between these
figures. Reaction set IN on Friday, however, and
On Saturday, an attempt being made 10 corner
the stock, ana u OF one per cent being exacted
Tor It's use, the price ran up to 2i% But the
strength was only temporary, and before the end
or the market Erie again declined to 225s, with
avery indication that
TUE MOVEMENT DOWNWARD
would be conunned the near future. Lake
Shore receded from 6s4 to Sc, and was not en-
souraging 10 It's holders at the close. West
prn Union resisted with much lrmness
the general tendency, and fell or only from
TX 10 76A Wabash weakened from llis 10 So
closing al .; Northwest common from 40 to 37ts;
the preferred from 81 10 5214; Rock Island sod at
lo4H lo2, ending al 1929; Pacific Mail went or
from 39J. to 35a1; Hannibal and st. Joseph de-
cined from 24H 10 2o1, closing AZ "a; ohio and
Mississippi from 254 70 q closing &C 22h; MIS-
souri, Pacific fell on rom 50 70 40; st. Paul from
e6K TO S2k, and Atlantic and Pacific pre- erred from
1861 10 l41S the several railway stocks last named
doubtless owe mucl or their depression to the
grasshopper legends that were current during
the week but on the receipt Of further inteh-
gence from the West It VIII probably be found
that the stories referred to were circulated only
Cor q speculative purpose. Tne following were The