The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-05-03
FINANCIAL AND COMMERCIAL.
Events Of the Week---The Attractions Of
Dividend Paying Securities.
TRADE AND THE CENTENNIAL
The Movement Of Money, Gold,
Stocks and Bonds.
WALL STREET,
SUNDAY, May 2, 1878. I

The events or the week chiefly Interesting,
not because OF their direct Importance, out on
account or their suggestlveness or results ana
their indications OF influences that may be ex-
erteu hereafter. Capital, for instance, which has
heretofore found use elsewhere, IS accommodating
In Wall street and seeking investment In many OF
tne nrst class securities; fact that explains the
advance recently made in nearly all good, dlvl-
dend paying stocks. Government bonds and well
secured railway mortgages sell several per cent
higher than at the price they commanded lew
months ago This upward tendency has been so
steady as to leave no other than the conclusion
that 1t is in sympathy with ana the erect
OF the general financial condition OF the
country. This movement is distinct from
the rise in the fancy securities, for 10
Is evident to all careful observers that
the latter have been made active by speculation
based on the PROBABILITY OF new railroad comolna-
tions, in which the tributaries may be ABSORBED by
trunk lines. 1t is true that the advance IN solio
securities, the result OF plethoric capital pre-
Tages the approach or another era OF
ADVENTUROUS SPECULATION.
Yet N the warnings OF the past are needed ana
proper conservatism continues TO De Observed
even great speculative activity may not be neon
sistent with the growth or the country Among
the Influences that are likely 10 contribute 10 the
impetus OF trade may be cited those which VIII
necessarily attach TO the celebration Oh
the Centennial. IL has been roughly
estimated that at least a quarter OF a
million or visitors viii come to our
shores during the next year as tourists, who, al
loving only 500 for each person, Will disourse
durlug their stay fifty millions OF dollars ADD 20
this amount the sum saved TO the country by those
VINO viii stay home, the sum expended on all
the railways convergng this centre and the lie
given 10 all kinds or business by the distribution
OF a large mass OF capital and there is every rea
son 10 believe that 1875 Will be commercially one
OF The most eventlul IN our his ory. Recurring 10
the incidents OF the week we note unusual interest
In stocks that have heretofore neen neglected
western securities ike missouri Pacific, Atlantic
and Pacific preferred, Kansas Pacific, and 81
LOUIS, Kansas city and Northern, all OF which ad-
vanced There was likewise a sharp rise IN
LEADING INVESTMENT STOCKS
OF from 10 IA per cent. although the last two
days were attended with depression and nuctua-
tons. Panama advanced from l5s 20 ~, SUISSE
quenty reactlng 70 l55 and ending at 100. Della
ware and Lackawanna moved from lis 10 l2S, but
ended at 1l9. Harlem went up from l32 10 i3s.
put receded 10 I32. New JERSEY Central rose from
ia i TO 100. ending at ia; New YORK Central from
1925 to Io5&, closing a. Io5; Rock Island from
1881 10 1905, closing 1861, and Pittsburg from
s2H 10 943s. closing at "a. Union Pacific was
prominent in the daily transactions, advancing
nom 76ls to 7sk, later touching IS and finally
rising 10 77IS. The same may be SAID OF western
Union which went no 10 sos, but closed at
So Hannibal and 81. Joseph declined from p 70
rs, and WABASH from 1914 10 l3H, with slight i'm
provement at tie end. Erie from 31H 10 29A, tut
recovered 10 sok 3oH, closing al the former
price. The buying OF this stock was at times &C
tive. Lake Snore fell OF from TX 70 7o1 and
closed az 7o4. st. Paul common was irregular,
but its friends predict q movement IN the common
and preferred stock az NOT distant day. North
west common still remains q conundrum, and dis
Iurbs the calculations or operators By It's unac-
c0untabe movements. The
HIGHEST AND LOWEST PRICES OF THE WEEK
viii be observed IN the following table, which. in
connection win the closing prices yesterday, viii
convey a general IDEA OF the course or the mar
ket.-