The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-07
FINANCIAL AND COMMERCIAL.
Stocks LoWer---The Market
Disturbed by Rumors.
GOLD FIRM AT ia A1l3 ga.
Investment Shares and Bonds
Steady-Money Easy.
WALL STREET,


FRIDAY, August &c =. ID.
Tie stock market to-day was much excited over
many rumors that were industriously circulated,
especially al the beginning OF business, concern
Ing misiortunes that we've impending. At one
TINE the distrust was so strong that IL amounted
almost TO a certainty, and the weak-kneed opera
tors Ia fractional profits parted with their hold
tnEs at a loss The most persistent inquiry, how
ever failed to discover any basis for the suspicion,
and up TO the close there were no revelations OF
existing tToubes-if such there be--caculated 10
disturb a wen balanced mind. The truth Is that
the bear element OF the street that is, such as
stays away from the watering places--ls poor and
nnds itself an tagonized by an element OF capital
which Is at once quiet, watchfu, cautious and
long headed The one awaits Immediate the
other distant, results. One trades on the inci-
dens Of the hour; the other patiently looks for
tne events al the iuture. One RESPONDS 70 cry
hurry ana Is frightened by every CHANGE the
other yields 10 the momentary depression and
uses the opportunity to lortIly It's position. Both
parties have thus entered contest In which,
before the end Is reached.
SOMEBODY WILL BE nuRT.
AS before Indicated, however, such weapons OF
warfare as has been employed during the last
three or four days In the shape OF attempts to
break down the credit or wen known houses-a
credit that IS the reward OF lifetime OF COM
mercia servIce-are not likely TO be Of avail, anc
the parties VINO use them WILL doubtless lind
that they react upon themselves. The real and
potent financial influences or the hour have been
developed by the terrible storms OF rain That are
on recent record. III 1t be true mat our farmers
have lost $50 000, 900 worth OF products, to that
extent we shall have an additional demand for in
Nation; to that extent the railroads which would
otherwise have brought this vast bulk OF produce
10 market, Will endure loss to that extent local
try
will feel as II the hand of Heaven had been too
heavily laid upon them. YET behind all this
aiIllction there may be benefit Tor the nation
at large. Those VINO have not suffered
from rain or inundation may ebly reap the bene-
nt. The advance in the value of our products will
more than correspond with the amount or the
great loss that has occurred and thus by law or
compensation natural causes may yet assert their
force, and before the end OF the autumn trade
demonstrate that what now appears TO be ruin
Will be blessing in disguise. or
THE STOCK MARKET
IT is only necessary to say that the influences
which controlled IL were not little biased by the
probabilities just above described. The prices or
several OF The Western railway securities weak
ened in the belief that their earnings would snow
decline in consequence OF the rains and the loss
Of trade. Lake shore evinced the largest SYM
patty with this expectation, perhaps by reason
Of the TACT that it Is obliged to compete to sucn
extent with water navigation, and even before
the storms was NOT carrying a remunerative
amount OF freight. The opening price
was COZ, from which the decline was
10 595S. Pacific Mail receded from 301 TO 3sA
$50. Western Union let down from S21k TO
60A, but recovered TO SIX. The moving cause OF
this decline is ascribed to California prospectus
concerning new company; but even in the event
OF the success OF the latter many months VIII
probably elapse before well defined opposition
can shape Itself; meanwhile there are renewed
reports OF "a consolidation with the Atlantic and
Pacific Telegraph Company and a thorough union
with the direct cable, on which the Faraday will
be again at work. Northwestern common
sold from II 81 to Az the preferred lost a. closing
Ut IS. st. Paul common went OF from 301E TO 354
a 357s. Ohio ana Mississippi sold at 1873 1917
1s9l 1917; Union Pacific at rs TAN 72H. In
vestment securities were generally steady.
ADVANCE AND DECLINE
Tne changes since yesterday are as follows:--
ADvANoE--Quicksilve "a; gold. a.
DEcLINE-AtlantIc ana Pacific Telegraph, Il At
lant1c aud Pacific preferred. y New YORK Cen
tra, d; Erie, y; Hannibal and St, Joseph. q;
common, x; Ohio and Mississippi, *; Pacific
Mail, q; Rock Island. "; st. Paul common, a
Western Union, ~ st. Pau preferred, "a MARI
posa, a.
The stocks that remained stationary were c., c.
and l. Co. Delaware and LacKawanna. North
western preferred, Panama, WABASH, and bis
trict OF Columbia 3.65's.
THE SALES TO-DAY
amounted 10 100000 shares whics were dis
tributed among the active stocks as fol-
lows:-New York Central and Hudson. lis; Erie.
BOO; Lake Shore, 26,94o; Northwestern, 1900;
DO. preferred 500; Rock Island, 1000; Pacific
Mail, "a s0o st. Paul, $500; do. preferred, coo;
Ohos, 4,oo0 western Union, $4,000; wabash,
1900; Union Pacific, LOO; c., @. and l. c., 200.
OPENING, HIGHEST AND LOWEST PRICES.
The following table shows the opening, highest