The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-06-07
FINANCIAL AND COMMERCIAL.
The Events Of the Week
The Range Of Prices.
RESULTS OF THe RAILROAD WAR.
Are We Getting Down to the Bed Rock ?
Heavy Gold Exports
WALL STREET.
SuNnAY. juno 8. ls1s.


SUNDAY, June g. 1875.
The events OF the past week, while interesting
Mr the moment to those VINO are engaged in
speculation AFFORD no clew to the future condition
or the market. In fact they rather serve TO verify
belief tnar at the Will OF few, prices may be at
any time advanced, and yet as suddenly be made
70 respond to The substantial controlling inhu-
ences The latter are 80 strong that they are con-
nnually asserting themselves and cannot for @
ong time be hidden. Chief among them is the
railroad war. Under the management OF Presi-
dent Garrett OF the Baltimore ana ohio Railroad,
we have seen, nrst O reduction OF rates
and runous competition; and, secondly, the very
natural sequence OF the same in the shape OF an
attempt 10 discount the paper Of the company
Aforesaid among the New York banks and brokers.
THE STOCK MARKET
during the week was much unsettled. A buoyant
feeling prevailed on Tuesday, when the decision
concerning the Union Pacific Railroad by the Court
D Claims advanced the price OF this stock to 1898
Ind sympathetcally mace every other stock
strong Western Union reached 7I9s, Pacific Mall
81 Lake Shore, 621s; Northwestern 41A; st.
Paul, 35H; Rock Island, 1855. and OHIO and Mis-
Bissippi "a. Later, however, the tone was more
suDdued and Union Pacific receded to 7o14, West
ern Union to 735, Pacific Mail TO 80, Lake Shore 10
IS, Northwestern to SsS, st. Paul TO S2H, Rock
Island 102 and OHIO and Mississippi to %. still
later greater strength was exhibited. the recovery
amounting IRON to 5h per cent; Lake Shore
reaching 62h; Union Pacific, 70 Pacific Mall, 3aH;
western Union, toy; Rock Island, 103k; North
western, 4o16; ST. Paul. s3zs and Onto. 2a5S. New
York Central rose from 1905 10 lo4, Michigan Gen.
tral from SO to 67I.. The Quicksilver shares ad-
vanced IL. In connection with this stock IL Is
intmated that important changes may occur fur
.her on as q consequence Of the reorganization o
the company ana the addition TO Its management
Of fresh and active element. The preferred
stock shows gain of 21I per cent. Pittsourg was
noticeaby weak and declined from 500 TO S71S.
Erie nuctuated frequently between II to 1871,
closing at 1877 The express stocks run heavy
and lower for Wells, Fargo co.'s and United
States the former declining from Sc TO &c. and the
latter from SO to az. While
THE EXPECTED BUoYANcY OF THE MARKET.
growing out OF a possible settlement OF the con-
tenton between railroads, may Tor time show
ITSELF it win be well enough Tor all cautious OPP
orators to bear IN nina the fact that sundry in
nuences are at work upon all the railroads OF the
country. Mr.. Garrett is unavoidaby in advance.
These causes are well understood by business
men. They illustrate the general principles
that are applicable everywhere in com.
merce and trade. The merchant manu-
facturer who uses his credit merely to
scatter obligations that far exceed his ability
10 meet, and can only compromise With his
creditors by issuing fresh notes which he knows
viii also suffer default, must surely encounter q
day OF reckoning, period OF liquidation, when he
win be driven to the wall, there to CONFESS, In
sackclotn and ashes, his recklessness poverty and
ruin This is the simple story OF every railroad TO-
Say the stock or which Is selling anywhere from
ave 10 thirty per cent. 1t Is the reason why
American credit has suffered abroad, and
he English and German investor 10
icrutinizng with increased vigilance every fresh
financial scheme that invites his confidence. IL Is
not In every case. however, that q railway Is en-
tlrey 10 blame for Its misIortunes. The pressure
Dr. public opinion, the action oil Legislatures that
are controlled by demagogues, the endeavor to
bridge over what seem be but temporary OBJ
stacles, have in many instances forced these cor
porations TO carry lreiRhts and passengers at I'M
remunerativs rates, aud oil course when private
capital undertakes such task Its anninilation Ia
only question OF time. The condition oil Erie
Wabash, New jersey Southern, c.. c. and I. o.,
and OF other roads, should therefore sufnce
10 teach those VINO insist on regulating
by law or by competition the prices
charged by these carriers that bankruptcy can
only pc prevented either by public appropriations
TO supply deficiencies by exacting from the
business community q Iul and iair remuneration
for the portation OF passengers and freight.
HIGHEST AND LOWEST PRICES OF THE WEEK.
The following table SHOWS tue extreme nuctua-
otions fnr the week In the leading shares a.