The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-02
FINANCIAL AND COMMERCIAL.
The Events Of The Week--Strest Apprthen-
SiOnS and the Course OF Trade.
THE WHEAT SPECULATION.
The Movement in Stocks and
Bonds.
WALL STREET,

The week just passed has been attended with
more than usual excitement mingled with grave
Rpprehensons OF financial disasters that might
revive experiences similar to those Of the stormy
days Of 1873. Happily, however, the DARKEST por-
ton OF the cloud has temporarily swept by, and
men breathe more freely with the hope that we
have seen the worst. me effect OF the suspension
OF firm so long and favoraby known throughout
the civilized world as Duncan Sherman Co..
followed, as it quickly was by the failure OF the
Commercial warehouse Company, could not fail
70 be depressing. Nor is 1t a subject for wonder
that there exists, especially IN speculative circles,
more or less OF dlstrust as the consequence OF
these events, and that the ear Is quick TO catch
the tatnLest rcmors or
FURTHER TROUBLE
In other quarters. reason for this want OF faith
Is the general stagnation Of trade; the disap-
pointment OF those who expected that the coun-
try would rally more promptly than 1t mas done
from former mislottunes; the accumulation or
capital which. instead OF being engaged in the
work OF recovery, is idle in our banks; the duh
ness OF business in commercial circles; the de-
cline, with lew exceptions, in the prices OF our
products. and the falhng-on IN our exports. But
1t must be borne In mind that these gloomy ele-
ments or the situation nave their offset In the
fact that larger degree OF prudence than before
now controls the operations OF business men.
There is not SO much OF kitenying. contraction
In credits has taken place. The people nave
learned
THE FOLLY OF EXTRAvAGANcE
ana been forced to economize. The decline In
values was fictitious, but real, as many or the
weak ones, who have gone TO the wall because or
over-traoing know to their grief. On the other
hand the price of all good investment securities Is
high-a tribute their safety There Is therefore,
no reason anticipate widespread panic as the
result OF disaster that can now be foreseen.
we are sailing too close the wind to be in
much danger and with the exercise OF patience,
caution and good management ON the part OF our
fnaneiers, especially those in the Treasury De-
partment, we shall weather the breakers and
once more enter smooth water.
THE SPECULATION IN GRAIN
at home and abroad, on which SO many hopes
were BASED. appears TO have been temporarily
checked. Adylces rom abroad indicate that the
damage to the crops was over-estimated, and that
more favorable weather has returned to all OF the
graln-gro wing districts. The dispatches from the
Northwest and Southwest, announcing severe
rains and foreshadowing a bad effect on our own
crops, has likewise had depressing influence on
the market; for whatever interrupts the how OF
pur products affects not only the price OF the
rying agents. but OF the products themselves.
The quantity OF wheat now aioat on the lakes is
estimated at 100000 bushels; on the canal,
100000 bushels. The exports OF the week were
&c. 900 bushels, against 425 coo bushels last year.
Serious approximations felt with reference
to threatened overflow on the Missouri and
lower Mississippi rivers. The Chicago Inter-
Ocean, In referring to the trade condition from
that point OF view, says:-"One thing, however,
Is apparent, and that Is that the whole aspecs OF
commercial affairs has been changed very sud-
denly and unexpectedly. Business Is being lifted
out or the slough OF dependency into which it
has stuck so long, and by the end OF August the
revival win be apparent In an increased demand
Tor goods more active demand for money, an
Increase In the rates OF interest, a corresponding
decrease In the value OF high priced securities
and better feeling in regard to the value Of all
sorts of property available for use."
THE sTooE MARKET
during the week was much unsettled as conse-
Quence OF the leading events above referred to,
as Will be seen by reference TO the course OF
prices. Western Union broke to 70. later advanced
to SAY, and closed at S3<. Panama fell Off 10 1922
advanced TO 1873, and later reacted per cent.
Pacific Mall declined TO a. rose to 4Oz, and closed
at 39Z. Lake Shore touched So, but later ad-
vanced to 627S, closing at 024. Northwest COM
mon, after declining TO $685. rose to 49,, and the
preferred touching 527S, rose to S. st. Paul
common advanced TO 379s, fell of TO "a, and closed
at 361. Preferred rose 10 60, declined to 81, and
still recovered. Union Pacific sold up to 75S,
fell TO 6S, and closed ~ 724 1914.
ONO and Mississippi was noticeably weak,
and dropped from "a to 18A rumors
OF damage to the road by floods. At the
close there was recovery OF per cent. the
fluctuations In the remainder or the list were
less important than the above, and the market
closed up firm. Tue rumors OF consolidation with
Atlantic and Pacific gave TO Western Union It's
strength, while Pacific Mail derived nrmness from
the announcement OF the ratification or the con-
tract with the Australian government. The terms
OF the contract are that the government agrees to
pay $50 for the service Of five ships, OF which
the Pacific Mail Company is TO INrnish three ships
and an individual firm TWO ships, the former re-
ceiving tnree-1fths OF the profits and the latter
two-niths OF the same The losses are to be
tanned In the Same proportion. st. Paul and
Northwestern advanced on encouraging reports
Dfincreased business. Lake shore was supported
chiefly 1t is said by the purchases OF Shorts"
HIGHEST AND LOWEST PRICES OF THE WEEK.
The following table SHOWS the extreme nuctua-
tons for the week in the leading shares:-
Highest LolGest.
New York Central. 1O4x 102