The New York herald., 1875-08-30
FINANCIAL AND COMMERCIAL.
Business Prospects, Events Of
the Week.
A FURRY IN STOCKS.
Review Of Prices--The Market
Generally Steady.
WALL STREET,

SUNDAY, August 30, 1871
But for the failure OF the Bank Of California and the
suspension of Messrs. Stirling, Ahrens Co., large
Baltimore sugar house Wall street would not have been
disturbed during the past week by sensation Neither
Of these events however produced more than tenn
porary effect and the market which for an hour or two
sharply declined and showed symptoms of general de-
moralization speedily recovered. SO far AS the FIRST
named institution is concerned It is believed that the
influence OF its misfortune will be confined chiefly TO
California The collapse, although startling was not
unexpected by those who familiar with the ex-
travagance OF speculation the Pacific slope and it
will teach a lesson that required Henceforth,
business in San Francisco WILL doubtless be conducted
more conservative basis Further news is awaited
with much anxiety as 1t is feared that the opening of
business will develop weakness among host OF
smaller operators Whatever may be the result in
California, however, there apprehensons that
Ihe disasters will be felt any Of the Eastern cities
peyond the blow that has been given to
GRADUALLY REvIvING CONFIDENCE,
Jor there is little question that the country Is slowly
improving The people waking from the siupor OF
the panic Merchants tell US that hopeful tone
prevails in business circles independently of merely
speculative influences and eveh though the autumn
trade has not begun to show great animation. To
.hose who are impatient the process of recovery
may not to exist at all, and the
yoomiest OF representations always on their
lips but cannot expect sudden strength to be de-
veloped after such terrible prosraton has been en-
hured The beginning of Improvement does not come
like rising 1t takes time for the better feeling TO
manifest itself through the whole system OF
TRADE,
and it is now doing ut may be noted" says the
Railscay World, ''among other signs, that steel
works well employed for some time ahead in the
manufacture of steel rails and that stock of iron
rails getting low that hero and there railway
panies arc reorganizing and preparing to complete
Iher lines; that railway traffic is increasing and that
.he dry goods stores showing indications OF
trade The market reports also look more encouraging
and the tone is cheerful and active. In all
of these various symptoms, which apparent to i'm
partial Observers there is enough warrant the
pecation of satisfactory condition of business
If this is true of the industries of Pennsylvania is
true Of other portions of the United States
some reason to hope that before the end of the year
shall look upon n changed and healthful condition
Of affairs. There is abundance of money and it is
seeking investment. Unproductve capital occupies
false and unnatural position. 1t is sensitive and there
lore, If not idle finds temporary employment in those
classes of securities the principal OF which is eonsid
srcd absolutely safe, and be readily turned into
money with little risk of loss. Hence the firm
ness Of government and of certain railway and city
bonds which find favor because they afford temporary
resting place for funds pending the opportunity in
Vest in Industrial enterprises
THE STOCK MARKET
during the week moderately active and in the
early part of the week higher The principal business
done in Pacific Mail, Western Union, Lake Shore,
Northwest and Erie The largest improvement was
observable in Panama and Pacific Mail The former
advanced from 132 TO 142 but subsequently declined to
$50 on receipt of the news Of probable between
Panama and some of the South American States. Pa
cac Mail advanced from 1886 to 401, on the strength
of new arrangement with Panama, whereby its loan
Of $500, 900 was renewed and new and satisfactory
tariff adjusted between the companies Later the
price went of to 37T SO. The Western stocks
notable feature of the market, but much Of the
strength acquired few days ago lost the Cali
fornia troubles interfering with the effort made TO
maintain them. AS further result of the San Fran
cisco disasters Western Union touched sly, Pacific
Mail 81, Lake Shore 60, Northwest 4Oh do preferred
b4, St. Paul 81, do preferred 62h, Missouri Pacific
AZ and Hannibal and St. Joseph % The decline in the
'ther shares ranged from x to Ia per cent In the
late dealings Western Union and Union Pacific the
leading features, the former advancing from S11a to
81 on reports that the joint committees had agreed
upon a plan of consolidation with the Atlantic and
Pacific, the latter rising from 721 10 1914, with
more activity than for long time past The rise in
this stock was based on rumors from Boston that the
directors in and that the rate Of quarterly
dividends would probably be increased. Lake Shore
old up g. but finally declined 6O1S closing coz
81. Erie exceptionally firm at 10 Rock Island
,nded strong at 1885 1884 Ohio and Mississippi de-
;lined from 1914 to 1S6, ending at 10. Atlantic and
Pacific Telegraph sold at 211S 2OA 2oH. The gen
sra market exhibited considerable 6rmness and prices
showed advance of from u to per cent after the
disturbance of Friday.
PRICES.
The following table shows the extreme fluctuations