The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-09
FINANCIAL And COMMERCIAL.
A Review of the Situation and Its Dangers
Whittier Are We Drifting!
EVENTS OF THE WEEK.
The Stock, Gold and Bond Markets-The Har-
vest and Its Effect on Money.
WALL STREET,


II has already been pointed out in this column that
not little danger attaches present speculation The
warning given to excite alarm, but to induce
more crcumspect and conservative examination OF the
surroundings Of the market and thus prevent, IN
measure the unhappy results that would follow another
financial catastrophe The country is not yet in sound
financial condition. Capital is too much concentrated
to be healthy, and since the panic of 1873 has not
been possible credit then largely expanded,
to degree that should secure unlimited confidence in
all of corporate institutions. 1t is well known
fact that many banks still hold stocks security
for their loans which they would probably find it
difficult in hour of misfortune to realize the amount
of their outlay Nor many of these loans be called
In ut present without creating serious trouble
Much of
EXISTING PERPLEuTY THE MONEY MARKET
arises from this condition of affairs. Again. find
labor only partially employed and emigrants, who
should be engaged in adding the wealth Of the
try route the Fatherland to obtain the work that
is denied them here In other words, there has been
an excess of production and dminution in consump
ton leading naturally to business torpor and in the
place of legitimate energies to the risks of stock gam
bling. Unfortunately foretel the period
when change for the better will AT time
looked forward to the approaching autumn and win
ter that would be full Of commercial acv-
lty and encouragement Confidence however, has
been terribly shaken by the
RECENT EXTENSIVE FAILURES
h England and home Capital refuses take great
risks and trade langushes from what might be called
Inc extreme of caution The aspect is not hopeful
one and the disease is such that cannot be reached
and cured as long we are compelled to deal with
deprecated rredeemabe currency The advance in the
price Of grain owing to that have prevailed on
both sides Of the Atlantic may afford temporary relief
nndl eadto healt uatio lint
vantage would accrue to the people at large if there
could be improvement in our paper money and an
adjustment OF all prices to specie value.
FIVE cannot advance out of this stagnating and profit
less condition retrograde still further, until
error delusion shall have lost their power and
financial wisdom become the rule On the subject of
HARVEST MARKET.
The London Economist says:-"Some apprehension
has been expressed to the effect of possible bad har
vest on the money market. And there be doubt
that the weather is unfavorable-the momentary
harvest prospect bad and the rise in the price Of
fully justified But if these unhappy prognostics
should be verified and if the harvest should be bad the
effect the money market will not be nearly as much
in old times An unexpected import of corn
does not the export Of bull
lon which it did; unless of excessive
magnitude, it is only item in the exchange
account OF England with the world pay for most of
in commodities, not in gold This is one Of the bene-
ats of free trade The producing countries
regular customers; constantly buy Of them and sell
10 them the effect therefore, of bad harvest is to
augment trade with them though it may diminish
1t with other countries. But great perturbation is
caused in the money market by bad harvest except
through great drain of bullion and hope that this
year. even in the worst probable event, this may be
escaped" Abiding to
MARKET,
the Economist remarks Gas in $780, the weather has
been such in the wheat growing districts Of England
10 lay the crop under water and to rot and
the best event of change to good weather for the
remainder of the harvest 1t is doubtful If than
average Is possible The result in France where
The harvest is earlier than here also fear be
reckoned definitely uniavorable, and the peculiar i'm
portance of the French harvest Is well known Being
under much the same climatic conditions the south
of England France, when it has abundant harvest
swes the plenty of England, and when it has
deficient harvest becomes n competitor with
England which large supply for the surplus of
the rest of the world We have thus expect that
almost certain French demand will aggravae probable
deficiency in England The accounts the chief corn
growing countries from which we import most also,
as rule, much less promising than those of last year.
30 that there will be smaller surplus available The
conclusion not quite certain until the result home
is more definite and the unusual abundance of last
year may check rise Of price but return to
the prices of last harvest season. say the least is in
the highest degree improbable The range is likely to
be considerably higher until the prospects of the next
harvest again begin to affect the markets"
THE EVENTS PAST WEEK
in nearly all financial and commercial circles were
characterized by extreme duness the bulk of transac
tons being smaller than any time during the year
In the stock market scarcely anything was done outside
OF the brokers, who traded among themselves for
turn of from TO per cent As before stated feel.
ing Of distrust prevails and there is little disposition to
engage fresh until something decisive oc-
doubt and enable operators to determine
better than they do what the real plans of
the leaders of the street The majority of spectators
bearish and tmid and profess nothing In the
future that warrants expectation of higher prices
until natural causes take the place Of artificial
manipulation and there chance to make money with
out blndly following the lead Of a few who are strong
enough to mark the figures up down at will Late in
the week dsgraceiu rumors concerning old and well
known firms circulated for the purpose OF produc
ing panic and its correspondent break prices but
they signaly failed Endeavors being made to bring
The authors justice The stocks and those
which the widest fluctuations are shown were West
Union, Pacific Mail Illinois Central, ohos, Lake
Shore, Northwest and Hannibal and ST. Joseph.
marked exception the general market was St. Louis
Kansas City and Northern preferred which declined 10
per cent owing the rupture between the company
and other Western roads.
HIGHEST LOWEST WEEK.
The following table shows the extreme fluctuations for
The week in the leading shares-
HqhesL Lo,ced
new YORK Central .................. 1914 l031
nuilcih'. ..'....................... l3lz l34
v