The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-01-10
FINANCIAL and COMMERCIAL.
Events Of the Week in the Stock Market
The War Of the Bulls and Bears.
The GENERAL CONDITION OF TRADE.
Gold a TiiIe Higher-Money on Call
Loans Irregular but Closing Firm
State and Government Bonds.


SUNDAY, Jan ., 1876
In discussing the subject of dulness in stock circles
have repeatedly limited at some OF its causes We
have shown that the community is too poor to indulge
In the luxury ola snyer;" that loose money must be
made its living, and that accordingly It Is set
TO the vineyard OF undoubted dividend paying
securities be they stocks bonds We have marked
this as from the steady advance in price OF these
properties and have gone far to predict that real
estate would show a revival based upon the in
vestment Of funds which cannot any longer be placed
at advantageous rates in tho best classes OF railroad
and other mortgages. We have, however expressed
very different idea Of the ''ducks and brakes" which
make up the chief pathological show OF tho daily
market There are people who believe that the truth
should not be told upon all occasions and they would
Gather 'doubt truth 10 be liar'' than not So truth
has offended somebody and has been called for
1t, which is supplementary, at least
Operations in securities-which, to greater or less
degree, speculative as their values nuctuate and
more or less neutrality-suspicious. the stock mar
let" The investment market is quite another thing
and is governed by intrinsic values II is even held in
an entirely separate department, and, excep-
tional cases. has little with the other
has a Benedict with his mother. inaw. In proof Of
this is cited the fact that the dealings upon the bond
ca do not usually foot up netenth in value OF those
in the 'stock market" proper People may take their
money up stairs with them safely if they do fall
among thieves by the way Indeed, 1t is there where
they do take It, and not TO the larger hall below. This
1atter department is full OF pitfalls and snares
brokers grumble because innocent outsders are too
wary TO fall into them. Some of these 'sprnges 10
catch woodcocks'' have already met with
attention. There others deserving it. Per-
'haps Of the most crying evils which scares
away outside speculation the fact that nearly every
'rectors who are prominent stock jobbers themselves
Having perfect insight into the mechanism Of the
chine, they wind up let it down. oil the works
throw it out of gear personal profit suggests.
Statements made which coletr de rose'' oday
and ''dark as Erebus" tomorrow So the public will
have nothing to do with the machine and avoid it as
they would oroide watch.
There is another danger more perilous than the
last where the trap is set by friendship and baited by
confidence. ''Fidus Achates, who swings the market
aud your friend breathes into your buy
whispers like accumulatve idea to your neighbor and
in the end quietly broadcast the information that
the possession of few shares WILL in words of the
Bagman to the Ragman, certainly "do thee no harm
or course "Fidus Achaes has thus made market for
mis- stock and you and other victims to this
confidence dodge helped relieve him from his load
But stosk-jobbing people al honorable men" and
the above theory base in suggestion il is mpos
slble in practice
One more illustration and cease. We give our
orders to broker ana he buys dictate. We
fortunate enough make purchase Of of
honorable men" and congratulate ourselves accord
lngly, the the stock have chosen is
rising hourly. When the time arrives for the delivery
of purchase shares receive polite note instead
of the expected scrip and the polite note is regret
that the seller unable perform his part of the
biz haar IA,
tune as we deplore loss, and continue in
shis way of thinking until it made plain that there
are a dozen others in the same unseaworthy boat as
ourselves aud that Stock Exchange has
without dollar to lose, simply traded the credit
his membership has given him TO fleece bis fellow
members and their clientele. He and other creditors
have simply bet our thousands against written O.
o., ana retire from the Stock Exchange with
higher appreciation than of that curious game
which is known as 'heads win tails you lose"
Viewed from a commercial standpoint the first week
of the New Year has presented single feature that
indicates a change from 1875 1876 The markets are
controlled by the characteristics heretofore
and held as persistently stagnant if compressed
WITHIN the jaws OF vice. There exist
perate hope-aganst faih-that through the interven-
ton Of some mirace-hke general blightng Of the
uext crops-speculators may yet be able to find
profitable market for the products locked in
storehouses. Even the stad Mark Lane Express finds
comfort suggesting that it not impossible that the
crops OF 1876 in Great Britain will prove very nearly
total failure This possibility" in the face OF the
accounts OF bankruptcy and OF threatened disaster
Odessa consequence OF 'the large accumulation OF
wheat for which there is present market must
be admitted to be, for speculative holders hope
long deferred"
THE MOVEMENT OF PRODUCTS.
Wa nofice that grain is benp shtnped from Mlwan
zee to Racine simply from OF storage the for.
er place. the latter having capacity Tor about COO
bushels There has been a further reduction in the
orices OF staple dry goods during the week.
without, however, efectng any material sales In
It probably safe say that the week has beer
the dules even for mdwlnter Of any for many years
cot only this city all the country, excepting
alone the ports from which there single
CLEAN OF mercantile light in the fact that notwithsand
ing the comparatively low price Of cotton it being
shipped for foreign ports Market even largely in
excess OF several years past
QUESTION
During tho week the railroads have once more set
tied their disputes concerning bound freight and
again established rates of November on the following
basis. From New York and Boston to Chicago 10
wit:-First class, Toe. second, roc; third, COO.
fourth 45c special, CSC The rates from Philadelphia
and Baltimore to Same points in the West
spectivey and eight cents less on first class, the
other cesscs being proportion While the foregoing
rates arc nuch higher than those which have prevailed
during the past six months and higher than good
proportion OF the business VIII yet be done at because
OF contracts that do not expire until spring, they
twenty-five per lower than the rates Of one year
ago and only about onehalf Of the rates established
prior TO 1874 No sooner the troubles at this
end settled however, than there come rumors from
the West OF break In the established
rates for east bound freghs and stir by the Chicago
merchants in consequence OF the pooled lines dscrimi
uating against city, that the rates from Mil
Waukee Isl miles greater disancel are the same as
Chicago to all Eastern points Thus II is that the rail-
'oad officials in their constant efforts, by hook or
crook u accunuafe returnr on captal representing