Year: 1875

WALL STREET,


TUESDAY, August 3l-6 r. NJ


The effort to depress stocks continues, and it has
been attended with success that will be recorded here
aner Where the will end it is now impossible
to indicate for carried away by their good luck the
bears making the of the situation, and, ac-
cordlng TO the present outlook, will doubtless use all
the machinery OF their art to further decline
certain class is always to be found in speculative CIR
cles-WaIl street and elsewhere-whose pleasure and
aim It is to have things at their worst to ruin among
their fellows prices panic point in the hope that
when the bottom round Of the ladder is reached they
will have an opportunity to climb But there is moth
ing logical in the work of these They obey the
Influence OF the hour the supposed example of
leader who has greater daring than themselves But
there is to-day than existed week
ago why certain stocks should decline from 70 per
cent except that 1t within the scope OF
ipulation TO throw thousands OF shares upon the
market trihe more of distrust than Usual may have
been caused by recent failures in San Francisco Bal
timore and New York Yet these incidents were
factors in a situation that apprehended, and TO
street phrase "discounted." When Messrs Dun
can Sherman suspended stocks recovered from


DEPRESSION


an hour two after the announcement Of the fact
The power that upheld them then could do so
now If it more profitable for the moment to
help the market down and, by show of weakness,
produce the doubt, that invariably leads every weak
holder of securities to throw them overheard at a
rifce and trust to chance to repurchase the same at
lower figures We believe 1t will be found that such Is
the programme of the present movement Yesterday
the street was flooded with rumors-al false To-day
we have witnessed simply persistent sales on one hand
and an equally confident buying during the decline
on the other. week two hence the
parties to the process will probably turn up
~ NOR
event than has yet been published there is no
reason to anticipate commercial crisis and it Is tho
duty of every in every capacity, public and pr
vate endeavor aay whatever fears may have been
engendered by recent events whether local remote
In character.


FROM FRANCISCO


to the effect that the excitement has entirely sub
aided and better feeling prevails The directors Of the
Bank of California state that the affairs of the bank
In much better condition than anticipated with pros
poets OF its resuming business with capital
TACT which does much TO restore confidence. Ru-
mors affecting Ralstons integrity denied
as false We also learn from private
sources that the New York agents Of 'he Merchants
Exchange Bank of San Francisco have received
&horitatve statement showing the abundant sovency Of
that institution. The only delay in its resumption is
the needed transfer the coin to San Francisco
for the supply Of which II has ample provision. Tho
decision Of the United States Treasurer declining to
make any further teegraphc transfers Of gold
Ehe additional delay TO that which at first antici
pated." The bank is said to have been conservative
institution under its present management and its pol
icy directly opposite that of the Bank Of California


STOCK MARKET


everish and active the sales aggregatng 225 900
shares, of which Western Union was the leader and
fheren showed decline OF ~ per cent from the clos
ing prices of yesterday. The opening figure to-day
so, after which there was an advance to S0K. Later
the price weaker and irregular fuctuatng between
7sx and 79%. Still later and the close the market
gave way under the pressure Of sales and ended
II Is given among other reasons for this sudden de-
cline that negotiations with the Atlantic and Pacific Tel
egraph Company have been suspended, and that the
latter Is now in condition to invite offers from the
California Company, which, by reason OF its great
wealth, is position to make much more advanta-
geous terms than those Of the Western Union. 1t Is
further understood that stormy meeting held be-
tween the representatives Of the corporations
day, and while no conclusions were reached
which officials were willing to make public that the
Atlantic and Pacific people asserted their independence
and determination to protect their rights and In
terests and that the friends of prominent operator
plainly indicated their purpose to aid in breaking the
price Of Western Union, and thus show their power.
We do not vouch for these facts but they from
seVerA
stock the list opening at 59H advancing to cox and
finally breaking TO 69 There mysterious hints Of
future revelations connected with this security the
authorship Of which could not trace but II Is ap
parent that the friends who have recently sustained
weakening and find themselves unequal to the task OF
maintaining ts recent strength under present cond-
tons. The Pacific Mail and Panama people to-day held
meeting at which, it Is said, the recent agreement
between the two companies ratified We have on
the authority of President Park that 1t certainly
signed and that the prospects OF the respective corpora
tions will be promising than the
general market becomes settled The opening price Of
Pacific Mail 37H it advanced to 37H and closed
86K. The closing quotation OF Panama was 13O Union
Pacific opened and closed at II a. with sales in the
terim at 721 Rock Island declined to 106H North
west to 39k, preferred to 54A, New York Central to
1857, St. Paul TO a5H preferred 621S and Erie to
l5x Atlantic and Pacific Telegraph sold at 90 North
west common receded from 40 to 3SH; do preferred
from IS to 54z The other changes will be found less
Important


OPENING, HIGHEST LOWEST PRICES


The following table shows the opening highest and
lowest prices of the day


Opening. Highest Locest
New York Central 1O31<