The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-22


Arass, DSchs and family, Nehes Geo Lsssr-ana 90
FINANCIAL AND COMMERCIAL.
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SUNDAY, Nay q, 1896
The past week has bean quiet and uneventful In Wall
street. There has been very dull stock market which
the bears have abored assduousy depress, but with
out accomplishing muoh The decline in the prices Of
leaAsg stocks having ranged nom 10 AZ cent the
heaviest recession being In Erie Early in Tho week
appgshensons Of stringent money market were enter
ansd which those In ne bear interest lost oppora
nifty Of exaggeratine Since the end Of April Erie has
dsciAeA about nine pr cent, New York Central
seven, Fort Wayne six, Cleveland and Pittsburs
lfssen, Reading twelve, Northwestern four Rock
Island eight, Hudson River twelve, Michigan South
ern nine. Illinois Central hes ysmained steady.
1he decline Of prices during ths time bas been
HAna resulting from the absence d strong force Of
outds specalatos 70 assIst The Of the bull
party and the hammeTng Of the bears who endeavored
10 prsat BY this nguishing condition Of she market
The Struggle has chiefly centred upon Erie, the leading
bull In which 10 prominent operator and also di.
rector Of che road while the leading bear well known
speculative banker The ting Of 10 still going on,
N their favor they win be likely 70 continue the
beam win soon see the uselessness trying 70 carry the
market down. and that upon their abandoning the eld
the way win b open for . fresh rise in ssocka
The arguments Of neither side are, however,
to be relied upon, - they merely reflect
opposite interests, founded upon sinister motives
but from the present appearance Of things and the easy
condition Of monetary AFFAIRS would be reasonable 10
infer that partial recovery from the depression
is likely to take place pending any further fall.
The demoralizing effects Of speculation In railway
stocks Wall street Is apparent in the management Of
all nearly all the roads, which actively dealt In
The railroads, like the New Jersey Contributors
stocks out Of Wall street-present highly favorable
contrast They much better managed, much better
paying properly and In consequence their stocks have
much higher value. These held Investments, and
the directors Of the roads exposed TO the tempta
ons which bese the directors Of roads whose stocks are
in the hands Of spectators, and have consequently
nuctuang value capable Of being largely influenced by
the reports and actions OF the management That many
Of the directors and other principal officers Of leading
railroads have been hAbualy false their those
familiar with their secret history They have
been In he habit Of shaping their contracts and reports
according 70 their vews Of the best course 70 make
money by speculatine In the stoch Of their roads
II the stock bad low Wall street they checked
pendtures perhaps declared an unexpected dividend
pany. Meanwhile, before the public knew anything Of
what was coming, they had bought stock low prices
which they subsequently sold profit after the rise
sal~ns from their onicial tactics had taken place.
In like manner, the stock was seling high
In Wall street was easy master 10 soil 'short,"
and then 60 work 70 make repairs and improvements,
which would call for the issue - stock the
pension Of the customary dividend tisual disooar
aging report would be In keeping with this line Of saicy
just q satisfactory and congratuatory woul6 - IN
the other II is the corruption underlying the manage
ment Of leading railways which has done more han
anything else 10 shake public confidence In them but
by and BY these great Highways Of traffic, stretching
like network the face Of the continent Will have
grown in importance with the growth Of the nation and
their management will be jealously guarded by the stock
holders Their stocks will then be in Wall street
those of the English railways the London stock
exchange, where, with few exceptions they merely
pass from the hands Of investor to another by the
agency Of brokers' and where 10 not considered
sary for either buyer seller 70 have possession Of
stock order speculate In IT, settlements being gene
rally made in place Of delivery.
On Saturday the prices as the evening exchange
Erie 79x To- New York Central 90 r. Hudson River
10oH, Reading e2x, Michigan Southern cox, Illinois
Central 11ex Cleveland and Psburg esq., Rock Island
s4X, Fort Wayne tss) sa><, Cumberland SIN
sympathy with the price Of nvetwenes in Europe,
considering the reduced gold premium, and conse-
quence of the conversion Of considerable amounts Of
them into seven-thiry notes through Mr. Jay Cookies
agents. the public having shown preference for the lat
tcr II was generally anticipated this side that
sharper recovery would have taken place the foreign
markets. but must be remembered that at the date Of
our last advises the surrender Of Johnstons army was
not known there and that the price Of gold in New York
quoted IN London above ll0 Al the close Of the
week the market for governments alike with that for
railway shares, showed nrmness, although IL re-
NAMED very inactive. Five-twentes Of the now issue
sold Al 1881 on Saturday evening.
The gold market was steady but langud and although
the shipments Of specie Saturday aggregated
$2lo7ooo making for ths week g. ol 2Ss they exertsd
material Influence upon quotations. the extfeme 1uc-
tuaons in the room and the street during tho week
having been limited 10 ~ per cent, namely