The New York herald., 1873-10-18
A NEW LAKE SHORE LOAN.
The Union Trust COmpanys Business Said To
Be in Fair Way to Settlement.
GOLD FIR I'M ER.
A Large Influx Of Coin from England
Further Advance in the
Bank Rate Expected.
RAILROAD BONDS ACTIVE.
WALL STREET,

,tIA1LfIOAO BONDS AC11 v II.
-SEs -, 49,
WALL STREET,
FRIDAY, Oct. 17-6 p. NJ
Notwithstanding the frregularity OF the market
to-day. the fluctuations were neither 80 wide nor
sudden as to contain the elements OF danger. They
served, however, to make an unsatisfactory condi-
tion to the broker having his commission to exc
cute and to the speculator expecant OF large profit
from the various changes OF the hour. 1t was i'm
possible, in fact Tor any one to gauge the market,
to operate from either known or supposittious
premises, or to safely follow the example OF any
phalanx OF "bullsn or 'bearsn working for or
against particular stock 1t will be seen, there
fore, that OF the immediate results OF the late
crisis has been the disruption of previously exist
ing combinations and the creation OF larger indi-
vidual responsibility In determining the choice and
character OF investment. Speculation has thus
been scattered, vacillating and uncertain-a
sort OF
GUERILLA WARFARE,
In which every man has worked on his own judg-
ment and brought down his game from purely
personal vantage ground. Perhaps it is not stu
alton that commands great confidence, but on the
other hand 1t need not excite direct distrust.
Every removal Of strong disturbing influences from
the arena OF Wall street is practical step towards
steadier market and when the last OF these dis
appear we shall be no longer afflicted with the
sharp and dangerous decline or advance which
tends 80 much to the perpetuation OF fever. 1t is
not to be too positively assumed, however, that
the apparent temporary weakness OF this operator
or the other, around whom great expectations have
clustered, Is sign manual Of misfortune. Too lit
tie is known OF the wounds inflicted by the panic
to warrant either widespread suspicion or the
selection OF an individual example as basis for
nm frr uhar
vidual may develop mis- greatest strategy
THE TONE OF THE STREET
to-day was alternately buoyant and depressed but
In point OF fact there is for either con-
dltion Wall street is, at the present time, more
thoroughly individualized-a spot by itsef-than 1t
has been for years. While the banks are extending
q certain proportion OF accommodation to brokers
the bulk OF business is being done q cash basis
or with larger margins. The rally or decline OF
stocks is not, just now, dependent on ordinary
ternal Influences The influx OF gold, the contrac-
tion In the value OF bushel Of oats or corn, the
amount Of exports and imports, commercial
changes-none Of these are TOR the moment exert.
ing their usual leverage. In short, effect begins
and ends in the stock market ITSELF Hence, all the
rum0rs that are heard-apd they are s'as plenty as
blackberrieshave direct relationship to the street
and the street Alone and no man can predict even
the possibilities OF the ensuing twenty.four hours,
or safely do more than to exercise
EXTREME CAUTION
In his transactions. Meanwhile currency is max
ing its way into the field of speculation and doing
much to maintain the general confidence. Gov
ernment and other securities are being sold to
enable capitalists to direct their attention to
stocks and the larger profits these promise, and a
market full OF activity is anticipated, although It
may show from time to time i've, eight or ten per
q al ba tn iuof
such sudden reactions as We have seen within the
past week. Among the statements given out to-
day were two which concern
LAKE SHORE;
FIRST that the Board OF Direction have determined
to issue five millions OF the second mortgage
bonds, and, second that the loan by the Union
Trust Company will be adjusted within the next
twenty-four hours, Commodore Vanderbilt having,
1t is said, made arrangements for the purpose.
These two events will tend to make Lake Shore
very much like football for several days come,
and its course viii be curiously regarded by
those who can AFFORD to sit on the fence and watch
the game. Should the Union Trust Company be
thus enabled to resume payment 1t will be an I'M
pertant step towards the return OF public fath
and If its example is followed by
THE BANKS OF NEW YORK
in breaking up their pool and getting to work once
more on the Old basis, fresh, iveer and
healthier impetus will be impaired to every class
oftrade. Remove distrust and the causes for it
existing in the present lock up by the banks and
the natural laws will now work out satisfactorily
the solution OF the monetary problem. The attitude
OF the banks is one which Is beginning to attract
not little attention, inasmuch as it appears that
while their action is based on a fraterna dsposi-
tlon to AFFORD aid to the weaker members OF the
family circle this aid is being extended at the
expense Of the public. 1t is TO be hoped that an
early consultation will be had on this important
subject, and some decision, wisely made, may be
reached by the proper Committee OF the Clearing
House that will effect muchdesred change.
THE MONEY MARKET
continues to exhibit an easier tendency. Uptown
merchants and fduciary institutions report ireer
now OF currency and the prevalence OF more
hopeful feeling. Call loans were irregular, ranging
from y to per cent, with close at per cent,
currency and gold. Discounts were quoted as
usual. Foreign exchange was lrmer, and the
bankers advanced their rates to 1o8H for sixty
days sterling and 1o7 u for sight. The demand was
very limited and actual business was at 1861
1o7k. sight bills were nrmer than long sterling.
THE GOLD MARKET.
Notwithstanding the expected receipts OF coin
from London gold to-day was lrmer and should
the Bank OF England rate be further advanced we
may look for even more advanced prices The
time may arrive, Us q consequence of the action OF
the English Bank when United States bonds win
DO sent home; and It does not require much fore
knowledge to see the direct enect OF such course
upon our market. The rates paid Tor carrying to-
day were 6, o, Z. A. s. and per cent gold. and for
borrowing I-32 to nat The final rate was l-S2 per
cent for carrying.
The prices OF gold to-day were:-
1oA. 1e72 1907 p. M.......... 1857
10 A. M............ 1077s 12:iO p. M......... los
10 A. M............ 1Os 1:05 z. M.......... 10S%
10 100 A. M......... 10sk 129 T.. M.....,.... 1854
1913 A. M......... 10sA 1880 =. M.......... 10Sh
1859 A. M........ 10Sh Up. M............ 10S4
ii A. M........... lO8 2.ll r. M.. 1OSk