The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-02
A Bird's-eye View of Finan-
cial Events.
Highest, Lowest and Closing
Prices of 1878.
WALL STREET.

u
Exchange. A syndicate was formed to negotiate
the remaining five per cent bonds OF the govern
ment. and by its work produced not little In
nuence on the operations OF the Treasury. Money
was active. but became easier after the January
disbursements. Call loans ranged from lie OF
per cent per diem to per cent per annum. The
extremes OF gold were lily ia In the stock
market an advance began about the middle OF the
month. The New York Central and Hudson River
Railroad Company directors authorized the issue
OF $4,000 0O0-of which $1O,00O,000 were sterling
(f2.0O0,0O0 and the remainder dollar bonds
new bonds, such part as necessary, estimated
at $6OOO.OOO, to be devoted to laying two
new tracks from Albany to Buflalo. making four In
all for the company. the Chicago and Rock Island
Railroad Company gave notice, in accordance with
the requirements OF the Stock Exchange, of their
intended issue OF 10000 new shares Of stock.
Whether the STOCK was issued was not made
known TO the public during the year. The most
active stocks during the month were Telegraph,
New York Central, Erie, Union Pacific, Lake Shore,
c., c. and l. c.. and Pacific Mail
FEBRUARY.
The feature of this month was q knot In the
money market, currency being 80 controlled by
clique engaged in manipulating stocks that 1t was
difficult to obtain, the prevailing rates being from
Z per cent per annum to Il per cent per diem The
loans OF sterling bills with the privilege Of re-
newals Gold ranged between 112X and 115K.
Government bonds advanced accordingly. Pacific
Mail was made the objective point OF grand bear
raid, and was forced down q per cent. Harlem
was subject OF much speculation, and good
deal was done in coal stocks. The first dividend
on Erie common was declared, the amount being
TX per cent. A dividend OF so per cent on the
preferred stock was declared.
MARCH.
Money continued stringent the rates being per
cent q TX q X per day. Mercantile paper in little
demand. Pressure was made on the Treasury to
put out the $44.0O 900 reserve, but nothing was
done. Gold strong. with an advance to III, based
on the expectation OF an excess OF trade import.
Foreign exchange ruled at 1917 to 1855 for prime
bankers 90 day sterling, and 1888 to lO9H for de-
mand bills OF the same class Government bonds
were strong. the rise in gold and the syndicate
operations tending to advance prices. The Bulls
Head Bank suspended. The stock market was
feverish and lower. Erie was feature, because
OF the report that the Atlantic and Great Western
Railroad Company had secured control Of the
Cleveland, Columbus and Cincinnati and Indian.
apolis Railroad which would have been OF great
value to the Erie, with which the interests OF the
Atlantic ana Great western were closely identi-
ned. Harlem was again strong on the report that
Hudson. Boston, Hartford and Erie was greatly
depressed, owing to the fact that the Circuit
Court had refused to grant the Injunction asked
by the Erie road to restrain the trustees OF the
Boston, Hartford and Erie. under the Berdell
mortgage, from foreclosing and forming new cor.
poration.
The Atlantic National Bank failed, as sequence
OF the speculations Of It's cashier Stringency in
the money market continued, and borrowers were
forced to pay per cent per diem until the return
Of currency from the country, when the rate
declined to pei cent interest. Government
bonds were steady. Foreign exchange irregular.
Gold reached 1l9H, but dropped to 1861 and
closed at 117X. The stock market was depressed
BY announcements Of failures.
Money ruled at per cent, with exceptional
business at 4 q per cent. Gold sold down to
I1Sx, but recovered, obedient to reports Of the
Vienna panic, and sold up to 11SX. The govern
ment bond market was very strong, and prices
advanced to the highest figures realized since the
Black Friday panic. The demand was almost ex-
clusively to supply English and Scotch investors.
Sterling exchange was very irregular, with the
range OF prices as follows:-For 90 day bills 1851
Q 1895 and for short sight lo0H 11OH.
Pacific Mail declined from 57X to ss1, on de-
velopments regarding the finances OF the com.
pany. Union Pacific declined rom s2X to 25K.
Canton sold up to lilo, but afterward fell to 93H.
JUNE.
The money market derived an easy tone from
the strong reserves IN the banks. Rates ranged
from to per cent Gold advanced to 11SX, the
market being controlled by clique; then declined
TO u5, followed by rise to 115X. Governments
and the stock market dull. The death OF Mr..
Horace F. Clark changed the arrangements in the
plans OF some Of the large railroad corporations
and led to the making OF new slate. The market,
however, closed steady.
JULY.
month characterized by much activity in Wall
street. The ruling rates OF money and per
cent. Specie was shipped to q considerable
amount, which encouraged the operators in gold,
who advanced the price to 1165s. Later there was
o decline OF per cent. Government bonds were
strong; the syndicate negotiating the new nves
sold In London to the Berlin government,
81, 100000 new 1ves, In addition to the pre-.
vious sales. amounting to 100000 900. In
cluded in the latter amount were some skies, but
the greater part were fves. During this month
81, 900 New York Central and Hudson first
mortgage bonds-Dart OF the 10000, 900 loan-sold
at fraction above los. Among stocks Pacific
Mail was most active and suffered much iuctua-
ton. There was also ''corner" In Erie X per
cent being paid BY the shorts for one days use OF
the common STOCK The succession OF Mr.. Wander
bit AMI his party to the Lake Shore direction was
one OF the most notable events of the month. Re-
Rarding the general market there was very
strong tone. The traffic returns OF the principal
roads for this month showed q considerable in
crease over previous years, which undoubtedly
helped to strengthen the market Tor railway shares.
AUGUST.
owing to the falling of in the bank reserves
money became stringent and called for I per
cent gold, although and per cent ruled
early In the month Gold was unusually active.
There was decline to 114s. on the announcement
that the Treasury sales for the month would
amount to $6,ooo,oo0. gold; later, an advance to
116k, followed by a decline to 1857, ana at the
close OF the month an advance OF Ia per cent to
116k. A call for $l5,ooO,OOO Hve-twenty bonds by
the SECRETARY of the TREASURY waa yrudo d,r,rs,