The New York herald., 1874-05-14
FINANCIAL and COMMERCIAL.
The Stock Market Unsettled
and Fluctuating.
GOLD III 7-e TO lla 1-s.
Money Abundant Government and
Railroad Securities Steady.
WALL STREET, I

Il
WEDNESDAY, May 1892 NJ
The view OF the stock marKet which has been
recently presented In this column was again
Illustrated by the events OF to-day. Prices
were advanced, but refused to stay. Pur-
cnasers were nervous and sold with the first
symptoms OF WEAKNESS. Operations were
confined chieny to the large spectators
VINO understood the meaning OF every
movement on the financial chess board. There
is no basis yet established on which an upward
movement can be made, because confidence is
lacking. There is q plethora OF money, but little
faith. The majority OF outsiders who invested on
the long side obedient to "hints" and predictions
have lost their cash and retired from the neld.,
The minority are now waiting 1or bottom. When
that is likely to De reached no man can tell. 1t s
but fair to say that 1t is equally hazardous TO
speculate on the snort side OF the market, for ct
any moment t@0MI as sa asrtNa
THE SECRET WIRES
may be pulled that win send prices upwards one,
two or three per cent. The control Is artificial,
but the general condition is emphatically obedient
to the commercial debility and stagnstion every
where observable in the country. There have
been occasions when Wan street refused to obey
external influences ana ran counter to the sug
gestiOne OF the outer trade but is forced to
yield and adapt itself to the shrinkage OF values
elsewhere recorded This fact explains the difi-
Guilty which the bulls experience In keeping
prices up to the point to which they have been
pressed. Natural contraction is produciny its
legitimate results, and between poverty and wari-
meas there Is not much disposition on the part Of
those who usually I'LL the Golfers OF stockholders to
engage in further ventures until permanent
situation is mapped out
THE TRANSACTIONS
to day amounted to 155,o53 shares or Western
Unton thora ware sold 10 lhO aharps. Uninn Pacific
$4,000; Wabash, 12,4O0; Pacific Mail, 1900; OHIO
and Misslsslppi 3,42O; New York Central S,4e6;
st. Paul. 5000; Lake Shore, 17,465; Erie, 1900;
Canton, 1000; Rock Island, 6,51o; Northwest COM
mon, 5,210. The decline In stocks ranged from n
TO 1K per cent, the most prominent features OF
the movement being Lake Shore, Union Pacific,
western Union and Wabash. We note the fol-
lowing changes Canton sold at o3 "a a u q 5ea
S.; Western Union at 7OX q II o 71k a 70i4 a toy;
Lake Shore at 76S 7eH 9 75H 75H; Pacific
Mail at Az a AK 431s; Erie at 35h 35S q 35k
. 35H: New York Central at ok q 9S 97s; st.
Paul, common, at "a q 35H q 333I 331s; Union
Pacific at 2e11 a 20 %; Delaware Lackawanna
and Western at 1o7h lo71; Hannibal and ST.
Joseph at 27A 27h; Wabash at 80 3sX q 37H;
Northwestern, common, at 42h a AK AZ q 42&;
Rock Island at 97 a s71s a seX; ohio and Missis-
sippt at % 23,1 22.; c., G. 4 !. c. closed at 1917
Northwestern, preferred, at oo11; st. Paul, pre-
terred, at So; Panama at 1o5K 10e.
THE LAKE SHORE RAILROAD COMPANY.
The analysis OF the Lake Shore and Michigan
Southern Company's report, published to-day was
received with some degree OF disappointment, but
the stockholders must not expect impossibihties
nor overlook the dif1cultes which have beset the
present management. There Is no doubt that
large reductions have been and are constantly
being made in the operating expenses OF the
past. The management have to labor at present
under some peculiar disad vantages, which require
time to overcome, among which may be men,
toned that the company started the current year
with noating debt OF $6.654.421 about half Of
which has since been funded and that the interest
and sinking fund win require some $500, 600 more
than last year, also the loss OF q certain portion
of the Southwestern trade by the transfer Of the
Cleveland, Columbus and indianapolis line to the
control OF the Erie and Atlantic and Great Western
combination. and OF the Toledo. Wabash and West
ern to that OF the Canada Southern. All this
added to the TACT that from January the gross
earnings have continued to show constant decrease
as compared with last year. make the dificuities
OF the road temporarily grave, but there is really
no good reason why, in the course OF time, the
company should not De upon foundation that viii
call for no other than favorable criticisms at home
and abroad.
THE UNITED STATES TREASURY.
The internal revenue receipts to- day amounted to
$3.50, ,80l. The customs receipts were $4,000. The
Assistant Treasurer to-day paid out S245 900 on &C.
count Of interest, and $4,000 In redemption Of ve
thirty bonds. The totafpayments by the Treasury
on account OF May interest to date amounted 10
37,e4600O. The following are the balan ces remain
ing in the Treasury at the close OF business to-
day :Currency So, 800 900; coin, 800 500 O00 less
coin certificates $40, 100000.
THE FOREIGN MARKET.
The following are the late London prices Con.
sols money, 931s q 93E; account, 931< a 931<; fve
twenty bonds 1885, 107; do. do 1867, 1O93< 1O9L;
teniorty bonds, 1o4k 1o4A; new nves, 1O41S
1o4x; Erie, a21s; New York Central ssa SO.
Market steady. The following are the quotations
strong and higher. Union Pacific nrst mortgage
bonds, 713; DO. do, stock, 20; Northwestern. pre-
ferred. 68X; st. Paul. preferred, Al; Erie, S1h
MONEY
closed at and per cent on call loans and with
out material change in the discount market.
Foreign exchange was dull at the close on the
basis OF 4.S7K 4.sS for bankers sixty day ster.
ling on London, and 4901s 4.9l for demand. Con-
tnental exchange is quoted by the leading bankers
at 90 Tor reichmarks and $40 for long and short
Paris francs.
oa GOVERNMENT BONDS.
Government bonds closed aniet and steady as
follows :-United states currency sixes, 11es
1l6h do do, 1884, registered 1lsx l197s do. do,
do, coupon, INK 1919; do fve-twenties 1857,
registered, 115 1l5K; do. do, do, ex coupon,