The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-29
An Embarrassing Day in
Wall Street.
STOCKS TENDING DOWNWARD
Tho Influence Of Pools. Paid RumOrs and
"llatch Orders"
MONEY E AS Y.
Gold Steady = Government and Rail-
road Bonds Firm.
WALL STREYT.


WEDNESDAY. Jan. 28-6 p. M
There have been few occasions in the history OF
Wall street when 30 much chtcanery and ingenuity
have been employed to effect condition that
would permit cliques to unload stock. We have
had reports from Washington frothy, full Of alse-
hood and sent to deceive. Certain members Of
Congress appear to be so much Identified with
speculation that they do not hesitate to put In bills
and resolutions which enable them TO turn ian
honest penny" as the result. Under Instructions
from their employers here, we are permitted rom
day 70 day to read concerning them the most ex-
traordinary reports. From what we know, these
emanatons are in the interest OF cIiques, who are
endeavoring to make market on which to sell
stocks The natural. unaided tone Of the market,
however, is not promising. For more than ten days
DEPRESSING INFLUENCES
have been apparent. Since Thursday, one week
ago. there has been no recovery, but, on the con-
trary, persistent struggle to hold prices anu
persistent decline in the fight Figures assert the
fact. When pools are forced to give ''match or
ders;" when the whole street discusses what are
supposed to be "secrets;" when the holders or
winning cards are picked out and popularity named
and talked about in business circles; when the
home and country Spectator gets away from the
''tapep which he has watched for days and says,
disgusttuily 'T,ve had enough Of this;'' when the
market generally bears evidence Of washing and
soap suds and there is fraud In the air. 1t Is but
natural that decline should follow, ana the few
people who are manipulating prices should learn
lessons at their own COST This Is what is going
ON. The battle Is NOS to the strong Prices are
slowly deoning-yielding to dead weights. Stocks
possess certain kind Of
SPECIFIC GRAVITY,
which they intehgently obey, and the process Of
obedience is being enforced. Analytically consid-
bred. the stock MARKET with one or two excep-
n0ns closes lower than 1t opened, and in the
main shade lower than the closing prices OF yes
serday. Responsive to the news from Washington
there was slight rally towards the close, but the
general tone was that Of settling down, ranging
from Il to per cent. The following are
a4l THE PRINCIPAL QUOTATIONS.
Western Union, 76% 752< 7eaS; New Jersey
Central, l02H q 102; Pacific MAIL Al a 4oa a 41A !;
Michigan Central at go a 90h 9oss; New York
Central at l03A 1881 a 1903 a 1o3A; Wabash at
b3K 53X 63k 53s4; Rock Island
1t 104X 104Z los; Lake Shore
ranged from SO to s13S and closed at slN. Union
Pacific led the lower priced securities maintaining
Itself at SAX 34,s a SAX. Erie was steady at Al a
TX. st. Paul moved from ASK to 461S q 4s9s. North
West Common sold at 60 a 59H 592; preferred
1t TX. Delaware, Lackawanna and Western at
lo4K lO4A q 105 1864. Atlantic and Pacific
lax q IL 16H o 17,s 17h a TX. Pacific Railroad
Of Missouri moved from 81 to 3Sh. Hannibal and
5t. Joseph sold at 81 G. c. and /. C. moved from
,boX to 81 and closed at 30z. Ohio and Mississippi
sold ct 33X q "a 34Ax a 341a.
MONEY
today has been easy the basis OF per cent for
eal loans. In the discount market prices for prime
commercial paper are and per cent. Foreign
exchange was nrmer this afternoon, with actual
business at a ss "a for prime bankers 60 days
sterling and 81 81 81 87k for demand. The no.
minal asking rates are 81 S4a and 81 SO. Com
neroial bulls are scarce and sold at 81 81 81 81
GOLD.
The highest price Of gold to-day was 111x; the
lowest, l1lx. The market was quiet, and there
are no indications of a prevalence Of speculative
lntents calculated to demoralize the market. The
rates paid for carrying today were s, 6, 81, T. 2
and per cent