The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-12
FINANCIAL and COMMERCIAL.
Prices at Home and Abroad-GoveFnment
and Railroad Bonds.
MONEY ABUNDANT.
WALL STREET, I
MONDAY, May 11-6 p. NJ

( MONDAY. May 11-6P NJ
n tho market were not thoroughly fictitious the
course OF prices to-day would be somewhat en-
couraging to all who base their expectstions OF
profit upon q permanent advance. There hsvo
been in the near past alternate periods Of strength
and Weskness-see-saw movements suddenly
made that disturbed the best calculations, making
both fortunes and losses, and each change was ex-
pected to be the last. Such appears to be the pre-
yalling opinion now, the remark being not infre-
quentiy made that the market Ia too low for
A SUCCESSFUL BEAR MOVEMENT,
and must perforce commence work on the ascend
Ing SCALE Perhaps the belief Is true, but similar
conditions have so often recently been presente4
as to raise legitimate doubt whether We arc NOT
even now standing on the edge OF o further decline
that will sharply show Itself between this ana the
end OF the present week. II there was confident
undertone to the market these precautionary re-
MARKS would be unnecessary; but no careful OBJ
server OF passing events. or Of the movements Of
individuals, or OF
THE CONDITIONS OF TRADE,
shows disposition TO back has Judgment wlta
his money and take large risks the business o.
the whole country is gradually, but very certainly
re-estabtshing itself upon lower basis OF values.
We hear Of the process among nearly all classes
OF merchants. The talk bout specie resumption.
the determination Of the President to prevent In
narion, the enforced economy OF the people. the
decline OF our imports the decline OF our produc-
tive power the shrinkage Of expenditures every.
where--these are facts more eloquent than any
that Wall street can present or antagonize and
they fully account for the depression that kegs
the immense surplus OF money now lying idle from
seeking investment among the devious ways Of
speculation.
THE TRANSACTIONS TODAY
amounted to ISL, 1914 shares. OF Western Union
there were sold 50 $50; Lake Shore 81, $50; Union
Pacific 20, 800; Pacific Mail, $3.50; St. Paul COM
mon, H. 1907 Erle, 1900; Rock Island, o,2o0 North
west $500; wabash, 400; New York Central
1850; O, G. and I. c., 1850; St. Louis and Iron
Mountain, 11oO Ohio and Mississippi. l,lso; Dela-
ware and Lackawanna, 1857.
THE COURSE OF STOCKS
was as follows western Union opened at 73k,
advanced to TX, but at the close sold at Tx
71K. Pacific Mail sold at As 45k Ask Ask .
Is AK q AZ. New York Central ranged bo-
tween ssx ssx and ssk. Erie opened at SS3.
moved to 38H and closed at s. Union Pacific sold
Ct sOk 8oX 29X 29x. Lake Shore was lrm at
TEX Tx q n a TEX 76x. G., G. and l. O. opened
1t COX and closed at 2OA. Northwest common
sold at 43x q Ask ~ 43k. Ohio and Missis-
sippi opened at 24x and closed at "a. Rock Island
sold at ok q 9sA q 9S1 e7X s7K ok.
wabash at 4oX q 4oh 40z ssH. st. Paul
common at 34H 35H 35H q 30 34z. me
preferred stock closed ut SAX q IS. Hannibal and
St Joseph opened at % and went or to 274. Dea-
ware Lackawanna and western was steady as
107x q 1OS. 1t will be seen from the above descrlp-
ton that the market was generally lower at the
close and is still obedient to
DEPRESSING INFLUENCES
The early strength OF the market was doubtless
owing to the irmness OF New York Central and
Lake shore. The decline was accounted for In
some circles by reports from Washington that
Congress was likely TO tax lands donated 10 rail.
roads the same as other lands. There was some
comment upon the rumor that the Lake Shore
Railway Company might possibly be leased TO the
New YORK Central; but Wall street is never with
out its theories, and operators can well AFFORD 70
accent these statements ctsne O7GnO sails.
fHE MONEY MARKET.
Money closed at aud 1 per cent on Can.
Foreign exchange was quiet, and for actual
business quoted at As7X 4.ss for bankers sixty
days sterling and A90K q 4.91 for demand.
THE GOLD xARKEr.
There was but listle activity in gold to-day, the
principal sales after the opening, which was made
at 112H, being at 112K. The rates paid for carry
ing were 8, So, and az per cent The operations
OF the Gold Exchange Bank to-day were a. fol-
lows