The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-19
Railroad Companies Refusing to Publish
Annual Statements.
WHAT is THE MATTER ?
More Light Wanted The Money
and Gold Markets.
DECLINE OF THE ENGLISH BANK RATE,
Stocks Active, Low Feverish, and Brokers
Generally Demoralized.
w
THURSDAY, Ju
WALL STREET,

.# WALL STREET, |
THURSDAY, June 1876 p N.
One OF the most damaging signs OF weakness in
connection with railway affairs Is the refusal on
the part OF the otric.als Of some Of the principal
roads to publish any details concerning their late
operations. The reasons assigned for this course
are that n the reports show an increase of net
earnings the Grangers VIII seize upon the TACT to
fortiy their argument In favor OF lower prices
for transport tat on, aDd II, on the other hand the
reports show loss speculation will receive
shock and investors be deferred from the pur-
chase OF securities. 1t is unfortunate that the ne
cessity EXITS for a resort to such mischiev GUS
policy, for can only provoke additional dlstrust.
Wall street Ia TOO much accustomed to bad news to
rear enc truth, and, thou n 1t may suffer from
temporary dtstemper as the result OF such publica-
lions. It would be far better to make the facts
Known than to conceal them, and In concealing
cause doubts more dangerous to the welfare OF
THE COMMERCIAL INTEREST
than worse revelations. The public is, therefore,
likely to be lett utterly in the dark and at the
mercy Of such statements this, to wit, that with
few exceptions the railroad earnings OF the last,
the present and the coming month will show
material decrease as compared with those OF the
past year at the same time Everywhere we hear
OF less freight being carried, to say nothing Of
decline IN rates. Merchants are buying and ship
ping by the parcel; factories are waiting for
market; the coal and iron business for the mo-
ment Is oil little account; the great crops are not
yet hnsbanded. and, in Short there is nothing to
make up an exhibit OF results that will begin to
compare with those OF "the good old times.n Is 1t
wonder tnat under such circumstances the Lake
Shore Railroad, when its affairs are analysed,
should be averse TO publishing the fact that with
out allowing anything Tor construction their dlvi-
dend-should any be decared-for the six months
ending on the LIST OF July is, upon the estimate Of
friends Of the corporation, likely to be less than
two per cent. 1t is accepted as foregone conclu-
Sion, however, that there Will be no dividend, and
hence the weakness of the stock for the last two
days. The street ls anxious for "more ltght.n
THE STOCK MARKET
opened at about the closing figures of last night.
Temporarily there was an exhibition OF hrmness,
but IT soon yielded TO the sales made by real hold
ers and deve ioped the usual weakness seen now
la-days when the market is not sustained by the
purchasing power OF the short interest AS was
the case last summer, at one time. New York Gen.
tral and Hudson again appeared to be the back
bone Of The situation, and resisted all attacks 1t
As not unnoted. no yever that during the past two
,days considerable quantities Of this stock have
been disposed OF sellers 'sixty-day options and
1t u now iltimated, as q cause that
CONFIDENTIAL INFORMATION
mas l0hkcO OUT 10 Cnc eUeCL tnat the receipts OF
the road for the last five months are not encour-
aging and do not promise the payment OF the
usual semi-annual dividend In the absence OF
omctal reports it is impossible to arrive at the
truth Of these statements; but it would be strange
AZ this great line Las escaped
THE LOSS OF TRAFFIC.
that IL complained OF BY almost every other road
In the. country. We have dwet upon the tmpor-
tance Of annual reports for It Is far from sstisiac
tory to stock holders TO remain in ignorance con-
corning the value OF their investments aud the
disposition OF their funds. A statement IL also
anxtouay awaited from the Chicago and Rock
Island Company. t... ....
The RANGE OF STOCKS
was q follOws:--New York Central opened at
gX, went on to s6X and closed ct SIX. Lake
Shore declined, opening OF 7oA. recedlng to esK
and closing at cox. Northwestern common solo
at Sox a SIX a asH ae,<, ONO and mississippi at
22K . 22x, Pacific Mail at a01s Az a 39k q 4Ox,
81. PAM common az S2x q 33h, Wabash at 30A q
2px Q sox. Union Pacific sold down from 24A to
2sX, ana closed at 24h. Western Union opened at
7oX. Tell on to 6sA and closed at FOX. Erie moved
up to 28x. fell or to 271t, but closed at 2S1t SYM
patty being strongly shown with London prices.
The quotations made for Erie to-day, both here
and at London, are the lowest since the revolution
In the Board In 1879.
THE TRANSACTIONS TO-DAY
amounted to 10000 shares which were distributed
- follows Lake shore. $4,000 shares; Western
Union, $500; Pacific Mail, 25, 200; Union Pacific,
167O0; Wabash, 10, ITS; New York Central, 5000 !;
Erie, e.O50; Rock Island, 6S75; North western CON-
mon o.460; 81. Paul. common, zoos; Ohio and Mis-
s,ssipp 1,0O3; o., @. and c., 2ooo Delaware and
Lackawanna, LILA; Boston, Hartford anu Erie.
5000; Pacific OF Missouri, 400; Harlem. 400.
THE MONEY MARKET.
This remains unchanged. Call loans still range
from to 8 per cent, and prime discounts CON-
mand ~ and per cent Foreign exchange was
dull ct 4s7h q %s7A for prime so day sterling,
and 40 . 4o0h Tor demand.
..s-m THE GOLD MARKET
While gold is, perhaps the cheapest and safest
security on the list because 1t cannot decline
than IL per cent, the business dealings of the
Board OF late have been inactive. The opening
to-day was made ut l11H, rom which there was q
decline to Ill, at which the market closed. The
rates paid for borrowing were 2, 8, and nat. The
steamer Thurlngla, for Europe to-day, took out
100000 colo coin.
CLEARING HOUSE STATEMENT.
Currency exchanges. .$7S, 35t, 1853
Currency balances ., y,520
Gold exchanges ...................... 5000 O03
Cold balances. ....................... l'5v1a17
GOLD EXCHANGE BANK TO-DAY.
Solu Oaances. .............. Sssl'WU
currency balances. l,Oo1,UU
UroSS ciearances.. .................... Io,VooOOV
The bids for government gold ct the Sub Treas
ury to-day amounted to 900 at prices ranging
from 1l0.3S to lilo.
THE UNITED STATES TREASURY.
The revenue receipts to-day were s340,456. Tho
customs receipts were $323,0O0. The Assistant
Treasurer to-day paid out $500 on account OF In