The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-18
TRICKS OF SPECTATORS.
The Feverishness of the Stock Market
Illustrated.
MONEY EASY-GOLD STEADY
Government and Railroad Bonds
in Good Demand.
WALL STREET.

fraudulent letters which were read 10 the stock Ex-
change. One was signed civilian orion, President
OF the Western Union Telegraph Company" and
announced that the capital stock OF that company
had been increased from SAL 600 900 TO $780, 000 900;
wnereupon that stock dropped from 764 to
10. The ether signed ~. .. Cox, OF the
Toledo, wabash and Western Railway Company"
and announced that that company would increase
its stock from $4,000, 900 to s25, 900. The
suit OF this publication was decline OF the stock
from 521 10 494 The two letters Tor a time pro-
duced great excitement, and tue market received
q start which was carrying it rapidly downward.
in TACT, there all the symptoms OF
AN INCIPIENr PANIC,
which were only restrained by letters opportunely
received from Mr.. 0rton, OF the Western Union
and Mr.. Briggs the transfer clerk of the Wabash
Company VINO denounced she letters as forgeries
Great Indignation exists in the Stock Board at this
successful endeavor in perpetrating fraud, for it
has caused loss OF many hundreds OF thousands
OF dollars, and every effort is being made to dis
cover the chief actor. He is not believed to be a
member OF the Board but is supposed to be IN
some way identified with the person who last sum-
mer reported the death OF Mr.. Vanderbilt, and
thereby created similar commoton in the market.
The details OF the transaction and the letters will
De found elsewhere. The incident is only worthy Of
study as showing the extremely artificial condition
II ten millions surreptuiously added to the ''wealthn
Of a company can break the market and superinduce
such weakness was developed to-day what
would be the effect Of real watering in the
present condition Of trade? The event needs no
comment The lesson speaks Tor ITSELF The mar
ket is carrying all that 1t can sustain. The attempt
to cause depression infamous, and its author
should be severely punished because for many
days hence 1t Will check speculation and create
doubt The recovery in prices as prompt
their decline, and there was q great rush to buy
back the stocks sold on the streng IN Of the forged
letters The following
QUOTATIONS.
will give an idea OF the course of the market
western Union sold at 75H 7sh 1914
7524 "A 73s 70 747S 751
1874 a 747s. Lake Shore ranged down to
S0h from S27s and closed at s14. Harlem
moved up from 1904 to 1917 1924 Erie was
comparatively steady and dull at 4s7s Asa. Wa
bash moved from sly 4et4 and reacted to 81 d
81 5oz. Northwest common sold at 5sH 5sl
57R So $50; preferred at 1875 rs. New
York Central closed at 104h New Jersey Central
ut 1862. st. Paul declined from AZ to 46 preferred
from 1917 to 73; Union Pacific from 351s to So a
s5X: Ohio and Mississippi from 1885, to 81, with
recovery to 323S. Rock Island sold at 1878 1O7
1853 1879. Delaware, Lackawanna and Western
closed at 1l1s<. c., c. and !. G. steady at BIZ
q By 3lA a 311. Atlantic ana Pacific Telegraph
sold at 1714 Is a tx; Pacific Mail at 42zS 43
l2a42h
closed at 4 and per cent on call. Discounts re-
man unchanged, although confidence in the con-
tinued ease OF the money market is expressed by
the Willingness of brokers to negotiate paper run.
ming into July and August as low as five per cent,
Foreign exchange was quiet, the demand and sup
business
Ut 4s4s for sixty days and ASH. for demand. CON-
mercal bills are scarce. Continental exchange Is
dull and without rates.
GOLD
u firm, the range being between 112H l12X. The
last price was 1928. In this department OF the
market everything depends on the action
OF Congress. There may De clques but
they will effect nothing unless legislation
comes to their aid, and additional greenbacKs
are forced upon the country. IL is bad symptom
OF national disease when gold thus regulates itself
by the public credit 1t illustrates what has been
30 much discussed in this column The carrying
rates paid were 4, An and per cent.
CLEARING HOUSE STATEMENT.
Currency exchanges. S72 213, 521
Currency balances ..-............ 3,27S,32O
GOld exchanges. 4,462, oO4
Gou Dalances. .....,.................. l,Ol2,52O
OPERATIONS OF THE GOLD EXCHANGE BANK TODAY
Gold balances 81 60 4l6
Currency balances. Observation-Disclosures. 1880, Cos
Gross clearances.... ................. 5o,971,OOO
THE UNITED STATES TREASURY.
The customs receipts to-day were $780, 900. The
receipts irsm in ternal revenue were $4,000. The
outstanding legal tenders are 1881, 326, 1877, or
decrease OF $1,000 since yesterday Comment on
this system Of bookkeeping is unnecessary. The
Assistant Treasurer paid out to-day s4s,Ooo on
count ofinterest and $4,000 IN redemption OF fve-
twenty bonds.
SOUTHERN SECURITIES
were generally firm and without change. The fol-
lowing were the late bids Missouri Sizes 941s;
DO, Hannibal and Joseph issue, OIL; do, Asylum
or University, eO%; Tennessee SKIES. old, Sc; do,
no., ex coupon, 6oh; DO, new, So; do, do, ex
coupon, o6h DO, new series, CO..; Virginia skies,
DID, 81; do, new, a; Georgia SKIES rs; do. sevens
endorsed 70; do. do, gold bonds, 65 North Caro-
lima skies, North Carolina Railroad, January and
July, So; do do, April and October, IS; do do,
OF January and July, %; do, do of April and
October, rs; North CAROLINA, Funding act 1866 "a;
do. new, January and July, IS; do. skies, April
and October Is; North Carolina special tax class
1, 1oh; do, class 2, 1oh: do class 3, 1Oh South
Carolina SKIES rs; do, January and July, 9l do,
April and October, IA; Arkansas SKIES funded, "a;
do. sevens Little Rock and Fort Smith issue 20;
do. sevens, Memphis and Louisville Railroad, 20;
do. sevens, Little Rock. Pine Bluff and New Or
leans, 10.
THE FOREIGN MARKET.
London advices by cable state that American Sc
curines closed drmer. Old bonds OF 1866 advanced
70 losh. Bonds OF 1887, ditto. Erie closed at Az.
new York Central was weak and declined to 9ih.
iSentes al Paris were steady at IS. so. The follow
ihg are late London quotations :-Consols for
money s2h; consols Tor account, OH a s2k;
nVe-twenty bonds OF 1865 tod, 1Osh; 1ve-twenty
sonds OF 1857, 1925 lOoG ten-forty bonds, IO3K;
new lives ioa4 1887; Erie Railway shares, AZ
we" iork central shares, 95h The rate Of dis
count In the open market three months, bills "a
3 sic or Gle per cent below the bank rate.
GOVERNMENT BONDS.
Government bonds closed firm at the follow