The New York herald., 1874-06-01
RaiIroads-Their Condition,
Prospects and Reports.
EVENTS OF THE WEEK
The Stock and Gold Markets
Slight Fluctuations.
HIGHEST AND LOWEST PRICES.
Tho Course Of Money, Bonds and His
ceuaneous Securities.
WALL STREET, |
SUNDAY. MAY 81, 1874.

WALL STREET, |
SUNDAY, May 81, 1874
m che entire history OF Wall street probably
khere never has been time when operators were
DO entirely In the dark as to real values as they
are now. 1t is certain that 1t never was more DIFF
ncult to OBTAIN trustworthy information concern
Ing the present and prospective condition Of rail-
way corporations. The reports OF companies that
have recently been made are only for the year
Nxpiring December 81, 1873, and they are OF less
dmportance than usual, f0r the reason that they
Vail 70 show the full known and positive effect OF
She monetary crisis on this class OF property. Be.
FORE the panic there was an extraordinary foreign
demand for our breadsturs and it was kept up
during the autumn. II gave employment to most
Or the Western railways to their full capacity, and
khe exhibition Of receipts was well maintained up
20 the new year. Before the panic, too, the in
kermediate Eastern and Western lines enjoyed the
benent Of
/ TRANSPORTATION
resulting from the construction OF other rail-
roads-the shipment OF cars, engines, laborers
end building Notwithstanding in the aggre-
gate to millions OF dollars. But all this has ceased,
hnd the present spring has developed not merely
IN almost unparalleled inherent weakness. but a
competition for business on the part OF railroads
such as has never been seen in this country. They
have. In other words, become the thermometer OF
extent that In order to have kept the gross earn
lugs up to the figures OF 1873 it would have re-
quired an increase of tonnage from 35 to so per
cent hence, we repeat, 1t is necessary to the vel
Ware Of the investor that he shall be supplied with
/, HONEST INFORMATION
before he trusts his capital to the vagaries OF
boards OF directors who run great corporations
rs II they were special partners in a firm by
whom the addressed inquiries OF Its lesser mem.
ibers are apparently regarded as personal insult
Ht Is singular and suggestive TACT that companies
which have heretofore been not only prompt but
anxious to publish reports OF their weekly earn
fngs now decline to give Information. though it be
personally sought. Still, other companies have
adopted the new plan Of giving gross earnings
and expenses and certain kind OF met earn.
kngs," which would be very satisfactory If they
were reliable. But the public have been taught to
put little faith In the style OF making up the sex.
penses' Of road, while there is kept open con-
Renient
'cONsTRUCrIoN ACCOUNT"
into which, for the sake OF appearance, there may
be charged portion OF the actual cost Tor oper
nting the line. Nor has this faith been Increased
BY the acts OF the latest convert to the style
The instance referred to is that OF company which
has outstanding preferred stock to the amount
jof s., ,000, 600. on which it has always promptly
paid the regular 81 per cent dvidend-to wit, the
sum OF $35,00O. For the first time this dividend
iWas "passed" on the 1st OF the present month;
and. II report speaks truly the company was
obliged to increase its floating debt to meet the
May interest on its bonds. Now follows state
ment from January to May l, showing not only
decline In gross earnings, but so large reduction
In expenses that the net earnings are over
n1ss,ooo greater than they were at the same time
last year. Yet last year the dividend on pre-
Aor MO mold Tho Now
and Hudson River Road has not published its
Earnings for q long time, but It's stockholders ap-
pear to be satisfied with their suppostions con-
cerning the property. History has recorded other
cases Of equal confidence. The Lake Shore and
Michigan Southern,
ONE OF THE GRAND TRUNK LINES,
mas always. up to the third week IN March OF this
year. given TO the public weekly statement OF its
earnings. 1t then suddenly refused Information
and its stock is subject to any report that bull or
bear may invent. The last official report from this
company showed, for the first eleven weeks OF
1s7A decline In earnings Of over $400, 900, as
tpompared with the same period IN 1873. 1t would
be Of interest to the stockholders OF this company
sfo know what progress is making in funding It's
floating debt, and at what cost: or If there has
Ebeen none to know at what rate of interest it Is
being carried along. With money drug at per
cent, rumor says this company is borrower on
fca at per cent. Other corporations might be
mentioned In this connection, bur enough has
Ibeen said to demonstrate the necessity OF some
lgenera legislation, in all the States, that will
beecure to stockholders, in all corporations, the
fright to know the actual value and condition OF
{their property, and at the same time teach presi-
dents and directors that they trustees and not
sowners-
THE EVENTS OF THE WEEK
were OF little consequence to call for special
comment with reference to their influence on the
Huture. The speculation In stocks was without
anterest. and the fluctuations were OF an unim-
ortant character, except IN so far as they Illus
trate the tact with which natural causes are made
NO combine with artificial manipulation to the end
What those who are In control OF the market may
iSealize profits at will. In the early part OF the
week the tone was comparatively strong; later
tprices begun to sag, and there was recovery to
sspeak OF at the close gain 0from to per cent
was lost except in some miscellaneous shares-not
speculative In character, like the express COM
tpanies-which advanced from to per cent. 1t
is said that these companies are now doing
larger 'small bundleu business than they have
.dono for many years. and that 1t Is the result Of
the diminished purchases OF merchants from the
interior, who nave reduced their wants from the
case to the package. II this be true 1t affords
further illustration OF the fact heretofore dwelt
npon In this column, that the American people as
q mass are retrenching and economizng, and as
Ear as practicable making 81 do the work OF So.
HIGHEST AND LOWEST PRICES OF THE WEEK
The following table shows the extreme nuctua-
tons for the week In the leading snares:-
Hi0hesf LO1reaf