The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-26
@ o l. ID - IT Ic A ID Y.
Money Abundant at 3 and q
Per Cent.
GOVERNMENT BONDS FIRM.
Railroad and Southern Securities With
out Much Change.
WALL STREET.

=
II was not easy to analyze the condition OF the
stock market to-day because 1t was abnormal and
unexpected. 1t showed much OF the adroit ma
nlpulation that has occurred from time to time
during the last sixty days. Temporarily there was
. certain kind Of strength that encouraged bulls
to buy more and bears to become bulls. western
Union was the leader. We have no other iniorma-
tion on the subject than that the stock had been
''putn at 74k to the amount of 20 900 shares, and
1t was deemed prudent to advance the price OF
the stock. Looking over
THE FIELD
It appears II dealing in socks-instead OF being
matter Of calculation, as was formerly the case
hos degenerated. Business men, instead Of obey
ing facts, watching figures and basing their
Judgment upon intrinsic values now
seem inclined to follow a leader. although
1t be to the bad. They appear to ignore
existing commercial conditions. Otherwise they
would take into account the present status OF the
country; the continued depression; the decline in
the traffic OF railroads. the suspension Of mannfac-
turing interests; the defaults at home and abroad
In s0-caled dividend paying stocks; the prospec-
tive failure OF crops; the aggressive warfare made
by some Of the Western States upon great railway
corporations, throwing them into courts, from
which we may EXPECT only doubt for months to
come, and a score OF other commercially
DEBILITATING INFLUENCES,
from which there can be no definite result for
many months. One would think that the legti-
mate operators OF Wall street ought to gauge their
judgments by the logic Of these events rather than
trust their fortunes to the points" and manipula-
latiOns Of the hour. When man risks his money
agaist the future 1t calls Tor brave 'front.' When he
yields TO temporary and artificial market thai may
suddenly so against him at any hour in less than
q week it argues purely speculative dispos tion
in which are mingled the elements OF gambler
and an ignOramus. Fairly diagnosed the stock
market to-day was comparatively strong. In other
words 1t "held its own" at prices averaging q per
cent above the opening prices to day and the
closing prices OF Saturday Whatever gains were
made during sharp business hours were followed
by recession at the close, as shown by the figures
recorded below. The principal dealings were In
Western Union, Lake Shore, Union Pacific Wabash
and st. Paul common.
THE INVESTMENT SHARES
were strong, with more activity IN the dealings.
The special feature was Delaware, Lackawanna
and Western, which was in brisk demand, and
rose from 1O8 to 1927. New Jersey Central fol-
lowed next, advancing from 1853 to 1861
chicago and Alton sold at 1929 lO3, Morris and
Essex at 90 and Fort Wayne at ss2 "a. Michigan
Central was quoted at rs a rs, New York and New
Haven at 1872 1873, Pittsburg at s71z s7h, Cleve-
land, Columb bus Cincinnati and Indianapolis at 65
GS and Panama at 1O4 1861. New Jersey was bid
for at 12l, Pennsylvania Coal at 260, Delaware and
Hudson Canal at 49, Chicago Burlington and
QUINCY at 102 AMI Chicago and Alton preferred at
1c3. Harlem was offered at l29.
HIGHEST AND LOWEST