The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-05-28
A Condition Of Fog on the
Stock Exchange.
DRIFTIN ABOU I.
Sold FiTm-MOney UnchaDgsd-POrcign FL
change Quiet
ERIE "A CoNUNDRUM.
WALL STREET.

To-day was . regular bear day on the stock Ex-
shange IN which raid was made on All The ola
respectable securities that tradition almost has
Invested with understandable values, but which
have stood the shock oil. successive panics while
new stocks that had become favorites OF late
fairly maintained themselves in the face OF This
decline or course, the only explanation 70 De
riven was clique innuence. Erie was compare
lively neglected, the total sales OF the
Iay beng about one-haf those or yester
lay There ID still much feeling and
excitement on the street In regard 30 this stock,
the latest Developments producing tho narshest
criticism. II the road il SIN IN the hands OF Its
friends is viii likely remain thera, but Il other
MISE and IL 10 driven into bankruptcy we have
only TO stand quietly by aud witness fresh
national shame ana then Try and market our
~ per cent bonds. II i, however, said tnat the
supplementary complaint o. Attorney General
Pratt, on which, tosetner with the amdayit q
W. N. Brown. the order appointing . receiver
TOR the Erie Railway Company given, contains
iacts wnlcn have never before been laid before
the public. For instance, the boating debt, Wnlen
lt mas been rumoTed was IS low IS slsOO'ooo ana
rs high as sl.0oo0oo, j. explicitly given ~
A. e4s 53I Isl ~ tins amounE 81 0s6s 9l - u due
FOR wages and $685.. 500 "a FOR supplies necessary
FOR inc operation ana maintenance or the road.
In regard 10 the lunaed debt the annual
mat the sl5. OOo.o 900 second consolidated mort
gage bonds were issued without authority OF
law. snd that II the company il liable Tor any
amount IL Is only Tor the amount received. which
Is less tnan 10 per cent 81 t0eir face. When -
remembered that ali ne proceedings which lea 70
Ine appoID tment of a receiver were eoncurred In
by the company's managers it will BE seen that
.his charge ia the complaint mas more than ordi-
nary significance. IN this connection u IS also
charged that .tns manner 81 dealing with the
laid bonds on the part 81 Mchenry, the London
Banking Association ana others was ana 10 fraud
alenr and unlavfal.r
Erle is certainly entitled 20 AL the advantages
Or . dispassionate hearing Or its statements It's
certainly q great commercial nignwaJ that u
sure eventually 70 pay ana could be made 10
pay now II placed IN toe hands or men having
commercial instincts. Bat With the chance OF Us
gong IN to Mr. Gouldis hands Il nothing before
& but certain bankruptcy. Mr.. Gould never made
anything. With al respect 20 MS great abilities
and energy ne Is merely modern expression VI
mat reckless youth WHO nred the EpheslAn
dome and outlves In history the poor fool who
reared IL We nave need Tor sucn men ia .
lew country. Gould has moved millions o. dollars
asst year without along mil 70 toe weaItu o.
the country while taken integer 10 the
commercial forces operating every year ne mas
within the last ieu years pazled many an 10.
austrJ that might now ~ Ia successful operation.
re possibility OF such man again getting pos
session or the Erie RAILWAY property would almost
Justify tue presence of British neei 10 oar hsrnor
10 protect Engnsh money interests.
THE STOCK AAgKRr
opened where changed 4 20 per cent above yes
ferdays closing almost Immediately became
heavy and 80 continued Until about noon, since
when there nas been ; recovery u AIaA. Enc
opened ! per cent higher, advanced - declined
TX and has since fega,ned - ne features Or
me market aside rom Erie have been Pactnc Mail
and Lake shore. each having before noon
allen - per cent There - no expiana-
non or TINS movement beyond, FAR
as respects Lake shore, talk o. tho
EJECT or inc railroad war on trunk INES
sew YORK Central. the only trunk line exeeps
Erie whose stock ls dealt IN al our Exchange, mas
seclIned only 1. Panama mas fallen more tnan
any other STOCK on sales X only 400 shares Il
opened a. 49, sold at la2, then down 10 10.
At the second board trere was break OF ~
per cent IN LAKE shore, per cent 10 western
Union Telegraph, Is. IN View YORK central. per
cent ia Panama and II. il Pacnc Sat. The re-
ma.nder of the ast declined fraction, except
Erie when advanced Is per cent; but later tnere
vas q recovery Or = a IL per cent.
In the late dealings me market was strong,
with Union Pacific az the highest, Erie within \
crtne highest, ana with the other stocks . rule
kalk per cent above the lowest. Il Is inti-
mated, although saY 70 with great reserve,
thAt tie rata parry are through.
yrTRKMz FIGURES ASp BUSINESS o. THE DAT.
ne sunioined table gives me highest and lowest
prices II each STOCK during inc day and also
nlp