The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-05-31
FINANCIAL AND COMMERCIAL.
The Depression in SOckS-HaVe Prices
Reached Bottom!
The Stock, Gold, Money and Bond
Markets.
WALL STREET.

SUNDAY, 81 1901
The events OF the past week in and around this
locality were unusually interesting, ana not the
east 30 because they verified many OF the predic-
tons that have been made concerning q lower
market. To a few IL was doubtless known that,
sooner or later, Erie would be forced into the
hands or q receiver; out The frank confession OF
the poverty OF the corporation and lite present in
abAty 10 earn It's expenses, followed as IL was by
legal proceedings a. preliminary steps to bank
ruptcy, was shock to The speculative public on
both sides or the Atlantic rom which II has not yet
recovered. The sober second thought or the COM
nunlty, however, now recognizes the correctness
Of che policy that mas been pursued. and, In the
choice OF Mr.. Jewett as the receiver, ieel con1-
nent that he will save all that he can from the
wreck and cooperate with any practical measure
that may be devised for the relief OF the bona
Ide creditors OF the road. In
THE SPECULATIVE FIELD
II ia painful to record the TACT that there are no
signs Of present or prospective improvement. For
several DAYS 1t was thought tnat the bottom had
been touched. and reaction OF several per cent
must surely follow, because OF the large outstand-
ing short interest, and the temptation thus
Afforded TO lake IN considerable profit;
Put the close OF the market yesterday
indicated greater weakness in many
securities than has been experienced at
any time during the week. All the gossip likewise
pointed TO lower prices, and operators boldly pre-
uicted that even the best stocks would be dragged
down IN the general decline Tue plausioilty OF
some or these statements was mani ested by the
depression OF New York Central from l04}s 10 100,
Of Rock Island IRON l034 TO 1904, OF Panama
from lao o l22, OF Delaware and Lackawanna
nom l1Sk TO Hoy and or Western Union from
Tx TO 7lT. On several OF the lowest prices there
was an Improvement ar the end OF the week.
whether the belief d the respondent proves true
or not, however. II is but proper to state that he
low figures established have brought to the street
not few buyers VINO are always waiting for what
they imagine 10 be
THE FEB OF THE TIDE
and who take stock from the market 70 their
strong boxes, there rest IN quiet until more
prosperous times. There has been much or this
class OF purchasing, and It would De folly TO say
that sucn parties viii not be rewarded Tor their
patience. t. time, however, when 1t Is well
TO scrutnize, with more than usual care, all Sc
curites Ii is not sale TO 90 "shortn u stock that
throws two per cent dividend at YOU every three
months. II Is not safe TO Ignore security that
maintains It's strength surdily in the face OF gen.
eral demoralZaLion and 10 earning large dividends.
II is not prudent 10 assume that a temporary de.
cline OF TWO three per cent IS not the precursor
81 a combination that will suddenly enable the
over TO "cross" the higher-priced STOCK and
mus Wuen II Is 100 ale, duLnoHlsH the sPeCulaLoE
81 lost opportunities.
THE BUSINESS TRANSACTIONS
Of the past SIX days have been large, and i'm
mense profits nave been realized, especially by
the 'bears." TINS will be understood by observ-
ing the large decline in Lake shore, from e6A TO
TA; IN Erie ron FIX to 16k, although the latter
MAS attended BY recovery 70 ls& and lollowe
BY a loss OF portion OF the Improvement at the
close. Pacific Mail advanced from 35Z TO 37z,
then dropped 10 S2A, ending with re-
covery Of about per cent. North
west common ana ST. Paul advanced early
IN the week, put fell on in the mail
iealings Ohio ana Mississippi rose from 211 10
3H subsequently declined 10 21H and closed at
~. Atlantic and Pacific Telegraph was strongly
Ied, anu It's iutnre Is curiousy watched IN con-
Iection with western Union. Inc lowest price OF
me week was p, rom wnicn II rallied TO 23k.
The other changes are less important and viii be
found in the following table which shows
THE EXTREME FLUCTUATIONS FOR THE WEEK
IN the leading snares:-