The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-04-12
FINANCIAL and COMMERCIAL.
The Events Of the Week-COmmcrCal and
Financial Incidents Of the Situation.
OUR RAILWAY EARNINGS
THE GOLD AND MONEY MARKETS.
WALL STREET.

WALL STREET. |
SUNDAY, April H. 1875.
The commercial outlook continues TO be satisfac-
tory. The laws OF trade quietly working out
their given results. The volume OF business is In
ereasIng. The produce and dry goods merchants
report more than usual animation, and In many in
stances higher prices. Good weather Is beginning
10 stimulate movement, and the decline In ocean
heights anu the advance IN gold and exchange
naturally tend to enlarge our exports. sharp
rise IS notable In wheat, and The Continental
markets are reported more active. The effect or
TINS cannot De properly estimated at the present
time, Tor anything like "a corner" must be lo-
lowed by reaction and comparative weakness.
RAILROAD EARNINGS.
Among all the signs OF Improvement these per-
haps, most lucldly show the actual condition OF
the country, for our great lines are the barom-
eLers OF trade. They Illustrate the gains and
losses oil business, the volume OF products gong
TO marke;; The decline OF operating expenses en-
forced by the changed conditions of labor and the
prices OF MATERIAL and when they do 80 success
July the inference is that should not be
Ignored. Wnie II is true that all OF the railroads
OF the country do not present encouraging
features Tor many are rotten to the core, those
witch are In favor AFFORD lessons that are wen
worthy OF consideration. Taking, for instance,
some twenty-five OF the leading railroads
bankrupt, we md that The gross earnings in
1874 were 500 400 against slel s54 600 in 1872
while the operating expenses OF the same for the
year 1874 were only $Il4,2S3I22, as against
SI22,el9,754 In 1878. In otner words, the reouc.
tlon OF expenses IS nearly 81 per cent. Tabulated,
the net earnings compare with 1878 as follows:-
1873, 1874.
Gross EARNINGS. .s1sl, s54oo5 $780, SIS, 400
Operating expenses. l22,oi9,754 1l42SS 722
Nat aarn,roa S2A OnA TAT
Increase ....... o'lV'4eo
The foregoing facts arc encouraging 10 the rail-
road lnyes or, because they indicate what may De
done oy economy and that Irodt Will naturally at
tend good management, even in the rorst OF sea-
sous.
TIE IMPoRTANr EVENTS
or the week are those connected with the move
ments or money, which hay= been unusually iree
Inc banks are in excellent condition. Loans on
call are abundant at from 10 per cent; prime
discounts are at So and 8 per cent and there are
evidences that all OF the surplus capital cannot be
probably employed. During the next three
months large amounts Will be disbursed IN the
shape OF dividends, interest and rents. SO that
probably from 100000 to sloo, 900 will be
let loose to seek investment In the active bonds
and stocks. Influences like these are quietly pro.
ducing thei. effect upon the mercantile and specu-
awe classes. and constitute part Of the reasons
assigned for the activity which is witnessed IN the
several markets.
THE STOCK MARKET
during the past week bias not been disturbed By
very snarp fluctuations. In fact the undertone In
several OF the higher priced securities was strong
and handsome profits were realized On early in
vestmenrs. Such weakness as exhibited itself
was principally manifest IN lancies ike Erie,
Pacific Mail, ONO and Mississippi, and other stocks
OF ike Xix. Pacinc Mail was the principal specu-
lative lootoalle is hkey TO continue thus. not
outstanding tne efforts OF It's hackers 10 give 1t
larger value. because the disagreement between
this corporation and Panama yet exists, and Is
not in a iair way oil settlement. The latter COM
pany demand $40 900 per month as their share OF
the business, an exaction which Is regarded as
exoroitant on the part or q line which is
only sorty-nine miles long, and Is
demand which the Union Pacific Company
rs copartner in this transaction are
determined to eslst. Threats are made by the
Panama people 10 establish a competing liue OF
steamers; but when 1t is remembered that the
outlay for such purpose will not be far from
three OF lour millions OF dollars. and that much
delay must attend the establishment OF agencies
and the building or docks ana warehouses on the
Atlantic ana Pao,hc coasts, IL will be recognized
that many difficulties stand in the way OF sue
ceesful battle between these corporations. The
Immediate result can only be depreciation IN the
price Of both stocks me foregoing facts have
borne heavily upon tue price OF faclnC mail duF"
ing the week, and 1t viii not be surprising II
lower ngures are made before further rise takes
place. The ceiling or operators Is quite unsettled,
ana opinion Is about equally divided as to the pro-
priety Of going long snort OF the stock.
the RANGE OF PRICES
In other securities was Is foliows:-Auantlc and
Pacific Telegraph advanced IRON 24k 10 2sS
reactug 10 255S and closing az 25ss. Tnls stock
Ia said to be strongly held IN anticipation OF the
euccess o. the new cable. The Faraday has sailed
from England or the purpose Of taxing up the I'M
finished end, and three four weeks will solve
me problem. Delaware and LacEawanna ad-
vanced from l1lA 70 Ii5H. New Jersey Central
rom 10 to 1l3, ex dividend. Lake Shore rose
from 7sk 10 751I. 81. Paul common was strong IN
an advance from ssss 70 4Os; the preferred moved
from 81 10 597s. Pacific Mail receded rom
a6tz 10 as. recovered 20 44sa, and ended AZ
1sY. View YORK central advanced from loO7G 70
1oen. ROCK Island from 102i< TO 1925. ending at
the nest price Erie was irregular. Ialiing OF
nom soI 10 2sz., recovering 70 301s and ending
AZ so northwestern common continues 70 be
eouhtfuI stock to deal in, bat the changes q the
vcek we're comparatively insignificant, the ex-
,remes being Az q 456; the close was a. 49,
Vna secrecy of the movement In TINS security In
auces much speculation as 70 is future. Otner
changes viii be SHOWN In ne following table of
u1eHgsr AND LOWEST PRICES or TIRE WEEK.
Highest. Lorest
Nev York Central and Hudson... 1927 1909
harlem. ..s......+. 10 iaVzt
Erle.......................... SVs zS,s