Year: 1870

WALL STREET, |


SUNDAY. May 8, lS70.l


Inc speculative interest OF the past week seemed
70 be concentrated in


STOCK MARKET


where under continuance OF The bush influences
winch nave prevailed since the sudden sharp change
from dulness ana inactivity TO buoyancy and acliv.
Iy, prices advanced to the highest point yet at
tanned In the spring campaign for rise In values at
the Stock Exchange. Tne speculation In some OF
the features or the advance was OF most active
character, and the volume OF business has been
some days fully up to the heavy transactions
which the almost daily routine before the crash
or September dealt severe blow to the specula-
Tive spirit. Most prominent IN the inward move.
ment has been Lake Shore which, upon the sue eess
OF the Vanderbilt ticket at the annual election at
Cleveland, rose to 1915 as against S5 49, the pre-
vaing average quotation after the reaction from tho
depression or the great panic. The later speculation
IN this stock however has been confined to che out
side public, who, In the enthusiasm or the belief that
under the new m inayement of the road the stock
would go to l2O, as 1t did last year, carried
tne price up four or five per cent above
the figures at which the manipulating
Clique sold out. The indications favor the
belief that Lake Shore will eventually undergo q
process OF watering similar to that to which New
York Central and Hudson River were both treated





mated there Is the Dast reason for disbel1evng.
Those who familiar with the history OF the Stock
Exchange for the past three years will remember the
ups and downs, the vcxatous delay and the heavy
losses to the pubic which preceded the scrip div
dend on Central and the final consolidation of tho
two roads, Lake Shore is now TO undergo the same
process. 1t will be worked up and down the scale
OF prices until the Clique who control it
have made millions out OF the public. Then,
ttono
viii come orr probably year TO two or three years
hence. This plan OF consolidation through 20
Chicago is too fruitful OF profit be consum
mated at once. The hen viii be allowed to lay her
golden eggs as long as the public contribute tie
golden food. She VII be killed only when that food
Is withheld. Lake Shore IS now saddled upon the
public at the present nigh prices. The clique have
been selling for week past They expect TO buy
back from the public ut q range of prices at least
ten to fifteen below par Something will turn up to
assist their scheme. 1t will be suddenly discovered,
as we told the public In this column few months
ago. That the road was compelled to borrow money
to pay the last dlvld nl The bonded dept mas been
Increased two millions during the year to make up
the deficit occasioned by the failure of the Hrn Of
which the Treasurer was partner, while the float
ing debt has been sweed by the borrowing OF the
dividend money above referred to. The reaction in
The price, which is forthcoming, was visible Sat-
nrday evening, when The quotation declined from
1Ol% to 1005a, at which latter figure the stock was
rlentifuuy offered. The realization In Lake
Shore is likely to be initiated in other
shares, and the ensuing week Will doubt.
less witness heavy sales all around in
1urtherance OF the desire of the clques to take
profits. In some st cks which are specially sup
ported prices may be maintained. The clique who
sold out theil Lake Shore have bought extensively
HAfT IN
treated to revival OF the story that consolidation
Of the two roads IL cntemplated on terms very IA
vorable to the latter. That a movement q la New
York Central is in preparation in Harlem seems evi-
dent from the fuc ultions Of the latter during the
week The speculation for higher prices has been
powerfully assisted by the ease Of


THE MONEY MARKET,


which has worked with perfect satisfaction TO the
holders of stocks, the offerings of funds being
sually abundant. The accumulation OF money in the
shape Of nat al bank notes has seldom been SO
large The banks are actually glutted with this
description OF currency. and have been freely lend
ing IL without interest for periods of three to six
days where the borrower agreed to return green
backs. The rate on call closed at four to five per
cent. III discounts there has been more movement,
but the amount 0fpaper Offering has not been large.
Prime doube-name acceplances were current at to
az per cent.


THE GOLD MARKET


was heavy and lower under the improvement in the
national credit renec el in the public debt state
ment for May and In consequence Of the steady
disbursements of coin interest by the Trea-
sury the accumulation OF gold in the banks
leading to large increase in the item
OF specie, thereby reversing the usual showing
OF decrease owing To the customs payments on
imported merchandise The market, moreover, has





movement at the Stock Exchange. The decline
during the week from 115k to 114X would
doubtless have been larger had not the foreign
exchange market been SO firm in anticipation
or specie shipments at no very rernoue
day, the steamers OF the past few weeks having al
ready, taken out large consignments OF silver, the
deportation Of which Is regarded as the foreiunner
Cf an export Of gold.


THE GOVERNMENT MARKET
vas steady, and at the close became strong. Tie
inner feeling Is due to purchases by capitalists de-
afous Of earning higher interest than is now attain
abe call loans The fear OF an unfavorable fund
tnebill is also removed, and buyers investing
with more confidence.


e THE BANK STATEMENT
Thcnow Of money toward the metropolis is again
reflected in the very favorable character OF the bank
statement. The deposits OF the week have increased
over eight and q half millions and the specie over
two and ahalf millions the latter item representing
The difference between the Treasury disbursements
Of the May ayinterest ana the receipts for customs
The gain inlegal tenders is over million, making
total gain reserve OF nearly four millions against
an increase IN liabilities Of eight and half millions
The banks have, moreover, been very liberal their
accommodations to borrowers, the item of loans
having been expanded nearly six millions. The
statements OF the last two weeks contrast as fol
2ows:--


April 30. Auy7.
loans. $26950 .2S5 $275 246 All
Specie ie................... 2S817,59S 81, 1855
Circulation. ............. 33506,393 49, 444, Gal
Deposits. s..;.......... 2O8. .7S9 $50 2l7,3S2. .21S
Legal tenders. s........... 54,944,s 56,108 922
The changes in detail are as follows:-