Year: 1873

.
From the tone OF the market at Its close yesser-
>,ay, It is evident that strong 'sbearn campaign
was inaugurated and O determined effort made to
produce another panic in the Stock Exchange. The
depression attempted was for the moment sue
cessf, and stocks declined to point which caused
. feverish feeling; but there Is really nothing in
the situation that need excite apprehension Half
the trouble in Wall street emanates from o class Of
men whose chief business apparently is the circu-
lation Of mere rumor and the retailing OF known
falsehood; whose conversation is vague and mys-
terious, and whose vocabulary principally consists
OF dark hints about something which is to happen
accompanied by whispered suggestions to ego
short OF the market.n


THE EXPERIENCE OF THE STREET.


however, bears out the remark that whenever
stocks have been thus brought under the influence
OF these pernicious reports the reaction has been
rs sharp, If not as sudden, as the decline. Last
week the objective point OF the leaders in this
species OF warfare was Lake Shore, the price OF
which they succeeded in pushing down nine per
cent. This week we may possibly have New York
Central as o feature, personal animosity against
the leader OF this line OF stocks seeming just
to hesitate at no statement that possibly cause
q sign OF weakness There Is q point, however,
beyond which it is dangerous to urge the decline.
The stock market is too deblitated to successfully
Withstand undue pressure, and the prices of
various stocks are sufficiently low to attract in
vestment. The Germans are understood 10 have
been large buyers during the week, and our own
capitalists have not been slow in availing them
selves OF the opportunity to purchase stocks,
OF which are now at figures which have not been
touched before for several years.


THE LEADING EVENTS


OF the past week have been so many favorable
steps towards the re-establshment OF confidence
The President OF the Lake Shore Company effected
o settlement with the Union Trust Company, and
the latter report themselves in fair way 10 re-
sumo business during the next sixty days. The
banks have made good headway in meeting all
legitimate demands for currency, and report heavy
gains both in legal tenders and national bank
notes. Suspended firms announce their determi-
nation and ability to resume business at an early
day. General trade is also improving albeit for
the time being there Is partial cessation of manu-
factures and an indisposition to make new con-
tracts All the signs and symptoms, indeed, point
to sounder condition OF affairs and to


BETTER PROSPECTS;


and II the community instead OF giving heed to
the chronic grumblers who are forever looking at
the dark side OF the picture, and, frequently with
malice aforethought, misleading the public to the
end that they may depress values and reap per.
sonal advantage-if the people would turn their
back on this class and their face TO future that is
written all over with gratifying promises, we
should soon an end Of all distrust and realize
that we have been scared only by skeleton. The
country is full OF money; crops are abundant;
grain and cotton are wanted by Europe and Europe
is already sending her millions in gold for the pur-
chase. The government has likewise taken q step
In the matter OF silver payments which may de-
velop In much greater advantage than we can just
now conceive Every dollar coined and kept in
the country lends additional strength to the situa
tlon.


THE MONEY MARKET


0fthe city has been quiet, with call loans ranging
from7 per cent per annum to lie per diem. The
demand from brokers has been limited. in conse.
quence Of the general dulness ON the Stock Ex-
change. In the discount market business paper
has passed at IL to "a per cent. The internal
revenue receipts for the month we're $3.50 1896.


RAILROAD BONDS


The prices OF this class OF securities during the
week have been irregular, some OF the old bonds
selling much below their former figures and Others
nearly as high as before. The market has been
affected from time to time by damaging rumors
and natural activity and buoyancy thus interfered
with; but on the whole good bonds are fair test
or the steadiness OF values and the demand OF in