The New York herald., 1876-12-23
FINANCIAL and COMMERCIAL.
The Stock Market Irregular-COal Shares
Hisher-Fancies Lower.
GOLD 1O7 3-8 A 1O7 IA.
Government Bonds Strong-MOney on Call
Loans Z, and Per Cent-Rail-
way Mortgages Steady.
WALL STREET,

FRIDAY Dec 22-6 r. N.
Railway bulls pulled long faces to-day swore al the
weather. and regarded things generally through at
mosphere OF wntry dscontent The glorious summer
anticipated for their favores banked with clouds
aud the hoped for crop OF profits shows immediate
prospect OF maturing in harvest The nelarous con-
duct OF Lake Shore and Michigan Central, with tho
attendant satellites OF ight-timbercd ances, In going
down instead OF up has created tho trouble and dis
turbed the pacdity OF holders There was net loss
OF per cent both of the above stocks, and an
equal In Central aud Hudson, result OF tho
days work, the heavness being created by
reports that Mr. vanderbts condition Is very critical
and by Information from the meeting of freight agents
TO the effect that these gentlemen have found them
selves entangled In labyrinth of details out Of which
they can find satisfactory issue. these. with the
recent attempts realize profits and the closing OF
short contracts have been sufficient TO give
uet back TO the market and necessary to do
the work for rise all over again.
The less important railroads successful in
ressting the prevailing DEPRESSION ST. Paul preferred
In particular exhibiting considerable strength, with
unusually numerous transactions Some far sighted
observers, who believe they have the power OF seeing
Into the middle of next spring, think they discern the
misty outlines Of problemateal dividend. Their asss
lance In the search for Vulcan would be OF Infinite
benefit 10 astronomers.
The absorbing interest of tho day gathered about
the coal stocks, which, with their usual contrarety.
persisted in rising, while tho railroads pur ct simple
were falling. Thus Delaware and Lackawanna
rushed up from II S to 49, occasioning lively stam-
pede among tho shorts. Tho furry, however soon
subsided aud with 1t the price, which dropped and
closed at 72H The major portion OF its strength
due to sympathy with New Jersey Central which
showed unwonted activity from the announcement
that the company had hit upon "a way pay old
tn fnl lan forfu
and day. Tho scheme is a curious ono, to say the
least Of II, and runs follows Tho company pro-
poses TO issue So COO 600 tenyear per cent
tincaes Of Indebtedness convertible into the per
cent bonds Of tho Lehigh and wkesbarrc company at
par, and secured by $5,oO0O00 OF bonds
placed in trust for that purpose Further provision
made for the acceptance Of these certificates legal
tender tor freight bills of the road
Should this project DO carried out the result would
seem to be tho creation Of debt of So 900 600.
with its attendant $4,000 of yearly tho
pledging Of an old debt OF about tho in
present market value collateral security. As the
Central Road s already bound as guarantee for the
payment Of the Lehigh and Wkesbarre bonds 1t does
not appear that much more security is offered than
that Of their corporate obligations 1t is like the
old story Of Colonel Jones holding the stakes and tho
interesting inquiry which followed to who TO
hold Colonel Jones' Tho company to hold the
cury Dut VINO Is 10 nold the company At that point or
sovency that will make the bonds any better than
their own l. o. U'ss Presuming further (if any
be got take the notes. that obtained
Will be dsbursed account OF old Indebtedness 1t is
manifest that the cash receipts for tolls will be di-
mnished just tho that these due bills will be
received lor such payments
As matter Of Information to brokers and dealers in
stocks II may DO OF interest state, OF the
coming holiday, that all contracts falling due Mon
day christmas Day) stand over and not payable
until tho next day Tucsday). per ruling Of Stock
Exchange Governing Committee.
Tho transactions at the Stock Exchange to-day agerc-
gated 1877 $50 shares-New York Central and Hudson,
2300; Erie 2S0O Lake Shore, 46, 500; Northwestern.
500; Northwestern preferred, 300; Rock Island 500
Pacific MAIL 4975; ST. Paul. 500; St Paul preferred,
l2s00; ohios, 500; Western Union, $4,000; Wabash,
1867; c., c. and l. c., leo; Delaware, Lackawanna
ana Western, IA, 705; New Jersey Central, 1880;
Michigan Central, Id, 45O
OPENING, HIGHEST AND LOWEST PRICES
Tho followtn tnr table shows the OpeuinQ highest n