New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-07-19
SAILS PROM pig O'Clock TO CLOSE OF
TUESDAY, July Is-P. ".

Tie stock market seems TO be tending toward
lower prices. The saggng in values which COM
menced one week ago and which has been checked
Only by temporary rallies was perhaps more marked
to-day than at any previous time. Yet il does not
appear by any means certain or perhaps probable,
that the bulls have accepted the position and
thrown up the SPONGE" Therefore il is quite
likely that the market may for some time yet be
subject to their manipulatiOns and that sharp, short
rallies may follow as a consequence. Western Union
to-day continued to be the staying" power of the
market. Opening at H. it quickly sold at 70ai, and
but for the amazing sagacty Of the broker who re-
ceved the sustaining order little late, hc probably
would have executed his order at about 7oia,
but fortunately understanding his business, he
sharply bid 707s and II, forcing few
buyers at 7ll4 After this it was comparatively
easy job to hold it dull and steady at 707s87O34
Lake Shore opened at 5f7s, and declined 70 54os
from which point it rallied 30 81, b. b and thou
steadily sold down to 54ls the principal buyers
being those who short Of it against the best
of advice After another rally 10 5i3s, il sunk to
537s, simply by It's own weight. Michigan Central
was heavy from the beginning TO the end selling
from 47as to i6A. Tho dealings in the ST Paul
stocks betrayed consciousness on the part of man
ayers that the daily receipts at Milwaukee row OF
10000 to 10000 bushels Of wheat Is not c0ndu-
Give to the much talked about dividend were the
900 TO 100, 600 bushels daily received early in
June. They see also that the steadily declining
price Of wheat is quite likely to induce the farmers
very foolishly) to withhold il from the market. The
Preferred stock sold from 7l3 to 1Os. aud the subSe
qucnt rally to 7ll4 had no further meaning than
desire get all thai possible for the STOCK
shown by lis later decline to 70 at which 1t closed
The Common moved with the Preferred from 1850
$685. To 400397g. The Northwest stocks. although
less dealt H. also declined as follows: Common
from ~ e. 4lal and the Preferred from GO to G55s
Ohio and Mississippi yielded III per cent to 145s
free sales of long stock, closing with rally of a 10
I47s. The decline in this stock is wonder to those
who pin their faith upon increased gross earnings,
the road during the whole Spring having reported
"a very respectable increase in grcss receipts By
il IL apparently not yet understood that the
profits in buying broadcloth at 50 and selling at
81 per yard are not enhanced by the volume Of bust
ness done. Rock Island felt the effects Of lower
prices for Western products and sold ut 1890 1854
Ire was dull at lI7s9l4os The coal railroads
were neglected Delaware. Lackawanna and West
eru seemed TO be a tribe Grmer, while NeY-jerSey
Central was less So Pacific Mail. sale of $500
shares, declined from 25l4 To 24osd243i The mar
ket closed heavy az about the lowest price OF the
day. The business oi the day aggregated about
II 900 shares and tire declines were ia Rock Island
and New Jersey Central, each is; Eric and North
West, each Il Morris and Essex, Pacific Mail and
Paul Common aud Preferred aud Northwest Pre-
ferred, each as Lake Shore aud OHIO and Mssis-
s:ppi, each /, and Michigan Central Ia per cent.