The New York herald., 1876-07-31
FINANCIAL and COMMERCIALLY
The Stock Market and It's Changes&
A Record of Lower Prices.
REVIEW OF THE WEEK
The Gold and Money Situation-BOnds
Encouraging Invest0rs-Mining In
terests-General News
WALL STREET.,

WALL STREET, /
SUNDAY, July 80, 1876. (.
Tho arid waste OF midsummer sgreeaby relieved
last week by an oasis of unlocked for activity To tho
bulls 1t probably seemed OF midsummer mad
moss, ior reposng the confidence OF steady market
until the autumn should bring higher one they found
themselves confronted with disappointment and loss
For weeks past the anthracite coal companies stocks
have been the plague spot Of the share list until finally
the virus inocuated the entire speculative system
The continued decline in New Jersey Central
based upon the uniavorable exhibit OF its
dition, together with the knowledge that the traffic
In coal almost at ssandstll, quickly
Affected Delaware and Lackawanna and Delaware and
Hudson The bears, ever the alert to make bad
worse. lent their destructive assistance while the be-
lie widely prevailed that the combination in the
Ihroes Of dissolution. Under this varied pressure
prices or to figures that have ruled for many
years. the damage Of the investment interest
the profit OF the bears Late in the week, it being
discovered that these securities had been oversold
sudden rush was ms.e to cover, which created a
squeeze In cash stock and small recovery in the mar
ket value The railway list, which had Deen stagger
Ing along, keeping upon its pins with great difficulty
ana threatening q collapse at any moment, in
state to resist the owl influence thus begottcn and
quickly showed sympathetic inclination to give way
also.
aisorganizing element There disappointment
the St Paul preferred dividend in the matter of the
postponoment from August October and the decline
which followed this step conclusive that brokers
IT'LL believe in the adage that "a bird in tho hand is
worth two the bush''
There were reports that smacked OF the pharmaco-
pGis in the shape Of lying bulletins with regard to the
Commodores health, and doubtful to Mr..
Tracy There of further cuttings under
On the great trunk roads, and lastly the grasshopper
has become burden that must be from this
lime on.
From these different causes added the depression
In business circles and the from the market of
The great operators there has been steady decline
creation OF bearish feeling that is likely last until
IN Improvement in commercial circles effort
ME part controllers speculation shall the pen-
luum swinging the other way
During the past week speculation has been more
hve than at any proceeding period in the hot spell
The market, however, showed decidedly dropping ten
dency, and the in prices has been important
save in two three securities that apparently
being upheld with view a deal later in the
season. The chief disturbing element the break in
the coal stocks and the expected falling off In the
earnings OF some OF the railway companies. The
duced grain receipts the lake ports also had
thing with the decline The downward move
Y to 61h. Delaware and Lackawanna moved into
line and went of ~ per cent from 1919 to o. Dola
and Hudson also dropped from 1855 to 1907.
Late in the week. however, the large short interest
that had bcen created in these stocks frightened
Into covering, especially when Of the bears found
they had to pay n per cent per dom for the Of
Lackawanna, and, under this influence. tho latter
covered per and New Jersey Central AZ per cent
The close, nevertheless, showed weakness.
Michigan Central declined Az per cent, ST. Paul,
common 3a4 per cent preferred, per cent; c.. c., C.
& l., 3a per cent; Northwestern, common, 27s per
cent; preferred, 81 per cont; ohios. az per cent;
Union Pacific, 2 per cent; Hannibal and St Joseph,
common, 2z per cent; preferred, per cent; Lake
Shore, TX per cent; New York Central Harlem, Pa
cite Mail and United States Express each, u per
cent; Western Union, IL, and Rock Island, ~ per
tcnt; Illinois Central, ~ per cent and Erie, per
sent Adams Express advanced 4 per cent
The foregoing figures convey their own lesson and t
Is not suggestive OF an immediate brighter out
ook. fcw capitalists, doubtless, are availing them
elves Of the apparently low prices to buy certain
nocks order to average their losses, but larger
iumber who have suffered from the great decline,
leaving the market to follow natural bent 1t is
useless to make predictions; yet In the absence Of
uvc operators and itmae speculation pres
bnt signs Of Improvement Tho difference In tho market
value of the stocks ordinarily dealt in between now
and last summer ranges between and so per
cont the lower scale, of course, being that OF 1876
During this period there have been many brilliant
charges. but always IN losing battle.
THE TRANSACTIONS WEEK.
The following table represents the opening highest
and lowest sales, regular way during the past week.
together with the number Of shares dcalt in:-