The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-09-20
FINANcIAL AND COMMERCIAL.

TUESDAY, Sept. 1g-P. M--The mornings
speculation at the stock Exchange developed
generally stronger tone. but the volume of bust
ness was lessened. and the operations were
chiefly confined to Lake Shore Delaware,
Lackawanna and Western. and New Jersey
Central. There was. for time, some dsposi-
ton to break Lake Shore, hut the price yielded
only from 53A to 80. seller 3, under the influence
OF persistent attacks, and the project was,
consequently. soon abandoned. subsequently
there was rally to bJA. buyer 3 butt later
sold az b25s. seller 10. and closed at &c. Western
Union opened strong, and moved up y " cent.
TO IN hut 1t afterward fell away to IA. At the
close under the influence of the break In New
York Central, which, during the afternoon. be-
came the great speculative feature. The gem
eral market gave evidences OF strength until
New York Central began to YIELD but the free
offerings Of this stock were far In excess of the
demand, and the price broke from l0l 4 before
IL o'clock TO 9s, seller 3. and 81, seller 60 The
occasion Of this sharp selling movement was a
mystery to the general run OF operators
either side OF the account, and the fact that
holders OF Lake Shore were conspicuous In
their selling operations equally with those tden-
titled with the bear side of the market, served
to create further decentralization among the
uuidnuncs OF the street. During the recent
railroad freight and passenger warfare. this
stock stood apparently us inVincible as
rock, but N Ia limited that the other competing
lines are willing to come to terms, and advance
the rates to paying basis but that the New
York Central stands In the way OF its consum-
nation. Whether this il true or not those who
have heretofore endeavored to sustain substan-
tlai shares were discovered throwing overheard
their New York Central holdings, perhaps In
consequence Of a discouraginR outlook for n
better market, 80 long as the railroad managers
persist 10 depreciatlnR their own corporation
properties, when IL II both their privilege and
duty to do all in their power to uphold and sus-
tain them. The general stock market outside
OF the coal shares. to use Wall street term,
" wants to go up.' the signs OF Improvement In
nearly all departments Of commercial and in
dustrial enterprise having changed the general
tone from depression to encouragement, out
every step toward an advance Is met by asense-
lees sacrifice OF railroad earnings to feeling OF
foolish pride. generated In the heat OF uissen-
sions several months ago. To those uninterest-
ed financially In the great trunk lines, and mere
ly lockers on OF the contest, this suicidal war
appears extremely childish when engaged IN by
representatives who have achieved prominence
bv their railroad saeacity and tact In former
years. The fact, also, that Commodore Wander
PIT 70 the spring months attempted to hold
the stock offered, and then later reduced his
limits to liz, with subsequent stand taken at
credit upon the soundness OF his judgment
from which the stock has never recovered.
he coal roads were generally better. and the
operations to-day developed the covering OF the
short interest. first in New Jersey Central, which
rose from 23h TO 26I. on a report that the COM
pany had paid 20 y cent on its pressing obhga-
tions, and had obtained an extension ON the
balance. and this stimulated better feeling In
Delaware. LackawanDa and Western which adj
vaDced from 20. seller 10. and 1914, seller 20, to
~, but there was subsequently, reaction to
i6k, and New Jersey Central closed at AJ.. after
selling at 24'6. Delaware and Hudson notwth-
standing the circular Of its President. dropped
from 6GA to GA. seller 30, and ". seller W: but
from these points 1t moved up to ", ana closed
67k, after selling AT ~, seller 2. Rock Island
was weak In the afternoon, and tell away with
the remainder OF the hist from 1867 to lOi%, hav-
ing opened at l05 while Ohios. the ~. Pauls and
Pacific Mail, which had recorded recovery Of
to IL \ cent, lost the Improvement ia the
final dealings, and the general market closed
unsettled aud irregular; Northwestern pre-
.i.. 81. adj = 4
TO 6lt, sud wabash rallied y to 80, IN conse-
quence % a belief in the better prospects Of
settlement between the bondnoluers aud stock
holders. Michigan Central was IL cent. high
er at +0k. but closed at CO.
The total number OF shares dealt In was ll5.-
oao. Of wnicn New Jersey Central represented
240i5 Jl.ake shore. 2S.2p; Delaware, Lackawan-
ma "ud Western, l9.il5 Western Union. 1898;
Wabash. 240O; Rock Island. $500 Delaware aud
Hudson Canal, l,92 It Paul 100, the IRE
fcrtcd. 400: OhlOs. l,jOp. Northwestern. 800;
III" preferred, SO; Erie. 425 Hannibal aud IT.
joseph; 100 TIE pfei9treSd; 200, Morris and Is
20 Panama. 100; Chicago, burlington and Gum
nv lOl; Consoiidation Coal 100; Missouri Kin.
sas ana Texas. 100: ONO preferred iUI: Wa
bash preferred. lUO New YORK, New Haven and
Hartford. o. United states Express 70 And
Union Paciuc. To-
In the gold market, aside from steady tone
there was nothing to note Ihe opening rfioe
was lVa3s. but IL soon advanced to IN. at which
the bulk Of the transactions were effected. The
business, however, was light.
lheiOiowlng were the principal uansacuons:
10 A. .loV7t 1910 A. Milo TSP. 81. 10
Ia lans the rates paid for the Use Of goa l.
9, and = cent
The totai cearIngs At the Gold Exchange pAut vcre
lNflgUuoj gold Balance, ~ nfO77S ana currency
balances tl.lsc.o92 Tue suD. Treasury r,occined
$4,000 ~ called hnas and PAD oui Ia coin intet,st On
III, day busno,s ST me Uuitcd States sub Treasury
God receipts, fo95 ia SO. 40. paymruts t1G2,.
$500 do. baAucc. tiU29La7bd, currency receipts.
s537p2l w DO. payments t4S, 1885, do balance,
S34 5l5 5le.S7. Customs, tjuJ,tOu.
The internal revenue receipt, at Washington to day
we're tGouOu, nj the customs receipts t53o.uOO Inc
Ire W sllngton received tbuOOOO Ia national
bank notes for redemption. The tulllOu ~ tn Bank
OF England was deere Il Zoo uOl.
Foreign exchange ruled quiet but steady at $50
and ASS FOR time and demand bills respectively. The
cling rates were O. S2ANti sSI3, and 81 ~ "a IS.
Money was more ircrN offered ON call To the stock
brokers' vita late negotiations Mt lA9cl DIS
counts angcd at Sa Tor prime signatures, With cxCep
tlOne at 4eto.
GOV ernment bonds maintained firm tone. and closed
srung, lhe counter business improved, aut thc deal
al IN hOAros were not Of special importance.
The fol lowing were the 3 T. n. closing prices: