The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-08-28
FINANCIAL And COMMERCIAL.
After the lnrly.Bnrly-The Strength that
Follows Vast Shrinkage.
THE WEEKS REVIEW.
The Gold and Money Market-The New l-2
Pr Cent Government and Railroad Bonds
WALL STREET.

SUNDAY, August "a, 1870
In stock specializing circles. and, indeed FAR outside
of them, the past week has been of nervous acv
y Wall has had another fever and has passed
through the ordeal with the usual recent elect
ing forth shrunken body and reduced in strength
If clear and active for future contests In
the maady was disastrous one, for the chief suffer-
ers are believed TO have been those who oould least
combat such an attack-sma investors outside of the
street--and the result OF the movement has been
immense shrnkage in the present marketable values
OF the stocks involved. To the ordinary observer 1t
must monstrous thing, in any financial phase
Of the country when not actually en-
gagged in war, that there should seem TO
be momentarily protection whatever for
the innocent purchaser for investment Of the stock
Of apparently sound railroad and the lessons OF the
past and OF this recent ''panic"tor such IN effect it
was-shall have been cast away If Wall strcet-whch
has OF late been teaching the outside world to such
good eaectdoes not ultimately reap harvest of its
sowing The disruption of the coal combination
at time peculiarly favorable to the 'bcar'
influence, just ready to seize on servlceable
''points." 1t known that there at hand,
as there have been in past times Wall
street, large purchasing interests to arrest the
downward course OF stocks The evidences OF
the withdrawal of money from active employ
ment in this direction have been OF the completest
kind. Even during the excitement incident To- such
fall these coal stocks have had whea the s'panic
was at 1t its highest money lent call, at
the most, at only per cent The disrup-
ton OF the combination placed tho small in
weston completely at the mercy of the active specu-
laor for the effect of the disruption something Of
which it extremely difficult Tor outsiders to judge
correctly. The occasioned by the ''bear
assaults these stocks gave rise inquiries
Ing their bonds obligations guarantees the pro pect
OF future combinations beng formed for their protec
ton, &C., which those most Interested could not Tor
the moment answer, and thus confusion continued.
Now that the mischief has been done there is reaction
and the coal shares recovered from to ii per
the loss sustained but the first holders unor
tuna,ely are the who profit thereby Wall
street, which reaped the profit OF the fall, now gains
also by The of confidence and the advance
prices
The Secretary of the Treasury sold TO the
syndicate last Thursday $40, 900, 600 Of the x per
cents, authorized under the funding act of July
IA. 1870 This intelligence used especially before
it, confirmation to affect the price of gold, but 1t seems
have been agreed since then that 1t should have
disturbing effect in this direction.
The gold speculation alternately weak aud firm,
the prices declining 1l0, advancing to III and
closing at Ill. Government bonds have been very
quiet and closed at decline. In railway mortgages
shere was heavy decline the New Jersey Contra
Issues which affected the general list to extent
At the close, however this class OF securities was
steady and the Pacific higher.
The foreign exchanges firm early in the week
and rates advanced twice, but finally the market
became dull and rates lowered Il per cent clos
ing weak
During tho week New Jersey Central declined 239s
per cent; Delaware Lackawanna and Western, los
cent? Delaware and Hudson Canal, 16 per cent, and
Morris and Essex. ga per cent The general market
resisted this depression for time. but finally gave way
Ito A.. per Toward the close nrmer feeling set
In and there was a recovery of TO ii per in the
shares and to per cent in the remainder OF tho
list
The fact that failures resulted from this break is
received as further confirmation OF the statement
that only small holders were affected.
There have been encouraging signs OF activity in
the dry goods trade during the week and large all
business is promised The market generally has been
nrmer and buyers grow more confident
THE TRANSACTIONS OF THE WEEK.
The following table shows the opening, highest
and lowest sales regular way OF the principal stocks
during the past week, together with the number 81
shares dealt in =