The New York herald., 1876-07-17
FINANCIAL and COMMERCIAL.
The Situation Almost a Dry Rot
Review of the Week.
THE MONEY AND GOLD MARKETS.
Steadiness of Government and Good Railway
BOnds-lnyestment Securities
Mining Intelligence.
WALL STREET,


Aside from an apparent activity, which was princi-
pally the result OF manipulation on tho Stock Ex-
change the markets New York during the past week
have presented duncss unusual even for this season
Of the year. There has also occurred sharp decline
In the values OF some OF the principal staples Fvone
we are to look for relief from present
woes il Is fitting that the lessons OF the last few years
should pass UNDECIDED, since they teach that the
apple OF prosperity not to be pucked IRON tho un-
cultured Of anticipation, but only from the results
Of new works. new enterprises and labors, and
that these prolific Seeds to be productive OF sound
fruit, be planted in soil nourished by real and
intr,nsicaIly valuable money, and not in merely
watcred by uctuatng credit, whether II pertain to
The individual or tho government Who review
the results of
ILLEGAL ISSUE
Of $26 900 Of legal tenders after the panic OF 1873
without acknowledging that has been the principal
stumbling block in the pathway OF recupcration To
it due the postponcment of that rapid and prompt
liquidation Of nsolvents whose bankruptcies have
been scattered through the past three years and the
end is not yet, because still undeveopcd msfortuncs
competing with and clorging sound and healthy
trade 1t was this issue that has cost the country
millions of dollars in enabling Spectators to carry
with "cheap money" the products OF the soil until
waste and rot have well nigh made them worthless
WHEAT TO-DAY
offered for sale at 9Oc. to 81 per bushel in
sound condition, that might and would have been
shipped to England last autumn at from 81 Is to 81 25
II money had not been cheap 1t has dcmorazed
the country and led small class of persons be-
eve that Of the duties OF the is to sup
ply the people with money a''circulatng medium"
instead OF depending upon the prompt sales and rea
xation OF tho nations products Therein lies the only
true OF wealth. 1t is of little use however, to
~ to Ao Io hold ho
gins 1t this Issue which has enabled the railroads
Of the country, with scarcely exception, to largely
Increase their debts during the past three years. until
INTEREST ACCOUNTS
have assumed such proportions that they
gagged in strfo to secure to each all the business Of
their respective sections that its contnu-
has but one end for all--bankruptcy-ior the
strongest well the weakest These extraordinary
low rates for transportation have undoubtedly stmu-
lated some extra immediate shipments, but they do
not increase the ability Of consumers. what is
sent forward in advance OF simply reduces the
quantity be transported later whether tho ratios bo
high or low.
NARKEr.
Stocks during the week have been dull and not
withstandng the efforts Of cques establish higher
prices closed generally lower than they did last
day. There is evidence that Many shares have
passed of tho hands of the large spectators that
tho outside community have yet begun to participate
in the faith that higher prices TO be marked in the
autumn. The principal cards played were Lake Shore
and Western Union, and toward the end of the week
Michigan Central, which suffered sharp decline,
owing to a decrease in tho earnings. The granger
shares sparingy dealt in and generally ruled
steady Rock Island Is firm, New York Central quiet
and steady, and Pacific Mail, whenever disturbed,
clined downward. Erie stTencd trife on the favor
ablo report from the meeting OF stock and bond hold
In London but the fire seems to have gone out of
the old avoritc, and 1t slumbers among its ashes
Atlantic and Pacific Telegraph also nrmer. Tho
.oal stocks received fair share OF attention and have
aucuatea rather widely. The sales, seller co days,
Indicate that there a few parties who believe in
still lower prices Investment shares quiet and
6rm, although would suppose, from the plethora
Of capital that they would receive good deal
lion.
THE TRANSACTIONS THE WEEK.
The following table represents the opening, highest
and lowest sales regular way of the principal
during tho past week, together with the number Of
shares dealt in:-