New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-26
NTIlFTITH1I INVTt'
2OU........ 81
Erie Railway
FRIDAY, Aug. 25-P. VI.

Y,
The stock market this morning opened excited and
decidedly panicky the coal shares making q further
decline of 2i2 to per cent and carrying with them
the entire list but the liberal orders to purchase
which emanated from the large bear operators sue
coeded in checking the fall and finally in causing a
sharp reaction from the lowest prices. Subsequently
the market became extremely foversh, and quickly
responded by wide fluctuations in whichever
of the shares happened for the time to
prep0nderate in the orders to buy or sell.
Lake Shore, although selling down to 52li, rallied
to J3ns aud closed Mt 53L. The infatuation which
possesses the holders of this stock in the face of the
rninous rates nj which il has been compelled for the
past five months 10 transact business, both local"
and through. can only be accounted for by aSsim-
ing the presence Of the sane blind faith that pre-
vented the holders of the jersey Central and Della
ware, Lackawanna and Western from parting with
their stocks when The TRIBUNE first called
attention TO the true condition Of those
companies. Michigan Central. after opening
at 39Io and selling Mt 30. advanced to
41a407s. The grangcrs' shares were heavy or firm.
rs the others were. ST. Paul sold at 33i2G 30 3iis
a3I; the Preferred at C6i2aGGG G7's. North
West. after opening at 37lta 37ls, was nursed mp to
$685. but Immediately fell away again TO 37l2, while
the Preferred sold at 81 GGO's "a G2aGl's- Rock
Island was unusually active between l0ialOlSi
and 1885. This is another Of those sound dividend
paying stoc Il IN which the public have heretofore
rcposed implicit faith. but which, like the
coal roads, mas found it extremely pleas
ant thing TO raise money through the sale OF its
stocks and bonds. Western Union, after opening
nj G97sd7O, declined to 6sai and rallied to 6oSs.
IL seems that Mr. Dowlcy il still disposed 10 press
his suit against the Western Union Company and has
succeeded in obtaining an order from the court for
IL ,.rIt az NJ IgT On
ploy6s. and the production Il certain books Of the
company II this examination be not delayed by
technical pleas on the part Of the company.
there is "a strong probability that the pnb-
lie will have an opportunity to test the
correctness Of the figures published III
the THBUNE some time since. Although the final
result of the days business Of 100000 shares shows
in a few cases a marked gain over the closing prices
of yesterday and only OF two material declines
set the improvement may not be expected TO be
lasting or even regarded ~ a turn IN the tide Or-
dnarly, Wall Street panics are checked by the al-
pelrancc Of investors as buyers, who either bIIng
new money into the street a margin or pay ia iull
for what they buy, thus relieving the mar
ket of its surplus shares. But in tEe present
case the panic so far as it has extended,
has been a panic among investors, who.
instead Of bringing money, have brought their
stocks. thus furnishing Wall-st. and its banks and
money Lenders with at least 100000 shares more
stock to carry than they had 80 days ago. The
final changes from yesterdays closing prices were
as follows: Declines-Ere. l.; Northwest, Il; -.
Paul, Northwest Preferred and Central and iiud-
son. each 81 Pacific Mail and Western Union. each
-: Rock Island, s.; Illinois Central and Union
Pacific each 1l2. Advanccs-Michgan Central and
St. Paul Preferred each Is; New-J,rscy Central. q;
Delaware Lackawanna and Western. 2. and Della
ware and Hudson, . per cent The following table
shows the
RANGE TIIN MAVkET.