The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-05-22
FINANCIAL and COMMERCIAL.
Review Of the Stock Market
Events of the Week.
THE GOLD AND MONEY MARKETS.
Government and Railway Bonds Firm--The
Pacific Mail Middle.
WALL STREET., |
SUNDAY. May 81, 1870


SUNDAY. May 81, 1870
There were two sensations in the market last week
the rise in the Pacific Mail and the fall In the coal
stocks The first was as artificial Us craven image,
but had many admirers Moloch or old who fell
down and worshipped it, not knowing the reason why
and caring less, only provided profit was made or
the real value OF the stock had nothing what
to do with the movement which resolved itself
simply into game CT brag between Gould on the one
hand and tho Panama party on the oher-a game with
marked cards too IN the trick OF preventing
the regular monthly meeting taking place for want OF
quorum.
SO i. appears that the storm battered vessel about
to DRIFT among tho reels and quicksands OF tho law
courts, when II Is likely the wreckers OF the Bar will
claim jctsom and folsom the htte value IL has lcn
The belief that the Panama interest has secured the
control Of the propertya belief that only be made
certainty by tho process OF cleclionsustaincd the
prco the close well up toward tho best quotation OF
tho week. offers fair starting point for advance
or al the OF the contending parties may
AFFECT IT.
While the rise the steamship property had nothing
10 do with change in values the directly contrary
WIS the respect TO tho coal companies After
long and successful struggle against tho condition Of
the times these corporations beginning TO discover
that tho course Of their trade no longer be
trolled by leagues and combinations; that II Is
thing put price upon their commodity and another
thing 10 sell it; that they may lead their horse to
water but that they cannot make him drink. While
tho great staples OF tho country have been slowly but
surely falling in price tho great coal dealers have boon
holding to old figures with tho pcrtinacy, and
this despite tho fact that their trade has boon
growing daily less, and tho prospect Of a
change for tho better farther of than
They nave been bringing their Goals to Newcastle with
Init To how 1uf I'D n mar ut the m los
upon miles Of laden stretching from tdcwaer
back into country fully Their trade has
simply followed the general drft OF business, and has
been abo TO escape the blight which IS ang-
Ing commercial affairs than that Of the merchant
or mlowner There has boon plethora OF production
and paucly OF consumption and though It may be
possible stop tho 1t 10 impossible to increase
he latter Indeed, tho outlook grows unfavor-
lbio every day. mills and workshops closing up
through all tho country sde and reports prevail Of
contemplate cessation of work in such important
adjustments as arc controlled by Garnicr Co. and
Dthcr prominent manufacturers.
These stocks, beng held OF the speculative market
and almost entirely investment often in fractional
share lots quickly affected in price by any change
In their prosperity Lowering passing Of dividend
or tho Apprehension OF such step, brings tho
stock speedily to market, where, lacking any
tcrial speculative support, 1t is oitcn mercilcssly
slaughtered.
Such has been the for tho past week, particu-
lary in New Jersey Central and Delaware and Lacka-
wanna, and 1t is impossible, in view of the unsatisac
tory exhibit OF tho condition Of these properties that
VIC have the end yet
The general business OF the week rs unsatisac
tory as ever An attempt to advance the market
failure and left to ITSELF it closed with anything but
cheerful prospect Tor the future.
THE TRANSACTIONS OF THE WEEK.
Tho following table represents the opening, highest
and lowest saes regular way, OF tho principal
during the past week, together with the number or
shares dealt in:--