The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-06
FINANCIAL AND CoMMERcIAL.


THURSDAY, Oct. b-P. M.-There has
boon an unusually large volume of business at
the Stock Exchange, and the excitement at
times rose to fever heat. The further advance
OF Delaware, Lackawanna and Western from
70X to 7ih. and OF New Jersey Central from 33H
to 3sx. offered In itself sufficient inducement
to create panic among the bears; but tho
steady improvement OF Lake Shore from SAX
to 50'l, and Of New York Central from qSh to
l02 with an upward turn In Western Union TO
H. and Michigan Central from ~. to 40, served
to complete the success which attended the
operations OF the new combinations for rise,
and left the bulls masters Of the situation at tho
close. II is not necessary at the present
time to detail the causes Of a response
IN wall street to the better outlook evil
denced In the various departments OF
industry throughout the country at large, in
duced partly by a revival of the cotton manu-
featuring interests Of New England, and also
by nattering crops In tho West, since the fact
has for some time been patent that this out
side business could not give such signs Of ac-
tvitv, without ultimately Influencing values de-
pendent upon thef support. To this may be
added the fact that for many months an unpar-
donable mismanaRement and consequent depre-
citation In the property OF the coal roads has
thrown CLOUD OF distrust over substantial So
curties, which were In wav connected or
gloomy side Of the picture was so faith.
fully embazoned that even holders of
genuine diyldend-pavine stocks doubted
the faith that In them. nat
ural result of this decentralization in both
investing and speculative circles was found IN
a depression In many instances Of prices far
below their real value. while the more prudent
bears some weeks ago covered their contracts for
no other reason than that the market had been
largely oversQld. A reaction has now come. but
tSe a or Tes.y dfpsnd upon
future yet IN view Of three years OF general de-
preston, IL seems reasonable to presume that
the hltering process Will not continue much
longer
The afternoon trade in Lake Shore was on
scale OF unusual magnitude, and nearly one
third Of the days business was recorded in this
stock. The st. Paul shares were the weakest
unon the list, the common Yielding from 2sl. to
IN, and closing at 27%, while the preferred
went down one y cent to o. though It after
ward recovered to 591s. but closed at a decline
OF one " cent. Northwestern preferred how
ever, after dropping - TO 59A. took an upward
turn to 20, with lnal dealings at the best figures
OF the day. Delaware and Hudson IN the early
trade tell on one " cent. to ON. but In symua-
thy with the other coal shares Jumped to 6gI,
moved up from 90 To- iol Tor small lots, and iois,
In larger amounts. but Ohios aud Pacific Mail
received Indifferent support, and the remainder
OF the list was unattractive.
Inc rapid rise IN New Jersey Central was
chiefly due To- the resignation Of John Taylor
Johnston, and the election Of Mr.. knight OF the
Bound Brook road as President.
The Panama Rairoad directors to-day de-
clated quarterly diyidend OF " cent. payable
Oct II.
The Michigan Central road show an increase
In earnings OF $2.s7OT4 for the fourth week In
Septemoer, and OF q 7ll90 for the month. Tho
ONO and Mississippi Railroad earnings for tha
fourth week In September were increased SO 20
over the corresponding period Of last year-rut
show "A decrease for the month of 81 ,g47;
ssos'csi ''''''''' '''''' '""' ! " ''''' o. Vi
The total mum Der OF shares dealt In was 300
9is OF which Lake Shore represented $3.50
Delaware, Lackawanna and Western, 4,4eO
Michigan Central, 24.l00 St. Paul, $500 the
Pacific Mail 3,4OO Harlem, 500; Hannibal ana
s. Joseph, 100 the preferred, 600; Morris and
Essex. 4al Cleveland and Pittsburgh, sos
Wabash. $50 Panama. 800 G.. C., Z. ana l., 10
G., B and Quincy. 600; Atlantic aud Pacific
preferred. OJ ONO preferred 200; New jersey
100; C.. G. aud l. C.. 100 Chicago ana Alton,
100 and American Express. s.
The gold market continued to decline, and
the ptice further Welded from 1899. To l09k.
closing at tn lower figures. Tue drop was
hastened by advices OF specie shipments from
Europe To New York. which caused "a more
liberal selling movement.
Ihetoliowing were the principal transactions:
iO:2S A NJ. .iOOss il:SS 4. A..ioses sp NJ iooss
In losns the rates paid for the Of gold l. "
The total clearlnss the Gold Exchange bank were
the sS sr .SS
n IN SaeS S9ss' and PAID out IN coin interest on the
the days ouslnc.s the United States Sub Treasury
7io 90 balance &c cu RsS"' receipts
t1A5 7i937 do. ynents. $500 ISL W; DO. balance
tSu.1O7, 2yO % uftolnr, $4,000.
.1he bullion In the Bauk of hneand was increased
10000. The tUiai coinage NJ he miuts curing Sep
ttmber amounted 10 tisOO0OuO. witch INC udcd Ell
boo400 gold CON, t2oO0oo0 silver, and 100000 trade
Foreign exchange ruled dull hut steady at q ssh
and t.ao Tor time aud demand drafts, with comes.
si9us 81 SesAc. IN act ul neg ltatlons.
In the money market the huk 81 me call loans WA
enecttd st cent, but IN the n al bualucs- hrokcrs
paid 3si, with late transactions at Nv p.scou Is
ranged AT 400 for prime mercantile ACceptALces Of
short date.
Government bonds were again fevcrsh and unsettled
d.. e. of "a nd
asO because ~ the liberal offerings upon the narNst
Tue principal hueiness was IN coupon Is Of 1881,
pom 70 90, 10 4Us. ana currency d.