The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-04-20
A Furry in the Stock Market-Sharp
Decline in Michigan Central.
GOLD STEADY AT lib l-S.
Money on Call Loans and 2 1-2 Per Cent
Foreign Exchange Quiet Government
and Railway Bonds Steady-ln-
vestmcnts Generally Firm.
WALL STREET, |
WEDNESDAY, April 1876 p. n. (


The gentlemen who pull the wires tho Stock Ex-
change gave the maronettes OF tie Board lively
to-day SO far as fluctuations concerned. yara
tons in shares frequent the changes in the
weather, and brokers doubted 10 going long
Short tho financial community doubted whether
il were going rain shine. The day opened gloomy
enough, for tho clouds which had arisen from the rail
road meeting last night broke with downpour the
market
Lake Shore and Michigan Central bore the brunt OF
the storm and suffered severely, the fall OF the first
from 56 OF yesterdays closing price to S. and OF the
second from So to SIX to-day, will show As we init
mated days SINCE Michigan Central is looked upon
with evil eye and the Of the stock in todays
business shows that there exists for Il.
What this Is founded on seems TO be the fact
that the company has cut out coat too big for its cloth
by guarantee OF leased roads that have far proved
burden rather than profit.
Apart from this lattcring inducements were held out
TO buyers based upon promised favorable exhibits
which have not been realized, and conndng investors
finding themselves decidedly The for their venture
getting of their bargain with considerable more
Alacrity than cash. Mr. JAY the President of the
pany. is, OF course, receiving many more kicks than
hapencc las though tho decline in hts stock was not
punishment enough, and regards testimonial OF
merit will have to look to bears alone.
Western Union, in coniradstincIon to the railway
fancies has shown an extraordinary nrmncss, which
Is accredited number Of causes Prominent among
these is the report that Mr.. orion has fallen in with
some English capitalists and is negotiating with the
with probable chances of success Tor the sale of
the Cuba cable price Of f50000 the cost of the
bame to the company having been less than one half
har amount Improbable the story may seem,
there buyers to-day upon the runor who may be
sellers tomorrow with quito as little reason.
Prices for coal stocks unsteady, and New Jersey
Central is viewed with suspicion There sales Of
Dos regular and at the close transactions at differ
ence OF one per cent between cash and seller 20.
Beyond a small premium for the use Of Central and
Hudson based on the opening OF the book tomorrow,
and calling OF loaned stock for transfer, the gen
market neglected under the greater attraction
offered by Lake Shore and Michigan Central.
The transactions the Stock Exchange to-day aggre
gated 1872 900 shares which distributed fol-
lows York Central aud Hudson, sci; Erie,
a. ZOO Lake Shore IL 300; Northwestern, LOO; do.
preferred 1907 Rock Island, $40; Pacific Mail, 16 5oo
ST Paul, 1900; do. preferred, $500; ohios, 1880;
Western Union, 49, 75o; Wabash, 5o0 Union Pacific,
400 Michigan Central, 24,o3o; New Jersey Central,
1900.
OPENING, HIGHEST AND LOWEST PRICES.
The following table shows the opening highest and