The New York herald., 1876-09-17
FINANCIAL And COMMERCIAL.
The Stock Market Ragged ard Irregular
A Feverish Feeling.
GOLD STEADY AT ITO 1-S.
Money on Call l and 1-2 Per Cent-G0vern-
ment and Railway Bonds Generally
Firm-The Bank Statement-An
Increase in the Reserve.
GOLD STEADY AT ITO 1-S.
WALL STREET,


II there be one subject more than another In which
che stock broker has fixed and religious belief it in
The idea that the board gifted with prcscience or
prophetic vision into the future of finance When i'm
portant questions involving the course OF trade and
money are as yet only Swallowed forth tho Stock Ex-
change Is supposed 10 be behind the envclop-
Ing mists and to shape speculation TO agree
with coming events. Thus when clouds were
gathering tho stock market she first to take
alarm. When the horizon clear IL was the first
10 profit by courting IN advance The commercial
public consulted it a mariner docs his barometer,
and was In a measure guided in It's own business by
the Information thus obtained. In street parance the
Stock Exchange was supposed to "discount" tho
future
Is this OF today9 Is the ell-tale to be relied
upon ns In times past? These questions
which an examination OF the condition of affairs
generally can only answer. There s oral and
written testimony to a decided improvement In
trade, and there visible signs which back
the declaration. The point is. Can this desirable
change be relied upon permanent, or is 1t only
passing CLEAN OF sunshine, and dsappoint-
ingY II feel the pulse Of the Stock Exchange to
test the tone OF commercial heah tho response is an
unsatisfactory one The board has neither sgnaed by
any persistent rise, approaching prosperity, ror
does it now by its schedule of quotations. offer more
than ful hope that way. Either the boosted second
sight of the Exchange is in need OF barnaclcs the
commercial Improvement Is deceptive one
We inclined believe in the pur-
blindness OF the former and 10 attribute the
weakness in tho stock list to certain well defined
The whole matter may be summed up In tho
existence OF suspicion and want Of confidence. Tho
break in the coal stocks has been terrible blow to all
faith securities dealt in Change for the query ut
arises, If such properties hese-he very
that did not belle their name and every whit
good as gold or the Bank Of Engand-could come to
such prodieious grief, in what could confidence bo
placed? SO investors stand aoof with their hands in
their pockets. graspng the funds which they prefer 10
lend ut one and one-half per cent call TO placing
permanently In shares and thus the market loses their
support The existence OF another and moro serious
evil acts detergent to Stock Exchange operations,
and 1t may bo lound in the class of directors who
age the affairs of tho most prominent corporations.
Popularity supposed be working in the interests OF
a the stockholders they are actually working solely
In their own. Obtaining their positions by process
sufficiently familiar TO the street, tho shares Of the
company they represent at become the foot
ball Of speculation. Prices fall suits
their book; reports are cooked, either well done
III DONE they may be long Short the machinery
OF puts and calls is set in working ORDER and the
ket generally rigged" in their special interests with
out reference those Of the stockholders whose
wants they arc presumed to be.
These some Of the reasons land others could be
added) which the stock market to lag behind,
expressing sympathy with the general revival to be
found the country through.
This mornings market opened steady, yet tnged
with an uneasy feeling that developed decline
In tho coal Stocks Delaware and Lackawanna and Gen.
sral Of New Jersey being notably affected The bloom
OIL the rye, blbulous bulls confessng It and ad-
mitting the difficulties OF holding the market against
the Oppressive presence of tho anthracite fancies
Subsequently the longs pucked up fresh courage. and,
by using Western Union with its declared dividend
point dappui, succeeded in giving fresh tono and
higher quotations 10 the active list
THE SALES TO DAY.
The transactions at the Stock Exchange to day ag-
gregated 145 600 shares New York Central and Hud-
son. 1000; Erie 1900; Lake Shore, II, 200; North
western, 100; Northwestern preferred, LOO; Rock
Island, 2Oou Pacific Mail, II, 900; ST. Paul, $3.50; St
Paul preferred, $3.50; ohios, 1850; Western Union.
80 500; Wabash, 700; Harlem, 1000; Delaware Lacka-
wanna and Western, 81 900; Now Jersey Central,
25 100; Michigan Central, 500; Consolidation Coal
1900: Delaware and Hudson Canal, .262.
OPENING, HIGHEST LOWEST PRIcRs
The following table shows tho opening. highest and
iowest nrices of tho dav.-