The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-05-11
Another Turn in the Speculative Wheel
Stocks Lower and Feycrish.
GOLD 112 LIZ A 11a IA.
None7 on Call Loans 3 and A 1-2 Per Cent
Government and Railway Ponds Steady
A Break in Some of the Coal Stocks
Foreign Exchange Steady.
WALL STREET, |
WEDNESDAY, May 10-6 r. N. !


The programme OF the short, quick turn in tho
money market which wo suggested likely TO occur
has boon carried to the letter Stocks have gone
up like rocket and have down like the stick
BY far tho most brilliant coruscatons were observa-
during the lrst hour the day, when Lake Shore
shot up to SO, Western Union TO 675s and Michigan
Central 10 40 AT this moment the grand explosion
took place. and tho victims who by faith or necessity
became purchasers at these figures were made to see
for the Of the day From this time on the
decline was steady one and business closed weak
and ragged market The pseudo bears who had taken
hold OF Lake Shore for an upward twist and who en-
couraged the buying yesterday by stories of
lease oil the road TO Central and Hudson, tho end of
tho war; and tho reports Of purchases for account OF
the Commodore, to-day lhaving quite slipped out OF
their holdinss quito industrious IN circulating
tales for the marines to tho effect that Mr. Vanderbilt
desperately ILL., and that his brokers selling
his The truth Is rathor that the juvenile
bears having been filed up there wcr6no longer pur
chasers enough left in tho market to sustain IT, and tho
stock gave way from its own weight and tho pressure
Of fresh short So the end Of that stock
than the first its concluding quotation ut 54A
fully showed.
Almost the same history attaches to Western Union
and Michigan Central save that the OF the Com
modorc used TO aid In their manipulation. The
first of these securities insecurtics tho reader
may elect fell OF to 66H Mt the end despite the impress
sion that stone will BIO left unturned to pay some
sort OF dividend when the time comes, even should
poles and wires to grief meanwhile. AS for
Michigan Central would be thoroughly inconsistent
n It did not follow the course Of its mentor, Lake
Shore. 1t outhcroded Herod today, for 1t tum-
bled heels head two and ono half points,
until IL fetched at gong sounds at 46,s with every
appearance Of indulgng further somersaun to.mor-
row.
The prevailing weakness Of the market was undoubt-
eddy increased by the OF the Twenty street
bears the coal Stocks particularly Delaware and
Lackawanna and New Jersey Central tho former SELL
ing OF from 06x 93k. II the devil is not black
IL painted the cannot be said of these
rifles which darker than the hue of their pro-
ducts, and receiving additional dash or smut
from the malignants Of the corner who spread
ing tales Of terror with regard TO break In the comb
nation, generally slashing about with soer.
30 and 60 options from to two points undcr the
market In fact, the condition OF these corporations
does not differ from that which charactorzes all other
branches Of trade-there has been . plethora
Of production and there exists raucity Of
sumption. Iron furnaces OF blast mills idle,
bringing their return fuel ballast
and IN addition there -cmains tho surplus due 10 o
mild winter An with the railroad war, hostities
within the monopoly Of the combination cannot but
conduce to tho benefit OF the public by forcing re-
duction In the prices Of their products which, it would
appcar have been sustained fancy figures quite long
enough.
Almost tho entire business Of the DAY was confined
to the stocks have touched upon tae rest Of tic list
showing but few changes and less animation.
THE SALES o.DAY.
The transactions at the Stock Exchange to-day ag-
grogated IT. 900 shares New York Central and Hud-
son, IT'S; Erie $780, Lake Shore 80 400; Cleveland
and Pittsburg, 1920; Northwestern, 600; do. pre-
ferred 1907 Rock Island 100; Pacific Mall 100;
St. Paul. 1000; do preferred, 400; Ohios 400;
western Union, $1,000; S0hgan Central, 1o,sso;
Delaware Lackawanna and Western. ,520 New Jersey
Central, 2 TAO; Union Mining Company, 1900.
OPENING, HIGHEST LOWEST PRICES.
Tho following table shows tho opening, highest and