The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-06-22
FINANCIAL and COMMERCIAL.
Stocks Firm and More Actiye-A Strong Un-
dertOne to the Market.
GOLD STEADY AT ll2 3-s.
Money on Call 2 Per Cent-Foreign Exchange
Quiet-Governmen Bonds Firm
Railroad Bonds Steady.
WALL srRRxr,.- !

WEDNESDAY, June 21-6P. n
The impression cautiously suggested BY he AFRAID
for some weeks past. that the continuous decline In
The prices or properties marketable ut the Stock Elk
shange mad been arrested seems in the light OF facts
TO be borne out The spasm Of yesterday, which
threatened an all wind TO holders, has been more than
cured to-day by tho lozenge ofa better feeling and
Hatulency has been converted into irmness.
The turn upward in the coal stocks potent in
gredent in the curative process and to great de-
gree stimulated by the medcament issued from the
Office John Taylor johnson, exPresdent OF the Cen
Railroad Company OF New Jersey in the shape OF
q circular. Mr.. Johnson naturally, docs not like to
see his stock go down. and casts about for reason
plausible enough sly his stockholders, and finds
10 in circulars, pamphlets OF the most unprincpled
character, (which have backed up suppostitious
RAID
little further on, however. Mr. johnson tactly ad
its that the decline In the stock Is not wholly due TO
the Vaccinations of rascay brokers, for be- conesscs
that the company Is making no money and that the
dividend last declared borrowed from the surplus
fund
II seems too. that the company has been affected by
The Centennial craze has imagined that because
big show process at Philadelphia every visitor
would, with his admission ticket, purchase ton Of
coal 10 warm up his eni husiasm to boiling point
How the Exhibition TO increase the sales Of the
company's coal in any other way It 10 difficult to see
Mr. Johnson further that the transportation OF
coal has been limited to less than halt OF what the re-
Fons have The power 10 produce and is evident that
until the production largely increased the profits
Of the business must be seriously impaired" So 1t
seems that tho stock may have declined in value
simply because holders have sold out property
which they believed was capable or paying
dividend OF ten por cent per annum, and
mi uow nd
1t ALL though Mr. johnson, TO the contrary, asserts
that the movement In the stock has been entirely
bear movement with the object OF frightening
holders out OF their property.
How an increased production and addition to stock
on hand already glut in the market and unstable Is
to improve the condition Of things, Mr.. johnson may
know, but declines 10 tell
The further opinion that the diculty Is temporary
pne, which will be rghtod in due time, Is sensible
enough and 1t Is 10 this view may be traced tho sharp
recovery OF the stock to 7Sik to-day.
The market, hesitatng upon the edge Of confidence,
requires but little to make IL brighten up and the
Hip given by the Improvement in the anthracite
properties quickly showed itself in Lake Shore and
Western stocks and impaired feeling Of confidence
TO the whole list
To this was added report that the representatives
of the great railroads. now at logecrhcads, were in
town, and IL argued that their presence could
but thing and that truce cessation Of hos
tlitics in the ca antilles was now pending
Apart from other sideraons It cannot be denied
that feeling strongly buisn, based upon more
favorable outlook, is gradually making Il WY, and Is
shown the quick recovery ana steady tone OF the
market The droop In quotations, which occurred
about now recovered later on and tho best figures
OF the day ruled at ongsound, while private sales
made ter adjournment at prices higher tnan those
quoted on the Official lists.
SAILS TO-DAY.
The tran actions II the Stock Exchange to-day az.
gregaied ia 770 shares--New York Central and Hud
sod RIVER AGO. Erie 1000; Lake Shore, 300; North
western 1850; do preferred $500; Rock Island. so0
Pacific Mall 1000; ST. Paul. $780, do. preferred.
ZOO Ohos. 100; Western Union, 8, 700; c., G. and
O.. 100; Delaware, I.ackawanna and Western, $3.50;
New Jersey Central, 5000; Michigan Central, $500
OPENING HIGHEST AND LOWEST PIvcD
The following table shows the opening highest and
lowest prices Of the day.