The New York herald., 1876-11-21
FINANCIAL and COMMERCIAL.
The Stock Market Still Ftverish and Irrtgu-
lar-Pricss Generally Lower.
GOLD FIRM AT lOs 81 A. 100 rs.
Money on Call Loans and Per Cent-Goyern-
ment Bonds Quiet and Trife Lower
Railway Mortgages Dull and
Barely Firm.
WALL STREET,

WALL STREET, !
MONDAY. Nov. 20-6 r. "
stormy day 10 not favorable either 10 activity or
70 an advance in prices aud The to-day showed
symptoms OF yielding to the moistening inhu-
ences and would probably have done had not
Lake Shore, In It's strength. spread sort
Of speculative umbrella the railway list
The support which Il lent TO others was much more
than compensated for BY that which II received ITSELF
since, with the exception OF Delaware ana Lacka-
wanna, u engrossed the attention OF the day.
strong party constructed OF the old materials 10 sad
to have taken hold, and points plenty
blackberres that high figures will be asked OF course
shsre is always sprinklng OF marplots and kUoys
10 strcw thorns the ways of pleasantness,
and these, snesring at points. have been busly
sssertng that the promised riso IS solely TO make
. market TO sell other stocks on, aud that In
any event there will be met the obstacle OF de-
creased receipts which the road is now making
Like the large family with the measles, which
shere not iniection enough carry all around.
here was not business enough 10 supply Lake Shore
md the rest Of the market ALSO and consequently
other fances reduced retail trade, in which
the nmble sxpencc paramount to the slow shill-
ing; eighths were moro frequent fluctuations than
quarters and halves
Quotations were irregular, however, the Northwe
erns improving under the favorable statement Just
made and the St Pauls declining because thsrc
no favorable statement to make. while Rock Island
dropped of q half point for reasons unknown, and
Michigan Central barely held its own
Apropos Of the Granger stocks we have received o
letter commenting strong OF disapproval upon
certain structures made in this column
the Northwestern Railroad Company
The source from which 1t proceeds is SO emineutly
respectable that IL requires attention Our observa-
IN o1A
informed operators, rather than own and we are
unable to discover that these views are either ex-
sRgsrated or untrue
That they exist can be proved by simple appeal
apopular verdict or by glance at the share list,
which to-day quotes tho preferred stock So the
common ut IS
We submit that these figures cheap expression
OF values II the stock itself Its management s be-
yond reproach.
But the question arises the company itself to
blame for the existence OF these prsudiced views in
that refrains from furnishing the public with
10 controversion thereoan exhibit OF its prospect
us business and internal at long and
Uncertain perioass This worry covering up system In
rites suspicion and begets feeling that there is some
thing concealed which will not bear the light
But there are other facts and impressions afoat
whch may bc true may be false In either case
they injuriousy affect tho stock.
Imprimis there has been no dividend paid since
June, 1873 when az per cent divided upon the
preferred stock, and there Widespread belief
has even this taken from part the proceeds Of
The sale Of gold bonds.
belief prevails that by some cooperative process
the funds and stock Of the Rock Island Railroad
used TO carry the shares Of tho Northwestern Com
pany in the interest OF Its speculative managers.
Tho fact Is patsa that its list Of directors contains
the names OF noted spectators and jobbcrs and
faith wanting In the belief that property IL man.
aged solely IN the interest OF stock holders.
The expected decision Of the Supreme Court in the
So-caed Granger cases. IL Is thought will be adverse
10 the company.
No prospect Of dividends on the common stock and
no sale for shares except to cover shorts
II may be news to the company that these impress
Bions prevail, but knowing them TO do SO, We SUBJ
NIT statement to be correct that the Northwestern
road may be classed among such properties IS .are
hopeless respect 70 dividends and incubus upon
the hands Of holders"
Next to Lake Shore Delaware and Lackawanna
showed to the front az an object OF interest,"
though In q trowsy state, which grew worse
as the day grew older. Opening at 70h
Il gradually sank down to 6Sk, with rally OF only
the close. The depression is due to the forl lhcom
ing coal sales, through which medium supply Of
200 900 tons is to Be led TO market present totally
devoid Of appetite and In fact incapable or rrthcr
eegiutition
The quiet strength Of the favorite a. the close
worked up the range Of prices the s. and
the market finished with fair prospects OF additional
1rmness tomorrow.
TO-DAY.
The transactions at the Stock Exchange to-day
aggregated 10a, ,545 shares:-New York Central and
Hudson, $50; Erie, 500; Lake Shore, ~ 400 North
western. 4,57o; do. preferred, 1,4Oo; Rock Island,
$780, Pacific Mail, 700; ST. Paul, 1900 do preferred
ROO; 0hos, 6.12o; Western Union, 1900; Wabash.
400; Union Pacific, 100; PenamA. 200; Delaware,
LacKawannd and Western, %, so0 New Jersey Central
$500; Michigan Central, 1000
OPENING HIGHEST AND LOWEST PRICES
The following table shows the opening highest and
lowest prices OF tho day.
- Opening Highest Lowet